Good morning. US equity futures are fractionally higher, SPX +7pts, we’re set to open at 5709. USD is +0.2% at DXY 100.62. The precious metals are mixed, Gold +0.1% (printing a new hist’ high of $2656), with Silver -1.5%. WTIC is +0.1% in the low $71s.
sp’60min
Summary
Last week ended with considerable chop, if leaning on the weaker side. S/t momentum settled on the marginally low side.
Overnight futures have been a little choppy, we’re currently set to open fractionally higher, as the s/t cyclical setup favours the bulls.
The only issue for the remainder of the month, and more broadly… ahead of the election, is whether 5733 a key m/t high. I’d be open to a marginal new high, but rate cut’1 and the uninversion of the yield curve are two very bearish signals.
Both signals are highly suggestive that whomever wins the election will face an equity market that is set to turn m/t bearish, with a recessionary economy.
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Early movers
AG -0.6%
BA +0.2%, Jefferies, buy, 270>240
CCJ +1.1%
CIEN +3.4%
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COIN +0.9%
Bitcoin is -0.3% at $63419. S/t bullish unless <60K
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FCX -0.1%, with copper -3cents to $4.31
FDX +0.2%, vain attempt to dead cat bounce
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GM -2.0%, 1700 firings
GME -1.3%
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GOOGL +0.3%
HMY +2.9%
INTC +4.0%, Apollo Global Mgmt offer to invest $5bn
META +0.9%
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MSFT -0.5%
MU +1.3%, earnings due Wed’ AH
NIO -2.6%
NKE -1.2%, JPM, neutral, 83>80
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NVO -1.0%, CEO to testify before the US Senate on weight loss drug prices.
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PINS +2.7%, Deutsche Bank, buy, $43
PLTR -1.3%
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QCOM -0.6%… no formal bid for Intel… yet.
SMCI -1.8%, Loop Capital, buy, $1500>1000
TSLA +1.3%
UEC +2.5%, earnings due Thurs’ AH
ULTA -1.2%
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VIX +2.3% at 16.53
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Overnight markets
Asian markets leaned upward, whilst European markets are moderately mixed…
Japan: CLOSED
China: +0.4% to 2748
South Korea: +0.3% to 2602
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Germany: currently +0.5% at 18817
UK: currently -0.1% at 8221
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Have a good Monday