US Futures green, watch MU, AAPL, BA, WFC
Jean-Christophe Rolland June 30, 2020 12:52 PM
The S&P 500 Futures are extending Monday rebound.
The S&P 500 Futures are extending Monday rebound where Capital Goods (+3.58%), Consumer Durables & Apparel (+3.25%) and Consumer Services (+2.98%) sectors gained the most. Boeing (BA +13.85%) shares soared after authorities started the first test flight on the company's 737 MAX jet. Meanwhile, Tesla (TSLA +5.17%) and Apple (AAPL +2.30%) also rallied.
Due later today the Conference Board will publish June Consumer Confidence Index. SP/Case-Shiller will report 20-City Composite Home Price Index for April. The Market News International will release June Chicago PMI.
European indices are relatively flat. On the statistical front, U.K. GDP declined 2.2% in the first quarter according to the latest estimate after remaining stable in the previous quarter. It was expected to decline by 2.0%. The Euro-zone year-on-year inflation was released in line with expectations at 0.8%, after 0.9% in April.
Asian indices ended higher. Japan's industrial production declined 8.4% on month in May (-5.7% expected), while jobless rate rose to 2.9% (2.8% expected) from 2.6% in April. China's official Manufacturing PMI edged up to 50.9 in June (50.5 expected) from 50.6 in May and Non-manufacturing PMI climbed to 54.4 (53.6 expected) from 53.6.
WTI Crude Oil futures eased during Asian session. China's crude oil imports rose to a record level at 11.3M b/d in May, according to the government. Later today, API will release the change of U.S. oil stockpile data for June 26.
Gold remains firms near 8-year high and is on track for its strongest quarterly increase in four years on COVID-19 fears.
Gold fell 2.78 dollars (-0.16%) to 1770.04.
Risk currencies consolidate as investors wait for fresh coronavirus data in the US.
EUR/USD fell 34pips to 1.1208 while GBP/USD declined also 34pips to 1.2264.
US Equity Snapshot
Micron Technology (MU), a manufacturer of memory chips, reported third quarter adjusted EPS of 0.82 dollar, beating estimates, down from 1.05 dollar a year ago, on adjusted revenue of 5.4 billion dollars, just above the consensus, up from 4.8 billion dollars a year earlier.
Apple's (AAPL) 5G iPhone shipments might reach 15-20 million units in 2020 vs a previous estimate of 30-40 million units, according to Digitimes.
Boeing (BA): Norwegian Air Shuttle, the airline company, canceled orders regarding 97 Boeing jets, including 92 737 MAX.
Wells Fargo (WFC), a banking group, announced that its third quarter dividend is expected to be reduced from the current level of 0.51 dollar per share, citing the results of the Federal Reserve's instructions regarding capital distributions. On the other hand, Goldman Sachs (GS), Bank of America (BAC), Morgan Stanley (MS), JPMorgan (JPM) and Citigroup (C) will maintain their current dividend level.
Uber Technologies (UBER), a ride-hailing company, is in discussions regarding a 2.6 billion dollars acquisition of American food delivery company Postmates, reported Dow Jones.
Source : TradingVIEW, Gain Capital
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 and commodity futures, 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 Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.