Futures vs FV: SP -1.01; DJ -15.89; NASD +4.52
Futures are a bouncing ball this morning. Up and rising at first, then dropping negative on worries the trade meeting between Xi and Trump was being pushed back to April -- or later. Then rebounding after Import/Export data showed stronger numbers. The past half hour, backsliding back near the flat line.
Trade: Gary Cohn says Trump is 'desperate' for a trade deal with China. Xi/Trump meeting pushed back to April or later. A bit of a wet blanket.
Import Prices: 0.6 vs 0.4 exp vs +0.1 prior (from -0.5)
Export Prices 0.6%, +0.3 year/year.
Earnings misse: GE; DG (BL); TLRD (TL); Genesco (TL, BL)
Upgrades: SNAP; GIS; AAPL; MSFT; ROKU
FB: NYT reports a criminal investigation is underway regarding FB's use of user data.
Bonds: 2.621% vs 2.625% 10 year
EUR/USD: 1.1299 vs 1.1327. Dollar coming back after a week of euro gains
USD/JPY: 111.63 vs 111.358
Oil: 58.54, +0.28
Gold: 1296.70, -12.60
Futures continue to fade back toward the earlier morning lows. Stocks have bounced for 3 to 4 sessions off the 50 day EMA, many solid stocks the same or more, and a test is hardly strange. What everyone wants to know is whether this is just a modest test or something with a bit more selling force. Thus far that has not shown itself, but it usually starts slower in this market.
Jon Johnson, Chief Market Strategist
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