Futures vs FV: SP +7.62; DJ +86.12; NASD +27.12
Futures are starting higher, following on from the Friday afternoon recovery. After a 1-2-3 pullback test of the third leg stocks are going to try a higher open to resume the upside.
Trade: Optimism as the next round starts the preliminaries today in Beijing with Mnuchin and Lighthizer in China Thursday. China announced its vice premier will now be attending that meeting. That is being seen as a positive development for the talks given Xi and Trump are not talking meeting until after the March 1 deadline for new tariffs to kick in.
A big week ahead: PPI, CPI, another Powell speech, trade negotiations.
Earnings beats: QSR (fast food retail)
Upgrades: TSLA; AVIS
Downgrades: NVDA; BBBY
AAPL: 19.9% drop in iPhones shipments to China in Q4
Jobs: ATVI (game software) to cut hundreds according to Bloomberg.
Bonds: 2.661% vs 2.634%
EUR/USD: 1.1311, -0.00013
USD/JPY: 110.38, +0.66
Oil: 52.31, -0.41
Gold: 1308.40, -10.10
Stock futures gapped higher, holding the gains to the open. Never like the gap gains that just sit there. We will have to see if the upbeat start to the day can hold.
Jon Johnson, Chief Market Strategist
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