**Overnight Markets and News**
*Sep E-mini S&Ps (ESU18 +0.22%) this morning are up +0.24% and European stocks are up +0.29% at a 2-week high as the markets await Fed Chair Powell's speech later this morning at the Fed's annual Jackson Hole policy symposium. Oct WTI crude oil (CLV18 +1.19%) is up +1.31% at a 2-week high, which is pushing energy stocks higher as a weaker dollar and supply concerns boost crude futures. North Sea oil supplies may be affected by a series of 12-hour strikes by workers on oil platforms operated by Total SA. Mining and raw-material stocks are high with Sep COMEX copper (HGU18 +0.89%) up +0.77% on signs of tighter copper supplies after weekly Shanghai copper inventories fell -8,486 MT to a 146,590 MT, an 8-month low. On the negative side, trade tensions may escalate between China and the U.S. after 2-days of talks in Washington between negotiators failed to make progress. A person familiar with the discussions said no further talks are scheduled and that Chinese officials raised the possibility that no further negotiations could happen until after the U.S. mid-term elections in November. Asian stocks settled mixed: Japan +0.85%, Hong Kong -0.43%, China +0.18%, Taiwan -0.50%, Australia +0.05%, Singapore -1.14%, South Korea +0.42%, India -0.22%. Strength in the yuan versus the dollar and a rally in Chinese bank stocks pushed the Shanghai Composite to a 1-week high. A rally in USD/JPY to a 2-1/2 week high spurred buying of Japanese exporter stocks, which helped lead a rally in the Nikkei Stock Index to a 2-week high.
*The dollar index (DXY00 -0.28%) is down -0.28%. EUR/USD (^EURUSD +0.39%) is up +0.36%. USD/JPY (^USDJPY +0.09%) is up % at a 2-1/2 week high after weaker-than-expected Japan Jul national CPI spurred speculation the BOJ may need to maintain its yen-negative QE program.
*Sep 10-year T-note prices (ZNU18 -0-035) are down -4.5 ticks.
*Japan Jul PPI services rose +1.1% y/y, unch from Jun and weaker than expectations of +1.2% y/y.
*Japan Jul national CPI rose +0.9% y/y, weaker than expectations of +1.0% y/y. Jul national CPI ex fresh food rose +0.8% y/y, weaker than expectations of +0.8% y/y. Jul national CPI ex fresh food & energy rose +0.3% y/y, right on expectations.
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Jul durable goods orders (expected -1.0% and +0.5% ex transportation, Jun +0.8% and +0.2% ex transportation), (2) Fed Chair Jerome Powell’s speech titled “Monetary Policy in a Changing Economy” at the Kansas City Fed’s economic symposium in Jackson Hole, WY, (3) USDA Jul Cattle on Feed.
*Notable Russell 2000 earnings reports today include: Foot Locker (consensus $0.70), Ubiquiti Networks (1.06).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: NGAUS Conference on Fri.
**Overnight U.S. Stock Movers**
*Netflix (NFLX -1.53%) gained more thn 1% in pre-market trading after it was upgraded to 'Buy' from 'Hold' at Suntrust Robinson Humphrey.
*Hormel Foods (HRL -3.06%) was downgraded to 'Equal-Weight' from 'Oveweight' at Barclays.
*Arista Networks (ANET +1.89%) may move higher initially this morning after it was announced that it will replace GGP Inc in the S&P 500 effective prior to the opening of trading on Tuesday, August 28.
*Autodesk (ADSK -0.46%) climbed nearly 7& in after-hours trading after it reported Q2 adjusted EPS of 19 cents, above consensus of 16 cents, and then forecast full-year adjusted EPS of 87 cents to 95 cents, the midpoint higher than consensus of 90 cents.
*Intuit (INTU +1.32%) fell almost 3% in after-hours trading after it forecast Q1 adjusted EPS of 9 cents to 11 cents, weaker than consensus of 15.7 cents.
*Veeva (VEEV +0.60%) rose almost 3% in after-hours trading after it reported Q2 adjusted EPS of 39 cents, better than consensus of 34 cents, and then forecast full-year adjusted EPS of $1.47 to $1.48, stronger than consensus of $1.37.
*Splunk (SPLK +0.81%) jumped over 9% in after-hours trading after it reported Q2 revenue of $388.3 million, higher than consensus of $358.5 million, and then forecast Q3 revenue of $430 million to $432 million, above consensus of $427.6 million.
*Ross Stores (ROST +1.73%) fell nearly 5% in after-hours trading after it forecast Q3 EPA of 84 cents to 88 cents, the midpoint below consensus of 88 cents.
*HP Inc (HPQ +0.57%) reported Q3 adjusted EPS of 52 cents, above consensus of 51 cents, and then raised guidance on fiscal 2018 adjusted EPS to $2.00 to $2.03 from a May 29 view of $1.97 to $2.02, above consensus of $2.00.
*The Gap (GPS +0.71%) dropped 7% in after-hours trading after it said Q2 Gap global comparable store sales fell -5.0%, weaker than consensus of -2.3%.
*Immunomedics (IMMU -3.24%) slid nearly 3% in after-hours trading after it reported a Q4 loss of -68 cents per share, wider than consensus of -22 cents.
*Rosehill Resources (ROSEU -3.94%) was rated a new 'Buy' at Stifel with a price target of $14.
*New York & Co. (NWY +1.18%) gained 2% in after-hours trading after it reported Q2 comparable store sales rose +0.6% and gross margin improved 150 bps to 32.1%.
**Market Comments**
*Sep S&P 500 E-minis (ESU18 +0.22%) this morning are up +7.00 points (+0.24%). Thursday's closes: S&P 500 -0.17%, Dow Jones -0.30%, Nasdaq 100 -0.14%. The S&P 500 on Thursday closed lower on trade tensions between China and the U.S. after both countries slapped $16 billion of tariffs on each other’s good and on the unexpected -1.7% drop in U.S. Jul new home sales to a 9-month low of 627,000, weaker than expectations of +2.2% to 645,000. Stocks were also undercut by the -0.9 point drop in the U .S. Aug Markit manufacturing PMI to 54.5, weaker than expectations of -0.3 to 55.0 and the slowest pace of expansion in 9 months.
*Sep 10-year T-notes (ZNU18 -0-035) this morning are down -4.5 ticks. Thursday's closes: TYU8 +5.50, FVU8 +3.00. Sep 10-year T-notes on Thursday closed slightly lower on increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-week high and on some long liquidation ahead of Friday morning's comments from Fed Chair Powell at Jackson Hole. T-note prices were supported by the unexpected -1.7% decline in U.S. Jul new home sales to a 9-month low and by the larger-than-expected -0.8 point decline in the U.S. Aug Markit manufacturing PMI to a 9-month low of 54.5.
*The dollar index (DXY00 -0.28%) this morning is down -0.268 (-0.28%). EUR/USD (^EURUSD +0.39%) is up +0.0041 (+0.36%). USD/JPY (^USDJPY +0.09%) is up +0.09 (+0.08%) at a 2-1/2 week high. Thursday's closes: Dollar Index +0.52 (+0.55%), EUR/USD -0.0057 (-0.49%), USD/JPY +0.73 (+0.66%). The dollar index on Thursday closed higher on signs of a tight U.S. labor market that is hawkish for Fed policy after U.S. weekly jobless claims unexpectedly fell -2,000 to a 5-week low of 210,000. There were also Eurozone economic concerns that weighed on EUR/USD after the Eurozone Aug Markit manufacturing PMI unexpectedly fell -0.5 to a 1-3/4 year low of 54.6.
*Metals this morning are higher with Dec gold (GCZ18 +0.41%) +3.9 (+0.33%), Sep silver (SIU18 +0.47%) +0.058 (+0.40%) and Sep copper (HGU18 +0.89%) +0.021 (+0.77%). Thursday's closes: Dec gold -9.3 (-0.77%), Sep silver -0.208 (-1.41%), Sep copper -0.0190 (-0.71%). Metals on Thursday closed lower on strength in the dollar and on the unexpected decline in U.S. Jul new home sales by -1.7% to a 9-month low of 627,000. Metals prices were also undercut by weakness in Eurozone and U.S. manufacturing activity after the Eurozone Aug Markit manufacturing PMI unexpectedly fell -0.5 to a 1-3/4 year low of 54.6 and the U.S. Aug Markit manufacturing PMI fell -0.8 to a 9-month low of 54.5.
*Oct WTI crude oil (CLV18 +1.19%) this morning is up +89 cents (+1.31%) at a 2-week high. Oct gasoline (RBV18 +0.90%) is up +2.08 (+1.06%) at a 2-week high. Thursday's closes: Oct crude oil -0.03 (-0.04%), Oct gasoline -0.55 (-0.28%). Oct crude oil and gasoline on Thursday closed lower on a stronger dollar and on a decline in the crack spread to a 1-month low, which reduces the incentive for refiners to purchase crude to refine into gasoline. Crude oil prices saw carry-over support from Wednesday's EIA data showing a sharp -5.84 million bbl decline in EIA crude inventories (vs expectations of -2.0 million bbl).
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 +0.22%) this morning are up +0.24% and European stocks are up +0.29% at a 2-week high as the markets await Fed Chair Powell's speech later this morning at the Fed's annual Jackson Hole policy symposium. Oct WTI crude oil (CLV18 +1.19%) is up +1.31% at a 2-week high, which is pushing energy stocks higher as a weaker dollar and supply concerns boost crude futures. North Sea oil supplies may be affected by a series of 12-hour strikes by workers on oil platforms operated by Total SA. Mining and raw-material stocks are high with Sep COMEX copper (HGU18 +0.89%) up +0.77% on signs of tighter copper supplies after weekly Shanghai copper inventories fell -8,486 MT to a 146,590 MT, an 8-month low. On the negative side, trade tensions may escalate between China and the U.S. after 2-days of talks in Washington between negotiators failed to make progress. A person familiar with the discussions said no further talks are scheduled and that Chinese officials raised the possibility that no further negotiations could happen until after the U.S. mid-term elections in November. Asian stocks settled mixed: Japan +0.85%, Hong Kong -0.43%, China +0.18%, Taiwan -0.50%, Australia +0.05%, Singapore -1.14%, South Korea +0.42%, India -0.22%. Strength in the yuan versus the dollar and a rally in Chinese bank stocks pushed the Shanghai Composite to a 1-week high. A rally in USD/JPY to a 2-1/2 week high spurred buying of Japanese exporter stocks, which helped lead a rally in the Nikkei Stock Index to a 2-week high.
*The dollar index (DXY00 -0.28%) is down -0.28%. EUR/USD (^EURUSD +0.39%) is up +0.36%. USD/JPY (^USDJPY +0.09%) is up % at a 2-1/2 week high after weaker-than-expected Japan Jul national CPI spurred speculation the BOJ may need to maintain its yen-negative QE program.
*Sep 10-year T-note prices (ZNU18 -0-035) are down -4.5 ticks.
*Japan Jul PPI services rose +1.1% y/y, unch from Jun and weaker than expectations of +1.2% y/y.
*Japan Jul national CPI rose +0.9% y/y, weaker than expectations of +1.0% y/y. Jul national CPI ex fresh food rose +0.8% y/y, weaker than expectations of +0.8% y/y. Jul national CPI ex fresh food & energy rose +0.3% y/y, right on expectations.
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Jul durable goods orders (expected -1.0% and +0.5% ex transportation, Jun +0.8% and +0.2% ex transportation), (2) Fed Chair Jerome Powell’s speech titled “Monetary Policy in a Changing Economy” at the Kansas City Fed’s economic symposium in Jackson Hole, WY, (3) USDA Jul Cattle on Feed.
*Notable Russell 2000 earnings reports today include: Foot Locker (consensus $0.70), Ubiquiti Networks (1.06).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: NGAUS Conference on Fri.
**Overnight U.S. Stock Movers**
*Netflix (NFLX -1.53%) gained more thn 1% in pre-market trading after it was upgraded to 'Buy' from 'Hold' at Suntrust Robinson Humphrey.
*Hormel Foods (HRL -3.06%) was downgraded to 'Equal-Weight' from 'Oveweight' at Barclays.
*Arista Networks (ANET +1.89%) may move higher initially this morning after it was announced that it will replace GGP Inc in the S&P 500 effective prior to the opening of trading on Tuesday, August 28.
*Autodesk (ADSK -0.46%) climbed nearly 7& in after-hours trading after it reported Q2 adjusted EPS of 19 cents, above consensus of 16 cents, and then forecast full-year adjusted EPS of 87 cents to 95 cents, the midpoint higher than consensus of 90 cents.
*Intuit (INTU +1.32%) fell almost 3% in after-hours trading after it forecast Q1 adjusted EPS of 9 cents to 11 cents, weaker than consensus of 15.7 cents.
*Veeva (VEEV +0.60%) rose almost 3% in after-hours trading after it reported Q2 adjusted EPS of 39 cents, better than consensus of 34 cents, and then forecast full-year adjusted EPS of $1.47 to $1.48, stronger than consensus of $1.37.
*Splunk (SPLK +0.81%) jumped over 9% in after-hours trading after it reported Q2 revenue of $388.3 million, higher than consensus of $358.5 million, and then forecast Q3 revenue of $430 million to $432 million, above consensus of $427.6 million.
*Ross Stores (ROST +1.73%) fell nearly 5% in after-hours trading after it forecast Q3 EPA of 84 cents to 88 cents, the midpoint below consensus of 88 cents.
*HP Inc (HPQ +0.57%) reported Q3 adjusted EPS of 52 cents, above consensus of 51 cents, and then raised guidance on fiscal 2018 adjusted EPS to $2.00 to $2.03 from a May 29 view of $1.97 to $2.02, above consensus of $2.00.
*The Gap (GPS +0.71%) dropped 7% in after-hours trading after it said Q2 Gap global comparable store sales fell -5.0%, weaker than consensus of -2.3%.
*Immunomedics (IMMU -3.24%) slid nearly 3% in after-hours trading after it reported a Q4 loss of -68 cents per share, wider than consensus of -22 cents.
*Rosehill Resources (ROSEU -3.94%) was rated a new 'Buy' at Stifel with a price target of $14.
*New York & Co. (NWY +1.18%) gained 2% in after-hours trading after it reported Q2 comparable store sales rose +0.6% and gross margin improved 150 bps to 32.1%.
**Market Comments**
*Sep S&P 500 E-minis (ESU18 +0.22%) this morning are up +7.00 points (+0.24%). Thursday's closes: S&P 500 -0.17%, Dow Jones -0.30%, Nasdaq 100 -0.14%. The S&P 500 on Thursday closed lower on trade tensions between China and the U.S. after both countries slapped $16 billion of tariffs on each other’s good and on the unexpected -1.7% drop in U.S. Jul new home sales to a 9-month low of 627,000, weaker than expectations of +2.2% to 645,000. Stocks were also undercut by the -0.9 point drop in the U .S. Aug Markit manufacturing PMI to 54.5, weaker than expectations of -0.3 to 55.0 and the slowest pace of expansion in 9 months.
*Sep 10-year T-notes (ZNU18 -0-035) this morning are down -4.5 ticks. Thursday's closes: TYU8 +5.50, FVU8 +3.00. Sep 10-year T-notes on Thursday closed slightly lower on increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-week high and on some long liquidation ahead of Friday morning's comments from Fed Chair Powell at Jackson Hole. T-note prices were supported by the unexpected -1.7% decline in U.S. Jul new home sales to a 9-month low and by the larger-than-expected -0.8 point decline in the U.S. Aug Markit manufacturing PMI to a 9-month low of 54.5.
*The dollar index (DXY00 -0.28%) this morning is down -0.268 (-0.28%). EUR/USD (^EURUSD +0.39%) is up +0.0041 (+0.36%). USD/JPY (^USDJPY +0.09%) is up +0.09 (+0.08%) at a 2-1/2 week high. Thursday's closes: Dollar Index +0.52 (+0.55%), EUR/USD -0.0057 (-0.49%), USD/JPY +0.73 (+0.66%). The dollar index on Thursday closed higher on signs of a tight U.S. labor market that is hawkish for Fed policy after U.S. weekly jobless claims unexpectedly fell -2,000 to a 5-week low of 210,000. There were also Eurozone economic concerns that weighed on EUR/USD after the Eurozone Aug Markit manufacturing PMI unexpectedly fell -0.5 to a 1-3/4 year low of 54.6.
*Metals this morning are higher with Dec gold (GCZ18 +0.41%) +3.9 (+0.33%), Sep silver (SIU18 +0.47%) +0.058 (+0.40%) and Sep copper (HGU18 +0.89%) +0.021 (+0.77%). Thursday's closes: Dec gold -9.3 (-0.77%), Sep silver -0.208 (-1.41%), Sep copper -0.0190 (-0.71%). Metals on Thursday closed lower on strength in the dollar and on the unexpected decline in U.S. Jul new home sales by -1.7% to a 9-month low of 627,000. Metals prices were also undercut by weakness in Eurozone and U.S. manufacturing activity after the Eurozone Aug Markit manufacturing PMI unexpectedly fell -0.5 to a 1-3/4 year low of 54.6 and the U.S. Aug Markit manufacturing PMI fell -0.8 to a 9-month low of 54.5.
*Oct WTI crude oil (CLV18 +1.19%) this morning is up +89 cents (+1.31%) at a 2-week high. Oct gasoline (RBV18 +0.90%) is up +2.08 (+1.06%) at a 2-week high. Thursday's closes: Oct crude oil -0.03 (-0.04%), Oct gasoline -0.55 (-0.28%). Oct crude oil and gasoline on Thursday closed lower on a stronger dollar and on a decline in the crack spread to a 1-month low, which reduces the incentive for refiners to purchase crude to refine into gasoline. Crude oil prices saw carry-over support from Wednesday's EIA data showing a sharp -5.84 million bbl decline in EIA crude inventories (vs expectations of -2.0 million bbl).
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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