**Overnight Markets and News**
Sep E-mini S&Ps (ESU18 -0.01%) this morning are up +0.04% at a 4-month high and European stocks are up +0.35%. JPMorgan Chase is up over 1% in pre-market trading and is boosting bank stocks after it reported stronger-than-expected Q2 earnings results. On the negative side, China reported its trade surplus with the U.S. rose to a record $28.97 billion, highlighting the cause of the escalating trade war. China's exports to the U.S. in Jun also climbed to a record $42.62 billion. Energy stocks are weaker as well with Aug WTI crude oil (CLQ18 -0.21%) down -0.24%. Crude oil prices weakened on concern about slowing demand from China, the world's second-largest crude consumer, after China Jun crude imports fell -12% m/m to 8.39 million bpd, the lowest in 6-months. Asian stocks settled mostly higher: Japan +1,85%, Hong Kong +0.16%, China -0.23%, Taiwan +1.17%, Australia unch, Singapore +0.23%, South Korea +1.44%, India -0.02%. Chinese stocks erased an early rally and closed slightly lower as the yuan weakened to a 1-1/2 week low against the dollar. Chinese stocks had found support on stronger-than-expected China Jun exports, a sign of economic strength. Japan's Nikkei Stock Index climbed to a 3-week high as exporters rallied on a weaker yen that boosts exporters' earnings prospects after USD/JPY climbed to a new 6-month high.
**Overnight Markets and News**
Sep E-mini S&Ps (ESU18 -0.01%) this morning are up +0.04% at a 4-month high and European stocks are up +0.35%. JPMorgan Chase is up over 1% in pre-market trading and is boosting bank stocks after it reported stronger-than-expected Q2 earnings results. On the negative side, China reported its trade surplus with the U.S. rose to a record $28.97 billion, highlighting the cause of the escalating trade war. China's exports to the U.S. in Jun also climbed to a record $42.62 billion. Energy stocks are weaker as well with Aug WTI crude oil (CLQ18 -0.21%) down -0.24%. Crude oil prices weakened on concern about slowing demand from China, the world's second-largest crude consumer, after China Jun crude imports fell -12% m/m to 8.39 million bpd, the lowest in 6-months. Asian stocks settled mostly higher: Japan +1,85%, Hong Kong +0.16%, China -0.23%, Taiwan +1.17%, Australia unch, Singapore +0.23%, South Korea +1.44%, India -0.02%. Chinese stocks erased an early rally and closed slightly lower as the yuan weakened to a 1-1/2 week low against the dollar. Chinese stocks had found support on stronger-than-expected China Jun exports, a sign of economic strength. Japan's Nikkei Stock Index climbed to a 3-week high as exporters rallied on a weaker yen that boosts exporters' earnings prospects after USD/JPY climbed to a new 6-month high.
The dollar index (DXY00 +0.42%) is up +0.32% at a 2-week high. EUR/USD (^EURUSD -0.38%) is down -0.37% at a 1-1/2 week low. USD/JPY (^USDJPY +0.08%) is up +0.04% at a new 6-month high.
Sep 10-year T-note prices (ZNU18 +0-040) are up +4.5 ticks.
China Jun new yuan loans were 1.84 trillion yuan, stronger than expectations of +1.535 trillion yuan. Jun aggregate financing rose +1.18 trillion yuan, weaker than expectations of +1.40 trillion yuan.
The China Jun trade balance was in surplus by +$41.61 billion, wider than expectations of +$27.72 billion and the largest surplus in 6-months. Jun exports rose +11.3% y/y, stronger than expectations of +9.5% y/y. Jun imports rose +14.1% y/y, weaker than expectations of +21.3% y/y.
**U.S. Stock Preview**
Key U.S. news today includes: (1) Jun import price index (expected +0.1% m/m and +4.6% y/y, May +0.6% m/m and +4.3% y/y), (2) preliminary-Jul University of Michigan U.S. consumer sentiment index (expected -0.2 to 98.0, Jun +0.2 to 98.2), (3) Fed releases semi-annual monetary policy report that Fed Chair Jerome Powell will present when he testifies before the Senate Banking Committee on July 17, (4) Atlanta Fed President Raphael Bostic (voter) holds a town hall chat at the UVA Northern Virginia Center.
Notable Russell 1000 earnings reports today include: Citigroup (consensus $1.56), JP Morgan Chase (2.22), Wells Fargo (1.12), First Republic (1.16), PNC Financial Services Group (2.57).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week: none.
Overnight U.S. Stock Movers
JPMorgan Chase (JPM +0.43%) rose more than 1% in pre-market trading after it reported Q2 FICC sales and trading revenue of $3.45 billion, better than consensus of $3.20 billion.
BlackRock (BLK +0.75%) was upgraded to 'Outperform from 'Market Perform' at Keefe, Bruyette & Woods with a price target of $617.
Monro (MNRO +1.07%) was upgraded to 'Buy from 'Neutral' at Goldman Sachs with a price target of $71.
VF Corp (VFC +0.46%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch.
Broadcom (AVGO -13.74%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital Markets.
Oshkosh (OSK +1.98%) was rated anew 'Buy' at Longbow Research with a price target of $88.
McDonald’s (MCD +0.32%) lost 1% in after-hours trading after the Illinois Department of Public Health received confirmation of about 90 cases of cyclophorias, possibly liked to salads produced for McDonald's restaurants.
Children's Place (PLCE -1.93%) was rated an 'Outperform' at Wedbush with a price target of $150.
Ingredion (INGR -0.22%) fell 4% in after-hours trading after it cut its 2018 adjusted EPS forecast to $7.50-$7.80 from a prior view of $7.90-$8.20, below consensus of $7.90, due to lower than expected North America performance.
AT&T (T +1.13%) lost 1% in after-hours trading after the U.S. Justice Department said it is appealing a judge's decision allowing AT&T's takeover of Time Warner.
Avenue Therapeutics (ATXI -0.27%) was rated a new 'Outperform' at Oppenheimer with a price target of $8.
Chaparral Energy (CHPE -5.01%) was rate a new 'Buy' at Johnson Rice & Co.
Gogo (GOGO +5.01%) rallied 6% in after-hours trading after it said it was considering options that include splitting into separate companies servicing commercial and business aircraft.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Sep E-mini S&Ps (ESU18 -0.01%) this morning are up +0.04% at a 4-month high and European stocks are up +0.35%. JPMorgan Chase is up over 1% in pre-market trading and is boosting bank stocks after it reported stronger-than-expected Q2 earnings results. On the negative side, China reported its trade surplus with the U.S. rose to a record $28.97 billion, highlighting the cause of the escalating trade war. China's exports to the U.S. in Jun also climbed to a record $42.62 billion. Energy stocks are weaker as well with Aug WTI crude oil (CLQ18 -0.21%) down -0.24%. Crude oil prices weakened on concern about slowing demand from China, the world's second-largest crude consumer, after China Jun crude imports fell -12% m/m to 8.39 million bpd, the lowest in 6-months. Asian stocks settled mostly higher: Japan +1,85%, Hong Kong +0.16%, China -0.23%, Taiwan +1.17%, Australia unch, Singapore +0.23%, South Korea +1.44%, India -0.02%. Chinese stocks erased an early rally and closed slightly lower as the yuan weakened to a 1-1/2 week low against the dollar. Chinese stocks had found support on stronger-than-expected China Jun exports, a sign of economic strength. Japan's Nikkei Stock Index climbed to a 3-week high as exporters rallied on a weaker yen that boosts exporters' earnings prospects after USD/JPY climbed to a new 6-month high.
**Overnight Markets and News**
Sep E-mini S&Ps (ESU18 -0.01%) this morning are up +0.04% at a 4-month high and European stocks are up +0.35%. JPMorgan Chase is up over 1% in pre-market trading and is boosting bank stocks after it reported stronger-than-expected Q2 earnings results. On the negative side, China reported its trade surplus with the U.S. rose to a record $28.97 billion, highlighting the cause of the escalating trade war. China's exports to the U.S. in Jun also climbed to a record $42.62 billion. Energy stocks are weaker as well with Aug WTI crude oil (CLQ18 -0.21%) down -0.24%. Crude oil prices weakened on concern about slowing demand from China, the world's second-largest crude consumer, after China Jun crude imports fell -12% m/m to 8.39 million bpd, the lowest in 6-months. Asian stocks settled mostly higher: Japan +1,85%, Hong Kong +0.16%, China -0.23%, Taiwan +1.17%, Australia unch, Singapore +0.23%, South Korea +1.44%, India -0.02%. Chinese stocks erased an early rally and closed slightly lower as the yuan weakened to a 1-1/2 week low against the dollar. Chinese stocks had found support on stronger-than-expected China Jun exports, a sign of economic strength. Japan's Nikkei Stock Index climbed to a 3-week high as exporters rallied on a weaker yen that boosts exporters' earnings prospects after USD/JPY climbed to a new 6-month high.
The dollar index (DXY00 +0.42%) is up +0.32% at a 2-week high. EUR/USD (^EURUSD -0.38%) is down -0.37% at a 1-1/2 week low. USD/JPY (^USDJPY +0.08%) is up +0.04% at a new 6-month high.
Sep 10-year T-note prices (ZNU18 +0-040) are up +4.5 ticks.
China Jun new yuan loans were 1.84 trillion yuan, stronger than expectations of +1.535 trillion yuan. Jun aggregate financing rose +1.18 trillion yuan, weaker than expectations of +1.40 trillion yuan.
The China Jun trade balance was in surplus by +$41.61 billion, wider than expectations of +$27.72 billion and the largest surplus in 6-months. Jun exports rose +11.3% y/y, stronger than expectations of +9.5% y/y. Jun imports rose +14.1% y/y, weaker than expectations of +21.3% y/y.
**U.S. Stock Preview**
Key U.S. news today includes: (1) Jun import price index (expected +0.1% m/m and +4.6% y/y, May +0.6% m/m and +4.3% y/y), (2) preliminary-Jul University of Michigan U.S. consumer sentiment index (expected -0.2 to 98.0, Jun +0.2 to 98.2), (3) Fed releases semi-annual monetary policy report that Fed Chair Jerome Powell will present when he testifies before the Senate Banking Committee on July 17, (4) Atlanta Fed President Raphael Bostic (voter) holds a town hall chat at the UVA Northern Virginia Center.
Notable Russell 1000 earnings reports today include: Citigroup (consensus $1.56), JP Morgan Chase (2.22), Wells Fargo (1.12), First Republic (1.16), PNC Financial Services Group (2.57).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week: none.
Overnight U.S. Stock Movers
JPMorgan Chase (JPM +0.43%) rose more than 1% in pre-market trading after it reported Q2 FICC sales and trading revenue of $3.45 billion, better than consensus of $3.20 billion.
BlackRock (BLK +0.75%) was upgraded to 'Outperform from 'Market Perform' at Keefe, Bruyette & Woods with a price target of $617.
Monro (MNRO +1.07%) was upgraded to 'Buy from 'Neutral' at Goldman Sachs with a price target of $71.
VF Corp (VFC +0.46%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch.
Broadcom (AVGO -13.74%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital Markets.
Oshkosh (OSK +1.98%) was rated anew 'Buy' at Longbow Research with a price target of $88.
McDonald’s (MCD +0.32%) lost 1% in after-hours trading after the Illinois Department of Public Health received confirmation of about 90 cases of cyclophorias, possibly liked to salads produced for McDonald's restaurants.
Children's Place (PLCE -1.93%) was rated an 'Outperform' at Wedbush with a price target of $150.
Ingredion (INGR -0.22%) fell 4% in after-hours trading after it cut its 2018 adjusted EPS forecast to $7.50-$7.80 from a prior view of $7.90-$8.20, below consensus of $7.90, due to lower than expected North America performance.
AT&T (T +1.13%) lost 1% in after-hours trading after the U.S. Justice Department said it is appealing a judge's decision allowing AT&T's takeover of Time Warner.
Avenue Therapeutics (ATXI -0.27%) was rated a new 'Outperform' at Oppenheimer with a price target of $8.
Chaparral Energy (CHPE -5.01%) was rate a new 'Buy' at Johnson Rice & Co.
Gogo (GOGO +5.01%) rallied 6% in after-hours trading after it said it was considering options that include splitting into separate companies servicing commercial and business aircraft.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
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