Good morning. US equity futures are a little weak (ahead of CPI), SPX -18pts, we’re set to open at 6020. USD is -0.1% at DXY 98.55. The precious metals are mixed, Gold u/c, with Silver -0.9%. WTIC is +1.5% in the low $66s.
sp’60min
Summary
Yesterday saw the market continue to claw upward, printing a new cycle high of 6143… just 104pts (1.7%) from the Feb’ hist’ high. S/t momentum settled fractionally positive.
Overnight futures have been leaning a little weak… ahead of the CPI data, consensus: Headline y/y: 2.5% vs 2.3% prior
Core y/y: 2.9% vs 2.8% prior
Some cooling to orange gap is more likely than not… but I’d argue the risk/reward does NOT merit a short side trade. Net bullish into August
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Early movers
CHWY -7.2%, EPS 35cents vs 34est. Rev’ y/y +8.3% to $3.12bn vs 3.08est
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CLF -6.7%, tariff related concerns
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COIN u/c
Bitcoin is -0.9% at $109K
XRP is u/c at $2.31
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ETSY -3.1%, $650M convert’ corp’ debt. Another company raising money whilst the market is strong. Smart.
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FCX -0.9%, with copper -11cents at $4.77
GME -4.0%, post earnings depression
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GTLB -11.8%, earnings (Tues’ AH), EPS 17cents vs 15est. Rev’ y/y +26.8% to $214M vs 213est.
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INTC -0.8%
LMT -2.5%, F35 jet order cut from 48 to 24
MU +1.4%
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NUE -3.4%, tariff related concerns
PLAY +6.5%, post earnings gains
PLTR -0.5%
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QBTS +1.9%, $400M ‘stock sales agreement’. Nvidia CEO comments are further helping.
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RKLB +1.2%
RUN -6.1%, Jefferies, hold>underperform, $5
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SAIL +10.9%, EPS 1cents vs -1est. Rev’ y/y +23.0% to $230M vs 235est. Positive guidance.
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SMR +1.7%
STLD -1.5%, tariff related concerns
TSLA +1.5%
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VIX +1.2% at 17.15
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VSCO -0.5%, EPS 9cents vs inline. Rev’ y/y -0.5% to $1.35bn inline. Barely profitable… with no real growth, as the consumer can’t afford underwear. Things will only worsen from here.
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XOM +0.3%
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Overnight markets
Asian markets were moderately higher, whilst European markets are fractionally higher…
Japan: +0.5% to 38421
China: +0.5% to 3402
Germany: currently +0.1% at 24020
UK: currently +0.05% at 8857
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Have a good Wednesday