Market Alert - Pre-Market

Futures vs FV: SP -0.48; DJ +22.35; NASDAQ -28.21

Most of the news centers on the tax bill in the Senate. The bill hit a snag last night when the Senate rules interpretation was that a 'backstop' was not appropriate. So, there are all kinds of ideas being thrown about on how to come up with more revenue to satisfy neo deficit hawks Korkers and Flakey. On the other side of the picture, Johnson and Daines are on board now given some pass-through changes, so the notion is it still gets worked out.

Futures have recovered all morning from a much lower open, trending higher toward the open. NASDAQ again is the outlier, with futures pointing to another opening drop.


Bitcoin: Futures will be traded on the CME in 3 weeks.


AMZN: In talks with generic drug makers. Stock was up but is not flattish given NASDAQ's overall downside bias this morning.


Earnings beats: BIG; ULTA; FIVE; VMW; AMBA

Misses: GCO (BL)


Canada: Economic data for GDP, Employment much better than expected.


OTHER MARKETS
Bonds: 2.394% versus 2.412% 10 year

EUR/USD: 1.1872 vs 1.1897

USD/JPY: 112.65 vs 112.55

Oil: 58.41, +1.01


Futures are holding gains, but they are coming off early morning lows that saw them negative. NASDAQ still the drag and of course we are watching the mega caps and FAANG: they have been off since the Wed drop and now we see if they can hold and move back up after that pause, a la September.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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