Futures vs FV: SP +2.73; DJ +46.41; NASDAQ +6.71
A lower start built into gains early, but since the indices are trading around the flat line, edging higher, edging lower in an undecided trade.
Volume has remained overall light as the indices fade as buyers have not been ready to bid stocks overall. That hesitation continues this morning.
Q4 GDP final: 2.2 vs 2.3 exp vs 2.6 second revision. That still leaves yearly GDP at 3.0%, something not done for over a decade, the first time that has occurred since the Great Depression (not recession, depression).
Consumption revised lower, adding 1.66% to GDP, down from 1.92%. Year/year 2.5% versus 2.8% prior
Business Investment -0.8%
Corporate profits -0.4% vs +3.5% Q3
Trade: US officials say China has made interesting proposals on tech transfers though there are still issues on enforcement and IP issues. Mnuchin and others go to China today.
Earnings beats: LULU; PVH; FIVE (but down guidance); Accenture, Movado
Misses: VRNT (TL)
FB: Sued by feds over discrimination in advertising. Hmmm.
IPO: LYFT price increased to $70-72
Bonds: 2.377% versus 2.381%. Yields continue their slide.
EUR/USD: 1.1227 vs 1.12452
USD/JPY: 110.48 vs 110.32
Oil: 58.36, -1.05. Oil drops hard after Trump says OPEC needs to pump more as world markets are 'fragile.'
Gold: 1306.50, -10.40
Futures back and forth in mushy trade. The morning cap is low 2800's for SP as again the bids just do not have strength to push prices higher.
The WED action was not bad, but it didn't change anything, just bought time for the indices to try and improve. With a lack of conviction, we will see if the leaders can hold near support and thus the indices as well.
Jon Johnson, Chief Market Strategist
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