Live Index – Fri, 09 Oct 2015 Premarket
December E-mini S&Ps (ESZ15 +0.12%) are up +0.11% at a 3-week high and European stocks are up +1.27%. Global stocks rose after Thursday’s FOMC minutes from the Sep 16-17 meeting showed the Fed was reluctant to raise interest rates until it could gauge the extent of a China-led economic slowdown. That undercut the dollar which fell to a 3-week low as expectations for a Fed rate increase were pushed back into next year and boosted commodity prices with Nov crude oil(CLX15 +2.02%) up +2.53% at a 2-1/2 month high and Dec gold (GCZ15 +0.82%) up +0.84% at a 1-1/2 month high. Dec copper (HGZ15 +3.16%) is also up +3.61% at a 3-week high on signs of tighter supplies after LME copper inventories fell -250 MT to 305,225 MT, a 7-month low. As a result, mining stocks, energy producers and basic-resource companies are all higher. Limiting the upside in stocks is a -4.6% decline in Alcoa after the company reported Q3 earnings after the close yesterday that missed expectations. Asian stocks settled higher: Japan +1.64%, Hong Kong +0.46%, China +1.27%, Taiwan and South Korea closed for holiday, Australia +1.33%, Singapore +1.75%, India +0.87%
The dollar index (DXY00 -0.54%) is down -0.49% at a 3-week low on the prospects for the Fed to delay an interest rate increase until next year. EUR/USD (^EURUSD) is up +0.81% at a 3-week high. USD/JPY (^USDJPY) is up +0.26%.
Dec T-note prices (ZNZ15 +0.01%) are up +1 tick.
Key U.S. news today includes: (1) Sep import price index (expected -0.5% m/m and -11.2% y/y, Aug -1.8% m/m and -11.4% y/y), (2) Aug wholesale inventories (expected unch m/m, Jul -0.1% m/m) and Aug wholesale trade sales (expected -0.4% m/m, Jul -0.3% m/m), (3) Atlanta Fed President Dennis Lockhart’s speech about the U.S. economic outlook and monetary policy at City University of New York’s Graduate School of Journalism, and (4) Chicago Fed President Charles Evans’ speech titled “A Perspective on Monetary Policy” at an event in Milwaukee, WI.
None of the Russell 2000 companies report earnings today.
U.S. IPO’s scheduled to price today: none.
Equity conferences today: none.
Transocean Ltd. (RIG -0.24%) is up over 2% in pre-market trading as crude oil climbed to a 2-1/2 month high in overnight trade.
Newmont Mining (NEM -1.48%) is up over 2% inpre-market trading as the price of gold rallied up to a 1-1/2 month high.
Tesla (TSLA -2.26%) is down over 3% in pre-market trading after Barclays downgraded the stock to ‘Underweight’ from ‘Equal-weight.’
Freeport McMoRan (FCX +3.46%) is up over 3% in pre-market trading as copper prices jumped to a 3-week high.
Vishay Intertechnology (VSH +0.29%) fell over 4% in after-hours trading after it lowered guidance on Q3 revenue to $ 558 million-$ 562 million from an Aug estimate of $ 560 million-$ 600 million, below consensus of $ 568.8 million.
Angiodynamics (ANGO -2.24%) fell nearly 5% in after-hours trading after it reported Q1 EPS of 11 cents, right on consensus, but said it sees Q2 revenue of $ 87 million to $ 91 million, below consensus of $ 91.5 million.
Tribune Media (TRCO +1.15%) rose nearly 6% in after-hours trading after the company’s real estate unit said it will market its Tribune Tower in Chicago for a possible sale or partnership with another entity.
Helen of Troy (HELE -0.39%) climbed over 8% in after-hours trading after it reported Q2 EPS of $ 1.12, higher than consensus of 97 cents.
The Gap (GPS +1.97%) fell over 5% in after-hours trading after it reported its Old Navy brand Sep same-store-sales were up 4%, less than estimates of +5.6%, and its Banana Republic brand Sep same-store-sales were down -10%, a bigger loss than expectations of -5.6%.
Ruby Tuesday (RT +2.33%) fell 9% in after-hours trading after it reported an unexpected Q1 EPS loss of -3 cents, weaker than consensus of a 5 cent profit.
Alcoa (AA +0.64%) slid over 4% in pre-market trading after it reported Q3 adjusted EPS of 7 cents, well below consensus of 13 cents.
Dec E-mini S&Ps (ESZ15 +0.12%) this morning are up +2.25 points (+0.11%) at a 3-week high. Thursday’s closes: S&P 500 +0.88%, Dow Jones +0.82, Nasdaq +0.39%. The S&P 500 on Thursday rallied to a 3-week high and closed higher on the -13,000 drop in U.S. weekly initial unemployment claims to a 2-1/2 month low of 263,000 and on reduced interest rate concerns after the Sep 16-17 FOMC meeting minutes said policy makers did not raise rates last month on concern that China’s economic slowdown could derail U.S. growth and inflation. Energy producers rallied after the price of crude oil rose to a 2-1/2 month high.
Dec 10-year T-notes (ZNZ15 +0.01%) this morning are up +1 tick. Thursday’s closes: TYZ5 -11.00, FVZ5 -4.50. Dec T-notes on Thursday closed lower on the larger-than-expected decline in U.S. weekly jobless claims to a 2-1/2 month low, an increase in the 10-year T-note breakeven inflation rate to a 2-week high, and supply pressures as the Treasury auctioned $ 13 billion of 30-year T-bonds. T-notes recovered from their worst levels after the Sep 16-17 FOMC meeting minutes said that “recent global developments would likely put further downward pressure on inflation in the near term.”
The dollar index (DXY00 -0.54%) this morning is down -0.467 (-0.49%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0091 (+0.81%) at a 3-week high. USD/JPY (^USDJPY) is up +0.31 (+0.26%). Thursday’s closes: Dollar Index -0.179 (-0.19%), EUR/USD +0.0039 (+0.35%), USD/JPY -0.08 (-0.07%). The dollar index on Thursday fell to a 2-week low and closed lower on strength in EUR/USD after comments from Bundesbank President and ECB Governing Council member Weidmann who said more stimulus by the ECB “would not enhance” economic growth. The dollar also saw weakness after the Sep 16-17 FOMC meeting minutes stated the Fed held off on raising interest rates because of growing risks to U.S. economic growth and inflation from China.
Nov crude oil (CLX15 +2.02%) this morning is up +$ 1.25 a barrel (+2.53%) at a 2-1/2 month high and Nov gasoline (RBX15 +1.45%) is up +0.0238 (+1.69%). Thursday’s closes: CLX5 +1.62 (+3.39%), RBX5 +0.0207 (+1.49%). Nov crude oil and gasoline on Thursday closed higher with Nov crude at a 2-1/2 month nearest-futures high. Crude oil found support from the sell-off in the dollar index to a 2-week low and heightened Middle East tensions after NATO said it “is able and willing to defend all allies including Turkey” as it denounced Russia’s violations of Turkey’s airspace.
|US||0830 ET||Sep import price index expected -0.5% m/m and -11.2% y/y, Aug -1.8% m/m and -11.4% y/y.|
|0910 ET||Atlanta Fed President Dennis Lockhart speaks about the U.S. economic outlook and monetary policy at City University of New Yorks Graduate School of Journalism.|
|1000 ET||Aug wholesale inventories expected unch m/m, Jul -0.1% m/m. Aug wholesale trade sales expected -0.4% m/m, Jul -0.3% m/m.|
|1200 ET||USDA Oct WASDE crop production.|
|1330 ET||Chicago Fed President Charles Evans gives a speech titled A Perspective on Monetary Policy at an event in Milwaukee, WI.|
|n/a||Global central bankers convene for 2-day annual meeting of World Bank and IMF in Lima, Peru.|
|UK||0430 ET||UK Aug construction output expected +1.0% m/m and +1.4% y/y, Jul -1.0% m/m and -0.7% y/y.|
|American Airlines Group Inc||AAL US||Bef-mkt||September 2015 Sales and Revenue Release – Traffic Results||2015|
|Apple Inc||AAPL US||Apple iPhone 6s and 6s Plus Become Available in 40+ Countries|
|QUALCOMM Inc||QCOM US||ITC To Release Findings in Nvidia vs. Samsung/Qualcomm Patent-Infingement|
|NVIDIA Corp||NVDA US||ITC To Release Findings in Nvidia vs. Samsung/Qualcomm Patent-Infingement|