Barchart Futures Market Quotes, Free Futures Charts, Commentary

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The S&P 500 Index ($SPX) (SPY) is currently trading at a loss of 0.07 percent, while the Dow Jones Industrials Index ($DOWI) (DIA) is currently trading at a gain of 0.15 percent, and the Nasdaq 100 Index ($IUXX) (QQQ) is currently trading at a loss of 0.41 percent.

Barchart Futures Market Quotes, Free Futures Charts, Commentary
Barchart Futures Market Quotes, Free Futures Charts, Commentary

This morning, U.S. market indices are trading in a mixed range, with the Dow Jones Industrials reaching a new high for the past six weeks. Today’s gains in the healthcare sector are being led by HCA Healthcare and Tenet Healthcare, which both reported quarterly earnings results that were better than expected. Additionally, American Express is up more than +3 percent today after announcing record revenue for the second quarter and upping its revenue projection for the whole year.

The yield on the 10-year Treasury note fell to an 8-week low of 2.729 percent today, providing additional support for stock prices. Today’s decline in yields on T-notes also helps equities.

However, social media stock prices are under pressure today as a result of a precipitous drop in Snap’s share price, which occurred after the company reported dismal earnings results. In addition, technology stocks are experiencing selling pressure. Seagate Technology Holdings Plc, the largest manufacturer of computer hard drivers in the world, reported a forecast for the current pricing period that was less than optimistic. The company cited “weakening global economic conditions” as the reason for the downgrade.

After the July U.S. S&P Global manufacturing PMI plummeted -0.4 to a 2-year low of 52.3, today’s U.S. economic data was somewhat positive for stocks. This comes after the July U.S. S&P Global manufacturing PMI. Despite that, that result was far better than the forecast of 52.0.

Today’s stock movers…

The market as a whole is benefiting from the strong performance of healthcare stocks which are currently on the rise. After reporting adjusted Ebitda for the second quarter of $3.04 billion, which was higher than the consensus estimate of $2.81 billion, HCA Healthcare (HCA) is currently leading gainers in the S&P 500 index with a gain of more than +15 percent today.

Also, Tenet Healthcare (THC) is up more than +10 percent after reporting adjusted Ebitda for the second quarter of $843 million, which is significantly higher than the consensus estimate of $729 million and seeing adjusted Ebitda for the full year of $3.38-$3.58 million, which is stronger than the estimate for $3.38 billion. In addition, Universal Health Services (UHS) has seen an increase of more than plus three percent, and Cardinal Health (CAH) has seen an increase of more than one percent.

After reporting Q2 revenue of $13.40 billion, which was well above the consensus of $12.51 billion, and raising its full-year revenue forecast to up +23 percent -25 percent from a prior view of +18 percent -20 percent, American Express (AXP) is up more than +3 percent today to lead gainers in the Dow Jones Industrials. This comes after the company raised its full-year revenue forecast to up +23 percent -25 percent from a prior view of +18 percent -20 percent.

After reporting revenue for the second quarter of $6.77 billion, which was higher than the consensus of $6.28 billion, and forecasting revenue for the full year of at least $27 billion, which was better than the consensus of $26.21 billion, Schlumberger (SLB) is currently up more than +6 percent today.

PPG Industries (PPG) is currently trading up by more than +4 percent after announcing adjusted EPS for the second quarter of $1.81, which is higher than the consensus estimate of $1.75.

After reporting earnings per share for the second quarter of $5.60, which was significantly lower than the consensus estimate of $7.72, and forecasting a full-year net interest margin of 2.15 percent to 2.25 percent, which was lower than the consensus estimate of 2.34 percent, SVB Financial Group (SIVB) is currently the leader among companies that have lost ground in the S&P 500.

After reporting adjusted earnings per share for the second quarter of $1.31, which was lower than the consensus estimate of $1.33, and lowering its adjusted earnings per share estimate for the full year from $5.40-$5.55 to $5.10-$5.25, Verizon Communications (VZ) has led the decliners in the Dow Jones Industrials today with a loss of more than -6 percent.

After reporting revenue for the second quarter of $1.11 billion, which was slightly below the average estimate of $1.14 billion, social media stock prices are dropping today, with Snap (SNAP) plunging -35 percent. In addition, Meta Platforms (META) has experienced a loss of more than five percent, making it the leading loser among the Nasdaq 100. Both Pinterest (PINS) and Alphabet (GOOGL) have seen their share prices drop by more than three percent and ten percent, respectively.

After reporting revenue for the fourth quarter of $2.63 billion, which was lower than the consensus of $2.80 billion, and forecasting revenue for the first quarter of $2.50 billion, which was lower than the consensus of $3.01 billion, Seagate Technology Holdings Plc (STX) is currently trading down more than -5 percent.

After reporting adjusted earnings per share for the second quarter of $4.96, which was lower than the consensus estimate of $5.10, Capital One Financial (COF) is currently trading more than 5% lower today. 

Across the markets…

This morning, the price of September 10-year Treasury notes (ZNU22) is higher by +28 ticks, while the yield on 10-year Treasury notes is lower by -8.8 basis points and is currently at 2.787 percent. This morning, September T-notes rose to a 2-week high, and the yield on 10-year T-notes plummeted to a low not seen in 8 weeks, coming in at 2.729 percent.

The yield on the 10-year German bund dropped to a 7-week low of 1.018 percent and the yield on the 10-year UK Gilt fell to an 8-week low of 1.921 percent as a result of a rally in European government bonds. This is providing carry-over support for U.S. Treasury notes.

This morning, a negative 0.10 percent change can be seen in the value of the dollar index (DXY00). Following yesterday’s slide to its lowest level in two weeks, the yield on 10-year Treasury notes is adding to today’s pressure on the value of the dollar. After falling to a low that hasn’t been seen in USD/JPY for one and a half weeks, today’s rise in the yen is also working against the dollar.

Today, the EUR/USD (EURUSD) exchange rate has fallen by -0.34 percent. The Eurozone’s S&P Global manufacturing PMI reached a two-year low in July, which is putting pressure on the Euro to US Dollar exchange rate today. These signs point to a possible downturn in economic activity in the Eurozone. In addition, the German Central Bank (Bundesbank) issued a warning about how concerns over Russian gas “are weighing on the prospects” for German economic growth today.

The S&P Global manufacturing PMI for the Eurozone dropped to 49.6 in July, which was worse than the consensus estimate of 51.0 and the worst pace of decline in the past two years. In addition, the S&P Global composite PMI for the Eurozone in July dropped by 2.6 points to 49.4, which was lower than the forecast of 51.0 and the steepest pace of contraction in 17 months.

The German Central Bank (Bundesbank) issued its monthly report today, in which it stated that “the inflation rate is anticipated to stay high in the coming months,” and that the concern regarding Russian gas “is impacting on the forecast” for the German economy.

The USD/JPY (USDJPY) exchange rate has dropped by -0.76 percent today. As a result of a drop in yields on U.S. Treasury notes, the yen appreciated today to a level that was not seen in over a week and a half. The yield on the 10-year Treasury note hit a level not seen in over two weeks. Additionally, today’s data, which showed a larger than expected increase in Japanese consumer prices, is hawkish for BOJ policy, and it spurred short-covering in the yen, which led to an increase in the value of the yen.

Japan The consumer price index (CPI) for the nation in June, excluding fresh food and energy, increased by 1.0 percent year over year, which was a larger increase than the forecast of +0.9 percent year over year and the largest increase in 6-1/2 years.

Barchart Futures Market Quotes, Free Futures Charts, Commentary

The manufacturing PMI for Japan as reported by Jibun Bank in July dropped by 0.5 points to 52.2, marking a 10-month low.

Gold for August (GCQ22) is currently trading up +21.8, or 1.27 percent, while silver for September (SIU22) is currently trading up +0.121, or 0.67 percent. The prices of precious metals are slightly higher this morning, with gold reaching its highest point in a week. Today’s declines in the value of the dollar are helping to underpin price increases in metals. The yields on global bonds are falling today, which is also contributing to gold’s rise in price.

Following today’s statement by the Bundesbank that “the inflation rate is anticipated to continue high in the coming months,” the demand for gold as an inflation hedge has strengthened, providing additional support for the precious metal. Additionally, the Japan national CPI excluding fresh food and energy increased by +1.0 percent year over year in June, which was a larger increase than the forecast of +0.9 percent year over year and the highest increase in 6-1/2 years.

As of Thursday, long gold positions in exchange-traded funds (ETFs) had fallen for 17 days in a row, reaching their lowest point in more than four and a half months. This ongoing fund liquidation of long gold positions continues to be unfavorable for gold prices.

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