First Call - Hedge Fund Telemetry

S&P futures are flat after China warned the U.S. against blackmailing, in response to even higher tariffs reportedly planned by President Trump. Base metals fall across the board. FOMC rate decision is due at 2pm with press conference at 2:30pm, ADP Payroll number comes in strong at 219k vs 185k expected (good read ahead of Friday NFP) with manufacturing PMI and ISM Manufacturing at 10am (expect a better number as the Chicago PMI yesterday was better). Ferrari, Sprint, T-Mobile US, and Tesla are among companies reporting earnings today.

Crude futures down 1.3%
Gold spot little changed at $1,223.20
Copper down 2.65%
U.S. Dollar Index little changed at 94.658

Bloomberg saying Trump will raise tariffs on $200B worth of Chinese imports to 25% from 10%. China calling this "blackmail".
Caixin China Manufacturing PMI light (50.8 vs. 50.9 estimate, lowest reading since November ’17).
Apple up over 4% post earnings/guidance (nearly 4% S&P weighting).
Nothing expected from the Fed today (only a 17% chance of a hike); investors will likely focus on any references to Trade Wars and the flattening yield curve (flatter than where it was last Fed meeting).
US yields creeping higher, as the 10 Yr yield is at 2.98 matching the highest level in 10 weeks.

Unsubscribe me from Hedge Fund Telemetry

CONFIDENTIALITY NOTE and DISCLAIMER: This message is for the named person's use only. It may contain confidential, proprietary or legally privileged material. No confidentiality or privilege is waived by any accidental or unintentional transmission. If you receive this message in error, please immediately delete it and all copies of it from your system, destroy any hard copies and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print or copy any part of this message if you are not the intended recipient. Hedge Fund Telemetry LLC. cannot guarantee the confidentiality of the material transmitted; therefore, information of a sensitive or confidential nature should not be transmitted. There is risk in trading markets. Hedge Fund Telemetry reports are based on information gathered from various sources and believed to be reliable, but are not guaranteed as to accuracy and completeness. The information is subject to change without notice and Hedge Fund Telemetry LLC has no obligation to provide any updates or changes. Hedge Fund Telemetry LLC is providing this data for informational and educational purposes and does not believe that it is sufficient to base an investment decision on. This information should not be regarded as a solicitation or recommendation of any particular security or to engage in any trading strategy. One should always check with your licensed financial advisor to determine suitability of any investments.