Sep E-mini S&Ps (ESU16 -0.22%) are down -0.20% ahead of data on U.S. Jul ADP employment. Losses in U.S. stock index futures were limited as energy producing stocks rose as the price of crude oil (CLU16 +0.38%) climbed +0.51% after API data late yesterday showed U.S. oil inventories fell by -1.34 million bbl. European stocks are down -0.01% at a 3-week low as automakers fell after tire manufacturer Continental AG dropped over 1% when it reported Q2 revenue that was below expectations. Losses in European stocks were contained after the Eurozone Jul Markit composite PMI unexpectedly accelerated to the highest in six months. Activity in European trading was muted ahead of tomorrow's BOE policy meeting that is expected to show the BOE boosting easing measures to contain the Brexit fallout. Asian stocks settled mostly lower: Japan -1.88%, Hong Kong -1.76%, China +0.24%, Taiwan -0.74%, Australia-1.35%, Singapore -1.02%, South Korea -1.30%, India -1.02%. Chinese stocks closed higher after brokerage-related stocks rallied after people familiar with the matter said that China's futures exchange is planning to relax trading restrictions it implemented last year after China's stock market rout. Japan's Nikkei Stock Index fell to a 3-week low as exporter stocks sold-off when USD/JPY tumbled to a 3-week low on disappointment over the size of Prime Minister Abe's stimulus package.
The dollar index (DXY00 +0.20%) is up +0.20%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.36%.
Sep T-note prices (ZNU16 -0.01%) are down -1 tick.
The Eurozone Jul Markit composite PMI was revised upward to 53.2 from the originally reported 52.9, the fastest pace of expansion in 6 months.
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%), (2) Jul ADP employment (expected +170,000, Jun +172,000), (3) revised-Jul Markit services PMI (expected +0.1 to 51.0, prelim-Jul -0.5 to 50.9), (4) Jul ISM non-manufacturing PMI (expected -0.5 to 56.0, Jun +3.6 to 56.5), (5) EIA Weekly Petroleum Status Report.
There are 29 of the S&P 500 companies that report earnings today with notable reports including: Time Warner (consensus $1.17), Marathon Oil (-0.25), Allstate (0.58), ICE (3.38), Humana (2.28), Prudential Financial (2.50), MetLife (1.35), First Solar (0.54). TripAdvisor (0.42).
U.S. IPO's scheduled to price today: At Home Group (HOME), Atomera (ATMR)
Equity conferences this week include: Wells Fargo Services Conference on Wed-Thu.
American International Group (AIG -0.13%) gained over 2% in pre-market trading after it reported Q2 operating EPS of 98 cents, higher than consensus of 92 cents, and then said it will add up to $3 billion to its stock buyback plan.
Verisk Analytics (VRSK -1.34%) lost over 4% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 73 cents, below consensus of 76 cents.
Hanesbrands (HBI -3.39%) fell nearly 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, weaker than consensus of 52 cents.
Phillips 66 (PSX +2.55%) was upgraded to 'Outperform' from 'Market Perform' at Cowen.
Fitbit (FIT -3.87%) rose over 5% in after-hours trading after it reported Q2 adjusted EPS of 12 cents, above consensus of 11 cents.
Qorvo (QRVO -3.18%) slid over 7% in after-hours trading after it reported fiscal-year Q1 gross margin of 48.2%, weaker than consensus of 50% and then said it sees fiscal-year Q2 gross margin of 47%, below consensus of 50.3%.
Community Health Systems (CYH -3.02%) dropped over 12% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 9 cents, well below consensus of 56 cents, and then lowered its view of 2016 EPS continuing operations to $1.40-$1.90 from a prior view of $2.50-$2.80.
Hudson Technologies (HDSN +7.41%) gained over 3% in after-hours trading after it reported Q2 EPS of 14 cents, higher than consensus of 11 cents.
Oclaro (OCLR -3.99%) rose over 9% in after-hours trading after it reported Q4 adjusted EPS of 11 cents, better than consensus of 6 cents, and then forecast Q1 revenue of $126 million-$134 million, above consensus of $118.6 million.
Stone Energy (SGY -1.16%) sank 20% in after-hours trading after it reported a Q2 adjusted loss of -$7.45, a bigger loss than consensus of -$6.12.
Big 5 Sporting Goods (BGFV +1.65%) climbed nearly 10% in after-hours trading after it reported Q2 net sales of $241.4 million, above consensus of $239 million.
ZAGG Inc. (ZAGG -0.31%) jumped over 11% in after-hours trading after it reported Q2 adjusted EPS of 11 cents, well above consensus of 2 cents.
Cray (CRAY -0.92%) plunged 20% in after-hours trading after it reported a Q2 adjusted EPS loss of -29 cents, a wider loss than consensus of -2 cents, and then cut its fiscal 2016 revenue estimate to in the range of $650 million, well below consensus of $796 million.
Sep E-mini S&Ps (ESU16 -0.22%) this morning are down -4.25 points (-0.20%). Tuesday's closes: S&P 500 -0.64%, Dow Jones -0.49%, Nasdaq -0.77%. The S&P on Tuesday tumbled to a 2-1/2 week low and closed lower on the weaker-than-expected +0.2% increase in U.S. Jun personal income (vs expectations of +0.3%) and weakness in energy producers due to the -1.37% drop in crude oil prices to a new 3-1/2 month low. Stocks were also undercut by long liquidation pressures after the +9.4% rally in the S&P 500 over the past month to Monday's all-time high.
Sep 10-year T-notes (ZNU16 -0.01%) this morning are down -1 tick. Tuesday's closes: TYU6 -8.00, FVU6 -3.00. Sep T-notes on Tuesday closed lower on negative carry-over from a slide in German bund prices after Eurozone Jun PPI rose more than expected and the +0.4% increase in U.S. Jun personal spending (stronger than expectations of +0.3%).
The dollar index (DXY00 +0.20%) this morning is up +0.187 (+0.20%). EUR/USD (^EURUSD) is down -0.0023 (-0.20%). USD/JPY (^USDJPY) is up +0.36 (+0.36%). Tuesday's closes: Dollar index -0.649 (-0.68%), EUR/USD +0.0061 (+0.55%), USD/JPY -1.50 (-1.46%). The dollar index on Tuesday dropped to a 1-1/4 month low and closed lower on strength in EUR/USD which rallied to a 1-1/4 month high after Eurozone Jun PPI rose +0.7% m/m, the largest monthly increase in 3-3/4 years, perhaps keeping the ECB from expanding stimulus measures. In addition, USD/JPY fell to a 3-week low on a yen rally generated by some disappointment that the Japanese government announced only 4.6 trillion yen ($45 billion) in extra spending for the current fiscal year as part of its fiscal stimulus package.
Sep WTI crude oil (CLU16 +0.38%) this morning is up +20 cents (+0.51%) and Sep gasoline (RBU16 -0.41%) is down -0.0037 (-0.38%). Tuesday's closes: CLU6 -0.55 (-1.37%), RBU6 +0.0080 (+0.61%). Sep crude oil and gasoline on Tuesday settled mixed with Sep crude at a 3-1/2 month low. Crude oil was undercut by increased OPEC output as OPEC July crude production rose +130,000 bpd to a record 33.24 million bpd. Gasoline received a boost from the fall in the dollar index to a 1-1/4-month low and on increased refinery demand for gasoline as the crack spread rose to a 1-month high.
|Wednesday, Aug 3|
|US||0700 ET||Weekly MBA mortgage applications, previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%.|
|0815 ET||Jul ADP employment change expected +170,000, Jun +172,000.|
|0830 ET||Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Aug 9-11 in the Aug quarterly refunding.|
|0945 ET||Revised Jul Markit services PMI expected +0.1 to 51.0; prelim-Jul -0.5 to 50.9. Revised Jul Markit composite PMI, prelim-Jul +0.3 to 51.5.|
|1000 ET||Jul ISM non-manufacturing PMI expected -0.5 to 56.0, Jun +3.6 to 56.5.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|Thursday, Aug 4|
|Thu||US||0730 ET||Jul Challenge job cuts, Jun -14.1% y/y.|
|0830 ET||Weekly initial unemployment claims expected -1,000 to 265,000, previous +14,000 to 266,000. Weekly continuing claims expected-9,000 to 2.130 million, previous +7,000 to 2.139 million.|
|0830 ET||USDA weekly Export Sales.|
|1000 ET||Jun factory orders expected -1.9% and -0.2% ex transportation, May -1.0% and +0.1% ex-transportation.|
|GER||0330 ET||German Jul Markit construction PMI, Jun 50.4.|
|UK||0400 ET||UK Jul new car registrations, Jun -0.8% y/y.|
|0700 ET||BOE Quarterly inflation report.|
|0700 ET||BOE announces interest rate decision and asset purchase target, expected -25 bp cut to the benchmark rate to 0.25% and the asset purchase target to remain unch at 375 billion pounds.|
|JPN||2000 ET||Japan Jun labor cash earnings expected +0.3% y/y, May -0.1%y/y. Jun real cash earnings, May +0.4% y/y.|
|Clorox Co/The||CLX||Bef-mkt||Q4 2016 Earnings Release||Q4 2016||1.277|
|Dominion Resources Inc/VA||D||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.708|
|Noble Energy Inc||NBL||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||-0.286|
|Occidental Petroleum Corp||OXY||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||-0.18|
|Time Warner Inc||TWX||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||1.165|
|Xcel Energy Inc||XEL||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.404|
|Spectra Energy Corp||SE||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.266|
|Zoetis Inc||ZTS||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.444|
|Delphi Automotive PLC||DLPH||6:45||Q2 2016 Earnings Release||Q2 2016||1.556|
|Humana Inc||HUM||7:30||Q2 2016 Earnings Release||Q2 2016||2.283|
|Intercontinental Exchange Inc||ICE||7:30||Q2 2016 Earnings Release||Q2 2016||3.378|
|American International Group Inc||AIG||8:00||Q2 2016 Earnings Call||Q2 2016|
|Time Warner Inc||TWX||8:30||Q2 2016 Earnings Call||Q2 2016|
|Intercontinental Exchange Inc||ICE||8:30||Q2 2016 Earnings Call||Q2 2016|
|Verisk Analytics Inc||VRSK||8:30||Q2 2016 Earnings Call||Q2 2016|
|Zoetis Inc||ZTS||8:30||Q2 2016 Earnings Call||Q2 2016|
|FMC Corp||FMC||9:00||Q2 2016 Earnings Call||Q2 2016|
|Spectra Energy Corp||SE||9:00||Q2 2016 Earnings Call||Q2 2016|
|Delphi Automotive PLC||DLPH||9:00||Q2 2016 Earnings Call||Q2 2016|
|Qorvo Inc||QRVO||9:00||Annual General Meeting|
|Concho Resources Inc||CXO||9:30||Q2 2016 Earnings Call||Q2 2016|
|CA Inc||CA||10:00||Annual General Meeting|
|Dominion Resources Inc/VA||D||10:00||Q2 2016 Earnings Call||Q2 2016|
|Noble Energy Inc||NBL||10:00||Q2 2016 Earnings Call||Q2 2016|
|Occidental Petroleum Corp||OXY||10:00||Q2 2016 Earnings Call||Q2 2016|
|ONEOK Inc||OKE||10:00||Q2 2016 Earnings Call||Q2 2016|
|Xcel Energy Inc||XEL||10:00||Q2 2016 Earnings Call||Q2 2016|
|Newfield Exploration Co||NFX||11:00||Q2 2016 Earnings Call||Q2 2016|
|Devon Energy Corp||DVN||11:00||Q2 2016 Earnings Call||Q2 2016|
|Clorox Co/The||CLX||13:30||Q4 2016 Earnings Call||Q4 2016|
|Twenty-First Century Fox Inc||FOXA||16:00||Q4 2016 Earnings Release||Q4 2016||0.369|
|Allstate Corp/The||ALL||16:15||Q2 2016 Earnings Release||Q2 2016||0.582|
|Twenty-First Century Fox Inc||FOXA||16:30||Q4 2016 Earnings Call||Q4 2016|
|Western Union Co/The||WU||16:30||Q2 2016 Earnings Call||Q2 2016|
|First Solar Inc||FSLR||16:30||Q2 2016 Earnings Call||Q2 2016|
|CenturyLink Inc||CTL||17:00||Q2 2016 Earnings Call||Q2 2016|
|CF Industries Holdings Inc||CF||17:00||Q2 2016 Earnings Release||Q2 2016||0.664|
|CenturyLink Inc||CTL||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.595|
|Lincoln National Corp||LNC||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||1.563|
|Tesoro Corp||TSO||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||1.764|
|Marathon Oil Corp||MRO||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||-0.245|
|Transocean Ltd||RIG||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||-0.016|
|Albemarle Corp||ALB||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||1.005|
|Prudential Financial Inc||PRU||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||2.498|
|Western Union Co/The||WU||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.401|
|MetLife Inc||MET||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||1.349|
|Cimarex Energy Co||XEC||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||-0.012|
|Equinix Inc||EQIX||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||2.998|
|First Solar Inc||FSLR||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.543|
|TripAdvisor Inc||TRIP||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.418|
|American Water Works Co Inc||AWK||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.73|
|Equinix Inc||EQIX||17:30||Q2 2016 Earnings Call||Q2 2016|
|Costco Wholesale Corp||COST||21:00||July 2016 Sales and Revenue Release||2016|
|Equifax Inc||EFX||Investor Meeting||Y 2016|
|Leucadia National Corp||LUK||Q2 2016 Earnings Release||Q2 2016||0.13|