This is an abridged version due to limited internet usage,
Overnight Summary and Early Morning Trading:
- The S&P 500 finished Thurday hiugher by 0.72% at 7730.99 from Wednesday lower by -0.02% at 7675.70.
- The S&P 500 sees support now at 7700 from 7600. Resistance is now at 7800 from 7700. In the last five months, support has moved from 6300 to 7700.
- The QQQ (Nasdaq-100 Index ETF) sees support now at 720 from 700. Resistance is now at 730 from 720 as the QQQ closed higher by 1.37% at 721.11.
- Bond Market is flat today on price with the 10-Year Yield at 4.686% from 4.71%.
Executive Summary:
- Stocks move into a one-week losing streak from a three-week winning streak, with the S&P 500 falling -1.43% in the last week, ended 8/21.
- U.S. moves into Week 27 of its attack on Iran, six months. Now we will try economic sanctions this week.
- The S&P 500 is now on a 1-day losing streak.
Key Geopolitical Events of Note
- Economic news of note.
- Weekly – Baker Hughes Rig Count of note.
- Monthly – Chicago PMI and University of Michigan Consumer Sentiment of note.
- President Trump’s schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in the Congressional Sapce Medal of Honor Presentation at 11:00 a.m. EDT from Houston.
- Calls the International Space Station at 12:00 p.m. EDT.
- Returns to Washington DC at a time to be determined.
- Fed and Other Speakers of Note: Federal Reserve Chairman Warsh speaks this morning from Jackson Hole, Wyoming
Capital Raises of Note/Pricings:
- IPO Filings & News: due out this week:
- Aggreko, Inc. files prospectus with SEC for an IPO; Number of shares offered and expected price range not yet determined.
- Secondaries Filed Or Priced: None of note.
- Notes Filed Or Priced: None of note.
- Convertible Offerings Filed or Priced: None of note.
- Private Placement: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders: None of note.
- Mixed Shelf Offerings:
AFTER THE CLOSE:
-
- Beats: AFRM +4.27, ULTA +0.35, ADSK +0.18, RBRK +0.16, WDAY +0.14 ESTC +0.12 GAP+0.04, MRVL +0.01, MRVL +0.01, S +0.01 of note.
- Misses: None of note.
- Flat: URBN of note.
What Happening This Morning:
Futures S&P 500 -5, NASDAQ 100 -95, Dow Jones +9. Europe is higher while Asia is higher. Bond yield is at 4.686% from 4.666% on the 10-Year. Crude Oil and Brent Crude are mixed with Natural Gas lower. Gold is lower with Silver and Copper higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $79,739 from $79,996.
Sector Action: Below is yesterday’s sectors sorted by Net%.
- One-Month Winners: Technology, Communication Services, Healthcare and Real Estate of note.
- Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
- Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
- Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
- Year-to-Date Winners: Energy, B, Consumer Defensive, Utilities and Industrials of note.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Friday After the Close None of note.
- Monday Before The Open None of note
Notable Earnings of Note This Morning:
- Beat: FRO +0.21 of note.
- Missed: of note.
- Flat: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note
- Mixed –None of note.
- Negative or Mixed Guidance: None of note.
Economic & Geopolitical
- Federal Reserve Speakers of note today:
- None of note
- President Trump’s schedule for today:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in the Congressional Sapce Medal of Honor Presentation at 11:00 a.m. EDT from Houston.
- Calls the International Space Station at 12:00 p.m. EDT.
- Returns to Washington DC at a time to be determined.
- Economic Data Out –
- Monthly
- August Chicago PMI is due out at 9:45 a.m. EDT and expected to fall to 57 from 57.60.
- August University of Michigan Consumer Sentiment (final) is due out at 9:45 a.m. EDT and expected to stay at 51.0
- Weekly
- Baker Hughes Rig Count is out at 1:00 p.m. EDT.
- Monthly
M&A Activity & Daily: None of note.
Meeting & Conferences of Note:
- Sellside Conferences:
- Jefferies Semiconductor, IT Hardware & Communications Technology Conference
- Deutsche Bank Technology Conference
- Midwest IDEAS Investor Conference
- Top Analyst, Investor: None of note.
- Shareholder Meetings: None of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings: None of note.
Upgrades & Downgrades: NOT UPDATED TODAY
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
Upgrades: of note.
Downgrades: of note.
Initiations: Buys: of note. Sells: of note.