Market Alert - Pre-Market

Futures vs FV: SP +5.22; DJ +66.25 NASDAQ +40.71

Futures holding modest gains as earnings, stimulus, and yes, data, drive stocks.

Data: Can you spell 'c-o-v-e-r'? The FOMC just got it from the June Durables report.

Durables Orders, Jne: -4.0% vs -1.0% exp vs -2.8% prior (from -2.2%)

Aircraft drove the loss as BA, Airbus report lowest orders in 6 years.

Core, year/year: down 18 straight months.

Core Cap-ex: -4%


Japan: Abe gives a speech and, after the Fin Min denied an original report of stimulus announcement to come, Abe announces 28T yen in stimulus to be fleshed out next week. More FOMC cover.


Earnings Misses: KO (TL); TWTR (TL); HLT (TL, BL); BWLD (TL); X (TL)

BEATS: BA (lost less than expected); AAPL (iPhone orders down year/year); CMCSA; ANTHM; WMI; GRMN (crushes); PNRA; APC (lost less than expected)

DB: Profit -98% year/year. Dang.


OTHER MARKETS
Bonds: 1.556% versus 1.563%

EUR/USD: 1.1002 vs 1.0985.

USD/JPY: 105.58 vs 104.73. Off the dollar highs but up after Japanese stimulus to come announcement.

Oil: 42.99, +0.07

Gold: 1344.40, +6.10


There was some intrigue heading into the FOMC this afternoon. Then the Durables numbers and not so much so. The Fed now has 1) the Treasury Department saying Brexit still has economic ramifications to come, and 2) Durable Goods, after a string of better economic reports, timely misses and by a multiple of 4. Yellen can continue here 'data dependent' fraud with a clear conscience.

FB earnings after hours and you will see a contrast from TWTR. The indices are sitting on a week-plus pullback, in great position to move higher. We will see if the next pieces fall into position for a continued move higher.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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