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Market Matters:

Stocks Futures Higher Into Jobs Data
by Geoff Garbacz

July 2, 2020

Breaking News: 

IPOs on deck:  Lemonade (LMND) prices at $29 a share way above range of $23 to $26. Accord Networks (ACCD) prices at $22 a share above $19 to $21 range.

IPOs Filed: None of note.

Secondaries Priced: BLFS XP of note.

Notes Priced of note: None of note.

Common Stock filings: BLFS NLTX IIVI  of note.

Mixed Shelf Offerings: GS  MORF AKRO PRVL of note.

Convertible Offering Files: IIVI of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  

FIZZ +0.17 of note.

Misses: 

None of note.

Hourly Action This Past Week: Updated 6/30 Close

News After The Close (In Order)

McDonald’s (MCD) stops dine in services for next three weeks.

House passed PPP extension to 8/8.

President Trump in Fox interview last night notes he would wear a mask when makes sense. Wants “larger” direct payments to Americans.

California ramps up shut downs in 19 counties including Orange.

Raises Guidance: FORM NUS

Dividend Raise: OZK 

Share Repurchase Announcement: BPY

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures were down, up, down, new low and now rebounding.

S&P 500 +37  Dow Jones Industrial Average +379 NASDAQ +104  Russell 2000 +33.39 . Fair values are mixed.  Asia  and Europe mixed.

Gold higher, silver lower and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $138.94 from $139 with yields at 0.635%.

Positive Sectors On Wednesday: Real Estate, Utilities and Telecommunications of note.

Negative Sectors On Wednesday:  Energy, Industrials and Financials of note.

One Month Winners: Technology. Materials and Consumer Cyclical of note.

Three Month Winners: Consumer Cyclical, Technology and Materials of note.

Six Month Winners:  Technology and Consumer Cyclical of note.

Twelve Month Winners: Technology, Healthcare, Consumer Cyclical and Communication Services of note.

Year to Date: Technology, Consumer Cyclical, Healthcare and Communication Services of note.

Gap Up: 

Gap Down: 

Upcoming Earnings Of Note (sorted by market cap, highest to lowest)

Today After The Close: None of note.

Monday Before The Open: None of note.

Earnings This Morning Of Note

Beat:

LNN +0.05 of note.

Missed:

 of note.

Rags & Mags: Highlighted Stories may be clicked through to the original story.

5 Things To Know To Start Your Day. (Bloomberg)

Stocks making the biggest moves. (CNBC)

Coronavirus Update: 50,000 Cases In U.S. (CNBC)

U.S. Coronavirus Map.

38 states see increase in Covid-19 cases with 3 throwing declines. (NYT)

Texas sets single day high in Covid-19 cases and second highest day in deaths. (ABC)

Texas Lt. Governor Dan Patrick says ICU bed reporting is being misreported. (USA Today)

House passes Chinese sanctions related to Hong Kong. (Bloomberg)

Federal Reserve St. Louis President James Bullard warns of financial crisis. (CNBC)

U.S. may seize Iranian oil going to Venezuela. (WSJ)

Saudis threaten oil price war if OPEC if members cuts not made. (WSJ)

Facebook (FB) and its CEO Mark Zuckerberg believe advertisers will return soon enough. (The Information)

PG&E (PCG) emerges from bankruptcy.

Baker Hughes (BKR) rig counts 781 down from 805.

Boeing (BA) completes certification flights for the 737 Max.

Exxon (XOM) comments on impacts for Q2.

Stock Index Tracking

Current through 7/1 close.

Bold means a change from prior day.

The advance/decline line model moved to cash Tuesday morning as there had been two days in a row below -200. We needed two days below -200 for a change and we finally got it. Updated through 7/1 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 5.82% with the S&P 500 lower by -4.04% through 6/30. Now 6 buy signals and 4 cash signals in 2019 and 2020. The last buy gained 12.89%.  The current buy signal finished up 0.57% through 6/29.

This will be our last week that the advance/decline line appears in the model so reach out to your sales person if you have an interest in continuing to see the model. We will replace this model with another timing model we use.

Algo/HFT Trading Levels:

The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Updated through 7/1 close. EVL Ranges  continues to expand again with the recent action. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App  store at APP(GO).

Courtesy of Phil Erlanger Research, Inc.

Economic

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

June Nonfarm Payrolls are due out at 8:30 a.m. EDT and are expected to improve to 11.6% from -17.70%.

The June Unemployment Rate is expected to fall to 12.6% from 13.3%.

May Factory Orders is due out at 10:00 a.m. EDT and is expected to rise to 7.2% from -13%.

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

Geopolitical & Related

President Trump will deliver remarks at Spirit of America Showcase at 11:30 a.m. EDT.

Meetings, Calls & Conferences

GNW DCOM BDGE BGNE (Conference Call)

Sellside Conferences: None of note.

Industry Conferences: Mines & Money EMEA Online Connect 2020 (6/30-7/2)

M&A

Bridge Bancorp (BDGE) to merge with Dime Community Bancshares(DCOM).

VMware (VMW) to buy Datrium, no terms.

Upgrades & Downgrades

Updated Through 8:55 a.m. EDT.

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