Futures vs FV: SP flat; DJ -170.05; NASD +69.34
Futures are widely mixed thanks to earnings. DJ30 taking it on the chin as MMM posted a disturbing earnings report missing the top and bottom lines, announcing layoffs, etc. Contrast MSFT, FB et al and you have NASDAQ surging.
There is economic and other data, but earnings, as they should, are the most important.
Beats: LUV; WM; DRH; FB; MSFT; CMB; V; PYPL (BL)
Misses: CMCSA (TL); MMM (TL, BL); UPS (TL); TSLA (TL, BL); NOK (BL)
Initial jobless claims: after historically lower and lower numbers, a bounce up to the largest increase in 18 mos. Oh no, time to panic.
Durable Goods Prelim, March: 2.7% vs 0.8 exp vs -1.1 prior (from -1.6)
Ex-transp: 0.4 vs 0.2
Non-defense ex-aircraft (business investment): +1.3% vs 0.1 prior (from -0.1%)
This is just the preliminary number. A volatile iteration in a very volatile series. Indeed, last month the preliminary was the opposite direction of the final.
NKorea: Putin meets with NK. Says it wants to de-nuke but needs assurances. Same story, no change, no deal.
South Korea: Economic numbers flop the most in 10 years. Not reported on the financial stations but on regular news. Huh? Oh, it does no fit the current meme.
Bonds: 2.531% vs 2.522%
EUR/USD: 1.113, -0.0022
USD/JPY: 111.78, -0.39
Oil: 66.01, +0.12. Down a day, but right back up.
Gold: 1278.90, -0.50
Futures rallied from 6:00ET to 8:00. They have since backtracked some gains. NASDAQ remains strong and will of course lead the action. Already up 4 weeks and breaking to new highs, some are saying it only goes up. More to reality, those kind of moves lead to tests.
Thus, not too sure the gains for ALL NASDAQ stocks will hold. Lots of euphoria, but overall at this point, earnings are DOWN 1.1% though revenues are up 5.1%. There are a few stocks killing it while the others are more mediocre. Might be a good time to bank some more GOOG gain and others though will see how the initial surge is holds.
Jon Johnson, Chief Market Strategist
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