Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 7 out of 11 markets closed higher: Shanghai Comp +0.40%, Hang Seng +0.08%, Nikkei -0.76%
- In Europe 10 out of 12 markets are trading lower: CAC -0.12%, DAX -0.04%, FTSE -0.51%
- Fair Value: S&P +1.65, NASDAQ +11.67, Dow -9.38
- Total Volume: 1.2mil ESH & 356 SPH traded in the pit
Today’s Economic and Earnings Calendar:
MBA Mortgage Applications, 7 a.m.; FHFA House Price Index, 9 a.m.; PMI Composite Flash, 9:45 a.m.; Existing Home Sales, 10 a.m.; EIA Petroleum Status Report, 10:30 a.m. Earnings: TE Connectivity, 6 a.m.; Stanley Black & Decker (NYSE:SWK), 6 a.m.; General Electric (NYSE:GE), 6:30 a.m.; Baker Hughes, 6:45 a.m.; RPC, 6:45 a.m.; United Technologies (NYSE:UTX), 6:59 a.m.; Comcast (NASDAQ:CMCSA), 7 a.m.; Rockwell Automation (NYSE:ROK), 7 a.m.; Abbott Laboratories (NYSE:ABT), 7:30 a.m.; Northern Trust (NASDAQ:NTRS), 7:30 a.m.; Rollins, 7:30 a.m.; General Dynamics (NYSE:GD), 7:30 a.m.; Royal Caribbean Cruises, 8 a.m.; W W Grainger (NYSE:GWW), 8 a.m.; Illinois Tool Works (NYSE:ITW), 8 a.m.; Norfolk Southern (NYSE:NSC), 8 a.m.; Amphenol (NYSE:APH), 8 a.m.; Progressive, 8 a.m.; F5 Networks (NASDAQ:FFIV), 4 p.m.; Varian Medical Systems (NYSE:VAR), 4:02 p.m; Lam Research (NASDAQ:LRCX), 4:05 p.m.; Ameriprise Financial (NYSE:AMP), 4:10 p.m.; United Rentals, 4:10 p.m.; Ford Motor (NYSE:F), 4:15 p.m.; Legg Mason, 4:15 p.m.; Raymond James Financial, 4:19 p.m.; Discover Financial Services (NYSE:DFS), 4:20 p.m.; Xilinx (NASDAQ:XLNX), 4:20 p.m.; Hexcel, 4:20 p.m.; Whirlpool (NYSE:WHR), 4:30 p.m.; Teradyne, 5 p.m.
S&P 500 Futures: When Things Don’t Make Sense Look To The Earnings
The day started with Japan’s Nikkei rising 1.3% to its highest close since 1991, and the Stoxx 600 up modestly. Before the 8:30 open, in the U.S it was a mixed bag. The Dow and S&P 500 futures were down slightly, and the Nasdaq 100 futures were up. On Globex, the ES traded up to a new all-time high at 2842.00.
The S&P 500 futures (ESH18:CME) traded 2833.00 on the 8:30 CT open, initially moving up to 2841.50 and then pulling back to the 2832.00 area. After that, the futures went on to make a sequence of higher lows, trading all the way up to 2844.75. The next move was a few lower highs, followed by a selloff down to the vwap 2837.50.
After some sideways trade, a few handles up and a few down, the ES sold off down to 2836.75, and then popped back up to 2841.00. There was a pull back to the 2838.00 level before the ES got hit buy a buy program around 1:45 that pushed it up to 2842.50.
As quick as the ES shot up, it got hit by a sell program that knocked it back down to 2837.00, and a few minutes later it double topped at 2843.50. On the close the MiM flipped from $500 million to sell to $14 million to sell, and the ES sold off down to 2838.25, and settled at 2839.50, up 4 handles on the day, or up +0.14%.
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