Market Alert - Pre-Market

Futures vs FV: SP +5.03; DJ +44.27; NASDAQ +28.91

Futures rebounding from the late day slaughter post-Powell press conference. Futures slowly trending higher on the morning. Slow burns are good versus gaps upside. Helps with staying power which is of course the main question of the morning with futures higher after the late session plunge WED.

Lots of news.

GDP Q2 3rd: 4.2 vs 4.3 exp vs 4.2. Strongest since summer 2016.


Durable goods, Aug: 4.5 vs 1.8 exp vs -1.2 (from -1.7)

Ex-transports: 0.1 vs 0.4 vs 0.2 prior

Business investment: -0.5 vs _1.5 prior. Biggest drop since March.


Fed: Trump not pleased with FOMC rate hike. What President is?


Trade/tariffs: CNBC headline "more corporate giants warn" tariffs will lead to price increases. Yes they will, but studies of how much show it is virtually nothing. That answers the question of why bother due to the amounts: if it means little in terms of pricing, why not have the US have those jobs?

France: Macron says there will be no commercial agreements (trade deals) with any country that does not accept the Paris Accord. Good luck with that, leaving out the US, China, Russia, South America . . . enjoy trading with the EU only.

China: Demands that Trump "stop unceasing criticism and slander of China." Good luck with that China.


Downgrades: AMD
Upgrades: AMZN (Stifel says 30% surge to come); AAPL (JPM); CYBR


Earnings misses: BBBY (TL, BL); CAG (TL, BL); MKC (TL). Lots of top line misses continue. Not good, not good for economy.

Beats: ACN


Oil: S. Arabia says ready to produce another 550M bbl. Oil is up . . .


OTHER MARKETS
Bonds: 2.067% vs 3.048%

Oil: 77.36, +0.79

Dollar: bouncing


Again, the key is staying power and thus far futures are moving to higher and higher morning highs. Sellers will take a shot -- the Fed is now worried about asset prices. We will see how they fare after that.
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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