NDW Morning Pulse

Below are highlights from the NDW Morning Update Video for the morning of 07/15. Access the the video on the NDW Morning Update Video page. 

• US equity futures are up slightly this morning. Nasdaq futures are up about 50 bps while S&P and Dow futures are up about 15 bps.
• Stocks and bonds were up yesterday (6/14) as a lower-than-expected CPI reading led yields lower.
• The market is still pricing in about an 80% chance of a rate hike this year but has backed off expectations for an increase this month which climbed above 40% on Monday.
• The Nadaq-100 (NDX) led the major indices higher gaining 1.1%. The S&P 500 advanced 40 bps.
• The iShares Semiconductor ETF (SOXX) was up more than 2.5%
• A down day for the dollar helped push international equities higher as the iShares MSCI Emerging Markets ETF (EEM) gained 1.8% while the iShares MSCI EAFE ETF (EFA) added 70 bps.
• Falling yields also aided precious metals as silver (SI/) gained almost 2% while gold (GC/) was up more than 1.5%.
• Crude oil (CL/) advanced for a second day, gaining about 1.5% as the market continued to digest the prospect of renewed conflict in the Middle East.
• International Business Machines (IBM) had its worst day ever on Tuesday, falling 25% after the company released earnings a week early and showed misses on revenue and profit.
• Most of the big banks reported earnings yesterday. Goldman Sachs (GS) was biggest winner gaining 9% and reaching a new all-time high. JP Morgan (JPM) and Bank of America (BAC) also advanced. Citigroup (C) was worst performer, falling more than 5% while Wells Fargo (WFC) was down more than 2.5%.