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• S&P futures up 0.5% after US equities came under some pressure on Wednesday. Asian markets lower overnight. European markets mostly higher, though Italy a notable laggard. Treasuries weaker across the curve. Dollar firmer vs yen, but lagging euro. Turkish lira continues to rebound. Gold up 0.2%. WTI crude up 0.2% after a 3% selloff in prior session. Copper up nearly 2% after selling off into bear market territory yesterday.
• Better trade headlines the big driver of the bounce in risk sentiment. Low-level talks to resume between US and China later this month. While few details, negotiations will be the first since May and follow reports of heightened pressure on Chinese leadership. However, healthy dose of skepticism surrounding prospects for any breakthrough. At the other end of the trade headline spectrum, Trump defended his steel and aluminum tariffs in an interview with the WSJ.
• Better earnings sentiment also seems to be helping after some high-profile disappoints on Wednesday (particularly Tencent).  Cisco another standout on order growth acceleration and better guidance.  Activist Starboard has taken a stake in Symantec.
• Walmart up big following its Q2 results. US comps increased 4.5%, nearly double consensus expectations. Company highlighted 100 bp tailwind from eCommerce with strength in online grocery and home delivery. eCommerce growth accelerated 700 bp to 40%. Also noted best grocery comp in nine years and strong general merchandise sales partly driven warmer weather. Raised FY comp growth guidance to ~3% from prior 2%, while EPS guidance increased by 2% at midpoint. Also highlighted favorable inventory position into the holiday season. Note stock down more than 8.5% YTD into the print.
  
• Turkey’s Finance Minister (who also happens to be Erdogan’s son-in-law) will hold a conference call with investors at 9am ET.  The Lira’s back to 5.78 after topping out at 7.23 Monday.

• Oil unchanged at $65, lowest level since mid-June, and at risk of breaking it’s 200 dma to the downside for the first time since Sept. ’17.  Energy was by far the worst performing S&P subsector yesterday (-3.5%).
  
• While the S&P lost .76% yesterday, it bounced 1% from session lows to close near intraday highs (biggest intraday reversal in 6 weeks).
  
• A similar story with the VIX yesterday as it traded up to 16.86, highest level since July 2nd (and back below 14 this morning)
  

This is the PPO Monitor from yesterday's close.  Notice how many hit 20 day lows (red number on far right) .  And the average of the ETF's are now under the 10 day, 20 day, and 50 day by --1.69% 10 day, -1.89% 20 day, and 1.81% 50 day.  

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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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