Futures vs FV: SP +14.56; DJ +142.54; NASDAQ +46.04
Futures making the low to high ramp in the morning, still moving toward higher pre-opening highs. Good to see a steady build. Of course, with the market up and down each session, turning big gains into little gains and sharp losses into duller pains, pre-market surges don't mean much. At least the market is trying to put on a good face at Quarter end.
Ah, quarter end. Month end has provided buys in the past couple of months just to come back some, but overall the move is higher. So, a gap higher today has some staying power potential. Positions shuffled and perhaps new money hits next week for the new month and new quarter.
Trade: Helping spark some good feelings as Mnuchin says the talks in China are 'constructive.' Whatever. It is all smoke and mirrors until a deal is cut, signed, etc. Oh, and Huawei is saying the US has a 'loser attitude.' Thanks thief.
Personal Income, Feb: 0.2 vs 0.3 exp vs -0.1 Jan
Spending, Jan: 0.1 vs 0.3 exp vs -0.6 Dec (from -0.5)
Core PCE: 0.1 VS 0.2 exp vs 0.2 prior. +1.8% year/year
Lower inflation is good. Good. The worry with interest rates is when the curve is flat to inverted, not that rates are low. Again, low inflation is good.
New autos sales and prices were lower.
Earnings beats: BBRY; PRGS
Misses: KX (TL); RH (TL)
Upgrades: WFC; FFIV (to neutral; high praise indeed)
Downgrades: WFC; CMCSA; TSLA; RH
Michigan Sentiment, Chicago PMI still to come.
Bonds: 2.421% vs 2.381% 10 year. Yields post a solid surge on trade optimism potentially removing economic headwinds, blah, blah, blah. Not out of the woods.
EUR/USD: 1.1238 vs 1.1231
USD/JPY: 110.58 vs 110.81
Oil: 60.44, +1.14. Rebounding the day after dropping on a Trump OPEC comment.
Gold: 1301.70, +6.40
Futures holding those gains. LYFT IPO today. Leaders have tested, in position, ready to bounce. Now, will they be able to hold a move higher?
Jon Johnson, Chief Market Strategist
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