Market Alert - Pre-Market

Futures vs FV: SP -4.88, DJ -42.96; NASDAQ -10.17

Stock futures down all morning but rather modestly so, trading in a pretty well defined range. Does not appear to be a lot of volatility on the last day of the month ahead of a 3 day weekend. Low volume are expected, however, and low volume can lead to more than anticipated movement.

AMZN, AAPL up modestly in the pre-market despite the weaker overall market. As the recent leaders, these two suggest then downside the rest of the market is showing is nothing serious.


M&A: KO buying coffee maker Costa.


Earnings beats: LULU; ULTA; AMBA; NTNX; AOBC (formerly Smith & Wesson).

Misses: BIG (TL, BL). It is interesting to note that DKS (Dick's Sporting Goods) missed its earnings as reported Thursday. DKS has stopped selling guns and destroyed the guns it had in inventory. I know many who shop elsewhere now for their sporting goods.

Downgrades: EA, ATVI


Trade: China says Trump's tweets are "from some alternate universe" as China continues its attempts to keep its populace under control and tries to influence some other parts of the world about trade. Problem is, no one else in the world thinks China trades fairly and they are waiting to see a positive outcome from the US negotiations so they can approach China and say 'me too.' China realizes this and thus its attempts to stall as much as possible.

Canada: Reports are that some Canadian officials are saying they doubt a deal will get done today, the purported deadline to join the US and Mexico. Apparently, agriculture issues are stalling the deal.


OTHER MARKETS
Bonds: 2.833% vs 2.857%

EUR/USD: 1.1631 vs 1.1664

USD/JPY: 110.70 vs 110.92

Oil: 70.07, -0.18

Gold: 1208.50, +3.50


Futures are rising off the lows and it does not look as if the early weakness will turn into any serious selling, at least for the morning session. Ahead of a 3-day week there may be some afternoon profit taking.

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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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