Market Alert - Pre-Market

Futures vs FV: SP +3.55; DJ +47.46; NASDAQ +1.28

Futures gapped lower on the open but a steady recovery has them back to positive.

EU PMI: Germany and France were both expected to rebound to 50.0. They did not. Germany 44.5, France 49.6. Overall EU was 51+, somewhat surprising given the two strongest economies are contracting. The rest of the EU must be going huge -- or, they don't properly weight the average PMI.


Retail Sales: Best since Sept 2017 as they rebound from negative.
Overall: 1.6 vs 0.9 exp vs -0.2 prior

Ex-auto: 1.2 vs 0.7 exp vs -0.2 prior (from -0.4)

Everything rose but Sporting goods.


Philly Fed: 8.5 vs 11.0 exp vs 13.7 prior


Earnings beats: HON; LVS

Misses: AMX (TL); TRV; (TL); PIR (TL, BL)

Upgrades: YELP

Downgrades: SNAP; JBHT


OTHER MARKETS
Bonds: 2.57% vs 2.579% 10 year

EUR/USD: 1.1238, -0.005 as dollar edges higher but still in the range.

USD/JPY: 111.99, -0.10

Oil: 63.99, _0.23

Gold: 1276.40, -0.40


Futures continue holding gains. Techs are a bit more muted. Perhaps this morning recovery holds. Would not be surprised to see the indices fail to make any serious progress after the action on WED, leading to a fade of the modestly higher open.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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