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Market Matters:

Futures Rebounding Off Overnight Lows
by Geoff Garbacz & Staff Writers

October 25, 2018

In After Hours Trading


IPOs on deck Pintec Technology (PT) Stone Co (STNE) YETI Holdings (YETI). Secondaries of note CEMI NDLS .

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES TSLA +2.97 WHR +.79 ORLY +.19 MSFT +.18 CCMP +.16 CTXS +.15 XLNX +.11 UNM +.08 AFL +.07.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning


U.S. futures: S&P +16 Dow Jones +142, NDX +75 and Russell 2000 9.75 with fair values LOWER helping open. Asia  and Europe higher.

Gold and silver higher with copper lower. WTI Crude higher and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 118.58 with yields slightly lower since yesterday. Prices as of 8:15 a.m. EDT.

Top Sectors Only Utilities.

Weak Sectors Technology led with all others ex Utilities.

One month winners Utilities and Conglomerates.

Three Month Winners Utilities and Healthcare.

Six Month Winners Healthcare, Conglomerates, Services and Utilities.

One Year Winners Services, Healthcare and Materials.

Year To Date Conglomerates, Healthcare and Services.

Earnings Expected


Earnings due after the close (by avg. trade volume): AMZN GOOG INTC GILD BIDU SYK DFS RSG DLR CERN FE BMRN WDC CMG SNAP of note.

Earnings due Friday morning: CHTR CL PSX AON MCO ROP ZBH COG ALV PSXP GT R LPNT of note.

Rags & Mags: Inside Wall Street


FBI investigating more packages with bombs, one to Robert DeNiro and one to Joe Biden. (CNN)

U.S. needs plan from China to halt theft of technology before it will meet on tariffs. (CNBC)

Trump rebuts the NY Times saying he does not use a cell phone. (Bloomberg)

Stocks are attempting to rebound after third worst drop of year. The NASDAQ had its worst drop since 2008. (WSJ)

Reported Earnings This Morning


Reported This Morning: SURPRISES FCN +.42 MCK +.32 RTN +.28 BEN +.22 BMY +.18 NEM +.14 TROW +.08. FLAT: MISSED: BUD -.19 USG -14 EQT -.09.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points


Yesterday saw 659 stocks rise and 2304 fall on the NYSE. NASDAQ saw 482 rise and 2628 fall.

The SP 500 is now well below its 50 day exponential moving average and is now below its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and 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 41% of stocks are higher and 59% are lower. Updated 10/19/18 close.

Economics


September Durable Goods are due out at 8:30 a.m. EDT and are expected to fall to -1.80% from 4.4%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

The Treasury holds a 7 year Auction of $31 billion at 1:00 p.m. EDT.

Politico

The European Central Bank (ECB) is out with its latest announcement at 7:45 a.m. EDT and then a press conference at 8:30 p.m. EDT.

Federal Reserve Cleveland President Loretta Mester speaks at 7:00 p.m. EDT.

Federal Reserve Atlanta President Raphael Bostic speaks at 10:00 a.m. EDT and again at 2:00 p.m. EDT.

Federal Reserve St. Louis President James Bullard to speak at 11:30 a.m. EDT

Conference & Analyst Meetings


Meetings, Conference Calls or Announcements of note, OVID RFP ORCL.

Conference of Note


American College of Rheumotology Annual Meeting.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan MLNX
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup CC Merrill Lynchp CHGG
Merrill Lynch TRGP NEP UPS
Wachovia/Wells Fargo SWCH HLT
Credit Suisse YPF TRIP DTE
Banc of America
UBS
Deutsche Bank
Piper Jaffray
Jefferies
Stifel
Needham
Raymond James
Stephens
Loop Capital
Nomura
Moffet Nathanson
Robert W. Baird PB
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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