Futures vs FV: SP -16.36; DJ -139.30; NASDAQ -51.12
Futures started flat but have slid to a low at 6:30ET, working laterally and slightly off the low since.
M&A: BBT and Suntrust in a 'merger of equals.' Perhaps this awakens the slumbering financial sector.
EU: Cuts growth expectations to 1.3% from 1.9%. Blames US/China trade issues, Brexit. Ha ha ha!
BOE: Cuts its growth forecast on . . . Brexit, US/China trade.
India: New central bank chairman leads a rate cut move after the former chairman hiked rates twice in 2018.
Earnings beats: TWTR; CAH; CMG; IRBT; GPRO; FEYE; SONO
Misses: DNKN (TL); TPR (the old COH, TL, BL); YUM (TL, BL); PRU; MET (TL)
I guess you could say earnings are Feast (CMG) or famine (YUM). Get it?
FB: Germany says FB guilty of abuse, restricting data gathering.
Analysts: One calling for a 2-3 week pullback, another saying bullishness way too high, another says the market is at an inflection point. Two out of 3 ain't bad as Meatloaf would say.
Bonds: 2.675% vs 2.695% 10 year. Bonds continue moving higher on world economic issues
EUR/USD: 1.1332 vs 1.1328. After the EU growth cut, you think anyone knew this ahead of time the way the dollar rallied?
USD/JPY: 109.75 vs 109.94
Oil: 53.56, -0.45
Gold: 1313.20, -1.20
After bumping up against resistance and pausing a bit, stocks are going to open lower. We will see if bids return, but this does not look like a pullback that brings back the bids right off the bat.
Jon Johnson, Chief Market Strategist
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