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Market Matters:

Futures Up Slightly This Morning
by Geoff Garbacz & Staff Writers

May 31, 2018

In After Hours Trading

IPOs on deck of note . Secondaries of note . Updates by 9:00 on this area.

In After Hours Trading: SURPRISES PVH +.11 MMYT +.05. MISSES UHAL -.20.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +1, Dow Jones +5, NDX +5 and Russell 2000 +1. Asia higher and Europe mixed.

Gold higher with Copper lower and silver higher. WTI Crude and Brent Oil Futures mixed. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 120.05, change since last update +0.74, so yields lower. Prices as of 7:45 a.m. EDT.

Top Sectors All.

Weak Sectors none.

One month winners Basic Materials, Utilities, Services and Healthcare.

Three Month Winners Utilities.

Six Month Winners Services, Basic Materials, Technology and Conglomerates.

One Year Winners All except for Conglomerates.

Year To Date Basic Materials, Services and Technology.

Earnings Expected

Earnings due after the close (by avg. trade volume): COST WDAY VMW ULTA MRVL LULU GME.

Earnings due tomorrow morning: BIG ANF GOOS.

Rags & Mags: Inside Wall Street

Tariffs will be enforced by the Trump Administration starting with tomorrow's deadline. (Bloomberg)

Warren Buffet proposed investing $3 billion in Uber but the deal fell apart. (Bloomberg)

How Trump pressured the NFL. (WSJ)

Bill Gross of Janus hit by trouble in Italy as fund loses -3%. (WSJ)

Federal Reserve gives big banks more freedom to traders. (WSJ)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES TECD +.37 BURL +.17 JILL +.10 FRO +.09. MISSES SHLD -2.42.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 2382 stocks rise and 540 fall on the NYSE. NASDAQ saw 2005 rise and 941 fall.

The SP 500 is above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth moved to invested last week. The Madison Market Timing Indicator is still invested.

YTD 45.66% of stocks are higher and 53.80% are lower. Updated 4/27/18 close.

Economics

April Personal Income is reported at 8:30 a.m. EDT and expected to remain at 0.3%.

May Chicago PMI is due out at 9:45 a.m. EDT and is expected to rise to 57.9 from 57.6.

April Pending Home Sales is due out at 10:00 a.m. EDT and is expected to rise to 0.7% from 0.4%.

Politico

G-7 Finance Ministers meet in Canada over the next three days.

Friday sees EU Tariff Exemptions removed

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, LKQ PEG MOH TRTN TTI CCLP KERX UNP LXFT. Bernstein Annual Strategic Decisions Conference. Cowen Telecom, Media and Technology Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs   PCAR
Morgan Stanley STAY  
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch FHB  
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel LEG  
William Blair    
Jefferies    
RBC    
Needham    
Raymond James    
Stifel    
Friedman Billings    
B. Riley    
Nomura    
Robert W. Baird    
Cowen    
Sun Trust RH    
MKM    
Sandler O'Neil    
Keefe Bruyette    
Cantor Fitzgerald    
CIBC    
Dresnder    
Nomura    
HSBC Securities    
Cowen  
William Blair    
BNP Paribas    
B. Riley    
Kaufman  
Brean Murray    
JMP Securities    
Wedbush    
Argus    
CLSA    
BB&T    
ING    
Roth    
Janney Montgomery  
Susquehanna    
Think Equity    
Merriman    
Cantor Fitzgerlad    
BMO Capital  
Benchmark    
Jesup & Lamont    
Macquarie    
Canaccord Adams    
Evercore    
MKM    
Bernstein    
CLSN    
Guggenheim    
Auriga    
Stephens    
BTIG    
Global Hunter    

 

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