As the North American session begins, the GBP is the strongest of the major currencies. The NZD is the weakest. The USD is mostly lower to start the US trading day.
The price of USDJPY reached to another high going back to 1990 with the price moving closer to 155.00 at 154.855. The current price is just below that level at 154.78.
Flash PMI data was released in Europe today. Most country data BEAT expectations.
France:
- Manufacturing PMI: Actual 44.9, Forecast 46.9, Previous 46.2 (BEAT)
- Services PMI: Actual 50.5, Forecast 48.9, Previous 48.3 (BEAT)
Germany:
- Manufacturing PMI: Actual 42.2, Forecast 42.8, Previous 41.9 (BEAT)
- Services PMI: Actual 53.3, Forecast 50.6, Previous 50.1 (BEAT)
Eurozone:
- Manufacturing PMI: Actual 45.6, Forecast 46.5, Previous 46.1 (BEAT)
- Services PMI: Actual 52.9, Forecast 51.8, Previous 51.5 (BEAT)
United Kingdom:
- Manufacturing PMI: Actual 48.7, Forecast 50.3, Previous 50.3 (MISSED)
- Services PMI: Actual 54.9, Forecast 53.0, Previous 53.1 (BEAT)
The US last estimates will be released at 9:45 AM ET with expectations of 52.0 versus 51.9 last month for the manufacturing, and 52.0 versus 51.7 last month for the services. New home sales will also be released today (at 10 AM ET). Their dictations are 668K vs 662K last month. Richmond Fed manufacturing index is expected at -7 versus -11 last month (it too will be released at 10 AM ET).
The flow of earnings releases got stronger today ahead of Tesla, Visa, and Texas Instruments after the close. The following were released so far today:
Freeport-McMoRan Inc (FCX)
- Adjusted EPS: $0.32 (BEAT) expected: $0.27
- Revenue: $6.30 billion (BEAT) expected: $5.66 billion
Lockheed Martin Corp (LMT)
- Adjusted EPS: $6.33 (BEAT) expected: $5.81
- Revenue: $17.20 billion (BEAT) expected: $15.99 billion
- Free Cash Flow: $1.26 billion (BEAT) expected: $1.16 billion
Sherwin-Williams Co (SHW)
- Adjusted EPS: $2.17 (MISSED) expected: $2.21
- Revenue: $5.37 billion (MISSED) expected: $5.51 billion
Kimberly-Clark Corp (KMB)
- EPS: $1.91 (BEAT) expected: $1.63
- Revenue: $5.15 billion (BEAT) expected: $5.09 billion
Philip Morris (PM)
- Adjusted EPS: $1.50 (BEAT) expected: $1.41
- Revenue: $8.79 billion (BEAT) expected: $8.47 billion
RTX Corp (RTX)
- EPS: $1.34 (BEAT) expected: $1.23
- Revenue: $19.31 billion (BEAT) expected: $18.41 billion
Halliburton Co (HAL)
- Adjusted EPS: $0.76 (BEAT) expected: $0.74
- Revenue: $5.804 billion (BEAT) expected: $5.67 billion
General Motors Co (GM)
- EPS: $2.62 (BEAT) expected: $2.15
- Revenue: $43 billion (BEAT) expected: $41.88 billion
PulteGroup Inc (PHM)
- EPS: $3.10 (BEAT) expected: $2.36
- Revenue: $3.8 billion (BEAT) expected: $3.58 billion
JetBlue Airways Corp (JBLU)
- Adjusted EPS: -$0.43 (BEAT) expected: -$0.52
- Revenue: $2.2 billion (MET) expected: $2.2 billion
General Electric Co (GE)
- EPS: $0.82 (BEAT) expected: $0.66
- Revenue: $15.2 billion (MISSED) expected: $15.34 billion
Key earnings this week:
- Tuesday: After the close :Tesla, Visa, Texas Instruments
- Wednesday: Boeing, AT&T, General Dynamics, Boston Scientific. After the close: Meta Platforms, IBM, Ford, Chipotle, ServiceNow, Lamb Research
- Thursday: American Airlines, Caterpillar, Southwest, Bristol-Myers Squibb. After close Microsoft, Alphabet, Intel, Western Digital, T-Mobile, Gilead.
- Friday: Exxon Mobil, Chevron, Colgate-Palmolive.
A snapshot of the other markets as the North American session begins currently shows.:
- Crude oil is trading down $-0.59 or -0.72% at $81.30. At this time yesterday, the price was at $81.66. The high price overnight reached up to $85.64.
- Gold is trading down -$23.50 or -1.05% at $230.41. At this time yesterday, the price was higher at $2357.63.
- Silver is trading down -$0.13 or -0.90% at $26.94. At this time yesterday, the price was at $27.72. It's high price overnight reached as high as $28.93
- Bitcoin currently trades at $66,051 At this time yesterday, the price was trading at $66,091
In the premarket, the US major indices are trading mostly higher:
- Dow Industrial Average futures are implying a gain of 50.25 points. Yesterday, the index rose 253.58 or 0.67% at 38239.99
- S&P futures are implying a gain of 10.90 points. Yesterday, the index rose 43.35 points or 0.87% at 5010.59
- Nasdaq futures are implying a gain of 44.86 points. Yesterday, the index rose 169.30 points or 1.11% at 15451.31
The European indices are trading higher ahead of the US open:
- German DAX, +0.99%
- France CAC , +0.44%
- UK FTSE 100, +0.196%
- Spain's Ibex, +1.37%
- Italy's FTSE MIB, +1.42% (delayed 10 minutes)
Shares in the Asian Pacific markets were mostly higher
- Japan's Nikkei 225, +0.30%
- China's Shanghai Composite Index, -0.74%
- Hong Kong's Hang Seng index, + 1.92%
- Australia S&P/ASX index, +0.45%
Looking at the US debt market, yields are trading higher:
- 2-year yield 4.997%, +2.7 basis points. At this time yesterday, the yield was at 4.999%
- 5-year yield 4.690%, +3.0 basis points at this time yesterday, the yield was at 4.623%
- 10-year yield 4.648%, +2.7 basis points. At this time yesterday, the yield was at 4.660%
- 30-year yield 4.750%, +2.6 basis points. At this time yesterday, the yield was at 4.754%
Looking at the treasury yield curve spreads moved more inverted:
- The 2-10 year spread is at -34.8 basis points. At this time yesterday, the spread was at -33.9 basis points
- The 2-30 year spread is at -24.7 basis points. At this time yesterday, the spread was at -24.5 basis points
European benchmark 10-year yields are lower:
