Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- US stocks are moving higher on the morning of 9/11.
- Apple shares are up as investors await the iPhone launch event on Tuesday.
- Insurer shares are rising as the impact from Irma is likely smaller than previously expected.
Good Morning! US Futures are jumping higher this Patriot Day, as America remembers and honours those lost in the September 11th Attacks in 2001. There are 6 moments of silence scheduled: 8:46 (North Tower Struck), 9:03 (South Tower Struck), 9:37 (Pentagon Struck), 9:59 (South Tower Falls), 10:03 (Shanksville, PA Crash) and 10:28 (North Tower Collapse). Nasdaq is leading us to upside, as biotech stocks rally, and AAPL adds over 1% ahead of tomorrow’s launch. Nice rallies in Europe, where the DAX is up 1% as havens drop on No weekend antics from NK, while Insurers are jumping as Irma impact on Florida is bad, but not as catastrophic as feared. Banks and technology shares are all acting well, while FTSE adds 50bp with Healthcare leading on AstraZeneca. Strong rallies in Asia – Nikkei leapt 1.4% – Hang Seng up 1% with all sectors rallying, but Tencent’s 3% rip had tech outperforming – Shanghai up 30bp led by gains in shares of electric vehicle makers – KOSPI added 60bp and Aussie up 70bp as Banks rebound on Macquarie headers
The DXY is trying to rebound from 2+Y lows as Treasuries get sold, pressing the US 10YY back over 2.1% and Fed Funds get back towards a 30% chance of a December Hike. The Euro is battling to hold $US1.2 – Turkey’s Lira 1Y high on better GDP – Sharpest drop in three months in China’s Renminbi, meanwhile Bitcoin slight selling on China Headers. Ore and Rebar were Flat overnight, but Copper is back in rally mode, adding 1%+. Gold is dropping almost 1%, paced by a 1.5% drop in Silver. Energy complex is mixed, as WTI rebounds from recent selling, but Brent is trading lower and US Gasoline drops another 2% early.
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