E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 5871.00, up 9.50
NQ, yesterday’s close: Settled at 20,690.50, up 199.50
Earnings and economic data are front and center. Last night, Alphabet crushed estimates and is +6% ahead of the bell, anchored by strong growth in its cloud business and reined in spending. AMD, on the other hand, is -8% after a disappointing Q4 outlook. This morning Eli Lilly missed on estimates and slashed profit guidance, the name is -10% premarket. AbbVie is +1.5% after topping estimates and Caterpillar is -3% after missing top and bottom. (Blue Line Capital owns GOOG and ABBV).
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On the economic calendar, the private ADP Payrolls survey, a precursor to Friday’s Nonfarm Payroll report, was as a surprise beat at 233k versus 110k expected and last month was revised from 143k to 159k. Also, the first look at Q3 GDP came in light at 2.8% versus 3.0%. Core PCE Prices for Q3 were firmer at 2.2% versus 2.1%, but lower than Q2’s 2.8%, and PCE Prices were 1.5% versus 2.7% expected. Pending Home Sales are due at 9:00 am CT.
After a swift spike down on the opening bell yesterday morning, price action across E-mini S&P and E-mini NQ futures rose steadily on the session. Tech was the clear winner and the E-mini NQ traded above resistance, however, settled right at the mark which has been adjusted to…
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