In After Hours Trading
IPOs on deck today Cadence Bancorp (CADE), Warrior Met Coal LLC (HCC), Tocagen (TOCA), Yext (YEXT). Secondaries of note AEHR AGRO SRNE TWNK.
In After Hours Trading: DTEA -.12 PIR +.01.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P -6, Dow Jones -31, NDX -12 and Russell 2000 -2.90. Asia lower ex China and Europe lower.
Copper,silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.23% yield, one day change -7, one month change -40 and +46 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Utilities.
Weak Sectors All others.
One month winners All ex Healthcare and Financials.
Three Month Winners Consumer Goods, Utilities and Technology.
Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.
One Year Winners Energy, Materials, Industrial Goods and Utilities.
Year To Date All except for Energy and Conglomerates.
Earnings Expected
Earnings due after the close (by avg. trade volume): none of note.
Due Friday morning (by avg. trade volume descending): none of note.
Rags & Mags: Inside Wall Street
Bloomberg: Trumps gave an interview to The Wall Street Journal and called for a lower dollar, keeping Yellen, noted China is not a currency manipulator and wants to keep rates low. Geopolitical pressures over North Korea remain high.
NY Times: U.S. pressures Russia while Trump warms up to NATO. United Airlines (UAL) still trying to fix mess after man dragged from airplane.
WSJ: President Trump seeks to build alliance over North Korea. President Trump threatens Democrats to withhold oayments to insurers tied to ACA.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CBSH +.03 INFY +.05 JPM +.12 PNC +.13 YGE +.13.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 923 stocks rise and 1990 fall on the NYSE. NASDAQ saw 869 rise and 1941 fall.
The SP 500 is still above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and is above 200 day exponential moving average.
The 10 day spread moving average of breadth is back to cash. The Madison Market Timing Indicator is now invested since November 18th.
YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.
Economics
March CPI is due out at 8:30 a.m. EDT and is expected to fall to 0% from 0.1%.
March Retail Sales are due out at 8:30 a.m. EDT and are expected to drop to 0% from 0.1%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Politico
Congress is off for Easter Recess.Markets traditionally do well in such periods.
Trump Schedule 10:30 a.m. Daily Intelligence Briefing, 11:00 a.m. signs repeal of Planned Parenthood funding, 2:00 p.m. meets with I-85 Bridge first resposnders, 3:45 leaves for Palm Beach and 6:45 arrives Palm Beach.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, none of note.
Conference of Note
Oracle HCM World 2017
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | WFT | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | NTDOY | |
| Merrill Lynch | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| SunTrust RH | CTSH SEAS SIX |
https://goo.gl/FoJXEJ I agree with you about XLE. Hoping that energy is a new upward channel.