First Call - Hedge Fund Telemetry

U.S. stock-index futures are slightly down after Asian and European shares rose amid trade-war de-escalation. Data include wholesale inventories and durable-goods orders. Allergan, Comcast, Conoco, Mastercard, McDonald’s, Amazon, and Intel are among companies reporting earnings.
FANG likely to come under pressure given FB (-20% post earnings). Bloomberg noting the $150B loss in market cap (assuming pre-open levels hold) would be the largest one day loss of value ever for a publically traded company
In a sign China is pushing back on US/tariffs, it failed to approve the QCOM/NXPI deal. Bloomberg quoting the QCOM CEO as saying "there were bigger forces at play here".
Brent crude higher (but WTI flat) on news Saudi Arabia is temporarily suspending oil shipments due to attacks by Yemen in shipping lanes
New 5 month highs for the S&P yesterday post the Trump/Juncker announcement. The index is now less than 1% away from new all-time highs (2872 made on Jan 26th).
Q2 earnings remain strong; 188 S&P names have now reported with 88% beating EPS estimates and 74% better on the Revenue line (70% and 55% are the longer term averages).
Earnings driving better volumes yesterday (6.65B, best in 3 weeks). But still below the 7.1B YTD average.
US macro (Citi Economic Surprise Index) making new YTD lows yesterday after the New Home Sales miss. BIG GDP number tomorrow.

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