Sep E-mini S&Ps (ESU16 -0.10%) are down -0.12% and European stocks are down -0.03% as the market consolidates following the sharp rally over the past three days. Stocks were under pressure on Chinese growth concerns after a private gauge of Chinese manufacturing activity unexpectedly fell. Losses in European stocks were limited after manufacturing activity in the Eurozone last month was revised up to a 6-month high. Global government bond markets rallied on speculation that the world's central banks will boost stimulus to contain the fallout from the Brexit vote after BOE Governor Carney signaled on Thursday the BOE could cut interest rates within months. The yield on the UK 10-year gilt fell to a record low of 0.776% and the 10-year yield on the Japanese 10-year bond fell further into negative territory as it slid to a record low -0.255%. Asian stocks settled higher: Japan +0.68%, Hong Kong closed for holiday, China +0.10%, Taiwan +0.83%, Australia +0.25%, Singapore +0.19%, South Korea +0.97%, India +0.54%.
The dollar index (DXY00 -0.42%) is down -0.40%. EUR/USD (^EURUSD) is up +0.14%. USD/JPY (^USDJPY) is down -0.56%.
Sep T-note prices (ZNU16 +0.39%) are up +20 ticks on the heels of rallies in UK gilts and Japanese bonds to record highs.
The Eurozone Jun Markit manufacturing PMI was revised upward to a 6-month high of 52.8 from the originally reported 52.6.
The China Jun Caixin manufacturing PMI fell -0.6 to 48.6, weaker than expectations of unch at 49.2 and the steepest pace of contraction in 4 months.
The Japan Q2 Tankan large manufacturing business conditions was unchanged at 6, stronger than expectations of -2 to 4.
Key U.S. news today includes: (1) final-Jun Markit manufacturing PMI (expected -0.1 to 51.3, prelim-Jun +0.7 to 51.4), (2) Jun ISM manufacturing index (expected unch at 51.3, May +0.5 to 51.3), (3) May construction spending (expected +0.6%, Apr -1.8% m/m), and (4) Jun total vehicle sales expected 17.29 million, May 17.37 million.
There is 1 of the Russell 1000 companies that reports earnings today: Alere (consensus $0.54).
U.S. IPO's scheduled to price today: Gemphire Therapeutics (GEMP), Randolph Bancorp (RNDB).
Equity conferences today include: none.
Micron Technology (MU +4.32%) slumped over 9% in pre-market trading after it reported Q3 net sales of $2.90 billion, below consensus of $2.96 billion, and forecast Q4 revenue of $2.9 billion-$3.2 billion, less than consensus of $3.21 billion.
SolarCity (SCTY -1.48%) was downgraded to 'Neutral' from 'Ourperform' at Credit Suisse with a target price of $27.
Concern Pharmaceuticals (CNCE -0.53%) was rated a new 'Buy' at Stifel with a 12-month price target of $23.
Preferred Bank/Los Angeles (PFBC +0.49%) was rated a new 'Outperform' at FBR Capital Markets with a 12-month price target of $37.
Skyworks Solutions (SWKS +2.51%) was downgraded to 'Neutral' rom 'Buy' at Mizuho Securities with a 12-month price target of $68.
Huntington Ingalls Industries (HII +2.18%) won a $272.5 million contract from the U.S. Navy to build the LHA 8, a large-deck amphibious assault warship.
Netflix (NFLX +0.46%) rose over 3% in after-hours trading after 7Park had positive comments on Netflix Q2 international subscribers.
Tesla (TSLA +0.99%) fell over 2% in after-hours trading after the U.S. National Highway Safety Administration (NHTSA) said it opened an investigation into a fatal crash involving a Tesla Model S sedan when the 'Autopilot' feature was engaged.
Mobileye (MBLY +9.96%) dropped over 4% in after-hours trading after the NHTSA said it opened a preliminary investigation into a fatal crash involving a Tesla car using Mobileye's 'Autopilot' feature.
Wingstop (WING -0.18%) gained over 3% in after-hours trading after it set a $2.90 special dividend and closed on a new $180 million senior secured debt facility.
Franklin Covey (FC +5.87%) tumbled 12% in after-hours trading after it reported an unexpected -7 cent Q3 EPS loss, much weaker than consensus for a 7 cent gain.
Array BioPharma (ARRY +2.01%) climbed over 5% in after-hours trading after it submitted an application to the FDA for approval for its bibimetinib in patients with advanced NRAS-mutant melanoma.
September E-mini S&Ps (ESU16 -0.10%) this morning are down -2.50 points (-0.12%). Thursday's closes: S&P 500 +1.36%, Dow Jones +1.33%, Nasdaq +1.21%. The S&P 500 on Thursday closed higher on signs that global central banks will take the necessary measures to address the Brexit crisis after BOE Governor Carney said the BOE may need to loosen monetary policy to contain the fallout from the UK's Brexit vote. Stocks were also boosted by the +7.5 point increase in the Jun Chicago PMI to a 17-month high of 56.8, stronger than expectations of +1.7 to 51.0. Stocks were undercut by Dallas Fed President Kaplan's comment that the likely effect of the Brexit vote will be to slow GDP growth.
Sep 10-year T-note prices (ZNU16 +0.39%) this morning are up +20 ticks. Thursday's closes: TYU6 -2.50. FVU6 +2.50. Sep T-notes on Thursday closed lower on reduced safe-haven demand with the rally in stocks and on the larger-than-expected +7.5 point gain in the Jun Chicago PMI to a 17-month high. T-notes found support on the rally in UK gilt prices to a record high after BOE Governor Carney said the BOE may need to boost easing measures to contain the effects of the Brexit crisis.
The dollar index (DXY00 -0.42%) this morning is down -0.388 (-0.40%). EUR/USD (^EURUSD) is up +0.0016 (+0.14%). USD/JPY (^USDJPY) is down-0.58 (-0.56%). Thursday's closes: Dollar Index +0.374 (+0.39%), EUR/USD -0.0019 (-0.17%), USD/JPY +0.37 (+0.36%). The dollar index on Thursday close higher on weakness in GBP/USD which fell back toward Monday's 30-3/4 year low after BOE Governor Carney said the BOE may need to loosen monetary policy to contain the fallout from the UK's Brexit vote. The dollar index also received a boost from signs of U.S. economic strength after the Jun Chicago PMI expanded at its fastest pace in 17 months.
Aug WTI crude oil (CLQ16 -0.50%) this morning is down -19 cents (-0.39%). Aug gasoline (RBQ16 -1.85%) is down -0.0256 (01.71%). Thursday's closes: CLQ6 -1.48 (-2.97%), RBQ6 -0.0378 (-2.46%). Aug crude oil and gasoline on Thursday closed lower on the stronger dollar and on the announcement by Nigeria's oil minister that his government began a cease-fire with rebels in the Delta region, which may lead to increased Nigerian oil production as rebels stop attacks on Nigeria's oil infrastructure.
|Friday, July 1, 2016|
|US||0945 ET||Final-Jun Markit manufacturing PMI expected -0.1 to 51.3, prelim-Jun +0.7 to 51.4.|
|1000 ET||Jun ISM manufacturing index expected unch at 51.3, May +0.5 to 51.3. Jun ISM new orders, May -0.1 to 55.7. Jun ISM employment, May unch at 49.2. Jun ISM prices paid expected unch at 63.5, May +4.5 to 63.5.|
|1000 ET||May construction spending expected +0.6%, Apr -1.8% m/m.|
|n/a||Jun total vehicle sales expected 17.29 million, May 17.37 million. Jun domestic vehicle sales expected 13.40 million, May 13.33 million.|
|Monday, July 4, 2016|
|US||n/a||U.S. markets and government offices closed for Independence Day.|
|UK||0430 ET||UK Jun Markit/CIPS construction PMI, May 51.2.|
|EUR||0430 ET||Eurozone Jul Sentix investor confidence, Jun +3.7 to 9.9.|
|0500 ET||Eurozone May PPI, Apr -0.3% m/m and -4.4% y/y|
|Alnylam Pharmaceuticals Inc||ALNY||8:30||Patisiran and Revusiran Clinical Results Call|
|Ford Motor Co||F||9:15||June 2016 Sales and Revenue Release||2016|
|Ball Corp||BLL||9:30||Business Update Call|
|Ford Motor Co||F||10:00||June 2016 Sales and Revenue Call||2016|
|Akorn Inc||AKRX||11:00||Annual General Meeting||2016|
|Procter & Gamble Co/The||PG||CEO David Taylor to Succeed A.G. Lafley as Chairman: NSN O840KJ6S973D<GO>|
|Bed Bath & Beyond Inc||BBBY||Annual General Meeting|
|Alere Inc||ALR||Q1 2016 Earnings Release|