Market Alert - Pre-Market

Futures vs FV: SP -6.12; DJ -77.82; NASDAQ -26.80

September is starting slowly. As discussed over the weekend, the month has a history of negatives for stocks though since 2009 that has not been the case.

In any event, futures started the session higher but steadily declined into 7:30ET. Bounced the past 1.5 hours but struggling at 290.

Analyst are the most active news story this morning though ISM and construction spending are on tap 10:00ET.

Upgrades: UPS, JWN

Downgrades: TSLA to sell at GS; VZ; FB; DLTR; STX; WDC

NKE: Starting a 30th anniversary campaign featuring Kaepernick. Stock is off 3 clicks.


M&A: RIG buying ORIG in offshore drilling space.


Paychex small business survey: Tight labor market, having trouble finding workers.

Hourly earnings are not higher but weekly earnings are: working overtime, not at higher pay, but working more hours.


TWTR, FB, GOOG: Testifying before Congress this week. All are lower ahead of the testimony.


Trade: Trump says no political necessity to have Canada in the new deal with Mexico. Sounds like more Trump negotiating bluster ahead of resumption of talks with Canada on Tuesday.


OTHER MARKETS
Bonds: 2.877% vs 2.86%

EUR/USD: 1.1563, -0.0058

USD/JPY: 111.23, +0.16

Oil: 71.24, +1.44. Tropical storm Gordon moving into the Gulf

Gold: 1200.30, -6.20


Futures bounced but hit 290 on SPY and are rolling back over. Obvious lethargy to start September. Will see if bids return but thus far it is a struggle. No reason they will not return, but as stated on the weekend, SOX is still ready to test while SP500 is currently in a modest test. Looks as if they want to follow through with that before ready to move higher. Would be nice if AAPL, AMZN tested as well, but AMZN is up 10 clicks as it continues a DELL-like move from the second half of the 1990's.

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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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