Live Index – Wed, 22 Jul 2015 Premarket

September E-mini S&Ps (ESU15 -0.40%) are down -0.40% as a slump in technology stocks drags the overall market lower. Disappointing earnings results after the market closed yesterday from Apple, Microsoft and Yahoo sent stock index futures lower with Apple down 5% in pre-market trading, Microsoft down nearly 4% and Yahoo down over 2%. European stocks are only down -0.11% as decent earnings results from Danske Bank A/S and EasyJet Plc kept losses in the overall market at a minimum. Asian stocks closed mostly lower: Japan -1.19%, Hong Kong -0.99%, China +0.21%, Taiwan -0.97%, Australia -1.61%, Singapore -0.35%, South Korea -0.99%, India +1.15%. China’s Shanghai Composite reversed early losses, posted a 2-1/2 week high, and closed up +0.21% as shipping companies rallied after the Baltic Dry Index, a gauge of commodity shipping rates, rose to a 7-month high.

Commodity prices are mostly lower. Sep crude oil (CLU15 -1.08%) is down -1.08%. Sep gasoline (RBU15 -1.45%) is down -1.56%. Metals prices are weaker. Aug gold (GCQ15 -1.03%) is down -0.99%. Sep copper (HGU15 -1.58%) is down -1.58% at a 2-week low. Agricultural prices are lower with Dec corn down -1.50% at a 3-week low and Sep wheat down -1.29% at a 4-week low.

The dollar index (DXY00 unch) is up +0.07%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is down -0.07%.

Sep T-note prices (ZNU15 +0.07%) are up +1.5 ticks.

The minutes of the Jul 8-9 BOE meeting showed a growing number of policy makers were concerned about rising inflation pressures as the minutes stated that “for a number of members, the balance of risks to medium-term inflation relative to the 2.0% target was becoming more skewed to the upside at the current level of bank rate.”

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.9% with purchase sub-index -7.5% and refi sub-index +3.7%), (2) May FHFA house price index (expected +0.4% m/m after April’s +0.3% m/m), (3) Jun existing home sales (expected +0.9% to 5.40 million after May’s +5.1% to 5.35 million).

There are 27 of the S&P 500 companies that report earnings today with notable reports including: Northern Trust (consensus $ 0.96), Abbott Labs (0.50), Coca-Cola (0.60), Boeing (1.37), Texas Instruments (0.65), American Express (1.32), Newmont Mining (0.26), Ameriprise (2.28), Discover Financial (1.32).

U.S. IPO’s scheduled to price today include: Hennessy Capital Acquisition (HCACU), Etre REIT (ESSF), Live Oak Bancshares (LOB), Neos Therapeutics (NEOS).

Equity conferences during the remainder of this week include: Wells Fargo Securities Telecom Symposium on Thu.

Apple (AAPL -1.00%) fell 5% in after-hours trading after it reported Q3 EPS of $ 1.85, higher than consensus of $ 1.81, but then lowered guidance on Q4 revenue to $ 49 billion-$ 51 billion, below consensus of $ 51.05 billion. The stock was then downgraded to ‘Market Perform’ from ‘Outperform’ at Cowen.

United Technologies (UTX -7.03%) was downgraded to ‘Neutral’ from ‘Overweight’ at Atlantic Equities.

AMC Entertainment (AMC -3.07%) was upgraded to ‘Buy’ from ‘Neutral’ at MKM Partners.

Thermo Fisher Scientific (TMO +0.22%) reported Q2 EPS of $ 1.84, higher than consensus of $ 1.78.

Whirlpool (WHR +1.88%) reported Q2 EPS of $ 2.70, above consensus of $ 2.62.

EMC (EMC -0.20%) reported Q2 adjusted EPS of 43 cents, above consensus of 41 cents.

Illumina (ILMN -1.03%) fell 9% in after-hours trading after it reported Q2 adjusted EPS of 80 cents, higher than consensus of 77 cents, although Q2 revenue of $ 539 million was less than consensus of $ 541.77 million.

Hub Group (HUBG +1.90%) reported Q2 EPS of 51 cents, above consensus of 43 cents.

Nuance (NUAN -0.12%) raised guidance on Q3 EPS to 31 cents-32 cents, better than consensus of 28 cents.

GoPro (GPRO +2.04%) reported Q2 adjusted EPS of 35 cents, higher than consensus of 26 cents.

Intuitive Surgical (ISRG +1.50%) moved up over 10% in after-hours trading after it reported Q2 EPS of $ 4.57, well above consensus of $ 3.98.

Yahoo (YHOO +0.48%) slid 3% in afrer-hours trading after it reported Q2 EPS of 16 cents, below consensus of 18 cents.

Microsoft (MSFT +0.77%) reported Q4 adjusted EPS of 62 cents, above consensus of 56 cents.

VMware (VMW -0.99%) reported Q2 EPS of 93 cents, better than consensus of 91 cents.

Chipotle (CMG -0.73%) reported Q2 EPS of $ 4.45, higher than consensus of $ 4.44.

September E-mini S&Ps (ESU15 -0.40%) this morning are down -8.50 points (-0.40%). Tuesday’s closes: S&P 500 -0.43%, Dow Jones -1.00%, Nasdaq -0.11%. The S&P 500 on Tuesday closed lower on (1) disappointing earnings results from IBM, United Technologies, Apple and Verizon, and (2) profit taking in technology stocks after the Nasdaq Composite’s sharp 8-session rally to a 15-1/4 year high.

Sep 10-year T-notes (ZNU15 +0.07%) this morning are up +1.5 ticks. Tuesday’s closes: TYU5 +10.00, FVU5 +7.00. Sep T-notes on Tuesday settled higher on carry-over support from a rally in German bunds to a 1-week high and increased safe-haven demand with the weakness in stocks.

The dollar index (DXY00 unch) this morning is up +0.072 (+0.07%). EUR/USD (^EURUSD) is down -0.0011 (-0.10%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Tuesday’s closes: Dollar Index -0.701 (-0.72%), EUR/USD +0.01106 (+1.02%), USD/JPY -0.385 (-0.31%). The dollar index on Tuesday fell back from a 2-3/4 month high and closed lower on long-liquidation pressure after the 4-session rally and weakness in USD/JPY after a slide in stocks boosted the safe-haven demand for the yen.

Sep WTI crude oil (CLU15 -1.08%) this morning is down -55 cents (-1.08%). Sep gasoline (RBU15 -1.45%) is down -0.0293 (-1.56%). Tuesday’s closes: CLU5 +0.42 (+0.83%), RBU5 -0.0096 (-0.51%). Sep crude and gasoline on Tuesday settled mixed with Sep crude rebounding from a 3-1/2 month low. Crude oil found support on a weaker dollar and on expectations for Wednesday’s weekly EIA crude inventories to fall -1.75 million bbl. Crude oil prices were undercut by the Iran oil minister’s comment that Iran plans to boost crude production once sanctions are removed regardless of the impact on prices.