Futures vs FV: SP -22.60; DJ -161.00; NASD -123.93
Futures started slightly lower but that has tailed off significantly as the premarket session unfolded.
Trade: After the Administration blacklisted Huawei and related companies, GOOG pulled Huawei's android license. INTC cut ties as well. I would expect some kind of retaliation against AAPL.
GS says tariffs on all Chinese goods would cut corporate profits 6%.
China says it is in 'no rush' to restart trade talks with US.
M&A: S/TMOS merger set to receive approval.
Fed: Atlanta Fed governor says he is not anticipating a rate cut in 2019 despite what the market says.
Upgrades: TGT; UAL; GD; ZOOM;
Downgrades: DB (sell); AAL; TSLA; AAPL (price target lowered)
Jobs: F cutting 7,000 positions (10%), mostly in Europe
Bonds: 2.389% VS 2.394%
EUR/USD: 1.1164, +0.0007
USD/JPY: 109.87, -0.20
Oil: 62.69, -0.07
Gold: 1275.90, +0.20
Futures trying to stabilize the past half hour, working laterally, starting to rise some off the lows. Still a weak open.
Many focusing on the semiconductors -- understandably as they led the market higher, are a key component, and closed last week at the top of the prior range, giving up the breakout to a new high. This is a key level to make a stand. Not holding my breath on that one just yet.
Gap lower makes it harder to enter downside, but if there is a bit of a bounce, that could open some opportunities.
Jon Johnson, Chief Market Strategist
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