Good morning. US equity futures are fractionally weak, SPX -5pts, we’re set to open at 3993. USD is +0.1% at DXY 106.92. The precious metals are mixed, Gold +$3, with Silver -0.5%. WTIC is -1.3% in the $94s.
sp’60min
Summary
Yesterday saw considerable chop, if still battling to the upward side, with the SPX printing 3999 just before the close. S/t momentum settled fractionally positive.
Overnight futures have been subdued, if leaning on the weaker side. S/t momentum will be prone to turning negative, but bears can’t expect much of anything ahead of the Fed.
A major washout can be expected… starting with either rate hike’4 next Wednesday afternoon… or with recessionary Q2 GDP early Thursday.
The more cautious will be quietly walking away, and looking to buy back with a tag of the two downside gaps in the low 3800s.
Yours truly is looking to drop SLB and/or OXY into the weekend.
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Early movers
AMD -1.3%
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AXP +4.0%, EPS $2.57 vs 2.41est. Rev’ y/y +30.8% to $13.4bn vs 12.5est. Prov’ for credit losses $410M vs 606 prior yr.
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CLF -2.6%, EPS $1.13 vs 1.36est. Rev’ y/y +25.6% to $6.3bn vs 6.1est. With annual EPS of around $4… FPE 4… is crazy
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COF -5.0%, post earnings depression
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COIN +2.2%
Bitcoin is +1.6% in the $23000s
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CRSR -9.0%, in sympathy with Seagate
DASH +2.9%
DIS -0.3%
ETSY -2.9%, Piper Sandler, neutral $95
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FCX +2.1%, with copper +3cents to $3.33. RBC ‘sector perform’, 46>35
GDX +0.4%
GOLD +0.6%
GME +0.6%, Wedbush ‘underperform’, 30>7.50
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GOOGL -2.9%, in sympathy with SNAP
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HCA +13.1%, EPS $4.21 vs 3.71est. Rev ‘y/y +2.7% to $14.8bn vs 14.7est.
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INTC -1.2%
ISRG -12.0%, post earnings horror
KMI -0.3%
META -4.8%, in sympathy with SNAP
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MU -5.1%, in sympathy with Seagate
NFLX -0.8%
NVDA -1.3%
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OXY -0.7%
PINS -6.2%, in sympathy with SNAP
PTON -1.7%, Piper Sandler ‘neutral’, $12
RBLX -2.1%
RIG -1.1%
ROKU -3.8%
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SLB +2.2%, EPS 50cents vs 40est. Rev’ y/y +20.2% to $6.8bn vs 6.3est. Positive guidance!
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SNAP -30.0%, post earnings HORROR.
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STX -12.0%, post earnings upset, Wedbush 85>75
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TLT +0.8%, higher bonds as yields decline
TSLA +0.4%
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TWTR -2.6%, EPS -8cents vs +14est. Rev’ $1.18bn vs 1.32est. Lousy… and its a wonder the stock isn’t -15/20%.
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VIX +0.1% in the 23s
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VZ -4.3%, EPS **
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WDC -5.8%, in sympathy with Seagate
X -1.5%, in sympathy with CLF
XOM -0.8%
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Overnight markets
Asian markets were a little mixed, whilst European markets are leaning upward into the weekend…
Japan: +0.4% to 27913
China: -0.1% to 3269
Germany: currently +0.4% at 13295
UK: currently +0.3% at 7295
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Here come the bailouts…
… as Uniper of Germany is being bailed out. Its only July… and the system is unraveling. In another few months… matters will be far worse.
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Have a good Friday