Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Intel is continuing to slide after a critical security flaw was reported in many of its chips.
- US stock markets are ticking higher on Thursday.
- Gold is sliding from three-month highs.
Good Morning, and Happy Blizzard Thursday! 30,000 without Power, while 2800 flights have been cancelled so far. Be safe out there! US Futures are ticking higher slightly, but plenty of moves under the surface with all eyes on allocations from INTC to AMD, and the continuing squeeze in retail with JCP up another 5%. A strong rally in Europe, with the Dax up 1% led by Industrials and Fins, and the FTSE 100 Fresh records despite Sterling hitting September highs. Retailers are retreating after yesterday’s NEXT surge as Debenhams Headers outweigh those from Aldi. Oil Majors loving Brent upside $US68, While other Commodity equities continue to follow suit. Asia due north on Strong Caixin China services PMI and Japanese Manufacturing Data – Nikkei rips 3.2% on first day of trading in 2018 while Topix hits 27Y highs – Hang Seng adds 65bp – Shanghai adds 50bp – Aussie added small, All of EM Asia closed ~50bp higher – while Korea was a standout, with the KOSPI getting hit for 80bp after opening well bid.Ahead of NFP tomorrow, strong global PMI data continues to propel Yields higher, with the US 10YY up 2bp early. Keep an eye on the 2YY, ripping towards 2% as Traders pricing in a March hike as a done deal. Strong Euro Services PMI has Euro bouncing from $US1.20, but keep an eye on the $/Y getting rejected from 112/80 – yesterday’s highs. Ore up 1.4% overnight and Copper up 1.5% on the LME, but we have Gold retreating from 3M highs. A Big API Draw last night has the Oil complex well bid despite headers Saudi cutting prices to the States as they tackle the Texas Wildcatters. Natty continues to frustrate weather-watchers, getting rejected from $US3 as higher Oil prices mean more surplus in Gas stocks.
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