Good morning. US equity futures are broadly higher, SPX +33pts, we’re set to open at 3905. USD is -0.7% at DXY 110.67. The precious metals are very significantly higher, Gold +$20 (printing $1658), with Silver +4.2%. WTIC is +1.7% in the $87s (printing $88.24).
sp’60min
Summary
Yesterday saw considerable chop, if mostly leaning on the weaker side. S/t momentum settled marginally negative.
Overnight futures have been increasingly positive, especially helped by other world markets, and a weaker dollar.
We should expect further chop ,an effective holding pattern, ahead of Wednesday afternoon’s Fed, and from there… a push to psy’ 4K.
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Early movers
AA +3.3%
AAPL +1.0%
AG +5.0%, higher silver
ABMD +51.8%, Abiomed being bought by Johnson & Johnson
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AMD +1.7%
BABA +5.7%, bouncing communist garbage
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BP +0.1%, earnings. $2.5bn extra buyback. Mainstream pressure in the UK for a ‘windfall tax’.
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CAR +3.5%, post earnings gains
CCL +3.9%
CLF +2.5%
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COIN +2.9%
Bitcoin is +0.3% at $20546. Price action remains bizarrely tight.
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CS +2.7%, bouncing European fins
DASH +4.2%
F +1.3%
FCX +3.8%, with copper +9cents to $3.47
GOLD +2.0%
GT -7.6%, post earnings depression
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JNJ -0.7%, buying Abiomed (AMBD) for $16.6bn
LAC +2.6%
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LLY -1.0%, EPS $1.98 vs 1.93est. Rev’ y/y +2.5% to $6.9bn inline. Guidance was mixed, the company blaming the stronger dollar.
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LVS +4.6%, chatter about China easing C19 restrictions
LYFT +4.7%
META +1.3%
MRNA +2.3%, earnings due early Thurs’
MSFT +1.1%
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NEM +0.1%, EPS 27cents vs 34est’, and vs 60cents prior yr. Rev’ y/y -9.0% to $2.6bn vs 2.9est. Guidance held. Roughly assuming annual EPS of $1, the valuation isn’t cheap… FPE 40.
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NIO +8.0%, Oct’ deliveries y/y >174% to 10059
NXPI +1.4%, post earnings gains
OXY +1.5%
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PFE +3.8%, EPS $1.78 vs 1.40est. Rev’ y/y -6.0% to $22.6bn vs 21.1est. Guidance marginally raised.
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PYPL +2.3%
Ms. Phetasy on Paypal. I really need to get around to changing my payment processor. This video is already out of date, as Paypal have reinserted the $2500 fine for various violations, not least ‘misinformation’.
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RIG +3.3%
SLB +1.4%
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SOFI +12.7%, EPS -10cents. Rev’ y/y +56% to $424M. Still loss making garbage.
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SQ +2.8%
TLT +1.3%, as yields cool
TSLA +1.9%
UAL +1.4%
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UBER +9.8%, EPS -61cents vs +6est. Rev’ y/y +73% to $8.3bn vs 8.1est. Corp’ garbage that still can’t turn a profit.
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UNG -2.3%, with Natgas $6.09
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VIX -0.3% in the 25s
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WYNN +3.1%, chatter about China easing C19 restrictions
X +2.5%
XOM +1.3%, set for another new hist’ high.
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Overnight markets
Asian and European markets have begun the last sixth of the year on a very positive note…
Japan: +0.3% to 27678
China: +2.6% to 2969
Germany: currently +1.3% at 13422
UK: currently +1.6% at 7210
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Have a good Tuesday