Market Alert - Pre-Market

Futures vs FV: SP -12.59; DJ -189.31; NASDAQ -51.49

Futures were just modestly off but are in full retreat the past hour with large declines across the board. The earnings are not bad but the distribution is showing its effects as stocks continue to feel pressure. Stocks that were trading relative well last night afterhours in sympathy with some of the earnings reports are down significantly. Many of the earnings story stocks are holding up, but NVDA is lower and even AMZN is feeling cold feet, down 10.89 pre-market, ahead of its afterhours earnings.


Productivity, Prelim, Q4: -0.1% vs +1.0 exp vs 2.7% prior (from 3.0%).
First decline since 2016 and on the heels of three solid quarters of advances.

Unit Labor Costs: 2.0% vs 1.0 exp vs -0.1% prior (from -0.2%)


Jobs/Wages: Low to pay up to $1K in bonuses to employees.


Earnings Beats: CI; DGX; BLK; AN; MSFT; T; MDLZ; SYMT (but lowered guidance); DD; QRVO

Misses: BABA (BL)-- seriously??


F sales: -6.6% vs -7.3% expected


FB: It is up even as it reports 50M fewer hours/day.


OTHER MARKETS
Bonds: 2.729% vs 2.713%

EUR/USD: 1.2446 VS 1.2404

USD/JPY: 109.33 vs 109.50

Oil: 65.44, +0.68

Gold; 1343.30, +0.20


Futures are just off the low. The WED rebound attempt was a fake rebound, right? Not surprised but what is somewhat surprising is the rather harsh drops in many of the 'name' stocks that were holding up quite well. That is the selling taking hold more.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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