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Market Matters:

Futures Rebound With Tons Of Fed Speak
by Geoff Garbacz & Staff Writers

October 3, 2018

In After Hours Trading

IPOs on deck Upwork (UPWK). Secondaries of note EPZM GWPH KALA.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES LNDC +.01. FLAT: MISSED: .

Lower Guidance: .

Mixed Guidance: LNDC.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +9 Dow Jones +70, NDX +27 and Russell 2000 +6.70 with fair values lower helping to lessen the pain. Asia weaker with Europe higher.

Gold, silver and copperflat to up modestly. WTI Crude and Brent Oil Futures mixed to flat. Natural Gas is flat. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 118.70 with yields lower since Tuesday morning. Prices as of 8:00 a.m. EDT.

Top Sectors Utilities and Industrials.

Weak Sectors Services, Technology and Conglomerates.

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): SNX RECN PIR.

Earnings due tomorrow morning: STZ ISCA.

Rags & Mags: Inside Wall Street

Reported Earnings This Morning

Reported This Morning: SURPRISES LEN +.24. FLAT: MISSED: RPM -.10.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1126 stocks rise and 1800 fall on the NYSE. NASDAQ saw 959 rise and 2076 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 below its 50 day moving exponential average but is above 200 day exponential moving average.

The 10 day spread moving average of breadth is in cash. The Madison Market Timing Indicator is still invested.

YTD 51% of stocks are higher and 49% are lower. Updated 9/28/18 close.

Economics

September ADP Employment Report out at 8:15 a.m. EDT and rose to 235,000 from 184,000 estimate, but this missing the jobs loss from Hurricane Florence.

September ISM Services is due out at 10:00 a.m. EDT and is expected to fall to 58.2 from 58.5.

Crude Oil Inventories are due out at 10:30 a.m. EDT. After the close yesterday, API Petroleum Report saw Crude Oil Inventories have a build with gasoline have a draw.

Politico

Federal Reserve Chicago President Charles Evans spoke at 6:30 a.m. EDT from London.

Federal Reserve Richmond President Thomas Barkin spoke at 8:00 a.m. EDT.

Federal Reserve Philadelphia Governor Patrick Harker speaks at 12:00 p.m. EDT.

Federal Reserve Governor Lael Brainard speaks at 2:00 p.m. EDT.

Federal Reserve Cleveland President Loretta Mester speaks at 2:15 p.m. EDT.

Federal Reserve Chairman Jerome Powell is on a panel in Washington D.C. at 4:00 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, HPQ CRC PRTK SNHY SCS REI CPST CP SMAR NICE.

Cantor Fitzgerald Healthcare Conference.

Deutsche Bank dbAccess Leveraged Finance Conference.

Ladenburg Thalman Healthcare Conference.

Leerink Partners Rare Disease & Oncology Roundtable.

Conference of Note

MicroCap Conference.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs RXN KMT RBC  
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp KORS  
Merrill Lynch WP ATH  
Wachovia/Wells Fargo    
Credit Suisse   CVIA HCLP
Banc of America    
UBS    
Stifel    
Evercore ISI   ORCL
Jefferies    
Stephens    
Needham    
Raymond James    
Northland    
Loop Capital    
Nomura    
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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