📈 The Markets Overnight

🌏 Asia: Mixed
🇪🇺 Europe: Up slightly
🇺🇸 US Index Futures: Down a lot
🛢 Crude Oil: Up slightly
💵 Dollar: Up slightly
🧐 Yields: Up
🔮 Crypto: Pulling back

🌏 Major Global Catalysts

China imposes sanctions on US defence companies

💵 Economic Reports and Events Today

Consensus forecasts shown
8:30am Core PPI m/m 0.3 Change in the price of finished goods and services sold by producers, excluding food and energy.
8:30am PPI m/m 0.4 Change in the price of finished goods and services sold by producers.
8:30am Unemployment Claims 200K The number of individuals who filed for unemployment insurance for the first time during the past week.
8:30am Building Permits 1.35M Annualized number of new residential building permits issued during the previous month.
8:30am Housing Starts 1.35M Annualized number of new residential buildings that began construction during the previous month.

📰 Selected Earnings Releases

Consensus Estimates shown
After Hours Today:
DKNG DraftKings EPS -0.590 Rev 800.27M
DASH DoorDash EPS -0.680 Rev 1.77B
DBX Dropbox EPS 0.390 Rev 593.69M
AMAT Applied Materials EPS 1.930 Rev 6.69B

Pre-Market Tomorrow:
AN AutoNation EPS 5.830 Rev 6.52B
DE Deere EPS 5.540 Rev 11.28B

📉 Stocks In Play

EBS Emergent BioSolutions +17% on FDA advisory vote for Narcan nasal spray.
SHOP Shopify -13% on earnings and disappointing guidance.
ROKU Roku +5% on earnings.

🔮 Selected Analyst Ratings Changes

FSLY Fastly Craig-Hallum Upgrades to Buy Raises Target to 17.00
FSLY Fastly RBC Capital Maintains Underweight Raises Target to 9.00
NVDA NVIDIA DZ Bank Downgrades to Sell Targets 195.00
RBLX Roblox Credit Suisse Maintains Hold Raises Target to 42.00
RBLX Roblox Needham Maintains Buy Raises Target to 53.00
ROKU Roku Pivotal Research Maintains Sell Raises Target to 55.00
ROKU Roku Needham Maintains Buy Raises Target to 80.00
SHOP Shopify RBC Capital Maintains Outperform Raises Target to 65.00
SHOP Shopify Credit Suisse Maintains Neutral Raises Target to 40.00
TTD Trade Desk Credit Suisse Maintains Buy Raises Target to 76.00
UPWK Upwork BTIG Maintains Buy Lowers Target to 20.00
UPWK Upwork Needham Reiterates Buy Lowers Target to 18.00 companies.

💬 Commentary

Markets turned decidedly risk on yesterday after gapping down at the open as small cap growth stocks were the hot ticket along with anything crypto related. Early in the pre-market ahead of some important economic data the indices are giving back some of yesterday's gains.
This morning's producer inflation data came in hot and the market is selling off hard on the reports although so far trying to find support at yesterday's lows. This looks like it's going to be a tough hole to dig out of but we'll be watching key support at SPY 410 to 408. It's a level buy the dippers should be happy to jump in at so we can use that as a key inflection point. We want to be long above it and short below it.

Happy Trading, everyone!

-KevinD

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_{Disclaimer: Everything expressed in this newsletter is a personal opinion provided for educational value only. This is not financial advice. These are not instructions, suggestions, or directions as to how to handle your money. Please, always do your own due diligence.}