Market Tone: Stocks rebounded nicely yesterday and continue higher but is still below its September peak by 161 points. Earnings season kick off next week (see earnings section). Monday will be a quiet day as the bond market will be closed Columbus Day Observances.
Covid-19 Update With Latest Data From Thursday
Total Cases 7,566,106 from 7,511,236
Recovered: 3,021,252 from 2,999,895
Deaths 204,566 from 203,591
Tests 1,030,766 from 850,784
Deaths 975 from 916
Current Hospitalizations 32,124
source COVID tracking project
IPOs Priced: None of note.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Selling Shareholders of note: SRNE
Mixed Shelf Offerings: None of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
None of note.
None of note.
News After The Close:
Gap Stores (GPS) names Nancy Green as President and CEO of Old Navy.
Apple (AAPL) extends Apple TV+ free trials for three months.
Spirit (SAVE) issue warrant to U.S. Treasury in exchange for PSP support.
Axios states that Trump wants a “big deal” on stimulus which conflicts this morning’s story from The Washington Post.
Dividend Increase: KBH
Reinstates Or Initiates Buybacks:
Guides Higher: NXPI GNMK EXTR MODN
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +22 Dow Jones Industrial Average +159 NASDAQ +58 Russell 2000 +21 . Fair values are mixed. Asia mixed and Europe higher. Current VIX is at 26.36 from 28.06. 3 month VIX Future is at 29.51 from 30.70.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.88 from $138.94 with yields at 0.77 % unchanged.
Positive Sectors On Thursday: Energy, Real Estate and Utilities of note.
Negative Sectors On Thursday: None of note.
One Month Winners: Utilities, Real Estate, Industrials and Materials of note.
Three Month Winners: Industrials, Consumer Cyclicals, Technology and Real Estate of note.
Six Month Winners: Consumer Cyclical, Technology, Materials and Industrials of note.
Twelve Month Winners: Technology, Consumer Cyclical and Healthcare of note.
Year to Date: Consumer Cyclical, Technology, Communication Services, Healthcare and Materials of note.
Upcoming Earnings Of (sorted by market cap, highest to lowest)
Today After The Close: None of note.
Monday Morning: None of note.
Notable Earnings Next Week: JNJ JPM C BLK FAST UNH BAC WFC GS UBS PGR UBS PNC TSM ISRG MS SCHW TEAM WBA CCL SBNY BK VFC SLB STT KSU
MVIS +34%, EXTR +20%, XLNX +17%, SELB +12%, GNMK +10%, ACB +9%, TLRY +9%, MATX +8%, HCA +8%, NXPI +5%, MJ +4%, LILA +4%, VLDR +4% of note.
AMD -4% of note.
Earnings This Morning Of Note
None of note.
None of note.
Erlanger Research Advance/Decline Line Chart – Updated 10/8. Our Advance/Decline Line Model moved back to a buy at 3360 on Tuesday after going to cash at 3431 on 8/24.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Corona Virus Update: Collapses in airline industry and Qatar Airways CEO warns of more bailouts needed. (CNBC)
Hurricane Delta to make landfall tonight as a Category 2 or 3. (The Washington Post)
Stock Index Trading
Current through 10/8 close. All indexes now positive.
Bold means a change from prior day.
August Wholesale Inventories due out at 10:00 a.m. EDT and expected to grow 0.3% from -1.0% in July.
Baker Hughes Rig Count due out at 1:00 p.m. EDT.
The latest NYSE and NASDAQ Short Interest is due out after the close for the period September 11th through September 28th. The S&P 500 rose 0.32% in that period.
Geopolitical & Related
President Trump is resting this morning from The White House. He will participate in a Radio Rally at 12:00 p.m. EDT with Rush Limbaugh.
Investor Meetings & Conferences
DUK (Investor Day) Novo Nordsk (Update) (Webinar)
Sellside Conferences: Credit Suisse Agribusiness & Foods Week (10/5-10/9) UBS Premier Hedge Fund Virtual Conference (10/7-10/9)
Industry Conferences: American Society of Dermatology Annual Meeting (10/9-10/11) Jeep Grand Cherokee Summit Series 2020 (10/2- 10/18)
AMD in talks to buy Xilinx (XLNX) for $30 billion.
Upgrades & Downgrades For Friday – 10/9