**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 -0.54%) this morning are down -0.56% on weakness in technology stocks with Texas Instruments down 6% in pre-market trading after it forecast a slowdown in revenue in Q4. European stocks are up +0.79% on strength in exporters as EUR/USD falls -0.57% to a 2-month low, which boosts the earnings prospects for European exporters. EUR/USD declined, and the German 10-year bund yield tumbled to a 1-1/2 month low of 0.389% on signs of weakness n European manufacturing activity after the Eurozone Oct Markit manufacturing PMI fell -1.1 to 52.1, the slowest pace of expansion in 2-years. GBP/USD slid -0.52% to a 6-week low as UK Prime Minister May faces another showdown with her party over her Brexit plans later today. Asian stocks settled mixed: Japan +0.37%, Hong Kong -0.38%, China +0.33%, Taiwan -0.16%, Australia -0.24%, Singapore +0.02%, South Korea -0.43%, India +0.55%. Japan's Nikkei Stock Index recovered from a 2-1/4 month low and closed higher on signs of strength in Japanese manufacturing activity after the Japan Oct Nikkei manufacturing PMI rose +0.6 to a 6-month high of 53.1.
*The dollar index (DXY00 +0.47%) is up +0.41% at a 2-month high. EUR/USD (^EURUSD -0.61%) is down -0.57% at a 2-month low on the weaker-than-expected Eurozone Oct Markit manufacturing PMI. USD/JPY (^USDJPY +0.21%) is up +0.15%.
*Dec 10-year T-note prices (ZNZ18 +0-045) are up +4.5 ticks.
*Eurozone Oct Markit manufacturing PMI fell -1.1 to 52.1, weaker than expectations of -0.2 to 53.0 and the slowest pace of expansion in 2-years. The Oct Markit composite PMI fell -1.4 to a 2-year low of 52.7, weaker than expectations of -0.2 to 53.9.
*The German Oct Markit/BME manufacturing PMI fell -1.4 to a nearly 2-1/2 year low of 52.3, weaker than expectations of -0.3 to 53.4.
*Japan Oct Nikkei manufacturing PMI rose +0.6 to a 6-month high of 53.1.
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**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -7.1% to 322.1 with purchase sub-index -5.9% to 224.0 and refi sub-index -9.0% to 838.1), (2) Aug FHFA house price index (expected +0.3% m/m, Jul +0.2% m/m), (3) Oct Markit manufacturing PMI (expected -0.3 to 55.3, Sep +0.9 to 55.6), (4) Sep new home sales (expected -0.6% to 625,000, Aug +3.5% to 629,000), (5) EIA weekly Petroleum Status Report, (6) Treasury auctions $19 billion of 2-year floating-rate notes and $39 billion of 5-year T-notes, (7) Atlanta Fed President Raphael Bostic (voter) takes part at the LSU Energy Summit in Baton Rouge, LA, (8) Cleveland Fed President Loretta Mester (voter) speaks in a moderated Q&A to the Forecasters Club in New York, (9) Fed Beige Book, (10) Fed Governor Lael Brainard speaks at an event in New York on economic and financial literacy.
*Notable Russell 2000 earnings reports today include: Microsoft (consensus $0.96), Ford (0.28), Visa (1.20), Boeing (3.47), AT&T (0.94), UPS (1.82).
*U.S. IPO's scheduled to price today: Pintec Technology Holdings (PT), Yeti Holdings (YETI).
*Equity conferences during the remainder of this week: Well Characterized Biologics & Biological Assays Conference on Wed, Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
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**Overnight U.S. Stock Movers**
*Texas Instruments (TXN +0.53%) fell more than 6% in pre-market trading after it reported Q3 revenue of $4.26 billion, weaker than consensus of $4.30 billion, and then forecast Q4 revenue of $3.60 billion to $3.90 billion, below consensus o $4 billion.
*South State Corp (SSB -5.31%) was downgraded to 'Underweight' from 'Equal-Weight' at Stephens with a price target of $57.
*Dish Network (DISH -8.34%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a price target of $50.
*Carlisle (CSL -0.55%) dropped 7% in after-hours trading after the company reported Q3 revenue of $1.200 billion, below consensus of $1.205 billion.
*MKS Instruments (MKSI -1.46%) tumbled 13% in after-hours trading after it forecast Q4 adjusted EPS of $138 to $1.64, weaker than consensus of $1.77.
*iRobot (IRBT +1.17%) sank 10% in after-hours trading after it forecast full-year gross margins of 50.0%, below consensus of 50.7%,
*2U Inc (TWOU -1.60%) was rated a new 'Buy' at Needham & Co, with a price target of $80.
*Manhattan Associates (MANH -0.77%) climbed over 5% in after-hours trading after it reported Q3 adjusted EPS of 49 cents, higher than consensus of 40 cents.
*Navient (NAVI -0.96%) gained 2% in after-hours trading after it reported Q3 core EPS of 53 cents, higher than consensus of 49 cents.
*Vici Properties (VICI +0.42%) was rated a new 'Outperform' at Baird with a price target of $26.
*Noodles & Co (NDLS +0.64%) fell almost 12% in after-hours trading after it forecast full-year adjusted EPS of 1 cent to 4 cents, the midpoint below consensus of 4 cents.
*Clementia Pharmaceuticals (CMTA +6.27%) surged 20% in after-hours trading after it said it will submit a new drug application to the FDA for its Palovarotene in the treatment of fibrodysplasia ossificans progressiva.
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.54%) this morning are down -15.25 points (-0.56%). Tuesday's closes: S&P 500 -0.55%, Dow Jones -0.50%, Nasdaq 100 -0.32%. The S&P 500 on Tuesday sold off sharply to a 4-3/4 month low but then rebounded to close the day just moderately lower. U.S. stocks were undercut by negative carry-over from a slide in Asian and European equity markets. There was also concern that corporate profit growth has peaked after Caterpillar warned of rising raw material costs and 3M cut its profit forecast, resulting in sharp drops in those stocks. The market is also worried about recent corporate warnings about lower profit margins due to tariffs and higher input costs, and weaker sales in China. Energy stocks showed weakness after Dec WTI crude oil tumbled -4.22% to a 2-month low.
*Dec 10-year T-notes (ZNZ18 +0-045) this morning are up +4.5 ticks. Tuesday's closes: TYZ8 +8.50, FVZ8 +5.75. Dec 10-year T-notes on Tuesday rallied to a 2-1/2 week high and closed higher. T-notes were supported by increased safe-haven demand with the sell-off in stocks. T-notes also received a boost from reduced inflation expectations after the 10-year T-note breakeven rate tumbled to a 2-month low.
*The dollar index (DXY00 +0.47%) this morning is up +0.392 (+0.41%) at a 2-month high, EUR/USD (^EURUSD -0.61%) is down -0.0065 (-0.57%) at a 2-month low, and USD/JPY (^USDJPY +0.21%) is up +0.17 (+0.15%). Tuesday's closes: Dollar Index -0.052 (-0.05%), EUR/USD -0.0050 (-0.43%), USD/JPY +0.27 (+0.24%). The dollar index on Tuesday closed lower on the decline in the 10-year T-note yield to a 2-1/2 week low, which reduced the dollar's interest rate differentials. There was also weakness in USD/JPY as the slide in global stock prices boosted the safe-haven demand for the yen.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.32%) -3.7 (-0.30%), Dec silver (SIZ18 -0.09%) -0.023 (-0.16%) and Dec copper (HGZ18 +0.42%) +0.010 (+0.36%). Tuesday's closes: Dec gold +12.2 (+1.00%), Dec silver +0.206 (+1.41%), Dec copper -0.0275 (-0.99%). Metals on Tuesday settled mixed with Dec gold at a 2-3/4 month high. Metals prices were boosted by a weaker dollar and by increased safe-haven demand for precious metals after the S&P 500 dropped sharply to a 4-3/4 month low. Copper prices closed lower as the plunge in global stock prices spurred concern about the economic outlook and demand for commodities, including copper.
*Dec WTI crude oil prices (CLZ18 +0.38%) this morning are up +3 cents (+0.05%) and Dec gasoline (RBZ18 -0.11%) is -0.89 (-0.49%). Tuesday's closes: Dec crude oil -2.93 (-4.22%), Dec gasoline -7.06 (-3.71%). Dec crude oil and gasoline on Tuesday moved sharply lower with Dec crude at a 2-month low. The main bearish factor was Saudi Arabian Energy Minister Khalid Al-Falih's comment that OPEC and its allies are in a "produce as much as you can mode" to offset any shortfall in supply as a result of U.S. sanctions on Iran. Crude oil prices were also undercut by the plunge in the S&P 500 to a 4-3/4 month low, which undercuts confidence in the economic outlook and in energy demand. Crude oil prices also took a hit on expectations for Wednesday's EIA crude inventories report to jump +3.0 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"!!
*Dec E-mini S&Ps (ESZ18 -0.54%) this morning are down -0.56% on weakness in technology stocks with Texas Instruments down 6% in pre-market trading after it forecast a slowdown in revenue in Q4. European stocks are up +0.79% on strength in exporters as EUR/USD falls -0.57% to a 2-month low, which boosts the earnings prospects for European exporters. EUR/USD declined, and the German 10-year bund yield tumbled to a 1-1/2 month low of 0.389% on signs of weakness n European manufacturing activity after the Eurozone Oct Markit manufacturing PMI fell -1.1 to 52.1, the slowest pace of expansion in 2-years. GBP/USD slid -0.52% to a 6-week low as UK Prime Minister May faces another showdown with her party over her Brexit plans later today. Asian stocks settled mixed: Japan +0.37%, Hong Kong -0.38%, China +0.33%, Taiwan -0.16%, Australia -0.24%, Singapore +0.02%, South Korea -0.43%, India +0.55%. Japan's Nikkei Stock Index recovered from a 2-1/4 month low and closed higher on signs of strength in Japanese manufacturing activity after the Japan Oct Nikkei manufacturing PMI rose +0.6 to a 6-month high of 53.1.
*The dollar index (DXY00 +0.47%) is up +0.41% at a 2-month high. EUR/USD (^EURUSD -0.61%) is down -0.57% at a 2-month low on the weaker-than-expected Eurozone Oct Markit manufacturing PMI. USD/JPY (^USDJPY +0.21%) is up +0.15%.
*Dec 10-year T-note prices (ZNZ18 +0-045) are up +4.5 ticks.
*Eurozone Oct Markit manufacturing PMI fell -1.1 to 52.1, weaker than expectations of -0.2 to 53.0 and the slowest pace of expansion in 2-years. The Oct Markit composite PMI fell -1.4 to a 2-year low of 52.7, weaker than expectations of -0.2 to 53.9.
*The German Oct Markit/BME manufacturing PMI fell -1.4 to a nearly 2-1/2 year low of 52.3, weaker than expectations of -0.3 to 53.4.
*Japan Oct Nikkei manufacturing PMI rose +0.6 to a 6-month high of 53.1.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -7.1% to 322.1 with purchase sub-index -5.9% to 224.0 and refi sub-index -9.0% to 838.1), (2) Aug FHFA house price index (expected +0.3% m/m, Jul +0.2% m/m), (3) Oct Markit manufacturing PMI (expected -0.3 to 55.3, Sep +0.9 to 55.6), (4) Sep new home sales (expected -0.6% to 625,000, Aug +3.5% to 629,000), (5) EIA weekly Petroleum Status Report, (6) Treasury auctions $19 billion of 2-year floating-rate notes and $39 billion of 5-year T-notes, (7) Atlanta Fed President Raphael Bostic (voter) takes part at the LSU Energy Summit in Baton Rouge, LA, (8) Cleveland Fed President Loretta Mester (voter) speaks in a moderated Q&A to the Forecasters Club in New York, (9) Fed Beige Book, (10) Fed Governor Lael Brainard speaks at an event in New York on economic and financial literacy.
*Notable Russell 2000 earnings reports today include: Microsoft (consensus $0.96), Ford (0.28), Visa (1.20), Boeing (3.47), AT&T (0.94), UPS (1.82).
*U.S. IPO's scheduled to price today: Pintec Technology Holdings (PT), Yeti Holdings (YETI).
*Equity conferences during the remainder of this week: Well Characterized Biologics & Biological Assays Conference on Wed, Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Texas Instruments (TXN +0.53%) fell more than 6% in pre-market trading after it reported Q3 revenue of $4.26 billion, weaker than consensus of $4.30 billion, and then forecast Q4 revenue of $3.60 billion to $3.90 billion, below consensus o $4 billion.
*South State Corp (SSB -5.31%) was downgraded to 'Underweight' from 'Equal-Weight' at Stephens with a price target of $57.
*Dish Network (DISH -8.34%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a price target of $50.
*Carlisle (CSL -0.55%) dropped 7% in after-hours trading after the company reported Q3 revenue of $1.200 billion, below consensus of $1.205 billion.
*MKS Instruments (MKSI -1.46%) tumbled 13% in after-hours trading after it forecast Q4 adjusted EPS of $138 to $1.64, weaker than consensus of $1.77.
*iRobot (IRBT +1.17%) sank 10% in after-hours trading after it forecast full-year gross margins of 50.0%, below consensus of 50.7%,
*2U Inc (TWOU -1.60%) was rated a new 'Buy' at Needham & Co, with a price target of $80.
*Manhattan Associates (MANH -0.77%) climbed over 5% in after-hours trading after it reported Q3 adjusted EPS of 49 cents, higher than consensus of 40 cents.
*Navient (NAVI -0.96%) gained 2% in after-hours trading after it reported Q3 core EPS of 53 cents, higher than consensus of 49 cents.
*Vici Properties (VICI +0.42%) was rated a new 'Outperform' at Baird with a price target of $26.
*Noodles & Co (NDLS +0.64%) fell almost 12% in after-hours trading after it forecast full-year adjusted EPS of 1 cent to 4 cents, the midpoint below consensus of 4 cents.
*Clementia Pharmaceuticals (CMTA +6.27%) surged 20% in after-hours trading after it said it will submit a new drug application to the FDA for its Palovarotene in the treatment of fibrodysplasia ossificans progressiva.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.54%) this morning are down -15.25 points (-0.56%). Tuesday's closes: S&P 500 -0.55%, Dow Jones -0.50%, Nasdaq 100 -0.32%. The S&P 500 on Tuesday sold off sharply to a 4-3/4 month low but then rebounded to close the day just moderately lower. U.S. stocks were undercut by negative carry-over from a slide in Asian and European equity markets. There was also concern that corporate profit growth has peaked after Caterpillar warned of rising raw material costs and 3M cut its profit forecast, resulting in sharp drops in those stocks. The market is also worried about recent corporate warnings about lower profit margins due to tariffs and higher input costs, and weaker sales in China. Energy stocks showed weakness after Dec WTI crude oil tumbled -4.22% to a 2-month low.
*Dec 10-year T-notes (ZNZ18 +0-045) this morning are up +4.5 ticks. Tuesday's closes: TYZ8 +8.50, FVZ8 +5.75. Dec 10-year T-notes on Tuesday rallied to a 2-1/2 week high and closed higher. T-notes were supported by increased safe-haven demand with the sell-off in stocks. T-notes also received a boost from reduced inflation expectations after the 10-year T-note breakeven rate tumbled to a 2-month low.
*The dollar index (DXY00 +0.47%) this morning is up +0.392 (+0.41%) at a 2-month high, EUR/USD (^EURUSD -0.61%) is down -0.0065 (-0.57%) at a 2-month low, and USD/JPY (^USDJPY +0.21%) is up +0.17 (+0.15%). Tuesday's closes: Dollar Index -0.052 (-0.05%), EUR/USD -0.0050 (-0.43%), USD/JPY +0.27 (+0.24%). The dollar index on Tuesday closed lower on the decline in the 10-year T-note yield to a 2-1/2 week low, which reduced the dollar's interest rate differentials. There was also weakness in USD/JPY as the slide in global stock prices boosted the safe-haven demand for the yen.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.32%) -3.7 (-0.30%), Dec silver (SIZ18 -0.09%) -0.023 (-0.16%) and Dec copper (HGZ18 +0.42%) +0.010 (+0.36%). Tuesday's closes: Dec gold +12.2 (+1.00%), Dec silver +0.206 (+1.41%), Dec copper -0.0275 (-0.99%). Metals on Tuesday settled mixed with Dec gold at a 2-3/4 month high. Metals prices were boosted by a weaker dollar and by increased safe-haven demand for precious metals after the S&P 500 dropped sharply to a 4-3/4 month low. Copper prices closed lower as the plunge in global stock prices spurred concern about the economic outlook and demand for commodities, including copper.
*Dec WTI crude oil prices (CLZ18 +0.38%) this morning are up +3 cents (+0.05%) and Dec gasoline (RBZ18 -0.11%) is -0.89 (-0.49%). Tuesday's closes: Dec crude oil -2.93 (-4.22%), Dec gasoline -7.06 (-3.71%). Dec crude oil and gasoline on Tuesday moved sharply lower with Dec crude at a 2-month low. The main bearish factor was Saudi Arabian Energy Minister Khalid Al-Falih's comment that OPEC and its allies are in a "produce as much as you can mode" to offset any shortfall in supply as a result of U.S. sanctions on Iran. Crude oil prices were also undercut by the plunge in the S&P 500 to a 4-3/4 month low, which undercuts confidence in the economic outlook and in energy demand. Crude oil prices also took a hit on expectations for Wednesday's EIA crude inventories report to jump +3.0 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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