Futures vs FV: SP +2.03; DJ +48.95; NASD +9.50
A relative dearth of economic data leaves the focus where it should be, on earnings. Not much else is happening this morning in terms of the market.
Beats: HAS; HOG; KO; LMT; PG; TWTR (lost 6M subscribers year/year); UTX
Misses: VZ (TL); WHR (TL)
NAHB Home Price Index, Feb: 0.3 vs 0.6 prior
Very little other news. Trump on a tweet barrage this morning against Krugman and others. US intelligence claims Russia accomplished its 2016 goals, i.e. casting dispersions on both Clinton and Trump -- that somehow was missed by the very agencies designed to detect this. At least they are consistent as in missing the fall of the USSR, 9-11, and other major historical events. Yes, that is how slow the news is this morning.
Bonds: 2.585% vs 2.587%
EUR/USD: 1.1228, -0.002
USD/JPY: 111.91, -0.02
Oil: 65.63, +0.08
Gold: 1273.70, -3.90
Futures rallied to 8:00ET then backed off over the past hour. Still holding decent gains as the indices eye the prior highs.
Monday some new old areas rallied again, e.g. FAANG, and those still are up some more this morning. Watching to see how the machinery, manufacturing, financials, chips -- those that took Monday off -- respond today. With UTX, LMT, KO beating and bouncing higher, it looks as if those stocks could again receive an upside spark.
That suggests the upside continues, and while it is likely without the small and even a lot of midcaps, money is finding areas/sectors in the market and pushing them higher.
Jon Johnson, Chief Market Strategist
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