Futures vs FV: SP +17.88; DJ +234.95; NASD +37.61
A steady build in futures all morning as good news for most areas sets the stage for a flat week to close strong.
M&A: CVX buying APC for $65
China: Credit creation jumps, exports recover.
Exports: +14% (strongest in 5 mos) vs -20.8% prior
Imports: -7.6%, less than expected.
DIS: Announces three $6.99 streaming services. DIS surging 8 points from the Thurs close.
US Imports, March: 0.6% vs 1.0% prior (from 0.6%)
Exports: 0.7% versus 0.7% prior (from 0.6%)
Earnings beats: JPM; PNC; WFC
Upgrades: ADSK; MUR; Redfin
Downgrades: AAPL (sell); CHK (sell)
Bonds: 2.553% vs 2.465% 10 year
EUR/USD: 1.1317 vs 1.12618
USD/JPY: 111.96 vs 111.592
Oil: 64.48, +0.90
Gold: 1294.90, +1.60
DIS set to lead the Dow higher -- along with JPM -- as the Dow's good pattern discussed last night is about to post a nice launch higher even with CVX acting as a drag on the APC acquisition.
Indeed, the lethargy of the past few sessions -- overall -- is set for a change today. Definitely the large caps will jump upside. The small and midcaps have posted good moves on some sessions, and the key will be if they can do that today.
This is an important session though mitigated by the fact it is Friday. The indices were lateral and sluggish. This will be a good start. If it can hold it can set the stage for a run at the prior highs as earnings season gets underway. That could provide a good, perhaps last, rush on this leg.
Jon Johnson, Chief Market Strategist
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