- Morning Briefing w/ KevinD
- Posts
- Tuesday September 10 @ 9:00am
Tuesday September 10 @ 9:00am
Stocks grinding higher potentially extending yesterday's bounce.
KevinD
September 10, 2024
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"The greatest value of a picture is when it forces us to notice what we never expected to see."
📈 The Markets Overnight
🌏 Asia: Up
🌍 Europe: Mixed
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Down
🪙 Gold: Up
🧐 Yields: Mixed
💵 Dollar: Up slightly
🔮 Crypto: Mixed
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💵 Economic Reports and Events Today
6:00am NFIB Small Business Index: 93.6 expected, 91.2 reported, 93.7 previous. Provides insight into the outlook of small business owners in the US, focusing on various business conditions. (link)
10:00am FOMC Member Barr Speaks about Basel III at the Brookings Institution, in Washington DC.. (link)
9:00pm US Presidential Debate: The first debate of the US presidential election, featuring discussions on key political and economic issues. (link)
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
Pre-Market Tomorrow:
🔮 Selected Analyst Ratings Changes
COST Costco Wholesale: Redburn Atlantic Downgrades to Neutral, Raises Target to $890.00
JCI Johnson Controls Intl: B of A Securities Upgrades to Buy, Raises Target to $80.00
ORCL Oracle: JMP Securities Upgrades to Market Outperform, Announces Target of $175.00
RLAY Relay Therapeutics: Jefferies Upgrades to Buy, Raises Target to $16.00
📉 Stocks In Play
ORCL Oracle: Up 10% after reporting better-than-expected financial results. (link)
BABA Alibaba Group Holdings: Up 3% as the company is included in a program that makes it easier for mainland Chinese investors to buy the stock. (link)
HPE Hewlett Packard: Down 5% as the company begins a $1.35 billion stock sale to fund its purchase of Juniper Networks. (link)
LI Li Auto: Up 3% on reports that the European Union plans to reduce proposed final tariffs on China-made EVs. (link)
AZN AstraZeneca: Down 1% after results from its lung cancer trials showed no significant improvement in overall survival. (link)
WFC Wells Fargo: Up 3% as the company's CFO speaks positively about its client's and deposit health at the Barclays Global Financial Services Conference. (link)
💬 Commentary
Stocks gapped higher at the open yesterday but waffled throughout the day, unable to hold gains or losses before settling slightly above the opening print. The Nasdaq (QQQ) led the way, posting a solid 1.3% gain, while the S&P 500 (SPY) followed closely with a 1.1% rise. However, the Russell small caps (IWM) lagged behind, gaining just 0.3%.
Technology stocks were the clear outperformers, rising 1.7%, followed closely by industrials, consumer discretionary, and financials. Communications underperformed but still managed a 0.4% gain. Despite the much-needed bounce, the session was indecisive and lacked conviction, leaving the market in a state of limbo ahead of tomorrow’s important CPI report and next week’s FOMC meeting. Bulls and bears alike seem cautious, waiting for clarity from upcoming data to determine the next direction.
Stocks are trading higher this morning, led by the technology sector. Financials, particularly big banks, are also rising amid reports that Basel III regulations may reduce capital requirements for select major banks like JPMorgan Chase (JPM). The market seems to be shaking off last week’s fears of an economic slowdown, and with today’s thin economic calendar bulls have an opportunity to build on yesterday’s momentum for a trend-up day. However, volatility could return with tonight’s U.S. presidential debate, and tomorrow morning’s CPI inflation report. Traders are likely to tread cautiously, anticipating these upcoming catalysts.
⛵ When you’re ready…
Some tools/resources that I personally find valuable.
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#1 charting software for serious traders: TradingView
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