Friday, October 6, 2017

Assembly Biosciences - Chart of the Day

Assembly Biosciences (ASMB) is the Barchart Chert of the Day.  The biopharmaceutical company has a Trend Spotter buy signal, a Weighted Alpha pf 181.64+ and gained 336.61% in the last year.

The Chart of the Day belongs to Assembly Biosciences (ASMB).  I found the biopharmaceutical stock by using Barchart to sort the Russell 3000 Index stocks first by highest Weighted Alpha then used the Flipchart feature to review the charts for consistent price appreciation.  Since the Trend Spotter signaled a buy in 8/4 the stock gained 53.50%

Assembly Biosciences, Inc. is a biopharmaceutical company. It develops therapies for infectious diseases and other disorders of the gastrointestinal (GI) system. Assembly's product portfolio consists of two late stage assets: VEN 307 for relief from pain associated with anal fissures and VEN 308 for the treatment of fecal incontinence. The Company is also developing novel microbiome-based technology for targeted oral delivery of therapeutic bacteria, complex proteins, viral antigens and small molecules to treat intractable infectious diseases of the GI tract, such as C. difficile infections. Assembly Biosciences Inc., formerly known as Ventrus Biosciences, Inc., is based in New York.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 181.64+ Weighted Alpha
  • 72% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 15 new highs and up 26.98% in the last month
  • Relative Strength index 79.89%
  • Technical support level at 34.36
  • Recently traded at 35.06 with a 50 day moving average of 27.91
Fundamental factors:
  • Market Cap $608.5 million
  • Earnings estimated to increase 31.34% next year
  • Wall Street analysts issued 2 strong buy recommendations on the stock
  • The individual investors following the stock on Motley Fool voted 25 to 12 that the stock would beat the market


Morning Call 10/6

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 -0.06%) this morning are down -0.04% ahead of this morning's U.S. Sep payrolls report as the market consolidates this week's sharp gains to a new record high Thursday. European stocks are down -0.22%, led by losses in Spanish banks, as the financial and political squeeze on the separatist government in Catalonia tightens. Catalan President Puigdemont risks economic damage and isolation if he goes ahead with plans to declare independence based on a referendum that was considered illegal under Spain's constitution. Other Spanish companies may join Spain's banks in deciding to relocate their headquarters out of Catalonia as the crisis persists. Losses in European stocks were limited on signs of strength in the German economy, Europe's largest, after German Aug factory orders rose +3.6% m/m, the biggest increase in 8-months. GBP/USD tumbled -0.40% to a 4-week low on concern the political movement in the UK to try to remove Prime Minister May from power would throw the Brexit negotiations into chaos. Asian stocks settled higher: Japan +0.30%, Hong Kong +0.28%, Taiwan +0.14%, Australia +1.04%, Singapore +0.90%, India +0.70%. China and South Korea remain closed for holidays. Japan's Nikkei Stock Index climbed to a new 2-year high on carry-over support from the rally in U.S. stocks Thursday to a record high.
The dollar index (DXY00 +0.01%) is up +0.04% at a 1-1/2 month high. EUR/USD (^EURUSD) is down -0.04% at a 1-1/2 month low as the political crisis in Spain weighs on the euro. USD/JPY (^USDJPY) is up +0.10%.
Dec 10-year T-note prices (ZNZ17 -0.11%) are down -4 ticks.
UK Q2 unit labor costs rose +1.6% y/y, the slowest pace of increase since Q4 of 2015.
Japan Aug labor cash earnings rose +0.9% y/y, stronger than expectations of +0.5% y/y and the biggest increase in 13-months.
The Japan Aug leading index CI rose +1.6 to 106.8, weaker than expectations of +1.9 to 107.1 but still a 3-1/2 year high. The Aug coincident index rose +1.9 to 117.6, stronger than expectations of +1.8 to 117.5.
German Aug factory orders jumped +3.6% m/m, stronger than expectations of +0.7% m/m and the largest increase in 8-months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep non-farm payrolls (expected +80,000, Aug +156,000) and Sep unemployment rate (expected unch at 4.4%, Aug +0.1 to 4.4%), (2) Sep avg hourly earnings (expected +0.3% m/m and +2.5% y/y, Aug +0.1% m/m and +2.5% y/y), (3) Atlanta Fed President Raphael Bostic (non-voter) speaks at the “Investing in America’s Workforce” conference, (4) Aug wholesale trade sales (expected unch m/m, Jul -0.1% m/m), (5) New York Fed President William Dudley (voter)will deliver a speech on “The Monetary Policy Outlook and the Importance of Higher Education for Economic Mobility” at an event in New York, (6) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an “Investing in America’s Workforce” conference in Dallas, (7) Aug consumer credit expected +$15.54 billion, Jul +$18.499 billion.
Notable Russell 1000 earnings reports today include: Costco (consensus $2.02), Constellation Brands (2.17), Global Payments (1.10), Yum China Holdings (0.56).
U.S. IPO's scheduled to price today: Switch (SWCH).
Equity conferences this week: Petaluma Area Chamber of Commerce Business Conference on Fri.
OVERNIGHT U.S. STOCK MOVERS
Goldman Sachs (GS +2.39%) was downgraded to 'Market Perform' from 'Market Outperform' at Vining Sparks.
Bank of America (BAC +1.63%) was downgraded to 'Market Outperform' from 'Strong Buy' at Vining Sparks.
Albemarle (ALB +1.04%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Kraft Heinz (KHC +0.62%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a price target of $90.
Microchip (MCHP -0.33%) was initiated as a new 'Buy' at Argus with a price target of $106.
Marathon Petroleum (MPC -0.11%) was upgraded to 'Buy' from 'Hold' at Edward Jones with a price target of $63.
Green Dot (GDOT +2.71%) was initiated with a 'Buy' rating at Craig-Hallum with a price target of $70.
Valero Energy (VLO -0.54%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
HollyFrontier (HFC -2.56%) was downgraded to 'Underweight' from 'Neutral' at JPMorgan Chase.
Yum China Holdings (YUMC +0.20%) climbed almost 4% in after-hours trading after it reported Q3 revenue of $2.04 billion, higher than consensus of $1.98 billion.
Costco Wholesale (COST +1.13%) fell over 1% in after-hours trading even after it reported Q4 revenue of $43.3 billion, better than consensus of $41.62 billion.
Annaly Capital Management (NLY +0.41%) slid nearly 3% in after-hours trading after it announced that it intends to make a public offering of 65 million shares of its common stock.
Synchronoss Technologies (SNCR -0.09%) surged nearly 20% in after-hours trading after it entered into an exclusivity pact with Siris Capital Group.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 -0.06%) this morning are down -1.00 point (-0.04%). Thursday's closes: S&P 500 +0.56%, Dow Jones +0.50%, Nasdaq +0.97%. The S&P 500 on Thursday accelerated up to a new record high and settled higher on the -12,000 fall in U.S. weekly jobless claims to 260,000, a bigger decline than expectations of -7,000 to 265,000, and on the U.S. Aug factory orders report of +1.2%, stronger than expectations of +1.0%. There was also strength in energy stocks after crude oil prices rose +1.62%.
Dec 10-year T-note prices (ZNZ17 -0.11%) this morning are down -4 ticks. Thursday's closes: TYZ7 -5.50, FVZ7 -3.75. Dec 10-year T-notes on Thursday closed lower on the stronger-than-expected U.S. Aug factory orders report of +1.2%, and on comments from Philadelphia Fed President Harker who said that he has already "penciled in" a third 25 bp Fed rate hike in Dec and that he projects three more rate increases in 2018. T-notes were also undercut by reduced safe-haven demand with the rally in the S&P 500 to a new record high.
The dollar index (DXY00 +0.01%) this morning is up +0.038 (+0.04%) at a 1-1/2 month high. EUR/USD (^EURUSD) is down -0.0005 (-0.04%) at a 1-1/2 month low and USD/JPY (^USDJPY) is up +0.11 (+0.10%). Thursday's closes: Dollar Index +0.503 (+0.54%), EUR/USD -0.0048 (-0.41%), USD/JPY +0.06 (+0.05%). The dollar index on Thursday closed higher on hawkish comments from Philadelphia Fed President Harker who said he has already "penciled in" a third 25 bp rate hike by the Fed in Dec. The dollar index was also boosted by the increase in 10-year T-note yields, which boosts the dollar's interest rate differentials.
Nov crude oil (CLX17 -0.91%) this morning is down -53 cents (-1.04%) and Nov gasoline (RBX17 +0.24%) is +0.0007 (+0.04%). Thursday's closes: Nov WTI crude +0.81 (+1.62%), Nov gasoline +0.0309 (+1.96%). Nov crude oil and gasoline on Thursday closed higher with Nov gasoline at a 1-week high. Crude oil prices were supported by the prospects for an extension of crude oil production cuts between OPEC and Russia after Saudi King Salman bin Abdulaziz made a trip to Moscow to meet Russian President Putin and said Saudi Arabia wants to continue cooperation with Russia to maintain stability on the world oil market. Crude oil prices were also boosted by the increase in the crack spread to a 1-week high, which gives incentive for refiners to increase their crude purchases to refine crude oil into gasoline.
Metals prices this morning are mixed with Dec gold (GCZ17 -0.13%-1.5 (-0.12%), Dec silver (SIZ17 -0.02%-0.003 (-0.02%) and Dec copper (HGZ17 -0.05%) +0.002 (+0.05%) at a 3-week high. Thursday's closes: Dec gold -3.6 (-0.28%), Dec silver +0.014 (+0.08%), Dec copper +0.0875 (+2.96%). Metals on Thursday settled mixed with Dec copper at a 3-week high. Metals prices were boosted by the stronger-than-expected U.S. Aug factory orders report of +1.2% that was positive for industrial metals demand, and by the -2,450 MT decline in LME copper inventories, a sign of tighter supplies. Metals prices were undercut by a stronger dollar and by reduced safe-haven demand for stocks with the rally in the S&P 500 to a new record high.
GLOBAL EVENT CALENDAR10/06/2017
Friday, Oct 6
US0830 ETSep non-farm payrolls expected +80,000, Aug +156,000. Sep private payrolls expected +72,000, Aug +165,000. Sep manufacturing payrolls expected +8,000, Aug +36,000. Sep unemployment rate expected unch at 4.4%, Aug +0.1 to 4.4%.
0830 ETSep avg hourly earnings expected +0.3% m/m and +2.5% y/y, Aug +0.1% m/m and +2.5% y/y. Sep avg weekly hours all-employees expected unch at 34.4 hours, Aug -0.1 to 34.4 hours.
0915 ETAtlanta Fed President Raphael Bostic (non-voter) speaks at the Investing in Americas Workforce conference.
1000 ETAug wholesale trade sales expected unch m/m, Jul -0.1% m/m. Revised Aug wholesale inventories expected unchanged at +1.0%, prelim-Aug +1.0% m/m.
1215 ETNew York Fed President William Dudley (voter)will deliver a speech on The Monetary Policy Outlook and the Importance of Higher Education for Economic Mobility at an event in New York.
1245 ETDallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an Investing in Americas Workforce conference in Dallas.
1500 ETAug consumer credit expected +$15.54 billion, Jul +$18.499 billion.
Monday, Oct 9
USn/aU.S. government offices and cash Treasury trading closed for Columbus Day. Exchanges open.
U.S. STOCK CALENDAR10/06/2017
NameTickerTimeDescriptionPeriodEstimate
Constellation Brands IncSTZ USBef-mktQ2 2018 Earnings ReleaseQ2 182.166
Leucadia National CorpLUK US08:30Investor Meeting
Clorox Co/TheCLX US09:00Analyst Day
Constellation Brands IncSTZ US10:30Q2 2018 Earnings CallQ2 18
Telephone & Data Systems IncTDS USRoadshow - Day 4
United States Cellular CorpUSM USRoadshow - Day 4
RPM International IncRPM USAnnual General Meeting
Global Payments IncGPN USQ3 2017 Earnings ReleaseQ3 171.098
Leucadia National CorpLUK USInvestor Day
Symantec CorpSYMC US12:00Annual General Meeting
Oracle CorpORCL US14:00Analyst Meeting
Costco Wholesale CorpCOST US16:15Q4 2017 Earnings ReleaseQ4 172.017
Yum China Holdings IncYUMC US16:30Q3 2017 Earnings ReleaseQ3 170.564
Costco Wholesale CorpCOST US17:00Q4 2017 Earnings CallQ4 17
Yum China Holdings IncYUMC US20:00Q3 2017 Earnings CallQ3 17

Thursday, October 5, 2017

Dynavax Technologies - Chart of the Day

Dynavax Technologies (DVAX) is the Barchart Chart of the Day.  The biomedical company has a Trend Spotter buy signal, a Weighted Alpha of 179.52+ and gained 115.34% in the last year.

The Chart of the Day belongs to Dynavax Technologies (DVAX).  I found the biomedical stock by using Barchart to sort the 52 Week High list first for the highest Weighted Alpha, then again for technical buy signals of 80% or more.  I always use the Flipchart feature to review the charts for consistent price appreciation.  Since the Trend Spotter signaled a buy on 7/31 the stock gained 51.89%.

Dynavax Technologies discovers, develops, and intends to commercialize innovative products to treat and prevent allergies, infectious diseases, and chronic inflammatory diseases using versatile, proprietary approaches that alter immune system responses in highly specific ways. Dynavax's clinical development programs are based on immunostimulatory sequences which are short DNA sequences that enhance the ability of the immune system to fight disease and control chronic inflammation.


The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 179.52+ Weighted Alpha
  • 100% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 7 new highs and up 30.49% in the last month
  • Relative Strength Index 71.27%
  • Technical support level at 23.58
  • Recently traded at 24.07 with a 50 day moving average of 18.43
Fundamental factors:
  • Market Cap $1.43 billion
  • Revenue expected to grow 45.80% this year and another 82.60% next year
  • Earnings estimated to increase 44.20% this year and an additional 5.50% next year
  • Wall Street analysts issued 4 strong buy and 1 buy recommendation on the stock
#DVAX

5 Great Large Caps

This morning I wanted to find 5 Large Cap stocks that had the best weighted price appreciation in the last year but still have current upward momentum.  I used Barchart to sort the S&P 500 Large Cap Index stocks first for the highest Weighted Alpha then used the Flipchart feature to find stocks trading above their 20, 50 and 100 day moving averages with consistent price momentum.  Today's Watch List includes:

Nvidia (NVDA), Micron Technology (MU), Align Technology (ALGN), Boeing (BA) and   Lam Research (LRCX)


Nvidia (NVDA)


Barchart technical indicators:

  • 137.30+ Weighted Alpha
  • 80% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 7 new highs and up 6.11% in the last month
  • Relative Strength Index 59.94%
  • Technical support level at 178.75
  • Recently traded at 180.87 with a 50 day moving average of 169.65


Barchart technical indicators:
  • 129.00+ Weighted Alpha
  • 96% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 16 new highs and up 21.35% in the last month
  • Relative Strength Index 72.52%
  • Technical support level at 38.84
  • Recently traded at 39.56 with a 50 day moving average of 32.31


Barchart technical indicators:
  • 113.50+ Weighted Alpha
  • 72% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 8 new highs and up 5.44% in the last month
  • Relative Strength Index 57.75%
  • Technical support level at 184.81
  • Recently traded at 185.98 with a 50 day moving average of 177.50
Boeing (BA)


Barchart technical indicators:
  • 92.60+ Weighted Alpha
  • 72% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 10 new highs and up 6.42% in the last month
  • Relative Strength Index 69.70%
  • Technical support level at 254.18
  • Recently traded at 255.70 with a 50 day moving average of 242.83
Lam Research (LRCX)


Barchart technical indicators:
  • 89.10+ Weighted Alpha
  • 96% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 11 new highs and up 10.88% in the last month
  • Relative Strength Index 66.91%
  • Technical support level at 182.99
  • Recently traded at 185.02 with a 50 day moving average of 165.91
#NVDA #MU #ALGN #BA #LRCX

Morning Call 10/5

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 +0.03%) this morning are little changed, up +0.01%, ahead of speeches later this morning from Fed Governor Powell and Fed Presidents Harker and Williams. The speech from Fed Governor Powell may be given added scrutiny with reports that he is on President Trump's shortlist of candidates to replace Fed Chair Yellen. European stocks are unchanged as the markets weigh the situation in Spain where the state of Catalonia is trying to secede from Spain and form its own independent republic. Spain's IBEX Stock Index is up 1.15% and is giving a boost to European stocks after Spanish Economy Minister Guindos said that banks in Catalonia have indicated they are open to moving their headquarters elsewhere if the situation in the state worsens. Guindos also said that Catalonia's actions are illegal and independence is out of the question and that Spain has nothing to discuss with the secessionists until rule of law is restored. GBP/USD tumbled -0.49% to a 3-week low on reports that UK Prime Minister May could face a leadership rebellion within her own party with up to 30 Tory lawmakers prepared to sign a letter calling for her resignation. Asian stocks settled mixed: Japan +0.01%, Taiwan +0.47%, Australia -0.01%, Singapore +0.78%, India -0.25%. China, Hong Kong and South Korea are all closed for holidays.
The dollar index (DXY00 +0.16%) is up +0.11%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.22%.
Dec 10-year T-note prices (ZNZ17 +0.06%) are up +2.5 ticks.
UK Sep new car registrations fell -9.3% y/y to 426,170 and year-to-date are down -3.9% to 2,066.411.
The German Sep Markit construction PMI fell -1.5 to 53.4, the slowest pace of expansion in 8-months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep Challenger job cuts (Aug +5.1% y/y), (2) weekly initial unemployment claims (expected -7,000 to 265,000, previous +12,000 to 272,000) and continuing claims (expected +16,000 to 1.950 million, previous -45,000 to 1.934 million), (3) Aug trade balance (expected -$42.7 billion, Jul -$43.7 billion), (4) Fed Governor Jerome Powell speaks on Treasury markets and Treasury market practices at an event in New York, (5) San Francisco Fed President John Williams (non-voter) delivers keynote speech at the St. Louis Fed’s Community Banking in the 21st Century Research and Policy Conference, (6) Aug factory orders (expected +1.0%, Jul -3.3% and +0.5% ex transportation), (7) Philadelphia Fed President Patrick Harker (voter) speaks at the “Investing in America’s Workforce” conference, (8) Kansas City Fed President Esther George (non-voter) speaks at the “Investing in America’s Workforce” conference, (9) USDA weekly Export Sales.
Notable Russell 1000 earnings reports today include: Costco (consensus $2.02), Constellation Brands (2.17), Global Payments (1.10), Yum China Holdings (0.56).
U.S. IPO's scheduled to price today: Switch (SWCH).
Equity conferences this week: Petaluma Area Chamber of Commerce Business Conference on Fri.
OVERNIGHT U.S. STOCK MOVERS
Microsoft (MSFT +0.58%) was upgraded to 'Buy' from 'Hold' at Canaccord Genuity with a price target of $86.
United Parcel Service (UPS -0.59%) and FedEx (FDX -0.75%) are both down over 2% in pre-market trading after Bloomberg News reported that Amazon.com is currently testing its own delivery service.
Norwegian Cruise Line Holdings Ltd (NCLH +2.28%) jumped 7% in after-hours trading after it was announced that it will replace Level 3 in the S&P 500 before the open of trading on Friday, Oct 13.
Mallinckrodt (MNK -0.61%) was downgraded to 'Hold' from 'Buy' at Canaccord Genuity.
ACADIA Pharmaceuticals (ACAD +0.72%) rallied over 5% in after-hours trading after the FDA granted 'Breakthrough Therapy Designation' to its Pimavanserin for the treatment of hallucinations and delusions associated with dementia-related psychosis.
Zumiez (ZUMZ -1.56%) climbed almost 5% in after-hours trading after it reported September comparable sales were up +9.3%, better than consensus of +2.9%, and then raised guidance on Q3 net sales to $241 million-$243 million from a prior estimate of $236 million-$241 million.
Monsanto (MON +0.05%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.
SeaWorld Entertainment (SEAS +4.60%) rose almost 4% in after-hours trading after Merlin Entertainment is said to have approached SeaWorld on a deal for part of the company.
Matador Resources (MTDR -1.26%) may open lower today after it announced that it had commenced an underwritten public offering of 8.0 million shares of its common stock.
8Point3 Energy Partners LP (CAFD +1.21%) lost almost 2% in after-hours trading after it said it sees Q4 revenue of $12 million-$15 million, the midpoint below consensus of $14.6 million.
ImmunoGen (IMGN +2.35%) dropped 8% in after-hours trading after it announced that it intends to offer 12 million shares of common stock in an underwritten public offering.
MobileIron (MOBL -2.60%) jumped over 9% in after-hours trading after holder Altai Capital reported a 7.63% stake in the company as of Oct 2.
Fairmont Santrol Holdings (FMSA -3.85%) rose 2% in after-hours trading after it was re-initiated an 'Overweight' rating at Keybanc Capital Markets with a price target of $6.50.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 +0.03%) this morning are up +0.25 points (+0.01%). Wednesday's closes: S&P 500 +0.12%, Dow Jones +0.09%, Nasdaq +0.06%. The S&P 500 on Wednesday posted a new record high and closed higher on the rise in the U.S. Sep ISM non-manufacturing index by +4.5 points to 59.8, stronger than expectations of +0.2 to 55.5 and the fastest pace of expansion in 12 years. Stocks were also supported by increased speculation that President Trump may select Jerome Powell over Kevin Warsh for Fed chairman, which may lead to easier monetary policy as Powell is seen as more dovish than Warsh.
Dec 10-year T-note prices (ZNZ17 +0.06%) this morning are up +2.5 ticks. Wednesday's closes: TYZ7 unch, FVZ7 unch. Dec 10-year T-notes on Wednesday closed little changed. T-note prices were undercut by the stronger-than-expected U.S. Sep ISM non-manufacturing index to a 12-year high and by reduced safe-haven demand with the rally in the S&P 500 to a new record high. T-note prices were supported by speculation that President Trump may be leaning toward Jerome Powell to replace Janet Yellen as Fed Chair, which is seen a supportive for T-notes since Powell is one of the more dovish choices for Fed Chair compared to other candidates.
The dollar index (DXY00 +0.16%) this morning is up +0.103 (+0.11%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%) and USD/JPY (^USDJPY) is down -0.25 (-0.22%). Wednesday's closes: Dollar Index +0.039 (+0.04%), EUR/USD +0.0015 (+0.13%), USD/JPY -0.09 (-0.08%). The dollar index on Wednesday closed little changed. The dollar was supported by the jump in the U.S. Sep ISM non-manufacturing index to a 12-year high and by the increase in 10-year T-note yields, which boosts the dollar's interest rate differentials. The dollar was undercut by increased speculation that President Trump may select Jerome Powell over Kevin Warsh for Fed chairman, which would be negative for the dollar since Powell is seen as more dovish than Warsh.
Nov crude oil (CLX17 +0.34%) this morning is up +9 cents (+0.18%) and Nov gasoline (RBX17 +1.59%) is +0.0215 (+1.36%). Wednesday's closes: Nov WTI crude -0.44 (-0.87%), Nov gasoline +0.0150 (+0.96%). Nov crude oil and gasoline on Wednesday settled mixed. Crude oil prices found support on the -6.02 million bbl decline in EIA crude inventories (a much bigger decline than expectations of -500,000 bbl) and strong foreign demand for U.S. crude after U.S. crude exports rose +33% in the week of Sep 29 to a record 1.98 million bpd. Crude oil prices were undercut by the +0.1% increase in U.S. crude production in the week of Sep 29 to 9.561 million bpd, a new 2-year high, and by the +1.53 million bbl increase in crude supplies at Cushing, OK, delivery point of WTI crude futures.
Metals prices this morning are hogher with Dec gold (GCZ17 +0.29%) +4.3 (+0.34%), Dec silver (SIZ17 +0.28%) +0.071 (+0.43%) and Dec copper (HGZ17 +0.74%) +0.022 (+0.73%). Wednesday's closes: Dec gold +2.2 (+0.17%), Dec silver -0.026(-0.16%), Dec copper -0.0045 (-0.15%). Metals on Wednesday settled mixed. Metals prices found support on increased safe-haven demand for precious metals on political tensions in Spain where the state of Catalonia wants to secede from Spain and form its own independent republic. Metals prices were also boosted by the increase in the U.S. Sep ISM non-manufacturing index to a 12-year high, a sign of economic strength that is positive for industrial metals demand. Metals prices were undercut by the rally in the S&P 500 to a new record high, which reduced the safe-haven demand for precious metals.
GLOBAL EVENT CALENDAR10/05/2017
Thursday, Oct 5
US0730 ETSep Challenger job cuts, Aug +5.1% y/y.
0830 ETWeekly initial unemployment claims expected -7,000 to 265,000, previous +12,000 to 272,000. Weekly continuing claims expected +16,000 to 1.950 million, previous -45,000 to 1.934 million.
0830 ETAug trade balance expected -$42.7 billion, Jul -$43.7 billion.
0830 ETUSDA weekly Export Sales.
0910 ETFed Governor Jerome Powell speaks on Treasury markets and Treasury market practices at an event in New York.
0915 ETSan Francisco Fed President John Williams (non-voter) delivers keynote speech at the St. Louis Feds Community Banking in the 21st Century Research and Policy Conference.
1000 ETAug factory orders expected +1.0%, Jul -3.3% and +0.5% ex transportation.
1000 ETPhiladelphia Fed President Patrick Harker (voter) speaks at the Investing in Americas Workforce conference.
1100 ETTreasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Oct 11-12.
1630 ETKansas City Fed President Esther George (non-voter) speaks at the Investing in Americas Workforce conference.
Friday, Oct 6
US0830 ETSep non-farm payrolls expected +80,000, Aug +156,000. Sep private payrolls expected +74,000, Aug +165,000. Sep manufacturing payrolls expected +8,000, Aug +36,000. Sep unemployment rate expected unch at 4.4%, Aug +0.1 to 4.4%.
0830 ETSep avg hourly earnings expected +0.3% m/m and +2.5% y/y, Aug +0.1% m/m and +2.5% y/y. Sep avg weekly hours all-employees expected unch at 34.4 hours, Aug -0.1 to 34.4 hours.
0915 ETAtlanta Fed President Raphael Bostic (non-voter) speaks at the Investing in Americas Workforce conference.
1000 ETAug wholesale trade sales expected unch m/m, Jul -0.1% m/m. Revised Aug wholesale inventories expected unchanged at +1.0%, prelim-Aug +1.0% m/m.
1215 ETNew York Fed President William Dudley (voter)will deliver a speech on The Monetary Policy Outlook and the Importance of Higher Education for Economic Mobility at an event in New York.
1245 ETDallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an Investing in Americas Workforce conference in Dallas.
1500 ETAug consumer credit expected +$15.54 billion, Jul +$18.499 billion.
U.S. STOCK CALENDAR10/05/2017
NameTickerTimeDescriptionPeriodEstimate
Constellation Brands IncSTZ USBef-mktQ2 2018 Earnings ReleaseQ2 182.166
Leucadia National CorpLUK US08:30Investor Meeting
Clorox Co/TheCLX US09:00Analyst Day
Constellation Brands IncSTZ US10:30Q2 2018 Earnings CallQ2 18
Telephone & Data Systems IncTDS USRoadshow - Day 4
United States Cellular CorpUSM USRoadshow - Day 4
RPM International IncRPM USAnnual General Meeting
Global Payments IncGPN USQ3 2017 Earnings ReleaseQ3 171.098
Leucadia National CorpLUK USInvestor Day
Symantec CorpSYMC US12:00Annual General Meeting
Oracle CorpORCL US14:00Analyst Meeting
Costco Wholesale CorpCOST US16:15Q4 2017 Earnings ReleaseQ4 172.017
Yum China Holdings IncYUMC US16:30Q3 2017 Earnings ReleaseQ3 170.564
Costco Wholesale CorpCOST US17:00Q4 2017 Earnings CallQ4 17
Yum China Holdings IncYUMC US20:00Q3 2017 Earnings CallQ3 17