Good morning. US equity futures are broadly lower, SPX -26pts, we’re set to open at 4128. USD is -0.1% at DXY 101.55. The precious metals are leaning upward, Gold +$7 (printing $2017), with Silver +0.2%. WTIC is -1.2% in the $78s (printing $77.50).
sp’60min
Summary
Yesterday saw early weakness, but a recovery to settle effectively flat. S/t momentum fractionally negative.
Overnight futures have been increasingly weak, not helped by Tesla. We’re set to open -25/30pts.
Its a Thursday, which is ‘prime for the bears’.
Once more… lets see if we can get a daily close under the (daily) 10MA – currently 4125. Once achieved, basic target will be the 50dma… in the 4030s.
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Early movers
AA -2.2%, post earnings cooling
AAL -1.2%
AAPL -0.9%
ALB -1.9%
ALLY -1.7%
AMZN -0.9%
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AXP -1.2%, EPS $2.40 vs 2.67est. Rev’ y/y +21.7% to $14.3bn vs 14.0est. Net reserve build of $320M, on concern of consumer defaults.
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BAC -0.9%
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BX -0.9%, EPS 97cents vs 96est. Rev’ y/y -73% (seriously?) to $1.4bn vs 2.4est, due to the real estate slowdown. AUM (assets under management) y/y +8% to $991bn
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COIN -1.1%
Bitcoin is -0.2% at $28766. Alarm bells if <26k
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DHI +3.9%, EPS $2.73 vs 1.91est. Rev’ y/y -0.3% to $8.0bn vs 6.5est. Positive guidance
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DIS -0.6%
EXK +0.2%, Terronera project update
F -2.0%
FCX -0.5%, with copper -4cents to $4.03
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GM -2.5%, concerns that Tesla is pushing for sales growth over profit.
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GOLD +0.3%
IBM +1.3%, post earnings gains
KMI -0.2%, post earnings cooling
LAC -1.7%
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LVS +5.5%, earnings (Wed’ AH): EPS 28cents vs 20est. Rev’ y/y +125% (not a typo) to $2.1bn vs 1.8est.
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MGM +1.7%, helped by Las Vegas Sands
MRO -1.0%
MSFT -0.8%
MU -0.6%
NEM +0.5%
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NFLX -1.0%
NVDA -0.8%
PYPL -1.0%
SCHW -0.9%
SQ -1.0%
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T -4.5%, EPS 60cents vs 59est. Rev’ y/y +1.4% to $30.1bn vs 30.2est. Guidance held.
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TLT +0.4%… as yields cool a little, but I’d look for a swing upward.
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TSLA -7.0%… earnings weren’t ‘bad’ as such, but the concerns should be narrower margins, with a consumer that is struggling.
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UAL -0.7%
UNG -0.1%, with Natgas $2.23
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VIX +5% in the 17s. Its a long way just to get to the key 20 threshold.
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VLO -1.0%
VZ -1.7%, in sympathy with AT&T
WYNN +2.9%, helped via LVS
XOM -0.7%
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Overnight markets
Asian markets were a little mixed, European markets are leaning weak…
Japan: +0.2% to 28657
China: -0.1% to 3367
Germany: currently -0.8% at 15772
UK: currently -0.1% at 7889
Here in the failed state of the UK, rather than focus on the important issues, there is a push by some group for confectionery companies to effectively stop making their products…
https://www.bbc.co.uk/news/business-65328763
When CBDCs are rolled out, the regime will be able to prevent ANYONE buying ANYTHING at ANY time. Its just a few years away.
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We’ve a second launch attempt…
The (62min) launch window opens at 9.28am EST.
Have a good Thursday