Futures vs FV: SP -0.41; DJ +15.59; NASDAQ +4.68
Futures are well off the morning highs hit early session with the indices trading around the flat line similar to other markets around the globe. Chinese loan data was weak, stirring more fears the Chinese economy, already weak, is tailing further under the tariffs.
Retail Sales, June: 0.5% vs 0.5% exp vs 1.3% May (from 0.8%)
Ex-autos: 0.4% vs 0.3% exp vs 1.4% prior (from 0.9%)
After the big surge in May, revised sharply higher still, consumers took a bit of a break. Still a solid month, just a normal pullback after a lot of May spending.
Earnings beats: BLK, BAC, JBHT. Perhaps the financials can find some solace with BAC after the rather weak bank earnings reported Friday.
Fed: Chairman Powell addresses Congress this week with his semi-annual Monetary Policy Report. You know, 'strong economy, gradual reduction,', etc.
NFLX: Gets another pre-earnings downgrade this morning. Nervous analysts, others looking to get in at a better price.
OTHER MARKETS
Bonds: 2.842% vs 2.829%. Bonds tail off from the gains late week, yields rising a bit.
EUR/USD: 1.1715 vs 1.1685
USD/JPY: 112.31 vs 112.36. Dollar fades slightly after a big move
Oil: 69.50, -1.51. After that spike to a higher recovery high oil is backfilling quite a bit.
Gold: 1242.60, +1.40
Rather quiet start to the week, and that is not a bad thing in what is still a market that is trending higher. Overall. As noted over the weekend, the keys to us are how the growth indices hold their test of the old highs and rebound from that test. Also, what do the large cap NYSE indices show after some better action last week? More money their way, and is the money pulled from other areas such as growth?
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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