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4/2/19
Thomas Thornton
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Top Overnight News

  • S&P futures up 0.1% after US equities got off to a strong start for Q2 on Monday following biggest quarterly gain in Q1 since 2009. Asian equities mostly higher overnight, though upside was fairly limited following a big Monday rally. European markets stronger. Treasuries firmer across curve after a Monday selloff that saw ten-year yields up the most since early January. Dollar not doing much vs yen euro. Sterling soft. Gold little changed. WTI crude up 0.4%.   Bitcoin exploded higher
  • The focus will be on the RBA rate decision (Mon night/Tues morning), the Eurozone PPI and unemployment rate for Feb (5amET), US durable/capital goods orders for Feb (missed estimates) US auto sales for Mar, analyst meetings (HLNE and INTC), and earnings (ANGO, LW, and WBA before the open and GME and PLAY after the close).  
  • Quiet following Monday’s data deluge that saw better manufacturing surveys out of China and US dampen growth concerns and drive a rally in risk assets. Next key data point for stocks is March employment report on Friday. Market will also be closely watching trade headlines from high-level meetings in Washington set to resume later this week. After that, focus likely to shift to Q1 earnings season, where S&P 500 earnings expected to decline for first time in nearly three years.
  • NY Times article yesterday said US and China hope to have a deal in place later this week. However, Bloomberg highlighted potential delay in US-EU trade talks. Some talk about dampened need for China easing . WSJ said White House stands behind Stephen Moore’s Fed nomination. CNBC discussed myriad challenges facing Fed Chair Powell, but nothing really new.. Politico highlighted concerns about next fiscal cliff facing Congress.
  • BA said software fix for 737 MAX will be delayed by a few more weeks, while some airlines already preparing for plane to be out of service longer than initially expected. AMZN confirmed price cuts at Whole Foods. WBA missed and guided down. BHP warned of hit to iron output from recent cyclone and said FY outlook under review. WSJ discussed how big Wall Street banks are chasing smaller deals as large-deal volumes slow.
  • In the Press:
  • Investors shorting Lyft - NY Post
  • WSJ's Heard on the Street column is negative on Facebook
  • EU issues statement of objections in respect of Vodafone's acquisition of Liberty Global cable assets in Germany and Eastern Europe - Bloomberg (VOD.LN)
  • Inditex provides country performance breakdown in its Annual Report -- CincoDias  (ITX.SM)
  • BBC Studios buys Discovery's interest in UKTV - Guardian  (DISCA)
  • Exxon Mobil said to explore sale of oil and gas fields in Nigeria for up to $3B -- Reuters
  • WSJ's Heard on the Street column says cash out of SoftBank (9984.JP)

Market Snapshot
Market Sentiment


Here's the latest market sentiment numbers.  Raw number is latest.  

S&P and Nasdaq Futures 15 minute tactical look


S&P and Nasdaq Futures 15 minute time frame stretched on the upside.  SPX cash index will have the Sequential Countdown 13 today.  I will have VWAP levels to watch on Daily Note

US Economic Reports
Pre Market Movers
Bloomberg Automated Technical Pattern Recognition Screens - US, Russell, and EU Markets


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Occasionally, an earnings report date could change, or could be incorrect. We rely on various sources including Street Account, Factset, and Bloomberg to compile this report.    

 

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