Good morning. US equity futures are moderately higher, SPX +13pts, we’re set to open at 4452. USD is -0.2% at DXY 101.17. The precious metals are fractionally higher, Gold +$2, with Silver +0.2%. WTIC is -0.1% in the $74s (briefly printing $75.25).
sp’60min
Summary
Yesterday saw considerable chop, if positive leaning. Teal gap was almost fully filled. S/t momentum settled on the moderately high side.
Overnight futures have been leaning on the positive side, especially helped by European markets.
Mr Market awaits the CPI data, and I’d keep in mind consensus…
Headline y/y: 3.1% vs 4.0% prior
Core y/y: 5.0% vs 5.3% prior
If the SPX can break above 4458, the door will open to 4500, as is within range before the weekend.
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Early movers
AAPL +0.3%
AFRM +1.4%
BABA +2.2%
BAC +0.4%
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COIN +0.4%
Bitcoin is +0.3% at $30720
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CSCO -1.5%, BofA, buy>neutral, $56
DKNG +3.6%
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DPZ +10.1%, partnering with UBER.
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FCX +0.7%, with copper +1cent to $3.78
META +0.4%
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RIG +0.6%
RIVN +1.1%
ROKU +2.0%
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TSLA +0.7%
UAL +0.5%
UBER +1.8%, partnership with Domino’s Pizza
UNG -1.2%, with Natgas $2.69
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VIX -1% in the 14s
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VMW +2.3%, the EU bureaucrats clear the Broadcom takeover
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XOM +0.3%
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Overnight markets
Asian markets were broadly lower, whilst European markets are broadly higher…
Japan: -0.8% to 31943
China: -0.8% to 3196
Germany: currently +0.8% at 15922
UK: currently +1.2% at 7368
Here in the failed state of the UK, concern is growing, as mortgage costs continue to climb…
https://www.bbc.co.uk/news/business-66172954
How long until the dumb sheep start demanding increased govt’ spending and/or free money to fund higher housing costs?
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Have a good Wednesday