Bespoke’s Morning Lineup – Sweating Out Some Mixed Earnings Data
US futures were up until Europe opened but have since plunged and show the S&P set to gap down 42 bps after Presidential tweets discussing ’problems’ with China. Expectations for the current round of trade talks are low. Earnings are weak in Europe, mixed in the US this morning, and data has generally been weaker than forecast over the last 12 hours of market news.
Continue reading in today’s Morning Lineup.
Bespoke Morning Lineup – 7/30/19
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Bespoke’s Morning Lineup – Small Gains to Start to a Big Week
Premarket futures couldn’t be much quieter ahead of the first opening bell of the week, but that doesn’t mean there isn’t any news. While the economic calendar is quiet today, there’s already been major deal news, and the pace of economic activity will pick up as the week goes on. Also, don’t forget this Wednesday’s FOMC meeting! The dollar is up for a 6th day out of the last 7, crude oil is continuing to consolidate with little movement in the past week and a half, and rates are lower across the curve.
Continue reading in today’s Morning Lineup.
Bespoke Morning Lineup – 7/29/19
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Bespoke’s Morning Lineup – Strong Earnings; GDP on Tap
Ahead of US GDP today earnings headlines are flying, rates are slightly lower, and commodities are mixed. With huge names in tech (GOOGL, INTC, TWTR), quick service food (SBUX, MCD) and health care (ABBV) reporting very good numbers since the close yesterday, the market is poised to gap up over a quarter percent despite relatively weak AMZNnumbers. European earnings are also relatively strong once again.
Continue reading in today’s Morning Lineup.
Bespoke Morning Lineup – 7/26/19
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Bespoke’s Morning Lineup – Peak Earnings
As noted in our earnings preview earlier this month, with 61 S&P 500 companies scheduled to report earnings, today marks the peak day for earnings among large-cap companies. With the S&P 500 up over 2.5% heading into today, so far investors apparently like what they hear.
Mario Draghi’s last ECB meeting is a dovish one, with European assets ripping in response to a new look at QE as well as the possibility of tiered deposits at the central bank. US equity index futures were pointing to a decline but now suggest a gain at the open as European credit markets rally. Earnings data last night was mixed but has been generally strong this morning. Yields are down, the dollar is up, and markets are at or near session highs.
Read today’s Morning Lineup to get caught up on news and stock-specific events ahead of the trading day.
Bespoke Morning Lineup – 7/25/19
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Bespoke’s Morning Lineup – Mixed Earnings, Weak Europe PMI Data
Earnings results were once again strong in Europe overnight, with reporting companies generally gaining. Weak economic data has stocks trading higher as markets assume it means larger amounts of ECB easing, while this morning’s US earnings numbers are more mixed than we’ve seen lately. The mixed earnings in the US and news after the close yesterday of a DoJ investigation into the large technology companies have futures in the US indicating a moderate decline at the open. Rates are down, commodities are mixed, and credit is green.
Read today’s Morning Lineup to get caught up on news and stock-specific events ahead of the trading day including a discussion of earnings results from the US and Europe overnight and the latest Manufacturing PMI for July. You may want to hold your nose.
Bespoke Morning Lineup – 7/24/19
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Morning Lineup – Revenues Revving
Yesterday morning, we noted that the earnings results weren’t kicking off the week on a positive note. Thankfully, that trend changed since the close yesterday. Not only have results in Europe, and more importantly the reactions to those earnings, been encouraging, but here in the US the tone has been positive as well. Of the nearly 60 companies that have reported since the close yesterday, over two-thirds (67%) have managed to exceed EPS forecasts and an impressive 62% have topped revenue estimates.
In economic data today, the focus will be on housing with the FHFA House Price Index at 9 am eastern and then Existing Home Sales at 10 am. Already this morning, though, earnings from Pulte (PHM) were positive and the stock is trading up 1.5% on the results. Also at 10, we’ll get the July release of the Richmond Fed and see if that will show the same type of rebound that we saw in the Empire and Philly Fed Manufacturing reports.
Read today’s Morning Lineup to get caught up on news and stock-specific events ahead of the trading day including a discussion of earnings results from the US and Europe overnight and economic data out of Japan.
Bespoke Morning Lineup – 7/23/19
As noted in this morning’s commentary of the Morning Lineup, the dollar is trading higher for the third straight day today and appears to be showing signs of breaking out of its May-July downtrend. With the dollar’s strength, we would expect to see companies with international exposure underperforming. As shown in the chart below, though, that hasn’t been the case in the last few days. While our index of S&P 500 Domestics (red line) is about 1% off its recent high, the Internationals Index (blue line) has been moving sideways and remains right near its highs.
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