Market Alert - Pre-Market

Futures vs FV: SP +11.07; DJ 107.97; NASDAQ +40.40

Futures rose off the Tuesday close, and after a dip, 2 hours back they started to rise again and have rising to the open. Thus, at the open it looks as if bids have returned after the Powell testimony induced a repeal of the Monday rally. Now we see if they hold.

Two days of a new rebound leg then a sharp selloff on fear of the Fed and higher interest rates. Important day for stocks to rebound anew.


Q4 GDP, 2: 2.5% vs 2.5% exp vs 2.6% first read
Consumption: 3.8 versus 3.8% first read
PCE: 1.9% vs 1.9 exp vs 1.9


Earnings beats: BKNG (fka PCLN); SQ; ETSY; ESRX; WTW

Misses: LOW (BL); ODP (TL); PZZA (BL); HTZ (BL)


M&A: AMZN buys Ring for $1B.


Chicago PMI Feb: Still to come today. 64.5 expected after 65.7 Prior


OTHER MARKETS
Bonds: 2.89% vs 2.893% 10 year

EUR/USD: 1.2223 vs 1.2226. Hovering

USD/JPY: 106.98 vs 107.35. Drops back after a shirt rise.

Oil: 63.05, +0.04

Gold: 1318.90, +0.30


Futures continue their rise into the open, a good and necessary response to the actions on Tuesday if the relief rally is to continue. Again, we see how this early move higher holds on. It is a long session.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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