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Market Matters:

Futures Lower In Front of Jobs Friday
by Geoff Garbacz & Staff Writers

September 7, 2018

In After Hours Trading

IPOs on deck Churchill Capital. Secondaries of note DRNA GRSHU LASR NVUS.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES DOMO +.20 AVGO +.16 PANW +.11 KFY +.07 FNSR +.06 FIVE +.04 ZUMZ +.03 . FLAT: MISSED: GME -.02.

Lower Guidance: .

Mixed Guidance: FNSR FIVE.

Positive Guidance: DOMO PANW .

What's Happening This Morning

U.S. futures: S&P -3.50, Dow Jones -35, NDX -10.75 and Russell 2000 -2.70 with fair values lower reducing losses. Asia and Europe lower.

Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 120.14 with yields lower since yesterday. Prices as of 7:05 a.m. EDT.

Top Sectors Utilities and Industrials.

Weak Sectors Conglomerates, Technology and Materials.

One month winners Healthcare,Consumer Goods, Services and Technology.

Three Month Winners Healthcare, Consumer Goods, Services and Technology.

Six Month Winners Conglomerates, Services and Technology.

One Year Winners All except for Utilities.

Year To Date Conglomerates, Healthcare and Services.

Earnings Expected

Earnings due after the close (by avg. trade volume): none of note.

Earnings due Monday morning: HOV.

Rags & Mags: Inside Wall Street

The House of Representatives seeks to make tax cuts permament. (CNBC)

Japan may be Trump's next target on trade. (CNBC)

U.S. Business make last ditch push to avoid tariffs. (Bloomberg)

Twitter (TWTR) bars InfoWars head Alex Jones. (NYT)

Search for Trump Op-ed Writer Intensifies. (WSJ)

Chance of U.S. and China trade deal fades. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES GCO . FLAT:

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: GIII.

Positive Guidance: NAV.

Data Points

Yesterday saw 1134 stocks rise and 1724 fall on the NYSE. NASDAQ saw 1045 rise and 1963 fall.

The SP 500 is 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 now a buy. The Madison Market Timing Indicator is still invested.

YTD 55% of stocks are higher and 45% are lower. Updated 8/31/18 close.

Economics

August Nonfarm Payrolls is due out at 8:30 a.m. EDT and is expected to rise to 187,000 from 157,000. The unemployment rate is expected to stay at 3.9%.

Politico

Turkish President Tayyip Erdogan to meet with Iranian President Hassan Rouhani and Russian President Vladimir Putin

Fall out from The New York Times Op-Ed will continue in the White House, expect the unexpected.

Federal Reserve Boston President Eric Rosengren speaks at 8:30 a.m. EDT and Cleveland Loretta Mester speaks at 9:00 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, TECH QSII MDLZ IFRX.

Credit Suisse Asian Technology Conference.

Citi Global Technology Conference.

Dougherty Institutional Conference

Conference of Note

28th Meeting of the Diabetic Neuropathy Study Group of the European Association for the Study of Diabetes (EASD).

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
Bernstein    
Needham    
Raymond James    
Stifel    
Piper Jaffray    
Bernstein    
Moffet Nathanson    
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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