Good morning. US equity futures are fractionally lower, SPX -5pts, we’re set to open at 5472. USD is -0.2% at DXY 105.53. The precious metals are leaning upward, Gold +$14 (printing $2326), with Silver +0.3% (printing $29.27). WTIC is +0.7% in the $81s.
sp’60min
Summary
Yesterday saw further chop, if ending a positive note. S/t momentum settled marginally positive.
Overnight futures have been subdued, if leaning fractionally lower. The s/t cyclical setup favours the bears, with daily momentum due to turn negative. A tag of orange gap this afternoon or early Friday is clearly within range.
We’ve an interesting and long day ahead, not least with the political freakshow due in AH.
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Early movers
AAPL +0.3%
ALB -1.7%
AMAT +1.5%
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AMC -1.7%
AMD -0.7%
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AMZN +0.3%
BA +0.7%
BB +10.0%, post earnings leap
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COIN +1.1%
Bitcoin is +0.6% at $61177… arguably floor building from around support.
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CNXC +3.4%, post earnings gains
CVS -3.1%, in sympathy with WBA
DJT +3.9%… ahead of Trump-Biden
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FCX -0.3%, with copper +1cent at $4.37
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FUL +5.0%, post earnings gains
GOLD +0.4%
GS -1.4%, Morgan Stanley, 486>475
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LEVI -15.3%, post earnings horror
LRCX +1.7%
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MKC +1.8%, EPS 69cents vs 59est. Rev’ y/y -1.0% to $1.6bn inline. Guidance held.
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MU -6.0%, lower on unquestionably good earnings, with a positive outlook. Goldman, 138>158, JPM, 130>180, Piper Sandler, 130>150
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NEM +0.5%
NIO -1.9%
NKE +0.1%, earnings due in AH
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NVDA -1.5%, Truist, 128.80>140.00
OXY +0.4%
RIVN -1.8%
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RXRX -17.3%, $200M secondary offering
SMCI -1.2%
TSLA -0.6%
UAL +0.3%
UNG +0.9%, with Natgas $2.77
V -1.8%
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VIX +1.6% at 12.75
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WBA -18.0%, EPS 63cents vs 68est. Rev’ y/y +2.8% to $36.4bn vs 35.9est. Weak guidance… on ‘worse than expected US consumer environment’.
Walgreens to close a ‘significant share’ of its 8600 stores.
Cutting its stake in primary care provider VillageMD
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Overnight markets
Asian markets were broadly lower, whilst European markets are moderately lower…
Japan: -0.8% to 39341
China: -0.9% to 2945
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Germany: currently +0.1% at 18171
UK: currently -0.3% at 8203… election due July 4th
France: currently-0.5% at 7572… with election part’1 due this Sunday.
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Have a good Thursday