Market Alert - Pre-Market

Futures vs FV: SP -2.28; DJ -8.12; NASDAQ +3.49

Futures muddled after a nice NASDAQ big name session. Stock investors are looking at the FOMC minutes and the AAPL iPhone 7 release; at least that is what we are told.

There are, however, a few other stories out there.

Mortgage apps: +0.9% on the week

Fed: Beige book out later today

Fed's Williams says the economy is in good shape and that the Fed should get back on a gradual path of hikes. Good shape? That is debatable. If you are talking about comparing today to when it was plunging, yes. If you are talking in terms of history, our economy stinks. But . . . the Fed should be raising rates.

Fed's Lacker and George address the House Financial Services committee today.

Goldman: Cuts its September hike odds to 40% from 55% just a few days after raising them to that 55% level. At the same time, word hits it has banned its partners from donating to Trump because of the optics. How about the optics of being elitists wanting to maintain your power at all costs? Of course someone has to be watching, and sadly the masses are more engrossed in the newest iPhone iteration than their futures.

AAPL: iPhone 7 is released later today.

Earnings: WDC increases its outlook and is up. STX is up as well.
PLAY beat TL, BL but cut its guidance and is trading lower.

AMD: Announces a share offering and convertible securities offering and is trading lower.

Ford: China sales _22% in August.


OTHER MARKETS
Bonds: 1.524% vs 1.54% 10 year. Holding the Tuesday bounce

EUR/USD: 1.1244 VS 1.1253

USD/JPY: 101.44 vs 102.026. Dollar weakens further versus yen

Oil: 44.96, +0.13

Gold: 1354.70, +0.70. Off early morning higher levels, holding the bounce from Tuesday.


Futures are mushy, off the early highs, just off the more recent morning lows, still pointing to a mixed open. Those are not bad as soft opens lead to bounces in bull moves as the buyers come in at a bit lower price. One of the keys is whether NASDAQ big names can hold the gains from Tuesday and then build off them. Small caps and midcaps posted good Friday moves, NASDAQ Tuesday, now need the bids to continue.

Lots of data released this morning and more coming with Fed speeches, AAPL, ISM Services, JOLTS.



Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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