Futures vs FV: SP +9.22; DJ +91.37; NASDAQ +23.84
Renewed trade confidence, whether a deal or an extension of the deadline, is credited with the gain in futures. Up since earl morning, futures hit a high at 7:00ET, since fading some of the gains but holding strong upside.
Outside of trade the news is mixed at best, and indeed the trade news is speculation and conjecture versus fact.
Trade: Trump to meet with Chinese vice premiere today in DC. Hope springs eternal but don't forget, China does not have markets. Many are confusing that thinking that China acts with respect to markets. No. China reacts in order to keep the population under heel while maintaining absolute control. Thus it is difficult for the US and China to strike deals that satisfy both.
EU: Says it will target CAT, XRX and Samsonite if auto tariffs from the US are implemented.
Earnings beats: TTD; W; DBX (but guided lower); INTU
Misses: AN (TL, BL); HNZ (TL, BL); HPE (TL); FSLR (TL, BL)
Upgrades: C; INTC, PLNT
Fed: Many governors gathering in New York for an open forum. Could be fireworks? Nah; Fed is compliant.
Bonds: 2.661% vs 2.695%
EUR/USD: 1.1337 VS 1.134
USD/JPY: 110.71 vs 110.68
Oil: 57.71, +0.75
Gold: 1331.30, _3.50
Stocks set to try to recoup the Thursday losses and perhaps salvage another upside week for NASDAQ. NASD has lagged for now but all are bumping that resistance.
Jon Johnson, Chief Market Strategist
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