It start with a brief overview of the market conditions, mentioning the slight gains in September E-Mini S&P 500 futures (ESU23) and Sep Nasdaq 100 E-Mini futures (NQU23) this morning.
U.S. Durable Goods Orders Report:
Highlight: Stocks are higher, indicating resilience in the U.S. economy, following the release of the May U.S. durable goods orders report.
Key Data Points: Mention the positive growth of +1.7% m/m in the May U.S. durable goods orders, exceeding expectations of -0.9%. Also, note the rise of +0.7% m/m in capital goods orders ex-defense and ex-aircraft, beating expectations of +0.1% m/m.
Upcoming U.S. Economic Reports:
- April S&P CoreLogic home prices: +0.4% m/m, -2.4% y/y
- May new home sales: -1.2% to 675,000
- June U.S. consumer confidence index: +1.7 to 104.0
- June Richmond Fed index: +3 to -12
- June Dallas Fed services activity index: TBA
- 10-year T-note yield: up +0.4 bp at 3.725%
- FOMC Expectations: Mention the anticipation of a +25 bp rate hike at the next FOMC meeting on July 25-26, along with the market's full expectation of a +25 bp rate hike by November.
Overseas Stock Markets
- Euro Stoxx 50: up +0.04%
- China's Shanghai Composite index: closed +1.23% with government support
- Japan's Nikkei Stock Index: closed down -0.49% for the fourth consecutive session of losses.
Pre-Market Stock Movers
Notable Stocks: Highlight significant pre-market stock movements, including:
- Tesla (TSLA): +1% rebound from Monday's loss
- Meta Platforms (META): +1.4% as Citibank raises price target and revenue projections
- Bitcoin (^BTCUSD): +1.85% recovery from recent losses
- Gainers: Marathon Digital (MARA), Riot Platforms (RIOT), Bit Digital (BTBT), Coinbase (COIN)
- American Equity (AEL): +10% surge on Brookfield's acquisition offer
- Walgreens Boots (WBA): -8.2% after reduced earnings guidance
- Eli Lilly (LLY): +1.8% on positive trial results for retatrutide
- Kellogg (K): +2.6% following Goldman Sachs' buy upgrade
- Snowflake (SNOW): +3.2% after AI-related partnership with Nvidia
Today's U.S. Earnings Reports (6/27/2023):