Futures vs FV: SP +11.85; DJ +205.52; NASDAQ +34.19
A steady burn higher in futures has continued from the Tuesday afterhours session. Dipped into 8:30ET, rallied back to morning highs. Running into some resistance at 264 (SP500 2640). That level will be the early session test point.
A diminution in Tuesday's trade worries perhaps, perhaps strong earnings helping drive the action as well.
Earnings beat: UTX; PG; IBM; CMCSA; AMTD
Downgrades: TSLA; MRK; PFE
Mortgages: -2.7% versus +13.5% prior. After two very strong weeks, a dip in mtg apps as rates stabilized some after the bond rally.
Canada: Retail sales fall in 6 of 11 sectors, those six comprising 75% of Canada's retail sector
-0.9% versus -0.6% expected
Shutdown: some movement as Senate set to vote on some kind of plan. Jared Kushner putting forth his plan to grant green cards for all DACA applicants, a plan referred to as 'insanity' from many in the GOP as it is simply an amnesty plan.
Bonds: 2.775% vs 2.75%
EUR/USD: 1.13598 vs 1.1366
USD/JPY: 109.82 vs 109.57
Oil: 53.25, +0.24. Holding over that 52.50 level
Gold: 1279.80, -3.60
Futures backing off from the morning high as the bell approaches; certainly looks as if 2640 is the point to beat this morning if this bounce back from the Tuesday drubbing. The bids have returned in the morning, aided by earnings, and now we see if they have staying power.
Jon Johnson, Chief Market Strategist
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