Futures vs FV: SP -13.45; DJ -132.53; NASDAQ -58.48
Trade worries are sinking stocks for another session. Futures hit lows at 7:00ET and have bounced modestly but there is not solid move up off the lows. The word is there is no planned meeting between Xi and Trump before the March deadline, and of course Trump said that to reach a detail he would have to meet with Xi. It is also reported there is no draft deal of an agreement; all the positive progress was apparently that they could at least talk for more than an hour.
On top of that, it is said that next week Trump will sign an order banning the sale of Chinese manufactured telecom equipment in the US. Yes, a deal appears imminent . . .
That news is adding to the trade triggered weakness Thursday. Likely today is just simply the continuation of the pullback that was technically set up, triggered by trade.
Earnings beats: EXPE; MAT; IAC; COTY
Misses: HAZ (TL, BL); SKX (TL)
Buyback: Sony in its first ever at $991B
Downgrades: AZO, ORLY
EU: Considering removing public funding from news publishers that do not support the EU's migration policies. Europe continues its march toward the communism it wanted defeated.
Bonds: 2.643% versus 2.657%
EUR/USD: 1.1344 vs 1.1344
USD/JPY: 109.80 VS 109.83
Oil: 52.77, +0.13
Gold: 1318.70, +4.50
Jon Johnson, Chief Market Strategist
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