Good morning. US equity futures are moderately higher, SPX +31pts, we’re set to open at 7767. USD is -0.1% at DXY 99.62. The precious metals are very significantly higher, Gold +2.4%, with Silver +3.6%. WTIC is +0.4% at $76.08.
sp’60min
WTIC, daily
Oil printed a new s/t low of $74.24, if bouncing. Daily momentum is increasingly negative, as a fill of red gap still looks realistic, if not for a few more days.
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Summary
Yesterday saw the market continue to power upward, breaking a new hist’ high. S/t momentum settled on the very high side.
Overnight futures have been leaning upward, we’re set to print a new hist’ high. Yes, we’re s/t very overbought, but the bigger daily charts are increasingly positive, and offer days, if not some weeks of net upside into Sept’.
The only wild card is geo-political… as its been since February.
Last weekend’s ‘do nothing’ was a reminder the default is to expect… nothing.
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Early movers
AEM +3.9%
AG +4.9%
AMD -7.6%, post earnings depression
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AMZN +0.9%
ASTS -1.4%
BKNG +8.9%, post earnings gains
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COIN +0.5%
Bitcoin is -0.1% at $64K
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CVS +2.9%, EPS $2.58 vs 1.85est. Rev’ y/y +7.3% to $106.1bn vs 100.1est.
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DIS +3.6%, EPS $2.06 vs 1.86est. Rev’ y/y +6.8% to $25.24bn vs 25.40est.
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HL +4.9%, EPS 17cents vs 21est. Rev’ y/y +52.4% to $333M vs 73est
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INTC -2.1%
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KTOS +10.4%, EPS 21cents vs 14est. Rev’ y/y +30.5% to $458M vs 410est.
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LLY +4.8%, EPS $8.38 vs 6.01est. Rev’ y/y +47.7% to $22.97bn vs 20.72est.
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META +1.3%
MU -0.8%
NEM +3.9%
NVDA +1.7%
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PINS -8.7%, EPS 43cents vs 36est. Rev’ y/y +18.1% to $1.18bn vs 1.15est. MAUs y/y +11.0%
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PLTR -0.5%
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SHAK +3.4%, EPS 43cents vs 30est. Rev’ y/y +17.2% to $417M inline
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SHOP +29.2%, EPS 42cents vs 40est. Rev’ y/y +33.7% to $3.58bn 3.44est.
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SMR -0.5%
SPCX -11.4%, post earnings upset
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TDC -13.1%, EPS 69cents vs 56est. Rev’ $410M vs 397est.
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TSLA -0.7%
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UBER -3.0%, EPS 81cents inline. Rev’ y/y +12.2% to $14.19bn vs 14.23est.
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UPST +11.1%, EPS 16cents. Rev’ $364M vs 351est
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VIX +1.0% at 16.67
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VSAT -7.7%, EPS 17cents vs -30est. Rev’ y/y -1.2% to $1.15bn vs 1.20est.
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WYNN +4.4%, EPS $1.24 vs 1.11est. Rev’ +6.9% to $1.85bn vs 1.84est
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Overnight markets
Asian markets powered upward, whilst European markets are a touch weak…
Japan: +3.7% to 66300
China: +1.5% to 3878
South Korea: +3.8% to 6598
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Germany: currently -0.1% at 26187
France: currently -0.03% at 8663
UK: currently -0.3% at 10842
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Have a good Wednesday