Market Alert - Pre-Market

Futures vs FV: SP +7.79; DJ +130.81; NASDAQ +23.40

Stocks futures started the morning with a big gap higher on M&A announcements and increased the gain on earnings such as MCD. Indeed, MCD is helping boost DJ30 to triple digits.

Futures peaked at 6:00ET and are sliding from the highs since. Of course, still a large gain on the open but the slid from the morning highs again raises the specter of gains that are frittered away. We will see.


M&A: TMUS/S finally tying the knot. PLD buying DCT. MRO buys Andeaux. There are even more. Big merger day to end April


Personal Income, Mar: 0.3 vs 0.4 exp vs 0.3 Feb (from 0.4)

Spending: 0.4 vs 0.4 exp vs 0.0 Feb (form 0.2)

PCE: 0.0 vs 0.0 exp vs 0.2 prior

Core PCE: 0.2 vs 0.2 exp vs 0.2 prior. +1.9% year/year. Awfully close to 2.0% Fed target. Just saying.


Full week: FMOC rate decision midweek, jobs report end of week, lots of earnings.


MCD: Earnings beat, driving Dow higher.

AVGO: Guidance revised lower. Stock under pressure

AAPL: Expected to announce a $400B payment to shareholders to offset iPhone sales disappointment when it announces earnings Tuesday after the close.


OTHER MARKETS
Bonds: 2.95% versus 2.959% 10 year. Holding below 3.0%

EUR/USD: 1.2087 vs 1.21291. Dollar up again against euro

USD/JPY: 109.31 vs 109.051

Oil: 67.54, -0.56


Stocks are well off the highs but starting higher. We will see if the gaps upside can hold.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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