Market Alert - Pre-Market

Futures vs FV: SP -6.24; DU -62.57; NASDAQ -16.16

Futures rallied to a pre-market high 40 minutes back but have since slid back to near where they opened the morning session. Thus the indices are looking at a softer open with losses across the board. CNBC continues reporting AMZN is set to open over 2,000 but for over an hour AMZN has traded below that level. Kind of a synopsis of the complacency increase, too lazy to check the monitor.


Personal Income, July: 0.3% vs 0.4 prior

Spending: 0.4% as expected and prior

PCE deflator core: 0.2%, 2.0% year/year. That is at the Fed's max, and it is the Fed's supposed favorite indicator.


Turkey: Lira down hard as a central bank governor 'resigns.' Who resigned him?


Trade: Politico says EU is willing to end tariffs "on all industrial goods." That is not bad, but another big issue for the US is agricultural products.


Earnings beats: DG; SIG; CRM; PVH

Misses: CPB (TL); MIK (TL); ANF (TL); GES (TL)


OTHER MARKETS
Bonds: 2.869% vs 2.882%

EUR/USD; 1.1689 vs 1.1702

USD/JPY: 111.41 vs 111.73

Oil: 69.97, +0.45

Gold: 1210.30, -1.20


Futures continue to test lower toward the bell. After two weeks up on NASDAQ and SOX the morning looks to test the bids and see if they will hang in.

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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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