**Overnight Markets and News**
*Sep E-mini S&Ps (ESU18 -0.61%) this morning are down -0.55% and European stocks are down -0.77% as global stocks and commodities slide on concern the China/U.S. trade spat and financial turmoil in Turkey will lead to slower economic growth throughout the world. Weakness in mining stocks, energy companies and raw-material producers are leading losses in the overall market as Sep COMEX copper (HGU18 -2.72%) plunges -2.54% to a 13-1/2 month low, Dec COMEX gold (GCZ18 -0.71%) drops -0.69% to a 1-1/2 year low and Sep WTI crude oil (CLU18 -0.97%) falls -1.31%. Crude oil prices were also weighed down after API data late Tuesday afternoon showed U.S. crude inventories rose +3.66 million bbl last week. The Turkish lira rose for a second day and climbed more than 3% against the dollar after Turkey's banking regulator limited the amount of currency swap transactions banks can participate in by half to 25% of shareholder equity. Asian stocks settled mostly lower: Japan -0.68%, Hong Kong -1.55%, China -2.08%, Taiwan -0.99%, Australia +0.47%, Singapore -0.27%, South Korea and India closed for holiday. China's Shanghai Composite fell to a 1-week low after the yuan tumbled to a 17-month low of 6.9137 per dollar on concern the ongoing China/U.S. trade war will slow China's economic growth.
*The dollar index (DXY00 +0.16%) is up +0.15% at a 13-1/2 month high. EUR/USD (^EURUSD -0.24%) is down -0.26% at a 13-1/4 month low. USD/JPY (^USDJPY -0.13%) is down -0.03%.
*Sep 10-year T-note prices (ZNU18 +0-065) are up +5 ticks as the slide in stocks boosts the safe-haven demand for T-notes.
*China Jul home prices rose +1.21% m/m, the largest increase in 22-months.
*UK Jul CPI was unch m/m and rose +2.5% y/y, right on expectations. The Jul core CPI rose +1.9% y/y, right on expectations.
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -3.0% to 342.5 with purchase sub-index down -2.0% to 233.1 and refi sub-index down -4.5% to 927.6), (2) Q2 non-farm productivity (expected +2.4%, Q1 +0.4%) and Q2 unit labor costs (expected +0.2%, Q1 +2.9%), (3) Aug Empire survey manufacturing business conditions index (expected -2.6 to 20.0, Jul -2.4 to 22.6), (4) Jul retail sales (expected +0.1% and +0.4% ex autos, Jun +0.5% and +0.4% ex autos), (5) Jul industrial production (expected +0.3%, Jun +0.6%), (6) Jun business inventories (expected +0.1%, May +0.4%), (7) Aug NAHB housing market index (expected -1 to 67, Jul unch at 68), (8) EIA weekly Petroleum Status Report.
*Notable Russell 2000 earnings reports today include: Cisco Systems (consensus $0.69), Macy's (0.50), NetApp (0.80).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: D&H Technology Conference 2018 on Thu.
**Overnight U.S. Stock Movers**
*Schnitzer Steel Industries (SCHN -2.25%) was downgraded to 'Underweight' from 'Equal-Weight' at Morgan Stanley with a price target of $26.
*Union Pacific (UNP +1.05%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
*Nvidia (NVDA +2.07%) gained 1% in after-hours trading after it was upgraded by two levels to 'Outperform' from 'Underperform' at Wells Fargo Securities with a price target of $315.
*Energen (EGN +2.49%) rose more than 6% in after-hours trading after it was acquired by Diamondback Energy in a deal valued at $9.2 million. Diamondback Energy (FANG +1.43%) dropped 6% on the news.
*Norfolk Southern (NSC +0.63%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $205.
*IntriCon (IIN +7.27%) fell 4% in after-hours trading after it announced that it intends to offer 1.5 million shares of its common stock in an underwritten public offering.
*PetIQ (PETQ +3.82%) jumped more than 12% in after-hours trading after it reported Q2 net sales of $171.1 million, higher than consensus of $148.4 million, and then boosted its 2018 net sales outlook to $500 million from a prior view of $450 million to $500 million.
*Carrizo Oil & Gas (CRZO +2.70%) slid 4% in after-hours trading after it announced that it had commenced an underwritten public offering of 9.5 million of shares of its common stock.
*Perspecta (PRSP -1.41%) climbed more than 5% in after-hours trading after it reported Q1 pro forma revenue rose +2% y/y.
*Casa Systems (CASA -1.14%) plunged more than 20% in after-hours trading after it reported Q2 revenue of $68.7 million, well below consensus of $90.6 million, and then cut guidance on 2018 revenue to $330 million to $350 million from a May 10 view of $380 million to $395 million, weaker than consensus of $390.7 million.
*Tellurian (TELL +1.28%) was rated 'Outperform' at Baird with a price target of $15.
*ViewRay (VRAY -0.20%) lost nearly 3% in after-hours trading after it announced that it had commenced an underwritten public offering of $125 million of shares of its common stock.
*Strongbridge Biopharma PLC (SBBP +4.17%) dropped 7% in after-hours trading after it announced that it intends to offer 9 million shares of its common stock in an underwritten public offering.
**Market Comments**
*Sep S&P 500 E-minis (ESU18 -0.61%) this morning are down -15.50 points (-0.55%). Tuesday's closes: S&P 500 +0.64%, Dow Jones +0.45%, Nasdaq 100 +0.62%. The S&P 500 on Tuesday closed higher on reduced financial turmoil in Turkey that gave a boost to global equity markets after the Turkish lira climbed 7% against the dollar. Stocks were also boosted by strength in technology stocks. There was also carry-over support from an upward revision in Eurozone Q2 GDP, which is positive for the global economy.
*Sep 10-year T-notes (ZNU18 +0-065) this morning are up +5 ticks. Tuesday's closes: TYU8 -4.50, FVU8 -2.75. Sep 10-year T-notes on Tuesday closed lower on an easing of financial turmoil in Turkey that boosted stocks and reduced the safe-haven demand for T-notes after the Turkish lira rallied 7% against the dollar. T-note prices were also undercut by an increase in import price pressures after the U.S. Jun import price index rose +4.8% y/y, the largest increase in 6-1/3 years.
*The dollar index (DXY00 +0.16%) this morning is up +0.147 (+0.15%) at a fresh 13-1/2 month high. EUR/USD (^EURUSD -0.24%) is down -0.0029 (-0.26%) at a new 13-1/4 month low. USD/JPY (^USDJPY -0.13%) is down -0.03 (-0.03%). Tuesday's closes: Dollar Index +0.340 (+0.35%), EUR/USD -0.0066 (-0.58%), USD/JPY +0.45 (+0.41%). The dollar index on Tuesday rallied to a 13-1/2 month high and closed higher on the decline in EUR/USD to a 13-1/4 month low on concern Turkey's financial crisis may lead to defaults on Turkish debt held by European banks. The dollar was also boosted by an increase in T-note yields, which improved the dollar's interest rate differentials.
*Metals this morning are weaker with Dec gold (GCZ18 -0.71%) -8.3 (-0.69%) at a 1-1/2 year low, Sep silver (SIU18 -1.78%) -0.238 (-1.58%) at a 2-1/3 year low and Sep copper (HGU18 -2.72%) -0.068 (-2.54%) at a 13-1/2 month low. Tuesday's closes: Dec gold +1.8 (-0.15%), Sep silver +0.071 (+0.47%), Sep copper -0.0490 (-1.79%). Metals prices on Tuesday settled mixed with Sep copper at a 3-1/2 week low. Metals prices were undercut by the rally in the dollar index to a 13-1/2 month high. Copper prices were undercut by reduced strike concerns at BHP Billiton's Escondida copper mine, the world's biggest, after the union for Chile's copper workers said it was optimistic about a wage deal. Copper was also undercut by increased copper supplies as LME copper inventories rose +475 MT to a 2-week high of 254,875. Industrial metals prices were supported by the upward revision in the Eurozone Q2 GDP.
*Sep WTI crude oil (CLU18 -0.97%) this morning is down -88 cents (-1.31%). Sep gasoline (RBU18 +0.27%) is -0.41 cents (-0.20%). Tuesday's closes: Sep crude oil -0.16 (-0.24%), Sep gasoline +1.94 (+0.96%). Sep crude oil and gasoline on Tuesday settled mixed. Crude oil prices were boosted by reduced Turkish tensions that fueled a rally in global stocks after the Turkish lira rose 7% against the dollar. Crude oil prices were also boosted by expectations for Wednesday's weekly EIA crude inventories to fall -2.5 million bbl. Crude oil prices were undercut by the rally in the dollar index to a 13-1/2 month high.
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 -0.61%) this morning are down -0.55% and European stocks are down -0.77% as global stocks and commodities slide on concern the China/U.S. trade spat and financial turmoil in Turkey will lead to slower economic growth throughout the world. Weakness in mining stocks, energy companies and raw-material producers are leading losses in the overall market as Sep COMEX copper (HGU18 -2.72%) plunges -2.54% to a 13-1/2 month low, Dec COMEX gold (GCZ18 -0.71%) drops -0.69% to a 1-1/2 year low and Sep WTI crude oil (CLU18 -0.97%) falls -1.31%. Crude oil prices were also weighed down after API data late Tuesday afternoon showed U.S. crude inventories rose +3.66 million bbl last week. The Turkish lira rose for a second day and climbed more than 3% against the dollar after Turkey's banking regulator limited the amount of currency swap transactions banks can participate in by half to 25% of shareholder equity. Asian stocks settled mostly lower: Japan -0.68%, Hong Kong -1.55%, China -2.08%, Taiwan -0.99%, Australia +0.47%, Singapore -0.27%, South Korea and India closed for holiday. China's Shanghai Composite fell to a 1-week low after the yuan tumbled to a 17-month low of 6.9137 per dollar on concern the ongoing China/U.S. trade war will slow China's economic growth.
*The dollar index (DXY00 +0.16%) is up +0.15% at a 13-1/2 month high. EUR/USD (^EURUSD -0.24%) is down -0.26% at a 13-1/4 month low. USD/JPY (^USDJPY -0.13%) is down -0.03%.
*Sep 10-year T-note prices (ZNU18 +0-065) are up +5 ticks as the slide in stocks boosts the safe-haven demand for T-notes.
*China Jul home prices rose +1.21% m/m, the largest increase in 22-months.
*UK Jul CPI was unch m/m and rose +2.5% y/y, right on expectations. The Jul core CPI rose +1.9% y/y, right on expectations.
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -3.0% to 342.5 with purchase sub-index down -2.0% to 233.1 and refi sub-index down -4.5% to 927.6), (2) Q2 non-farm productivity (expected +2.4%, Q1 +0.4%) and Q2 unit labor costs (expected +0.2%, Q1 +2.9%), (3) Aug Empire survey manufacturing business conditions index (expected -2.6 to 20.0, Jul -2.4 to 22.6), (4) Jul retail sales (expected +0.1% and +0.4% ex autos, Jun +0.5% and +0.4% ex autos), (5) Jul industrial production (expected +0.3%, Jun +0.6%), (6) Jun business inventories (expected +0.1%, May +0.4%), (7) Aug NAHB housing market index (expected -1 to 67, Jul unch at 68), (8) EIA weekly Petroleum Status Report.
*Notable Russell 2000 earnings reports today include: Cisco Systems (consensus $0.69), Macy's (0.50), NetApp (0.80).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: D&H Technology Conference 2018 on Thu.
**Overnight U.S. Stock Movers**
*Schnitzer Steel Industries (SCHN -2.25%) was downgraded to 'Underweight' from 'Equal-Weight' at Morgan Stanley with a price target of $26.
*Union Pacific (UNP +1.05%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
*Nvidia (NVDA +2.07%) gained 1% in after-hours trading after it was upgraded by two levels to 'Outperform' from 'Underperform' at Wells Fargo Securities with a price target of $315.
*Energen (EGN +2.49%) rose more than 6% in after-hours trading after it was acquired by Diamondback Energy in a deal valued at $9.2 million. Diamondback Energy (FANG +1.43%) dropped 6% on the news.
*Norfolk Southern (NSC +0.63%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $205.
*IntriCon (IIN +7.27%) fell 4% in after-hours trading after it announced that it intends to offer 1.5 million shares of its common stock in an underwritten public offering.
*PetIQ (PETQ +3.82%) jumped more than 12% in after-hours trading after it reported Q2 net sales of $171.1 million, higher than consensus of $148.4 million, and then boosted its 2018 net sales outlook to $500 million from a prior view of $450 million to $500 million.
*Carrizo Oil & Gas (CRZO +2.70%) slid 4% in after-hours trading after it announced that it had commenced an underwritten public offering of 9.5 million of shares of its common stock.
*Perspecta (PRSP -1.41%) climbed more than 5% in after-hours trading after it reported Q1 pro forma revenue rose +2% y/y.
*Casa Systems (CASA -1.14%) plunged more than 20% in after-hours trading after it reported Q2 revenue of $68.7 million, well below consensus of $90.6 million, and then cut guidance on 2018 revenue to $330 million to $350 million from a May 10 view of $380 million to $395 million, weaker than consensus of $390.7 million.
*Tellurian (TELL +1.28%) was rated 'Outperform' at Baird with a price target of $15.
*ViewRay (VRAY -0.20%) lost nearly 3% in after-hours trading after it announced that it had commenced an underwritten public offering of $125 million of shares of its common stock.
*Strongbridge Biopharma PLC (SBBP +4.17%) dropped 7% in after-hours trading after it announced that it intends to offer 9 million shares of its common stock in an underwritten public offering.
**Market Comments**
*Sep S&P 500 E-minis (ESU18 -0.61%) this morning are down -15.50 points (-0.55%). Tuesday's closes: S&P 500 +0.64%, Dow Jones +0.45%, Nasdaq 100 +0.62%. The S&P 500 on Tuesday closed higher on reduced financial turmoil in Turkey that gave a boost to global equity markets after the Turkish lira climbed 7% against the dollar. Stocks were also boosted by strength in technology stocks. There was also carry-over support from an upward revision in Eurozone Q2 GDP, which is positive for the global economy.
*Sep 10-year T-notes (ZNU18 +0-065) this morning are up +5 ticks. Tuesday's closes: TYU8 -4.50, FVU8 -2.75. Sep 10-year T-notes on Tuesday closed lower on an easing of financial turmoil in Turkey that boosted stocks and reduced the safe-haven demand for T-notes after the Turkish lira rallied 7% against the dollar. T-note prices were also undercut by an increase in import price pressures after the U.S. Jun import price index rose +4.8% y/y, the largest increase in 6-1/3 years.
*The dollar index (DXY00 +0.16%) this morning is up +0.147 (+0.15%) at a fresh 13-1/2 month high. EUR/USD (^EURUSD -0.24%) is down -0.0029 (-0.26%) at a new 13-1/4 month low. USD/JPY (^USDJPY -0.13%) is down -0.03 (-0.03%). Tuesday's closes: Dollar Index +0.340 (+0.35%), EUR/USD -0.0066 (-0.58%), USD/JPY +0.45 (+0.41%). The dollar index on Tuesday rallied to a 13-1/2 month high and closed higher on the decline in EUR/USD to a 13-1/4 month low on concern Turkey's financial crisis may lead to defaults on Turkish debt held by European banks. The dollar was also boosted by an increase in T-note yields, which improved the dollar's interest rate differentials.
*Metals this morning are weaker with Dec gold (GCZ18 -0.71%) -8.3 (-0.69%) at a 1-1/2 year low, Sep silver (SIU18 -1.78%) -0.238 (-1.58%) at a 2-1/3 year low and Sep copper (HGU18 -2.72%) -0.068 (-2.54%) at a 13-1/2 month low. Tuesday's closes: Dec gold +1.8 (-0.15%), Sep silver +0.071 (+0.47%), Sep copper -0.0490 (-1.79%). Metals prices on Tuesday settled mixed with Sep copper at a 3-1/2 week low. Metals prices were undercut by the rally in the dollar index to a 13-1/2 month high. Copper prices were undercut by reduced strike concerns at BHP Billiton's Escondida copper mine, the world's biggest, after the union for Chile's copper workers said it was optimistic about a wage deal. Copper was also undercut by increased copper supplies as LME copper inventories rose +475 MT to a 2-week high of 254,875. Industrial metals prices were supported by the upward revision in the Eurozone Q2 GDP.
*Sep WTI crude oil (CLU18 -0.97%) this morning is down -88 cents (-1.31%). Sep gasoline (RBU18 +0.27%) is -0.41 cents (-0.20%). Tuesday's closes: Sep crude oil -0.16 (-0.24%), Sep gasoline +1.94 (+0.96%). Sep crude oil and gasoline on Tuesday settled mixed. Crude oil prices were boosted by reduced Turkish tensions that fueled a rally in global stocks after the Turkish lira rose 7% against the dollar. Crude oil prices were also boosted by expectations for Wednesday's weekly EIA crude inventories to fall -2.5 million bbl. Crude oil prices were undercut by the rally in the dollar index to a 13-1/2 month high.
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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