Futures vs FV: SP -2.2; DJ -66.94; NASDAQ +4.5
Futures started flat, tumbled starting 6:00ET, started fighting their way back starting 7:30ET. DJ30 lags given the BA, GM warnings for 2018 EPS.
Despite all the earnings this week, a real dearth of news until afterhours when FB and many other stocks report.
Mortgages: -0.2% vs -2.5% prior week
GM: Cuts 2018 forecast on steel, aluminum costs
BA: Misses on top line, lowers 2018 EPS guidance
Trade: Trump set to meet with EU's Juncker where Merkel's 'free trade' proposal will perhaps counter Trump's 'total free trade' proposal at G-7
Former GM chairman was on CNBC talking trade. He noted everyone is focused on the short term negatives and those are their main complaints instead of looking at the long term benefits of real competition where the US goods do not face artificial barriers. The CNBC blonde, who is rabid left by the way, said 'but all other countries hate us for it.' The response was decent but it missed the obvious: they hate us for it because if we actually succeed and get free trade, the gravy train is over for them. EVERYONE has an advantage over the US based upon our trade deals and WTO status. Of course they will hate us for trying to take away their advantage. You know what? It is not about trade and the world's view of us; those are just side noise. It is about politics. Okay, enough said.
OTHER MARKETS
Bonds: 2.943% vs 2.952%
EUR/USD: 1.1701, rising slightly
USD/JPY: 111.04, pair is lower as dollar is lower around the world
Oil: 68.74, +0.22
Gold: 1232.50, +7.30
Futures slowly edging up into the open. NASDAQ in the lead today after selling in growth Tuesday. That is the key focus today: how do the leaders in NASDAQ perform, e.g. software, FAANG.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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