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Market Matters:

Futures Up Modestly
by Geoff Garbacz & Staff Writers

July 10, 2018

In After Hours Trading

IPOs on deck of note none. Secondaries of note LOXO PSTG SLS.

In After Hours Trading: SURPRISES none of note. MISSES none of note.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +5.50, Dow Jones +67, NDX +16.50 and Russell 2000 +1.00 with fair values modestly lower. Asia and Europe up modestly.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 120.03 with yields higher since yesterday. Prices as of 7:40 a.m. EDT.

Top Sectors Utilities.

Weak Sectors all others.

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): AIR WDFC.

Earnings due tomorrow morning: MSM FAST WAFD.

Rags & Mags: Inside Wall Street

Trump heads to NATO Summit (Bloomberg)

Earnings Season is now upon us as Pepsi reported this morning. (Bloomberg)

Tesla (TSLA) to build a plant in China. (Bloomberg)

Turkey is the biggest risk in the global economy. (NYT)

Will China stop importing Soybeans? (NYT)

Allen & Co Media Conference is underway in Sun Valley. NYT)

U.K. Prime Minister Theresa May hurt by Brexit resignations. (WSJ)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES PEP +.08. MISSES .

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1883 stocks rise and 1051 fall on the NYSE. NASDAQ saw 1889 rise and 1107 fall.

The SP 500 is back above its 50 day exponential moving average and is 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 is invested again this morning. The Madison Market Timing Indicator is still invested.

YTD 54% of stocks are higher and 54% are lower. Updated 7/6/18 close.

Economics

May JOLTS Job Openings is due out at 10:00 a.m. EDT and the prior number was 6.698 million.

Politico

President Trump takes off for the NATO Summit then moves on the England on Thursday night.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, KLIC PCYO AWK JWN AMAT ESPR ATNM. CIBC 9th Annual Unlock the Rock: Stampede Energy Conference. Oppenheimer & Co Boston Oncology Insights Summit.

Conference of Note

SEMICON WEST - Beyond Smart 2018.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley SAH   
Deutsche Bank    
Citigroup CC Merrill Lynchp NEW   
Merrill Lynch HELE VRCA MYOK AAPL    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel ATSG AVAV
William Blair    
Jefferies RS VRCA    
RBC    
Needham    
Raymond James    
Stifel    
Friedman Billings    
Bernstein    
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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