Good morning. US equity futures are a little weak, SPX -10pts, we’re set to open at 5834. USD is +0.2% at DXY 99.66. The precious metals are broadly lower, Gold -0.7%, with Silver -2.6%. WTIC is -1.5% in the low $60s.
sp’60min
Summary
Yesterday opened weak, saw a typical rebound, but a lousy bond auction spooked the market, ending very significantly lower. S/t momentum settled on the low side.
Overnight futures have been subdued, as we’re set to open a little weak. The s/t cyclical setup favours the bulls, but I’d not expect much. Bears can expect yellow gap to be tagged, if not the 200dma in the 5760s.
VIX daily momo due to turn positive today.
SPX daily momo due to turn negative on Friday.
In theory… we should be net lower into the long weekend.
A Friday close <5807 would make for a bearish engulfing weekly candle, and suggest next week will print (at least) a marginal lower low.
The cautious looking to buy/add will wait until next Tuesday.
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Early movers
AAP +29.3%, EPS -22cents vs -82est. Rev’ y/y -24.2% to $2.58bn vs 2.50est. Better than expectations, but those numbers are BAD, for what is another sign of the broken consumer, who can’t afford to repair their car.
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ADI +2.6%, EPS $1.85 vs 1.70est. Rev’ y/y +22.2% to $2.64bn vs 2.51est.
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AG -1.7%
AMD +0.5%
AMZN +0.6%
B -0.7%
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BJ +0.9%, EPS $1.14 vs 0.92est. Rev’ y/y +4.8% to $5.15bn vs 5.20est. Guidance held.
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CLSK +4.1%
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COIN +2.1%
Bitcoin broke a new hist’ high of $111889
XRP +2cents to $2.42. My s/t concern would be main market pressure.
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CVS -2.6%, in sympathy with Unitedhealth
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ENPH -13.5%, Trump’s ‘big beautiful bill’… ending green energy subsidies.
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FCX -0.6%, with copper -8cents to $4.59
FSLR -5.7%, Trump’s BBB
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GOOGL +1.2%
HUM -3.6%, in sympathy with Unitedhealth
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MARA +3.6%
MSTR +1.3%
NKE +1.5%
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NVDA +0.6%
NXT -6.7%, Trump’s BBB
OXY -0.3%
PLTR +1.1%
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RL +1.6%, EPS $2.27 vs 2.00est. Rev’ y/y +8.2% to $1.70bn vs 1.64est.
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RUN -40.3%, Trump’s BBB, on concerns the tax credits will end for ‘Sunrun’ sooner than expected.
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SMR -2.6%
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SNOW +9.6%, earnings (Wed’ AH), EPS 24cents vs 21est. Rev’ y/y +25.7% to $1.04bn vs 1.01est.
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UNG -0.9%, with Natgas $3.34
UNH -2.8%, concerns about a crackdown on Medicare
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URBN +17.5%, earnings (Wed’ AH), EPS $1.16 vs 0.82est. Rev’ y/y +10.7% to $1.33bn vs 1.28est.
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VIX +0.4% at 20.96, with viable upside to the 25/26s
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XPEV -4.8%, Macquarie, 22>24
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ZM +0.7%, earnings (Wed’ AH), EPS $1.43 vs 1.31est. Rev’ y/y +2.9% to $1.17bn inline. Considering inflation, Zoom has no real growth, but its sustainably very profitable.
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Overnight markets
Asian and European markets all leaning on the weaker side…
Japan: -0.8% to 36985
China: -0.2% to 3380
Germany: currently -0.8% at 23936
UK: currently -0.7% at 8728
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Have a good Thursday