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French President Macron made changes to his cabinet following recent riots
UK Prime Minister Sunak is reportedly looking at November 2024 as the time for the next general election.
American Express (AXP 171.70, -5.41, -3.1%): beats by $0.08, misses on revs; reaffirms FY23 EPS guidance, revs guidance
Knight-Swift (KNX 54.00, -1.85, -3.3%): misses by $0.05, misses on revs; guides FY23 EPS below consensus
CSX (CSX 32.40, -1.31, -3.9%): reports EPS in-line, revs in-line
Capital One (COF 114.90, -0.09, -0.1%): beats by $0.26, misses on revs; deposits decreased 2%
Intuitive Surgical (ISRG 332.55, -15.11, -4.4%): beats by $0.09, reports revs in-line, da Vinci procedures up 22% negatively impacted by COVID-19 cases and increased hospitalizations; increases FY23 procedure growth to +20-22 yr/yr from +18-21%
PPG Industries (PPG 146.48, -3.24, -2.2%): beats by $0.11, reports revs in-line; guides Q3 EPS in-line; guides FY23 EPS in-line
SLB (SLB 56.50, -0.76, -1.3%): beats by $0.01, misses on revs
Interpublic (IPG 35.15, -2.77, -7.3%): beats by $0.13, beats on revs
AutoNation (AN 172.90, -4.02, -2.3%): beats by $0.38; beats on revs
Sunnova Energy (NOVA 22.09, -0.49, -2.2%) downgraded to Market Perform from Outperform at BMO Capital Markets
Carvana (CVNA 46.22, -0.51, -1.1%): downgraded to Neutral from Overweight at Piper SandlerThe U.S. Dollar Index is up 0.2% to 101.08 with USD/JPY +1.2% to 141.73.
The weakness in the yen follows a Bloomberg report that indicates BOJ officials don’t see an urgent need at this point to address the side effects of the yield curve control program.
Treasuries are little changed from yesterday’s settlement levels.
The 2-yr note yield is unchanged at 4.84% and the 10-yr note yield is down one basis point to 3.84%.
Energy complex futures trade mixed.
WTI crude oil futures are up 0.5% to $76.03/bbl and natural gas futures are down 1.2% to $2.70/mmbtu.
The S&P 500 futures are up 22 points and are trading 0.4% above fair value.
The Nasdaq 100 futures are up 111 points and are trading 0.7% above fair value.
The Dow Jones Industrial Average futures are up 84 point and are trading 0.2% above fair valueEarly Bonds: U.S. Treasuries uneventful overnight session after suffering some large losses yesterday following the encouraging weekly initial jobless claims report.
The U.S. Dollar Index has perked up this week (+1.1%) in front of FOMCand is getting a boost today (101.04, +0.16, +0.2%) from a Bloomberg report that indicates BOJ officials don’t see an urgent need at this point to address the side effects of the yield curve control program. USD/JPY +1.2% to 141.74.
Yields:
2-yr: -1 bp to 4.83%
3-yr: +1 bp to 4.44%
5-yr: -1 bp to 4.09%
10-yr: -1 bp to 3.84%
30-yr: -2 bps to 3.89%Dow 35,227.69 2.51 0.01%
S&P 500 4,536.34 1.47 0.03%
Nasdaq 14,032.81 -30.50 -0.22%
VIX 13.63 -0.36 -2.57%
Gold 1,964.30 -6.60 -0.33%
Oil 76.88 1.23 1.63%YAY – the weekend has arrived
Some great JAMS from a FAV British Blues band to kick off 🙂July 23 – 29, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Big Tech an
[See the full post at: Traders Market Weekly: Central Banks and Big Tech Calibrations]
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