Market Alert - Pre-Market

Futures vs FV: SP -2.59; DJ -21.11; NASDAQ -17.97

Futures trading in a modestly lower range all morning as the Thursday rally opens softer to end the week. Not necessarily a bad thing as softer opens are good in an uptrend, and this is not a big gap lower as the previous Friday. Small victories when the market is back and forth session to session.

The headlines: Lira drops suddenly, China's Shanghai composite breaks below the 2018 low and is now at a 2 year low. Those two are credited with the market softness. Sure, go with that if you want.


Canada: Consumer prices jumped in July to 3% year/year versus 2.5% expected, the highest since 2011. The loonie has spiked.


Earnings reports: Trump calls for a possible end to quarterly reporting so companies can focus on business more. He got the idea from a 'business leader.' Hmm.


Earnings beats: NVDA, AMAT, JWN. NVDA, AMAT lowered current quarter guidance.

Misses: DE (BL)


OTHER MARKETS
Bonds: 2.857% vs 2.871%

EUR/USD: 1.1405 vs 1.1371. Euro jumps back up

USD/JPY: 110.37 vs 110.91. Down here as well

Oil: 66.17, +0.71

Gold: 1185.10, +1.50


Well, at least there is no blow up pre-market though NVDA is down 2.1%, AMAT -4.2% heading toward the bell. MU down along with some other chips in the coattail effect. The warnings get everyone on edge.

One day up, one day down, plus it is Friday. That has meant a lower market of late, but there are several quality stocks in good patterns getting money pushed their way. At least want to see that continue.


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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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