Good morning. US equity futures are significantly higher (ahead of CPI), SPX +45pts, we’re set to open at 4046. USD is -0.3% at DXY 103.66. The precious metals are broadly higher, Gold +$15, with Silver +2.9%. WTIC is +3.5% in the $103s.
sp’60min
Summary
Yesterday saw further market instability, with indexes settling rather mixed. S/t momentum settled marginally positive.
Overnight futures have been increasingly positive – especially helped via European markets, we’re set to open significantly higher. However, the CPI data – due 8.30am EST, is clearly a massive wild card. I still think consensus is overly optimistic, so it’ll sure be interesting to see how today plays out.
Yours truly would be inclined to short something… if the setup is right, but I’m overloaded with other ‘personal things’. Mostly, I’m just content to wait to buy anything with the spx 3500s’.
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Early movers
AAPL +1.1%
AG +4.0%, higher silver
ALB +1.6%
AMD +1.4%
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BABA +3.6%, bouncing Chinese stocks
BYND +1.9%, earnings due in AH
CCJ +3.5%
CCL +2.5%
CLF +1.3%
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COIN -14.5%, post earnings horror.
Bitcoin is +2.5% in the $31000s. A further move to around $20K appears a high threat… if not in this cycle.
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DIS +1.0%, earnings due in AH
DNUT +2.4%, post earnings gains
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FCX +3.9%, with copper +8cents to $4.23
FVRR -8.8%, post earnings upet
GDX +2.1%
GOLD +1.1%
GILD -1.7%, failed drug study
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KGC +2.2%, EPS 6cents line, vs 8 prior yr. Rev’ $768M vs 769 prior yr. Dividend held at 3cents (ex’ June 2nd)
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LAC +2.5%
MSFT +1.3%
NIO +3.3%, due to list on the Singapore exchange
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OXY +1.2%, post earnings gains
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PTON +3.0%, garbage bouncing
RBLX -2.0%, post earnings cooling
RIG +2.3%
RIVN +2.2%, earnings due in AH
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RKT -8.2%, post earnings depression
SLB +1.8%
SOFI +3.2%, dead cat bouncing
TLT +0.8%, higher bonds, as yields cool back
TSLA +1.7%
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U -23.8%, post earnings horror
UAL +1.5%
UNG +3.5%, with Nat’ gas +8cents to $7.46
UPST -1.5%, can’t even manage a dead cat bounce.
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VIX -2% in the 32s
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WEN -4.4%, EPS 17cents vs 18est. Rev’ y/y +6.2% to $489M vs 495est. COMPS +1.1% vs +2.3est. Guidance held. A recession won’t help Wendy’s
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WYNN +1.4%, post earnings gains
X +1.5%
XOM +1.8%
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Overnight markets
Asian markets leaned upward, whilst European markets are significantly higher…
Japan: +0.2% at 26213
China: +0.7% at 3058
Germany: currently +1.3% at 13712
UK: currently +1.1% at 7322
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Have a good Wednesday