Good morning. US equity futures are broadly flat, SPX -1pt, we’re set to open at 6465. USD is +0.02% at DXY 97.68. The precious metals are leaning weak, Gold -0.1%, with Silver -0.6%. WTIC is +0.2% in the upper $62s.
sp’60min
Summary
Yesterday saw a new hist’ high of 6680, with a little cooling to settle moderately higher at 6466. S/t momentum settled fractionally positive.
Overnight futures have been subdued, we’re set to open broadly flat. The s/t cyclical setup favours the bears. Right now, at best… the bears could hope for an OPEX pin around 6400.
Regardless of today, my thoughts are on Trump-Putin, due to meet in Alaska on Friday. But what about Z, where is he?
Ohh, there is Jackson Hole next week… with Powell due to speak next Friday morning. That’d be as good a time/place to announce he is leaving early.
I’m pretty sure most will miss him once he is gone. I suspect he will be the last of the ‘old school’ Fed chairs. Clearly, his replacement (Waller?) will be a Trump lackey… to cut rates, even if inflation is elevated. Hell, I’ve long expected the Fed to eventually raise the target rate from 2% to 3%. Maybe we should expect that next year.
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Early movers
AAP -0.5%, EPS 69cents vs 57est. Rev’ y/y -25.1% to $2.01bn vs 1.97est. The massive drop in annual sales is reflective of a broken consumer who can’t afford to fix their rust-bucket >10yr car.
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AAPL +0.3%
AEO -0.9%, but yesterday did see a break >200dma.
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AG -0.4%, EPS 4cents vs 1est. Rev’ y/y +94.0% to $264M vs 283est. Still mediocre, as the silver miners need silver >$40
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AIRO +9.5%, EPS 30cents. Rev’ y/y +151% to $24.6M
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AMD -0.7%
ARKB -1.5%… downside reversal in Bitcoin
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BHC +3.9%
BLSH +13.6%, day two
BMRN +0.2%
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COIN -0.3%
BTC broke a new hist’ high of $124152, if cooling back, currently -2.0% at $120K
XRP is -6cents at $3.22
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CRWV -1.8%, as the s/t horror continues
CSCO -1.4%, post earnings cooling
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CVS +1.4%, Baird, neutral>outperform, 71>82
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DE -5.6%, EPS $4.75 vs 4.67est. Rev’ y/y -8.6% to $12.0bn vs 10.3est. Lowered guidance.
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FCX -0.4%, with copper -1cent to $4.48
KTOS +3.1%
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LUNR -10.6%, $300M convert’ corp’ debt offering, as yet another company is raising money whilst the going is good.
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NVDA +0.2%
ONDS +2.6%
RACE +2.0%
RKT -1.4%
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SMR +1.0%
TSLA +0.4%
UNH +0.9%
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VIX +1.1% at 14.65
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WBTN +1.5%, Deutsche Bank, buy, 11>18… as the Disney deal is a long term positive.
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Overnight markets
Asian markets were were broadly lower, whilst European markets are mixed…
Japan: -1.4% to 42649
China: -0.5% to 3666
Germany: currently +0.6% at 24326
UK: currently u/c at 9165
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Have a good Thursday