Live Index – Fri, 27 May 2016 Premarket

Jun E-mini S&Ps (ESM16 +0.08%) are up +0.07% and European stocks are up +0.16% at a 4-week high as the market waits a speech later today from Fed Chair Yellen that may signal the timing of the Fed’s next interest rate increase. Mining stocks and raw-material producers are higher as the price of copper (HGN16 +0.64%) climbs +0.78% on signs of tighter global supplies. LME copper inventories dropped -2,225 MT to 153,750 MT, a 4-week low, and weekly Shanghai copper inventories fell -36,122 MT to 221,212 MT, a 4-month low. On the negative side, energy producers were lower as the price of crude oil (CLN16 -0.81%) slips -0.93% as Canadian oil-sands producers moved to resume operations after wildfires eased. Asian stocks settled mostly higher: Japan +0.37%, Hong Kong +0.88%, China -0.05%, Taiwan +0.83%, Australia +0.33%, Singapore +1.05%, South Korea +0.53%, India +1.09%.

The dollar index (DXY00 +0.09%) is up +0.09%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.11%.

Jun T-note prices (ZNM16 -0.06%) are down -1.5 ticks.

In the final communique from the G-7 summit in Japan, G-7 nations said they will use “all policy tools; monetary, fiscal and structural, individually and collectively, to strengthen global demand and address supply constraints while continuing our efforts to put debt on a sustainable path.”

Japan Apr national CPI fell -0.3% y/y, less than expectations of -0.4% y/y. Apr national CPI ex fresh food fell -0.3% y/y, a smaller decline than expectations of -0.4% y/y. Apr national CPI ex food & energy rose +0.7% y/y, right on expectations.

Key U.S. news today includes: (1) revised Q1 GDP (expected +0.9% q/q annualized, previous +0.5%), (2) final-May University of Michigan U.S. consumer sentiment index (expected -0.4 to 95.4, prelim-May +6.8 to 95.8), (3) Fed Chair Yellen speaks at Harvard University’s Radcliffe Day.

There is 1 of the Russell 1000 companies that report earnings today: Golar LNG (consensus -$ 0.42).

U.S. IPO’s scheduled to price today: none.

Equity conferences today: none.

Ulta Salon Cosmetics & Fragrance (ULTA +1.05%) rallied nearly 8% in pre-market trading after it reported Q1 EPS of $ 1.45, higher than consensus of $ 1.29, and said it sees full-year EPS growth in the low twenties percentage range versus a prior view of up 18%-20%.

Monsanto (MON -1.84%) was downgraded to ‘Neutral’ from ‘Overweight’ at Atlantic Equities with a 12-month price target of $ 105.

GameStop (GME +0.84%) dropped over 8% in after-hours trading after it said it sees Q2 adjusted EPS of 23 cents-30 cents, below consensus of 33 cents.

Duluth Holdings (DLTH -0.96%) was rated a new ‘Buy’ at Stifel with a 12-month price target of $ 28.

Terex (TEX -3.45%) was downgraded to ‘Hold’ from ‘Buy’ at Evercore ISI with a 12-month price target of $ 21.

Caleres (CAL +1.16%) lost 1% in after-hours trading after it reported Q1 EPS of 41 cents, below consensus of 43 cents, and then lowered guidance on full-year revenue to $ 2.60 billion-$ 2.63 billion from a March 15 view of $ 2.65 billion-$ 2.68 billion, below consensus of $ 2.66 billion.

Veeva Systems (VEEV -0.43%) jumped 10% in after-hours trading after it reported Q1 adjusted EPS of 15 cents, higher than consensus of 11 cents, and then raised its full-year revenue estimate to $ 516 million-$ 520 million from a prior view of $ 508 million-$ 513 million, above consensus of $ 512.1 million.

Palo Alto Networks (PANW +1.71%) sank 11% in pre-market trading after it reported Q3 adjusted EPS of 42 cents, right on consensus, but said it sees Q4 adjusted EPS of 48 cents-50 cents, below consensus of 50 cents.

Deckers Outdoor (DECK +0.61%) fell over 2% in after-hours trading after it said it sees full-year net sales of unchanged to down -3%, weaker than estimates of up +2%, and then lowered guidance on full-year adjusted EPS to $ 4.05-$ 4.40, below consensus of $ 4.61.

First Data Corp. (FDC +1.39%) gained 1% in after-hours trading after Vice Chairman Plumeri disclosed a purchase of 250,000 shares of the company’s stock on Wednesday.

BG Staffing (BGSF -0.24%) slumped over 14% in after-hours trading after it announced a public offering of stock, although no terms were available at the time of this writing.

21Vianet Group (VNET +6.09%) slid 4% in after-hours trading after it reported a Q1 adjusted loss/Ads of 13 cents and Q1 gross margins of 19.6% versus 26.8% y/y.

Splunk (SPLK +1.05%) dropped over 7% in after-hours trading despite reporting a -2 cent Q1 adjusted EPS loss, right on consensus.

Titan Pharmaceuticals (TTNP +1.29%) surged 23% in after-hours trading after it said it will receive a $ 15 million payment from partner Braeburn Pharma, double-digit royalties and up to $ 165 million is sales milestones following FDA approval of its Probuphine implant.

June E-mini S&Ps (ESM16 +0.08%) this morning are up +1.50 points (+0.07%). Thursday’s closes: S&P 500 +0.70%, Dow Jones +0.82%, Nasdaq +0.72%. The S&P 500 on Thursday closed little changed. Stocks were undercut by the unexpected -0.8% decline in U.S. Apr capital goods orders non-defense ex-aircraft, weaker than expectations of +0.3% and the third straight monthly decline. There was also some long liquidation pressure and position-squaring ahead of Friday’s speech from Fed Chair Yellen that may signal the timing of the next Fed rate hike. Stocks found support from the -10,000 decline in U.S. weekly initial unemployment claims (vs expectations of -3,000 to 275,000) and from the +5.1% m/m increase in U.S. Apr pending home sales, stronger than expectations of +0.7% m/m and the largest monthly increase in 5-1/2 years.

June 10-year T-note prices (ZNM16 -0.06%) this morning are down -1.5 ticks. Thursday’s closes: TYM6 +13.50, FVM6 +9.00. Jun T-notes on Thursday closed higher on U.S. economic concerns after Apr capital goods orders non-defense ex-aircraft, a gauge of capital spending, unexpectedly fell -0.8%, the third straight monthly decline. T-notes were also boosted by strong demand for the Treasury’s $ 28 billion auction of 7-year T-notes that had a bid-to-cover ratio of 2.57, above the 12-auction average of 2.49.

The dollar index (DXY00 +0.09%) this morning is up +0.090 (+0.09%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%). USD/JPY (^USDJPY) is down -0.12 (-0.11%). Thursday’s closes: Dollar Index -0.186 (-0.20%), EUR/USD +0.0039 (+0.35%), USD/JPY -0.43 (-0.39%). The dollar index on Thursday closed lower on the unexpected decline in U.S. Apr capital goods orders non-defense ex-aircraft, a sign of weakness in capital spending that may give the Fed pause on additional rate hikes. The dollar was also undercut by the slide in USD/JPY as weak stocks boosted the safe-haven demand for the yen.

July WTI crude oil (CLN16 -0.81%) this morning is down -46 cents (-0.93%). July gasoline (RBN16 -0.72%) is down -0.0157 (-0.97%). Thursday’s closes: CLN6 -0.16 (-0.32%), RBN6 -0.0219 (-1.33%). July crude and gasoline on Thursday closed lower as July crude retreated from a 7-1/2 month high. Crude oil was undercut by profit-taking after the sharp 3-month rally and by the restart of oil-sands facilities in Alberta as wildfire risks abated. Crude oil found underlying support from the weaker dollar.