US Futures dip, watch M, TIF, PCG, CHK, HDS, CASY

The S&P 500 Futures are losing ground after they charged higher yesterday.


The S&P 500 Futures  are losing ground after they charged higher yesterday as investors' appetite for risky assets was boosted by the Federal Reserve's announcement of widening its Main Street lending program. For a second straight session the Nasdaq 100 marked a fresh record close.

Later today, the National Federation of Independent Business's Small Business Optimism Index (a rise to 92.5 in May expected) and Wholesale Inventories (final reading, +0.4% on month in April expected) will be reported.

European indices are on the downside. The European Commission has reported final readings of 1Q GDP at -3.1% (vs -3.2% on year expected). The German Federal Statistical Office has posted April trade balance at 3.5 billion euros surplus (vs 11.6 billion euros surplus expected). France's INSEE has reported April trade balance at 5.02 billion euros deficit (vs 3.0 billion euros deficit expected). The Bank of France has released Industry Sentiment Indicator for May was released at 83, vs 50 in April.

Asian indices closed in the green except the Japanese Nikkei. New Zealand's Prime Minister Jacinda Ardern announced that her country will be moving to alert level 1, effectively removing COVID-19 related restrictions except border controls.

WTI Crude Oil Futures are facing a consolidation from a three-month high. Later today, API would release the change of U.S. oil stockpile data for June 5.

Gold and US dollar bounced as equities consolidate ahead of Fed meeting.

Gold rose 11.53 dollars (+0.68%) to 1710.06 dollars. 

EUR/USD fell 20pips to 1.1274 and GBP/USD declined 71pips to 1.2653.

US Equity Snapshot

Macy's (M), the department store chain, soared in extended trading after announcing "the closing on approximately 4.5 billion dollars of new financing." Separately, the company unveiled better than expected first quarter earnings.

Tiffany (TIF), the jeweler, reported first quarter LPS of 0.53 dollar, wider than expected, vs an EPS of 1.03 dollar a year earlier. Sales were 555.5 million dollars, below estimates, vs 1 billion dollars a year ago.

PG&E (PCG), a holding company involving in energy-based businesses, "plans to relocate headquarters to Oakland and will seek to sell San Francisco headquarters complex". San Francisco headquarters may be valued at more than 1 billion dollars, according to Bloomberg.

Chesapeake Energy (CHK), the energy company, may plan to file for bankruptcy, according to Bloomberg.

HD Supply (HDS), the industrial distributor, posted first quarter EPS of 0.45 dollar, shy of estimates, down from 0.63 dollar a year earlier, on sales down 6.6% to 1.40 billion dollars, above forecasts.

Casey's General Stores (CASY), the convenience stores chain lost ground after hours as fourth quarter EPS missed estimates.

Source : TradingVIEW, Gain Capital

More from Equities

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Open an Account