If tech is facing headwinds, then the S&P 500 itself will have a hard time rallying since…wrote Tom Essaye of Sevens Report in a note last week. Click here to read the full article.
Earnings season has been better than expected so far and that has been the main driver of the…wrote Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
Futures are little changed following a night of mixed earnings and economic data.
Earnings overnight were disappointing with SNAP (down 20%) and INTC (down 3%) posting disappointing results, although they aren’t hitting the market broadly.
Economic data was mixed as UK flash PMI beat estimates (56.8 vs. (E ) 54.0) while the Euro Zone PMI slightly missed expectations (54.3 vs. (E ) 55.2). But, neither number is materially moving markets.
Today the key economic report is the October Flash Manufacturing PMI (E: 60.7) and markets will want to see continued stability in the economic recovery. We also get two Fed speakers, Daly (10:00 a.m.) and Powell (11:00 a.m.), although we do not expect anything incremental regarding tapering expectations (everyone now expects tapering to start in November).
On the earnings front, three notable reports we’ll be watching today are: AXP ($1.78), HON ($2.01) and SLB ($0.36).
What’s in Today’s Report:
Futures are modestly lower as markets digest the recent bounce following disappointing earnings overnight.
Earnings overnight were negative on balance as IBM missed on revenues while TSLA, LVS, and PPG also posted disappointing results and saw selling afterhours.
Today focus will be on economic data and earnings. On the data front, the key reports will be Jobless Claims (E: 300K), Philly Fed Manufacturing Index (E: 25.0), and Existing Home Sales (E: 6.030M), and markets will want to see stability in the data (so not too hot and not too cold). We also get two Fed speakers, Waller (9:00 a.m. ET) and Williams (9:00 p.m. ET).
On the earnings front, results have become more mixed lately so markets will continue to focus closely on earnings. Some reports we’re watching today include: T ($0.78), AAL (-$1.04), FCX ($0.78), LUV (-$0.27), SNAP ($0.08), INTC ($1.11) and WHR ($6.16). As has been the case, strong margins amid rising costs will be the key metric in the results.
The issues that caused the pullback have quieted over the past…wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here to read the full article.
Bottom line for oil, futures just notched their eighth-consecutive weekly rise and prices are technically…the Sevens Report analysts said. Click here to read the full article.
The issues that caused the pullback have quieted over the past two weeks, which has…wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here to read the full article.
Tom Essaye, Sevens Report Research Founder and President, joins Yahoo Finance Live to discuss the market reaction to earnings season thus far, outlook on inflation… Click here to see the full interview.
What’s in Today’s Report:
Stock futures are little changed this morning as investors digest recent gains and await more important earnings results.
On the inflation front, German PPI ran hot (2.3% vs. E: 1.0%), but EU HICP (their CPI) met estimates of 0.5% which is helping ease some price related concerns this morning (yields are off the overnight highs).
Looking into today’s session, there are no notable economic reports but multiple Fed speakers including: Bostic (12:00 p.m. ET), Kashkari (12:00 p.m. ET), Evans (12:00 p.m. ET), Quarles (1:00 p.m. ET), Bullard (1:45 p.m. ET), and Daly (8:35 p.m. ET).
Looking to earnings, focus will be on: VZ ($1.36), WGO ($1.98), and ABT ($0.92) reporting pre-market and then TSLA ($1.49), IBM ($2.49), PPG ($1.56), and DFS ($3.38) releasing results after the close.
What’s in Today’s Report:
U.S. stock futures are pointing to a higher open today as bond markets remain largely steady and investors continue to focus on the solid start to Q3 earnings season.
There were no notable economic reports or market-moving headlines overnight.
Looking into today’s session, there is one economic report to watch: Housing Starts (E: 1.621M) and several Fed officials are scheduled to speak: Daly (8:00 a.m. ET), Harker (8:50 a.m. ET), and Bostic (1:00 p.m. & 2:50 p.m. ET). But as long as there are no major, hawkish shifts in tone by the Fed speakers, the market impact should be limited with the focus increasingly on earnings.
On the earnings front, we will get results from JNJ ($2.37), PG ($1.59), BK ($1.02), TRV ($2.04), SYF ($1.43) ahead of the bell, and then NFLX ($2.56), and UAL (-$1.65) after the close. The important thing investors will be looking for is any new insight on the impact of inflation and margin compression on earnings and importantly forward guidance.