Futures vs FV: SP -1.61; DJ +15.99; NASDAQ -4.90
Futures flattish with no real selling. Yes, they are not up, but despite hand-wringing by some on the financial stations, this is not a selloff. Seems idiotic to have to say that but that is the market. The key is the BTD faithful and if they use FB's and others' weakness to move in.
Productivity Q3 prelim: 3.0% highest since 2014 vs 1.5% Q2
AN CEO on CNBC noted that elimination of regulation by the current administration is having a big effect on productivity and thus economic growth. Fewer regs eliminate the massive inefficiencies of the prior Administration and allows more profitability, etc.
BOE: Raised rates for the first time in 10 years, +25BP
Earnings beats: BABA; ADB; FB; QCOM; GPRO (weak guidance); SHAK; FEYE; YELP; FIT
Misses: W (TB); APRON (TL); TEVA (TB); AN (TL); TSLA (BL); SYNM (BL); CAKE (TB); HNZ (TL)
OTHER MARKET
Bonds: 2.358% vs 2.358%
EUR/USD: 1.1643 vs 1.1658
Oil: 54.23, -0.07, right at the cusp
Gold: 1277.40, +0.10
Stocks are off the morning lows, off the morning highs, just milling around. Volatility hit Wednesday once more and we will see if RUTX, SP400 settle down. The House tax bill will be released and the early leaks are saying the 20% corporate rate is permanent while the pass-through is a weak applying lower rate to first 30% of revenue. Seriously? Small guys get screwed again.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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