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U.S Futures red – Watch NVDA, COTY, LB, JPM, JACK, KEYS

 

The S&P 500 Futures remain on the downside after they gave up earlier gains yesterday to shut at session lows

The S&P 500 Futures remain on the downside after they gave up earlier gains yesterday to shut at session lows. Market sentiment was dampened by ny City's decision to shut public school indefinitely in sight of accelerating coronavirus cases.


Later today, the U.S. Department of Labor will post initial jobless claims within the week ending November 14 (0.7 million expected). The Philadelphia Federal Reserve System will report its Business Outlook Index for November (22.5). The Conference Board will post its Leading Index for October (+0.7% on month expected). The National Association of Realtors will report October existing home sales (6.46 million units expected).


European indices are on the downside. September Eurozone Output was released at -2.9% on month, vs +2.6% expected.


Asian indices closed dispersed order because the Japanese Nikkei and Hong Kong HSI were down when the Chinese CSI and therefore the Australian ASX led to the green. Official data showed that the Australian economy added 178,800 jobs in October (-27,500 jobs expected), while jobless rate edged up to 7.0% (7.1% expected) from 6.9% in September.


WTI petroleum is popping down. The U.S. Energy Information Administration (EIA) reported that U.S. commercial petroleum inventories (excluding those within the Strategic Petroleum Reserve) increased by 0.8M barrels from the previous week to 489.5M barrels for week ending November 13. Besides, U.S. petroleum production increased to 10.9M b/d from 10.5M b/d.


U.S indices closed down on Wednesday, pressured by Energy (-2.88%), Utilities (-1.94%) and Pharmaceuticals, Biotechnology & Life Sciences (-1.79%) sectors.


Approximately 90% of stocks within the S&P 500 Index were trading above their 200-day moving average and 85% were trading above their 20-day moving average. The VIX Index jumped 1.13pt (+4.98%) to 23.84 and WTI petroleum rose $0.21 (+0.51%) to $41.64 at the close.


On the U.S economic data front, the Mortgage Bankers Association's Mortgage Applications declined 0.3% for the week ending November 13th compared to -0.5% within the previous week. Finally, Housing Starts spiked to 1,530K on month in October (1,460K expected), from a revised 1,459K in September.


Gold lost some ground on firmer U.S dollar and positive COVID-19 vaccine news.


Gold fell 8.36 dollars (-0.45%) to 1863.87 dollars.


The dollar index rose 0.22pt to 92.537.



U.S. Equity Snapshot



Nvidia (NVDA), a number one designer of graphics processors, lost ground postmarket because the company's CFO warned that data center chip sales are likely to fall slightly during the present quarter. Separately, the corporate posted third quarter earnings that beat estimates. 


Coty (COTY), the worldwide beauty company, was upgraded to "buy" from "neutral" at Citigroup.


L Brands (LB), a women's apparel and wonder products retailer, announced third quarter adjusted EPS of 1.13 dollar, significantly above the consensus, up from 0.02 dollar a year ago on sales of three .1 billion dollars, also above estimates, up from 2.7 billion dollars a year earlier. 


JPMorgan (JPM), the banking group, was downgraded to "market perform" from "outperform" at KBW.


Jack within the Box (JACK), the restaurant company, surged after posting fourth quarter earnings that beat estimates.


Keysight Technologies (KEYS), a provider of electronic measurement devices and software solutions, disclosed fourth quarter adjusted EPS of 1.62 dollar, beating estimates, up from 1.33 dollar a year ago on revenue of 1.2 billion dollars, needless to say , up from 1.1 billion dollars a year earlier. the corporate unveiled half-moon adjusted EPS forecast that also exceeded estimates.


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