170620 US Pre Open

The S&P 500 Futures remain on the upside after they advanced further yesterday, as investors were encouraged by upbeat retail sales readings and a news report of a potential one-trillion-dollar infrastructure plan by the government. Meanwhile, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee: "Until the public is confident that the disease is contained, a full recovery is unlikely."

Later today, the U.S. Federal Chairman Jerome Powell will testify before the House Financial Services Committee. The U.S. Commerce Department will report May housing starts (1.10 million units expected) and building permits (1.25 million units expected). 

European markets are searching for a trend after a positive opening. The European Commission has posted final readings of May CPI at +0.1% on year (vs +0.3% in April). The U.K. Office for National Statistics has released May CPI at +0.5% on year, as expected.

Asian indices closed on a mixed mood. This morning, government data showed that Japan's exports decline 28.3% on year in May (-26.1% expected) and imports sank 26.2% (-20.4% expected),

WTI Crude Oil Futures are under pressure. The American Petroleum Institute (API) reported that U.S. crude oil stockpile rose 3.9M barrels for week ended June 12. International Energy Agency projected that global oil demand would bounce by 5.7M b/d to 97.4M b/d in 2021.

Gold consolidates as the US dollar gains ground on strong US retail sales. 

Gold fell 7.28 dollars (-0.42%) to 1719.26 dollars. 

EUR/USD declined 17pips to 1.1247 while GBP/USD fell 11pips to 1.2562.

US Equity Snapshot

 

Oracle (ORCL), an information technology and software company, dropped in extended trading after posting worse than expected fourth quarter sales of 10.4 billion dollars, down from 11.1 billion dollars a year earlier. Adjusted EPS increased to 1.20 dollar from 1.16 dollar a year ago, exceeding estimates.

Amazon.com (AMZN), the e-commerce giant, was rated "buy" in a new coverage at Needham.

Groupon (GRPN), the mobile and online marketplace, unveiled first quarter adjusted LPS of 1.63 dollar vs an EPS of 0.58 dollar a year earlier. Sales fell 35% to 374.2 million dollars. Those figures beat estimates, sending the shares higher after hours. The company said it is "encouraged by recent performance trends that indicate our business is recovering more quickly than we expected."

H&R Block (HRB), a provider of tax return services, reported fourth quarter adjusted EPS of 3.01 dollars, better than expected, vs 4.39 dollars a year earlier. Sales fell to 1.81 billion dollars from 2.3 billion dollars a year ago.

Norwegian Cruise Line (NCLH), a leading global cruise company, tanked in extended trading after announcing "an extension of its previously announced suspension of global cruise voyages to include all voyages embarking between August 1 and September 30, 2020 for its three cruise brands."

Source : TradingVIEW, Gain Capital