Morning Notes
US futures are relatively flat this morning while European stocks trade slightly higher as gains were paired after Daimler AG (DE:DAIGn) was requested by the DOJ to probe emissions certifications. The price of crude edged higher overnight, lifting energy producers. Asian markets closed mixed.
Technicals
The SPY (NYSE:SPY) tested, rejected and closed back below the macro descending resistance line in yesterday’s session. Support will lie at the low of yesterday’s range at $208.65, followed by $207 and $206.84. Resistance will lie at the descending resistance line at $210, followed by the high of yesterday’s range at $210.25 and then $210.92.
Small Cap Watch List
*Please refer to the momentum scanners displayed live in the chat room for potential plays at the market open.
**Others On Watch**
Caterpillar Inc (NYSE:CAT)
McDonald’s Corporation (NYSE:MCD)
Valeant Pharmaceuticals International Inc (NYSE:VRX)
Economic Calendar
9:45 Preliminary-Apr Markit U.S. manufacturing PMI expected +0.5 to 52.0
3:00 USDA Mar Cold Storage
3:00 USDA Mar Cattle on Feed
Notable Earnings Before Open
AAL: American Airlines Group (NASDAQ:AAL) – EPS Est. $1.18, Rev Est. $9.44B
GE: General Electric (NYSE:GE) – EPS Est. $.21, Rev Est. $27.78B
KMB: Kimberly-Clark Corporation (NYSE:KMB) – EPS Est. $1.51, Rev Est. $4.54B
MCD: McDonald’s Corporation (NYSE:MCD) – EPS Est. $1.16, Rev Est. $5.79B
CAT: Caterpillar (NYSE:CAT) – EPS Est. $.67, Rev Est. $9.4B