Futures vs FV: SP -2.98; DJ -20.12; NASDAQ -19.98
Futures lower all morning though rather modestly on NYSE. NASDAQ futures proportionately worse as GOOG announces after the close and perhaps some 'remember NFLX' is worrying FAANG investors.
Not any scheduled data today. The news is all soft news about trade, currencies, rates, threats. The usual.
Trump warns Iran in an all cap tweet to never threaten the US again or else the hell of those who threaten the US.
Fed: Mnuchin says the White House won't interfere with the Fed, though others outside the White House say the President has a right to do so if the Fed is not acting in the best interest of the US -- a la Greenspan when in 2000 he purposefully slowed the US because the gap with the rest of the world economically was in his and the elites' opinion, too wide. We lost jobs and tech we have never regained.
Dollar: Mnuchin says the White House won't interfere with the dollar.
China: Swears it has "no intention" to devalue the yuan to aid exports. Perhaps just gross negligence if not intent?
BOJ: Says it will buy anything in order to try and support its markets.
Beats: HAS; HAL (top line)
Misses: CALM (TL)
This week: Earnings, GDP, regional PMI, ECB on rates. Will the 'trade war' start showing up in the GDP? This one is supposed to be over 4% and really should not show any trade issues given that is a current quarter issue.
OTHER MARKETS
Bonds: 2.906% vs 2.895%. Yields rise as bonds sell back some
EUR/USD: 1.1719 vs 1.1718
USD/JPY: 111.26 vs 111.39
Oil: 69.14, +0.18
Gold: 1228.40, -2.70
Futures are well off the lows but not showing any upside surge toward the open. With the bulk of SP500 companies reporting this week, GOOG after the close, and memories of NFLX still relatively fresh, a bit of cold feet on new positions to start this week.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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