TheStrategyLab.com Price Action Trading Support Forum

Price Action Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm & http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Users of WRB Analysis Real-Time Trades - TheStrategyLab Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Users of WRB Analysis Reviews / Accolades / Testimonials: http://www.thestrategylab.com/Accolades.htm
Review of TheStrategyLab: http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167 & http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
Telephone: +1 708 572-4885
wrbanalysis@gmail.com (24/7)
Stocktwits @ http://stocktwits.com/wrbtrader (24/7)
Twitter @ http://twitter.com/wrbtrader (24/7)


Today's Trade Log & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=181&t=2860

All of my trades are posted real-time at the above link for today's archive chat log in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader along with the real-time trades by other users of WRB Analysis for anyone to do a real-time review (you must be a member of the chat room for a real-time review). Also, as stated since the birth of the free chat room TheStrategyLab...we are not a signal calling trade alert room. Thus, there is no trader telling you what to trade, when to buy and when to sell. I'm the moderator (I keep the peace between members) and my own live trades are posted within 3.2 seconds on average after the trade confirmation in my broker trade execution platform via an auto script to minimize delays in posting of my trades. You can review today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion.

In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility...all key concepts from the WRB Analysis free study guide even though the free chat room is not design to be an education chat room because the education is only performed at the forums in the private threads.


##TheStrategyLab Chat Room is free. The purpose of TheStrategyLab is for you to post your real-time price action analysis or real-time trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements...it also gives guest readers of the chat logs a peek into the trade performance of users of TheStrategyLab. If you join the free chat room and then you decide to not post any WRB Analysis about the price action or you decide to not post your trades or you decide to be silent (lurk without saying a word about today's markets)...you're not using the free chat room properly to help improve your trading and the chat room will be useless to you except for those silent chat room members that are posting their broker statements & quantitative statistical analysis of their trading in their private threads at the forum itself. Thus, we highly recommend that you use your broker trade execution platform (real money or simulator) with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they will provide you with the quantitative statistical analysis of your trading regardless if you're posting real-time trades or real-time price action analysis in the free chat room.

You can download your results and then post them in your private thread at the forum at the end of your trading day. This allows silent members to continue using the free chat room to just monitor the real time discussion whenever they want..useful if you view chat rooms as a distraction from your trading if you were to share real-time info about your trading for documentation in the chat room logs.

Access instructions for the free chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Member's Private Threads @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=118

Member's Private Trade Journals @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=349

Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=354&t=3784 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini RTY futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives for easy review to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


click on the above image to view today's price action of key markets discussed by members of TheStrategyLab chat room or private thread discussions

The Market at 04:30PM ET
Dow: +55.36… | Nasdaq: +6.62… | S&P: +2.06…
NASDAQ Vol: 2.2 bln… Adv: 1629… Dec: 1372…
NYSE Vol: 982.3 mln… Adv: 1692… Dec: 1219…
iPad apps for Morningstar StockInvestor, FundInvestor, DividendInvestor, ETFInvestor

Moving the Market

Heavily-weighted financial sector gives back early gains

Nike (NKE) soars after beating earnings and revenue estimates

General Motors (GM) warns that tariffs on imported cars could lead to "a smaller GM"

Sector Watch
Strong: Energy
Weak: Financials, Consumer Staples, Telecom Services

04:30PM ET

[BRIEFING.COM] Stocks got off to a good start on Friday, but gave back nearly everything during the final hour of trading. The S&P 500 was up 1.0% at its best mark of the day, but ended with a gain of just 0.1%, closing a tick above its 50-day moving average. The Nasdaq also added 0.1%. The Dow climbed 0.2%.

Financials led the market higher out of the gate after the Fed cleared most big banks to increase their dividends and share buybacks. However, the heavily-weighted sector faded as the day went along, entirely retracing a gain of 1.8%, and ended lower by 0.1%.

Despite the disappointing finish, eight of eleven sectors closed Friday in the green. Energy (+0.7%) was the top-performing space as crude prices climbed for a fourth straight session. WTI crude futures advanced 1.0% to $74.12 per barrel, hitting a new three-and-a-half year high and locking in a weekly gain of 8.1%.

In corporate news, Nike (NKE 79.68, +7.98) spiked 11.1%, hitting a new all-time high, after reporting better-than-expected earnings and revenues and announcing a $15 billion share repurchase program. Conversely, General Motors (GM 39.40, -1.12) struggled, losing 2.8%, after warning President Trump that the proposed tariffs on imported vehicles could lead to "a smaller GM". It's worth noting that selling in the broader market started picking up around the same time that GM made the announcement, although it's unlikely that it was the sole cause as financials led the reversal.

In politics, Fox News correspondent Maria Bartiromo reported that President Trump is working on a phase two of his tax plan and is considering cutting the corporate tax rate to 20% from 21%. Separately, European Union leaders reached a deal on a migration, which has been an especially contentious issue since the Syrian refugee crisis.

Reviewing Friday's economic data, which included Personal Income, Personal Spending, and PCE Prices for May, the Chicago PMI for June, and the final reading of the University of Michigan Consumer Sentiment Index for June:

Personal income climbed 0.4% in May (Briefing.com consensus +0.4%) following a revised increase of 0.2% in April (from 0.3%). Meanwhile, personal spending rose 0.2% in May (Briefing.com consensus +0.4%) following a revised increase of 0.5% in April (from 0.6%). The PCE Price Index rose 0.2% in May (Briefing.com consensus +0.2%), and the core PCE Price Index, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). Year-over-year, the core PCE Price Index is up 2.0%, up from 1.8% in the last reading.
The key takeaway from the report is twofold: (1) Real PCE was flat, which is likely to prompt some downward revisions to Q2 GDP forecasts and (2) the price indexes are moving in the direction anticipated by the Fed, which means the Fed is also likely to keep moving the fed funds rate higher as anticipated.
The Chicago PMI for June hit 64.1 (Briefing.com consensus 61.0), up from an unrevised 62.7 in May.
The key takeaway from the report is that manufacturers are experiencing a slowdown in production activity on account of longer supplier lead times that have been impacted by elevated input prices.
The final reading of the University of Michigan Consumer Sentiment Index for June slipped to 98.2 (Briefing.com consensus 99.0) from 99.3 in the preliminary reading.
The key takeaway from the report is that the downshift from the preliminary reading was driven primarily by tariff concerns, yet favorable assessments of jobs and incomes were a mitigating influence that left the overall index little changed from the prior month.

Looking ahead to Monday, investors will receive the June ISM Manufacturing Index and the May Construction Spending report.

Nasdaq Composite +8.8% YTD
Russell 2000 +7.0% YTD
S&P 500 +1.7% YTD
Dow Jones Industrial Average -1.8% YTD

Week In Review: Trade Tensions Strike Again

U.S. equities declined for the second week in a row as investors continued to focus on U.S.-China trade tensions. The S&P 500 and the Dow Jones Industrial Average dropped 1.3% apiece, while the tech-heavy Nasdaq Composite slid 2.4%. Small caps were hit especially hard, sending the Russell 2000 lower by 2.5%.

Trade war fears weighed at the start of the week due to reports that the White House is looking to bar Chinese companies from investing in U.S. tech firms. The Trump administration first responded to the reports with a mixed message; Treasury Secretary Steven Mnuchin said the White House is targeting all countries, not just China, while President Trump's top trade adviser, Peter Navarro, said the administration doesn't have any plans to impose investment restrictions, regardless of country.

However, the administration eventually cleared things up, deciding to defer foreign investment regulation to the Committee on Foreign Investment in the United States (CFIUS). That decision was seen as a positive alternative to direct White House intervention and helped the equity market rebound in the second half of the week.

Separately, the U.S. State Department threatened to impose powerful sanctions on countries that don't cut oil imports from Iran to "zero" by November 4. That headline, paired with a larger-than-expected draw in U.S. crude inventories (9.9 million barrels), pushed crude prices back to a three-and-a-half year high. WTI crude futures added 8.1% for the week, closing at $74.12 per barrel.

Also out of Washington, Supreme Court Justice Anthony Kennedy announced his retirement, effective July 31. Although he identifies as a conservative, Mr. Kennedy has often sided with his liberal colleagues. His retirement gives President Trump the chance to strengthen the court's conservative majority.

In corporate news, Amazon (AMZN) made headlines after announcing a deal to acquire online pharmacy start-up PillPack. That news sent shares of drug distributors like CVS Health (CVS) and Walgreens Boots Alliance (WBA) solidly lower. Amazon also announced it is inviting entrepreneurs to form small companies to carry packages over the last leg of the delivery journey.

Elsewhere, General Electric (GE) announced plans to spin off its health care business and to sell its 62.5% stake in oil and gas company Baker Hughes (BHGE); Walt Disney (DIS) won DOJ approval to buy most of Fox's assets for $71.3 billion, subject to the condition that Disney sells 22 regional sports networks; and Nike (NKE) spiked to a new record on Friday after beating both top and bottom line estimates and announcing a new $15 billion share repurchase program.

As for this week's S&P sector standings, utilities (+2.3%), telecom services (+1.2%), real estate (+1.1%), and energy (+1.0%) were the top-performing groups, while the heavily-weighted technology (-2.2%), financials (-1.9%), consumer discretionary (-1.9%), and health care (-1.8%) sectors finished at the back of the pack.
Dow: +55.36… | Nasdaq: +6.62… | S&P: +2.06…
NASDAQ Adv/Dec 1629/1372. …NYSE Adv/Dec 1692/1219.

03:40PM ET
[BRIEFING.COM]

Energy Settlement Prices August:
Crude Oil futures rose $0.75 (1.02%) to $74.12/barrel
August Natural Gas settled $0.02 lower (-0.68%) at $2.92/MMBtu
July RBOB Gasoline settled $0.05 higher (2.38%) at $2.15/gallon
July Heating oil futures settled $0.03 higher (1.38%) at $2.21/gallon
Metals Settlement Prices:
Aug gold settled today's session up $3.90 (0.31%) at $1254.70/oz
Jul silver settled today's session $- higher (1.07%) at $16.10/oz
Sept copper settled unch at $2.97/lb
Agriculture Settlement Prices:
Sept corn settled $0.14 higher at $3.59/bushel
Sept wheat settled $0.24 higher at $5.02/bushel
Aug soybeans settled $0.01 higher at $8.63/bushel

Dow: +171.12… | Nasdaq: +31.62… | S&P: +13.77…
NASDAQ Adv/Dec 1670/1330. …NYSE Adv/Dec 1925/1004.

03:00PM ET

[BRIEFING.COM] The major averages are drifting a step beneath their session highs moving into the final stretch. The S&P 500 is up 0.7%.

Today's session will not only mark the end of the week, but it will also mark the end of the month and the end of the second quarter. With one hour to go, the S&P 500 is currently down 0.7% for the week, up 1.1% for the month, and up 3.6% for the quarter.

Meanwhile, shares of General Motors (GM 39.57, -0.95) have slipped to new session lows and are currently down 2.3% after the automaker warned President Trump that expansive U.S. tariffs on imported vehicles could lead to "a smaller GM".
Dow: +217.47… | Nasdaq: +45.31… | S&P: +19.30…
NASDAQ Adv/Dec 1647/1212. …NYSE Adv/Dec 2044/869.

02:25PM ET

[BRIEFING.COM] Things have quieted down somewhat into the final hours of trading in June, though the major averages still hold their lines in the green.

Energy (+1.2%), industrials (+1.1%), and materials (+1.0%) remain atop the best performing S&P 500 sectors on Friday due in part to broader market strength. Energy is sitting pretty with a 1.1% advance in WTI crude oil futures.

Industrials names Boeing (BA 339.00, +4.35), 3M (MMM 198.40, +2.43), and Honeywell (HON 145.23, +2.10) all put up gains better than 1% while the Industrials SPDR (XLI 72.23, +0.75, +1.1%) is poised to extend its recent gains.

For their part, materials stocks also aid the broader market move higher today as bellwethers DowDuPont (DWDP 66.81, +0.6, +1.0%), Air Products (APD 156.85, +1.92, +1.2%), and Freeport-McMoRan (FCX 17.40, +0.61, +3.7%) all hold gains above 1% as well.
Dow: +224.74… | Nasdaq: +44.95… | S&P: +19.10…
NASDAQ Adv/Dec 1671/1170. …NYSE Adv/Dec 2062/841.

02:00PM ET

[BRIEFING.COM] The major averages haven't shifted much since our last update.

Gold futures settled about 0.4% higher on Friday at $1,255.90/oz as the dollar came off recent highs.

Gold miners also posted a solid breakout today, erasing losses from the week with Barrick Gold (ABX 13.17, +0.47, +3.7%), Newmont Mining (NEM 37.94, +0.94, +2.5%), and Agnico-Eagle Mines (AEM 46.12, +1.55, +3.5%) showing particular strength.

The U.S. Dollar Index falls 0.8% at 94.62, pressured by strength in the euro which gains about 1.0% against the greenback (1.1678).
Dow: +260.87… | Nasdaq: +44.15… | S&P: +22.03…
NASDAQ Adv/Dec 1673/1164. …NYSE Adv/Dec 2094/794.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are holding firm in positive territory with strong gains to end the week, month, & quarter.

A look inside the Dow Jones Industrial Average shows that Nike (NKE 80.10, +8.40), American Express (AXP 98.75, +1.75), & Exxon Mobil (XOM 83.26, +1.29) are outperforming. Nike shares are surging to record levels after the company reported a fiscal Q4 top and bottom-line beat, announced a new $15 bln buyback, and improved its outlook for FY19. Elsewhere, American Express is advancing after being upgraded to Buy from Neutral at Buckingham Research.

Conversely, Goldman Sachs (GS 222.77, -0.65) is the worst-performing Dow component after the Federal Reserve released its Comprehensive Capital Analysis and Review for 2018. The Fed issued conditional non-objections to Goldman's capital plan, but determined that the bank fell below the minimum required tier 1 leverage and supplementary leverage ratios on a post-stress basis. Goldman has agreed to limit the amount of its planned capital distributions to no more than a benchmark based on prior actual capital distributions.

At current levels, the DJIA is poised to finish the month +0.12%, and the quarter +1.42%.
Dow: +251.19… | Nasdaq: +44.86… | S&P: +22.15…
NASDAQ Adv/Dec 1711/1110. …NYSE Adv/Dec 2130/756.

12:55PM ET

[BRIEFING.COM] Stocks have extended yesterday's rebound effort, recouping another chunk of their losses for the week. The S&P 500 is currently up 0.8%, trimming its weekly loss to 0.6%, while the Nasdaq Composite and the Dow Jones Industrial Average are higher by 0.6% and 1.0%, respectively.

Financials are leading today's rally -- although they've come off their session highs in recent trading -- after the Fed cleared most big banks to increase their dividends and share buybacks. The S&P 500's financial sector is up 1.1%, hovering alongside the energy (+1.1%) and materials (+1.1%) sectors at the top of today's leaderboard.

All 11 S&P sectors are in the green, but most countercyclical groups are lagging. For instance, the consumer staples, utilities, and telecoms spaces hold modest gains of around 0.3% apiece. The countercyclical health care sector (+0.9%) is strong though, thanks in part to a biotech rally; the iShares Nasdaq Biotech ETF (IBB 110.16, +2.21) is up 2.1%.

In earnings news, Nike (NKE 80.03, +8.33) has spiked 11.7%, hitting a new all-time high, after reporting better-than-expected earnings and revenues and announcing a $15 billion share repurchase program. Conversely, Constellation Brands (STZ 223.63, -8.70) is down 3.7% after missing bottom-line estimates.

Elsewhere, European Union leaders have agreed on a migration plan, helping to ease some of the political uncertainty within the region. The euro has rallied against the U.S. dollar in response, climbing 0.9% to 1.1675. The U.S. Dollar Index is down 0.8%.

Also of note, oil prices are up for the fourth straight day, touching a new three-and-a-half year high. WTI crude is up 1.1% at $74.25/bbl.

Reviewing today's economic data, which included Personal Income, Personal Spending, and PCE Prices for May, the Chicago PMI for June, and the final reading of the University of Michigan Consumer Sentiment Index for June:

Personal income climbed 0.4% in May (Briefing.com consensus +0.4%) following a revised increase of 0.2% in April (from 0.3%). Meanwhile, personal spending rose 0.2% in May (Briefing.com consensus +0.4%) following a revised increase of 0.5% in April (from 0.6%). The PCE Price Index rose 0.2% in May (Briefing.com consensus +0.2%), and the core PCE Price Index, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). Year-over-year, the core PCE Price Index is up 2.0%, up from 1.8% in the last reading.
The key takeaway from the report is twofold: (1) Real PCE was flat, which is likely to prompt some downward revisions to Q2 GDP forecasts and (2) the price indexes are moving in the direction anticipated by the Fed, which means the Fed is also likely to keep moving the fed funds rate higher as anticipated.
The Chicago PMI for June hit 64.1 (Briefing.com consensus 61.0), up from an unrevised 62.7 in May.
The key takeaway from the report is that manufacturers are experiencing a slowdown in production activity on account of longer supplier lead times that have been impacted by elevated input prices.
The final reading of the University of Michigan Consumer Sentiment Index for June slipped to 98.2 (Briefing.com consensus 99.0) from 99.3 in the preliminary reading.
The key takeaway from the report is that the downshift from the preliminary reading was driven primarily by tariff concerns, yet favorable assessments of jobs and incomes were a mitigating influence that left the overall index little changed from the prior month.

Dow: +234.58… | Nasdaq: +40.41… | S&P: +20.06…
NASDAQ Adv/Dec 1703/1088. …NYSE Adv/Dec 2091/778.

12:25PM ET

[BRIEFING.COM] The Dow Jones Industrial Average has climbed 1.0% today, ticking back up into positive territory for the month (+0.2%).

Nike (NKE 80.33, +8.63) is by far the best-performing Dow component, up 12.0%, after reporting better-than-expected quarterly results. On the flip side, Goldman Sachs (GS 223.41, -0.01) is among the worst-performing Dow components after the Fed said the company cannot raise its total payout due to the 2017 tax overhaul, which resulted in a one-time hit to Goldman's capital level.

As for the S&P 500, the benchmark index is up 0.9% with all 11 of its sectors in positive territory, sporting gains between 0.3% and 1.4%.
Dow: +263.18… | Nasdaq: +50.15… | S&P: +23.70…
NASDAQ Adv/Dec 1745/1047. …NYSE Adv/Dec 2123/748.

11:55AM ET

[BRIEFING.COM] The S&P 500 is still up 0.9%, but the tech-heavy Nasdaq has trimmed its gain to 0.7% after slipping in recent trade.

Biotech names are outperforming today, evidenced by a 2.1% increase in the iShares Nasdaq Biotechnology ETF (IBB 110.20, +2.25). Vertex Pharm (VRTX 167.42, +19.79) is particularly strong, spiking 13.4%, after securing its lead in the cystic fibrosis space due to disappointing trial results from rival Galapagos.

In Europe, the major bourses ended Friday a positive note, adding between 0.3% and 1.1%. For the week, the Euro Stoxx 50 lost 1.3%.
Dow: +256.27… | Nasdaq: +49.86… | S&P: +23.73…
NASDAQ Adv/Dec 1789/978. …NYSE Adv/Dec 2138/712.

11:25AM ET

[BRIEFING.COM] The major averages continue drifting sideways, hovering solidly above yesterday's closing levels. The S&P 500 is up 0.9%.

Shares of Nike (NKE 79.44, +7.74) have spiked 10.8%, hitting a new record high, after the athletic shoe and apparel company beat both top and bottom line estimates for its fiscal fourth quarter. Conversely, shares of Constellation Brands (STZ 222.16, -10.24) are down 4.4% after the beverage company missed earnings estimates.

Elsewhere, West Texas Intermediate crude futures are up for the fourth straight day, climbing 1.0% to $74.21 per barrel -- which marks a fresh three-and-a-half year high. The rise in crude prices has helped underpin the energy space, which is up 1.3% for the day and up 1.7% for the week.
Dow: +279.31… | Nasdaq: +62.10… | S&P: +24.99…
NASDAQ Adv/Dec 1876/876. …NYSE Adv/Dec 2174/667.

11:00AM ET

[BRIEFING.COM] Equities remain comfortably in positive territory. The Dow is up 1.1% while the S&P 500 and the Nasdaq hold gains of 0.9% apiece.

Cyclical sectors are outperforming their countercyclical peers. Financials (+1.6%), consumer discretionary (+1.1%), industrials (+1.3%), energy (+1.5%), and technology (+0.9%) are the top-performing groups. Conversely, utilities (-0.4%), consumer staples (-0.1%), and telecoms (-0.1%) are at the back of the pack.

In the bond market, U.S. Treasuries are roughly flat, with the 10-yr yield unchanged at 2.85%. The 2-yr yield is slightly higher, up one basis point at 2.53%.
Dow: +267.34… | Nasdaq: +64.83… | S&P: +24.66…
NASDAQ Adv/Dec 1899/844. …NYSE Adv/Dec 2095/725.

10:30AM ET
[BRIEFING.COM]

Commodities are starting the day off higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.7% at 87.36
Dollar index is currently -0.4% at 94.60
Looking at energy...
Aug WTI crude oil futures are now +$0.85 at $74.30/barrel
In other energy, Aug natural gas is -$0.02 at $2.92/MMBtu
Moving on to metals...
Aug gold is currently +$2.00 at $1253.00/oz, while Jul silver is +$0.10 at $16.05/oz
Jul copper is now unch at $2.97/lb

Dow: +223.58… | Nasdaq: +47.69… | S&P: +18.31…
NASDAQ Adv/Dec 1841/845. …NYSE Adv/Dec 2007/751.

10:00AM ET

[BRIEFING.COM] Equity indices are drifting near their opening levels, with the S&P 500 up 0.7%.

Just in, the final reading of the University of Michigan Consumer Sentiment Index for June slipped to 98.2 (Briefing.com consensus 99.0) from 99.3 in the preliminary reading.
Dow: +225.04… | Nasdaq: +51.31… | S&P: +18.36…
NASDAQ Adv/Dec 1820/812. …NYSE Adv/Dec 1926/740.

09:45AM ET

[BRIEFING.COM] The major averages are solidly higher in the opening minutes of today's session, sporting gains between 0.7% and 1.0%.

More than half of the 11 S&P 500 sectors are in the green. The financials (+1.1%), consumer discretionary (+1.1%), and energy (+1.2%) sectors are the top-performing groups, while the lightly-weighted telecom services (-0.5%) and real estate (-0.8%) spaces are at the back of the pack.

Just in, Chicago PMI for June hit 64.1 (Briefing.com consensus 61.0), up from an unrevised 62.7 in May.
Dow: +240.46… | Nasdaq: +51.82… | S&P: +19.13…
NASDAQ Adv/Dec 1726/858. …NYSE Adv/Dec 1850/763.

09:15AM ET
[BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +32.50.

The stock market is on course for a higher open, as the S&P 500 futures are trading nine points, or 0.3%, above fair value.

Big banks are mostly higher in pre-market trading after most passed the Fed's second, more difficult, stress test. JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), and Citigroup (C) said they will be distributing more than $110 billion though dividends and buybacks. However, Goldman Sachs (GS) and Morgan Stanley (MS) received a conditional non-objection to their capital plans and will maintain their capital distributions at the levels they paid in recent years.

On the earnings front, Dow component Nike (NKE 79.35, +7.65) is up 10.7% after beating both top and bottom line estimates and announcing a new $15 billion buyback plan. Conversely, Constellation Brands (STZ 221.02, -11.31) is down 4.9% after reporting worst-than-expected profits.

Investors received May Personal Income, Personal Spending, and PCE Prices earlier this morning:

Personal income climbed 0.4% in May (Briefing.com consensus +0.4%) following a revised increase of 0.2% in April (from 0.3%). P
ersonal spending rose 0.2% in May (Briefing.com consensus +0.4%) following a revised increase of 0.5% in April (from 0.6%).
The PCE Price Index rose 0.2% in May (Briefing.com consensus +0.2%), and the core PCE Price Index, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). Year-over-year, the core PCE Price Index is up 2.0%, up from 1.8% in the last reading.

Also on the data docket, the Chicago PMI for June (Briefing.com consensus 61.0) will be released at 9:45 AM ET, and the final reading of the University of Michigan Consumer Sentiment Index for June (Briefing.com consensus 99.0) will cross the wires at 10:00 AM ET.

Elsewhere, U.S. Treasury yields are a tick higher, with the benchmark 10-yr yield up one basis point at 2.84%, the U.S. Dollar Index is down 0.5% at 94.54, and WTI crude futures are up 0.2% at $73.62 per barrel, looking to notch another new three-and-a-half year high.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: +11.00. Nasdaq futures vs fair value: +39.00.

The S&P 500 futures are trading 11 points, or 0.4%, above fair value.

Equity indices in the Asia-Pacific region ended the week on a higher note with markets in China and Hong Kong rebounding from losses recorded earlier in the week. An official from China's sovereign wealth fund described China's A-shares as attractive after their recent weakness. Meanwhile, the People's Bank of China reaffirmed its commitment to maintaining a "prudent and neutral" monetary policy. U.S. ambassador to China, Terry Branstad, said the U.S. government is not convinced about China's level of commitment to improve trade relations.

In economic data:
Japan's May Housing Starts +1.3% year-over-year (expected -5.9%; last 0.3%), May Construction Orders -18.7% year-over-year (last 4.0%), May Industrial Production -0.2% month-over-month (expected -1.1%; last 0.5%), and May Unemployment Rate 2.2% (expected 2.5%; last 2.5%). June Household Confidence 43.7 (expected 43.9; last 43.8), June Tokyo CPI +0.6% year-over-year (expected 0.5%; last 0.4%) and Core Tokyo CPI +0.7% year-over-year (expected 0.6%; last 0.5%)
South Korea's May Industrial Production +1.1% month-over-month (expected 0.1%; last 3.1%); +0.9% year-over-year (expected 0.5%; last 0.8%). July Manufacturing BSI Index 81 (last 76)
Australia's May Private Sector Credit +0.2% month-over-month (expected 0.4%; last 0.4%) and May Housing Credit +0.4% (last 0.4%). October HIA New Home Sales -4.4% month-over-month (last -4.2%)

---Equity Markets---

Japan's Nikkei added 0.2%, narrowing this week's loss to 0.9%. Rakuten, Hitachi Construction, Yamaha Motor, Japan Tobacco, Komatsu, Softbank, Okuma, Trend Micro, Konami, Yamaha, and Canon climbed between 1.2% and 6.0%.
Hong Kong's Hang Seng jumped 1.6%, but lost 1.3% for the week. Country Garden Holdings and AAC Technologies led with respective gains of 11.3% and 6.5% while property names like China Resources Land, China Overseas, China Construction Bank, and New World Development rose between 1.0% and 5.0%.
China's Shanghai Composite gained 2.2%, trimming this week's decline to 1.5%. Xiamen Faratronic, Inspur Software, Yonyou Network Technology, Shanghai Tongda Venture Capital, and Shanghai Baosight Software advanced between 7.4% and 8.7%.
India's Sensex rose 1.1%, but lost 0.6% for the week. Tata Steel jumped 3.6% while Reliance Industries, Larsen & Toubro, Bajaj Auto, Hindustan Unilever, Infosys, Wipro, and Tata Motors gained between 0.7% and 3.0%.

Major European indices trade higher across the board after EU leaders gathered at a summit in Brussels issued a joint statement after lengthy discussions. The leaders debated for about nine hours before issuing a statement that was acceptable to Italy and central European countries. The leaders agreed that Italy would no longer bear sole responsibility for rescues at sea and that "controlled centers" would be established within the EU to process asylum requests. The details, however, were vague. The Spanish government is reportedly seeking to generate EUR6.50 billion through additional tax revenue.

In economic data:
Eurozone June CPI +2.0% year-over-year, as expected (last 1.9%). Core CPI +1.0% year-over-year, as expected (last 1.1%)
Germany's June Unemployment Change -15,000 (expected -8,000; last -11,000) and June Unemployment Rate 5.2%, as expected (last 5.2%). May Retail Sales -2.1% month-over-month (expected -0.5%; last 1.6%); -1.6% year-over-year (expected 1.8%; last 1.0%). May Import Price Index +1.6% month-over-month (expected 1.0%; last 0.6%); +3.2% year-over-year (expected 2.7%; last 0.6%)
UK's Q1 GDP +0.2% quarter-over-quarter (expected 0.1%; last 0.1%); +1.2% year-over-year, as expected (last 1.3%). Q1 Current Account -GBP17.70 billion (expected -GBP18.00 billion; last -GBP19.50 billion). May Mortgage Approvals 64,530 (expected 62,200; last 62,940) and May Mortgage Lending GBP3.86 billion (expected GBP3.73 billion; last GBP3.79 billion). Q1 Business Investment -0.4% quarter-over-quarter (expected -0.2%; last -0.2%)
France's June CPI +0.1% month-over-month, as expected (last 0.4%); +2.1% year-over-year (last 2.0%). May PPI +0.6% month-over-month (last -0.6%)
Swiss June KOF Leading Indicators 101.7 (expected 100.3; last 100.0)

---Equity Markets---

UK's FTSE is higher by 0.6%. Rolls-Royce Holdings, ITV, Imperial Brands, BHP Billiton, Unilever, Shire, Burberry, and Pearson are up between 1.0% and 2.9%.
Germany's DAX has climbed 1.1% amid gains in most components. Covestro, Infineon, Henkel, Adidas, SAP, and BASF lead with gains between 1.3% and 3.2% while Siemens, Deutsche Bank, BMW, and Daimler are up between 0.1% and 0.7%.
France's CAC trades up 1.1%. Safran leads with a gain of 3.2% while STMicroelectronics, Airbus, Louis Vuitton, Kering, Peugeot, L'Oreal, Hermes, and Pernod Ricard have risen between 0.9% and 2.5%.

08:33AM ET
[BRIEFING.COM] S&P futures vs fair value: +11.80. Nasdaq futures vs fair value: +37.50.

The S&P 500 futures are trading 12 points, or 0.4%, above fair value.

Just in, personal income climbed 0.4% in May (Briefing.com consensus +0.4%) following a revised increase of 0.2% in April (from 0.3%). Meanwhile, personal spending rose 0.2% in May (Briefing.com consensus +0.4%) following a revised increase of 0.5% in April (from 0.6%).

The PCE Price Index rose 0.2% in May (Briefing.com consensus +0.2%), and the core PCE Price Index, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). Year-over-year, the core PCE Price Index is up 2.0%, up from 1.8% in the last reading.

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: +13.30. Nasdaq futures vs fair value: +43.30.

The U.S. equity market is looking to extend yesterday's rebound rally this morning and further trim its losses for the week. The S&P 500 futures are currently trading 13 points, or 0.5%, above fair value. However, for the week, the S&P 500 enters today's session lower by 1.4%.

Big banks are mostly higher in pre-market trading after most passed the Fed's second, more difficult, stress test. JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), and Citigroup (C) said they will be distributing more than $110 billion though dividends and buybacks. However, Goldman Sachs (GS) and Morgan Stanley (MS) received a conditional non-objection to their capital plans and will maintain their capital distributions at the levels they paid in recent years.

Investors will receive several pieces of economic data today, including the PCE Price Index for May (Briefing.com consensus +0.2%), which is the Fed's preferred gauge of inflation. The PCE Index will be released alongside the May readings for Personal Income (Briefing.com consensus +0.4%) and Personal Spending (Briefing.com consensus +0.4%) at 8:30 AM ET.

Separately, the Chicago PMI for June (Briefing.com consensus 61.0) will be released at 9:45 AM ET, and the final reading of the University of Michigan Consumer Sentiment Index for June (Briefing.com consensus 99.0) will cross the wires at 10:00 AM ET.

Elsewhere, U.S. Treasuries are slightly lower this morning, pushing yields a tick higher. The benchmark 10-yr yield, for instance, is up one basis point at 2.85%. Meanwhile, WTI crude futures are down 0.1% at $73.37/bbl after hitting a three-and-a-half year high on Thursday, and the U.S. Dollar Index is lower by 0.6% at 94.48.

In U.S. corporate news:

Nike (NKE 78.91, +7.21): +10.1% after beating both top and bottom line estimates and announcing a new $15 billion buyback plan.
KB Home (KBH 27.30, +1.92): +7.6% after reporting better-than-expected earnings and revenues for its fiscal second quarter.
Synnex (SNX 102.56, -4.18): -3.9% after issuing downbeat guidance and announcing it'll acquire Convergys (CVG 25.01, -0.36) for $2.4 billion.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a higher note with markets in China and Hong Kong rebounding from losses recorded earlier in the week. Japan's Nikkei +0.2%, Hong Kong's Hang Seng +1.6%, China's Shanghai Composite +2.2%, India's Sensex +1.1%.
In economic data:
Japan's May Housing Starts +1.3% year-over-year (expected -5.9%; last 0.3%), May Construction Orders -18.7% year-over-year (last 4.0%), May Industrial Production -0.2% month-over-month (expected -1.1%; last 0.5%), and May Unemployment Rate 2.2% (expected 2.5%; last 2.5%). June Household Confidence 43.7 (expected 43.9; last 43.8), June Tokyo CPI +0.6% year-over-year (expected 0.5%; last 0.4%) and Core Tokyo CPI +0.7% year-over-year (expected 0.6%; last 0.5%)
South Korea's May Industrial Production +1.1% month-over-month (expected 0.1%; last 3.1%); +0.9% year-over-year (expected 0.5%; last 0.8%). July Manufacturing BSI Index 81 (last 76)
Australia's May Private Sector Credit +0.2% month-over-month (expected 0.4%; last 0.4%) and May Housing Credit +0.4% (last 0.4%). October HIA New Home Sales -4.4% month-over-month (last -4.2%)
In news:
An official from China's sovereign wealth fund described China's A-shares as attractive after their recent weakness.
The People's Bank of China reaffirmed its commitment to maintaining a "prudent and neutral" monetary policy.
U.S. ambassador to China, Terry Branstad, said the U.S. government is not convinced about China's level of commitment to improve trade relations.

Major European indices trade higher across the board after EU leaders gathered at a summit in Brussels issued a joint statement after lengthy discussions. UK's FTSE +0.7%, Germany's DAX +1.1%, France's CAC +1.1%.
In economic data:
Eurozone June CPI +2.0% year-over-year, as expected (last 1.9%). Core CPI +1.0% year-over-year, as expected (last 1.1%)
Germany's June Unemployment Change -15,000 (expected -8,000; last -11,000) and June Unemployment Rate 5.2%, as expected (last 5.2%). May Retail Sales -2.1% month-over-month (expected -0.5%; last 1.6%); -1.6% year-over-year (expected 1.8%; last 1.0%). May Import Price Index +1.6% month-over-month (expected 1.0%; last 0.6%); +3.2% year-over-year (expected 2.7%; last 0.6%)
UK's Q1 GDP +0.2% quarter-over-quarter (expected 0.1%; last 0.1%); +1.2% year-over-year, as expected (last 1.3%). Q1 Current Account -GBP17.70 billion (expected -GBP18.00 billion; last -GBP19.50 billion). May Mortgage Approvals 64,530 (expected 62,200; last 62,940) and May Mortgage Lending GBP3.86 billion (expected GBP3.73 billion; last GBP3.79 billion). Q1 Business Investment -0.4% quarter-over-quarter (expected -0.2%; last -0.2%)
France's June CPI +0.1% month-over-month, as expected (last 0.4%); +2.1% year-over-year (last 2.0%). May PPI +0.6% month-over-month (last -0.6%)
Swiss June KOF Leading Indicators 101.7 (expected 100.3; last 100.0)
In news:
The EU leaders debated for about nine hours before issuing a statement that was acceptable to Italy and central European countries. The leaders agreed that Italy would no longer bear sole responsibility for rescues at sea and that "controlled centers" would be established within the EU to process asylum requests. The details, however, were vague.
The Spanish government is reportedly seeking to generate EUR6.50 billion through additional tax revenue.

07:34AM ET
[BRIEFING.COM] S&P futures vs fair value: +11.80. Nasdaq futures vs fair value: +39.00.

06:56AM ET
[BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +31.00.

06:56AM ET
[BRIEFING.COM] Nikkei...22304.5...+34.10...+0.20%. Hang Seng...28955...+457.80...+1.60%.

06:56AM ET
[BRIEFING.COM] FTSE...7680.66...+65.00...+0.90%. DAX...12308.47...+131.20...+1.10%.

04:25PM ET

[BRIEFING.COM] Stocks rebounded on Thursday, reclaiming around a third of their weekly losses. The S&P 500 advanced 0.6%, but some late selling left it just a tick below its 50-day moving average. The Nasdaq did a little better, adding 0.8%, while the Dow and the Russell 2000 underperformed, climbing 0.4% and 0.3%, respectively.

There wasn't much going on at the macro level on Thursday, but there were plenty of corporate headlines.

Amazon (AMZN 1701.45, +40.94) received perhaps the most attention after announcing a deal to acquire online pharmacy start-up PillPack. CVS Health (CVS 65.78, -4.27) and Walgreens Boots Alliance (WBA 59.70, -6.56) tumbled 6.1% and 9.9%, respectively, in response to the news.

Package delivery giants FedEx (FDX 226.67, -3.08) and UPS (UPS 105.88, -2.50) also fell on Amazon-related news, dropping 1.3% and 2.3%, respectively, after the internet retail giant announced it is inviting entrepreneurs to form small companies to carry packages over the last leg of the delivery journey.

Elsewhere, Chipotle (CMG 428.36, -28.88) tumbled 6.3% after CEO Brian Niccol failed to provide future growth plan details in a conference call to investors, Starbucks (SBUX 48.54, -1.30) declined 2.6% after CFO Scott Maw announced his retirement (effective November 30), and tech consulting firm Accenture (ACN 164.50, +9.16)rallied 5.9% afterreporting above-consensus earnings and revenues for its fiscal third quarter and raising its profit guidance for FY18.

Nine of eleven S&P 500 sectors finished Thursday in positive territory, with energy (-0.1%) and utilities (unch) being the outliers. After leading Wednesday's sell off, the top-weighted technology (+1.1%) and financials (+0.9%) sectors were among the top-performing groups on Thursday, providing an extra boost to sentiment.

Away from equities, WTI crude futures hit $74.00/bbl for the first time since November 2014 before falling back to $73.37/bbl; still, that's a daily gain of 0.9%. Meanwhile, U.S. Treasuries finished modestly lower, leaving yields in the green. The benchmark 10-yr yield climbed to 2.85% from 2.83%.

Reviewing Thursday's economic data, which included the third estimate of first quarter GDP and the weekly Initial Claims report:

The third estimate of first quarter GDP pointed to an expansion of 2.0% (Briefing.com consensus 2.2%). The second estimate came in at 2.2%.
The key takeaway from the report is that personal spending was weak in the first quarter, yet the relevant takeaway today is that this is a dated number and a pickup in personal spending is a key reason why many Q2 GDP forecasts have a four-handle on them.
The latest weekly initial jobless claims count totaled 227,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the unrevised prior week count of 218,000. As for continuing claims, they declined to 1.705 million from a revised count of 1.726 million (from 1.723 million).

Looking ahead to Friday, investors will receive Personal Income, Personal Spending, and PCE Prices for May at 8:30 AM ET, the Chicago PMI for June at 9:45 AM ET, and the final reading of the University of Michigan Consumer Sentiment Index for June at 10:00 AM ET.

Nasdaq Composite +8.7% YTD
Russell 2000 +7.1% YTD
S&P 500 +1.6% YTD
Dow Jones Industrial Average -2.0% YTD

Dow: +98.46… | Nasdaq: +58.60… | S&P: +16.68…
NASDAQ Adv/Dec 1641/1336. …NYSE Adv/Dec 1784/1147.

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