US equities open on a weak note, but price action is rather similar to early Thursday. WTIC $67.65. Copper $5.06
sp’60min
VIX’60min
Summary
Suffice to add… market should find a floor by 11am.
Yesterday’s daily reversal candles are suggestive of positive indexes (at least briefly) at some point today.
–
notable stock: NKE
Earnings were mixed… EPS 54cents vs 28est. Rev’ y/y -9.3% to $11.27bn vs 11.01est. The annual decline in sales merits alarm bells… as the consumer can’t afford new shoes.
–
notable weakness: FDX
Earnings were reasonable…
EPS $4.51 vs 4.54est. Rev’ y/y +2.3% to $22.2bn vs 21.9est.
—
notable stock: MU
Earnings were good…
EPS $1.56 vs 1.42est. Rev’ y/y +38.3% to $8.05bn vs 7.89est.
—
notable stock: LMT
Trump is due 11am… on a possible fighter contract.
I’ll post a feed nearer the time.