Good morning. US equity futures are fractionally mixed, SPX u/c, we’re set to open at 3511. USD is u/c in the DXY 93.50s. The precious metals are moderately higher, Gold +$8, with Silver +0.4%. WTIC is -0.2% in the $40s.
sp’60min
Summary
Yesterday saw considerable chop, leaning on the weaker side. Price action is arguably just a retrace of the prior four days… with a rather clear spike from psy’3500… along with the upper end of orange gap.
S/t momentum is on the low side, and the bulls should have opportunity this morning for some degree of bounce. Regardless of today, I’d keep in mind that tomorrow will lean to the bears, whilst Friday – OPEX, will be inclined for considerable chop.
—
Early movers
AAPL +0.3%
AMD +0.2%
AMZN +0.4%
ALB -3.3%. RBC 80>78, concerns on Lithium prices
–
BAC -2.2%, EPS 51cents vs 50est. Rev’ y/y -11.6% to $20.3bn vs 20.9est. Net interest income -17% to $10.1bn… of which the Fed’s ZIRP is to blame.
–
BBBY +5.5%, Raymond James 22>26
CCL +1.0%, Credit Suisse 14.50>15.00
F -0.3%
GDX +1.2%
GOLD +0.9%
–
GS +2.9%, EPS $9.68 vs 5.57est (4.79 prior yr). Improvement in trading and underwriting business.
–
MSFT +0.5%
NEM +0.8%
NFLX +1.2%
NIO +10.5%, JPM neutral>overweight, p/t $40
–
PNC +1.6%, EPS $3.39 vs 2.11est. Rev’ y’y +0.9% to $4.3bn vs 4.0est. Net interest income -2% to $2.5bn.
–
TLT +0.4%, cooler yields
UAL -0.2%, earnings due in AH
–
USB +1.8%, EPS 99cents vs 91est. Rev’ y/y +0.7% to $6.0bn vs 5.7est.
–
UNH +0.8%, EPS $3.51 vs 3.08est. Rev’ y/y +7.9% to $65.1bn vs 64.0est. Guidance.. inline.
–
VIX +0.5% in the 26s
–
WFC -1.7%, EPS 42cents vs 45est. Rev’ y/y -14.3% to $18.9bn vs 18.0est. Net interest income -19.6% to $9.4bn vs 11.7 prior… again… due to the Fed’s ZIRP.
–
WMT +0.3% splitting ‘black Friday’ into 3 separate events
XOM -0.3%
—
Overnight markets
Asian markets were a little mixed, whilst European markets are leaning fractionally weak…
Japan: +0.1% at 23626
China: -0.6% at 3340
Germany: currently -0.1% at 13003
UK: currently -0.1% at 5961
—
Have a good Wednesday