Futures vs FV: SP +4.94; DJ +38.84; NASD +11.76
Futures rose after the WED regular session but then gapped lower to start today. A steady recovery into 7:00ET. Since then a lateral range toward the open with futures holding some modest gains. WED we believed a tepid early move would not hold; it struggled but held with the small and midcaps leading. It will have the opportunity to do the same today.
PPI, March: 0.6 vs 0.3 vs 0.1 prior. Year/year2.2% vs 1.9%. Services +3.0%, Energy +5.6%.
Core: 0.3 vs 0.2 vs 0.1.
Final demand: +2.0% year/year. Remaining 'controlled.' Sure.
AAPL: Credit Suisse says iPhone is in four double digit sales declines
TSLA: Panasonic freezes its investment in a couple of Giga factories. TSLA is down again.
Downgrades: CMG; KDP; WM; LLY
Earnings beats: BBBY
Misses: RAD (TL)
Bonds: 2.495% vs 2.465% 10 year
EUR/USD: 1.1258 vs 1.1274
USD/JPY: 111.34 vs 110.13
Oil: 63.91, -0.70
Gold; 1298.90, -15.00
Modest change in the indices WED with the small and midcaps leading. Today we see which sectors take the point. Either way, thus far the move has been falling upside so to speak as the prior highs act as a magnet drawing the indices toward them. Once there, we will see if sellers enter, but for now, playing that move higher toward the resistance and earnings.
Jon Johnson, Chief Market Strategist
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