Futures vs FV: SP -7.12; DJ +67.9; NASDAQ -107.45
The focus is of course on NASDAQ and the questions about tech's near future after a second of FAANG missed big on earnings forecasts declining earnings due to its safety measures it continues implementing.
Futures have flat lined since late WED. Bids are reluctant even outside tech.
ECB: Reiterates it will end QE by year end and raise rates at some point in 2019. Ho-hum.
Oil: Saudi Arabia halts shipments through the Red Sea temporarily. Oil is lower nonetheless. Obviously a very important move by SArabia.
Durable Goods Prelim, June: 1.0 vs 3.2 exp vs -0.3 prior (-0.6)
Core capital goods: 0.7 vs 0.3 prior. +6.8% yr/yr
Non-defense capital goods ex-transportation, aka business investment: 1.0% vs 0.6% exp vs 0.7 prior (from 0.3)
Trade Imbalance, June: -68.3B vs -66.7B exp vs -64.8B prior. Growing after a short respite decline.
OTHER MARKETS
Bonds: 2.958% versus 2.965%. Bonds rebound some.
EUR/USD: 1.1692 vs 1.1728
USD/JPY: 110.98 vs 111.04
Oil: 69.07, -0.23
Gold: 1227.50, -4.30
QCOM, AMD, beat on earnings and are up. Many software stocks look just fine at the open, e.g. TTWO, VRSN, but they are not enough to offset the FB effect. It is a market cap thing. FB, NFLX, GOOG, AMZN, AAPL, MSFT impose a massively disparate impact on NASDAQ.
Thus while NASDAQ is lower on the big names, it could be the other leaders manage to continue leading.
In addition, it looks as if DJ30 will continue seeing money flow to its stocks, likely as it leaves some of the NASDAQ big names.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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