QPI Morning Note - 7/2/24: Stocks Lower As Yields Rise, Powell To The Rescue With Speech Shortly
Overnight Summary: The S&P 500 closed Monday higher by 0.27% at 5475.09 from Friday lower by -0.41% at 5460.48. The overnight high was hit at 5,535 at 6:05 p.m. EDT and the low was hit at 5508 at 4:35 a.m. EDT. The overnight range is 27 points. The current price is 5511 at 6:25 a.m. EDT lower by -22.50.
Executive Summary: .
Federal Reserve Chairman Powell speaks this morning at the ECB forum alongside ECB Chairman Christine Lagarde and other Central Bankers.
Pay attention to the May JOLTS data as markets focus on job’s data for clues on the economy.
Earnings Out After The Close: None of note.
Capital Raises:
IPOs For The Week: GLE MJID NAMI PGHL
New IPOs/SPACs launched/News:
Northern Data weighing IPO of its AI cloud computing and data center businesses valued as high as $16.0 bln. (Bloomberg)
Selling Shareholders of note:
BEN files for 31,557,117 shares of common stock by selling shareholder.
LIV files for 1,300,000 shares of common stock by selling shareholders; relates to warrants.
AZTR files for 217,082 shares of common stock by selling shareholders.
Mixed Shelf Offerings:
GL files mixed shelf securities offering.
AZTR files $50 mln mixed shelf securities offering.
NUWE files a $25 million mixed shelf securities offering.
SJ files a $250 million mixed shelf securities offering.
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close :
Biggest Gainers and Losers For The Week Of Note:
No moves of greater than 2%.
AZTR -5.9%, YMAB -2.3%.
Buybacks or Repurchases:
TLNE announced that the Company has executed an agreement to complete the repurchase of approximately 2.4 million shares of its outstanding common stock from affiliates of Rubric Capital Management LP at a purchase price of $116.00 per share.
Exchange/Listing/Company Reorg and Personnel News:
Six Flags and Cedar Fair complete merger and will begin to trade as Six Flags (FUN).
SAVE announces appointment of Fred Cromer as Executive Vice President and Chief Financial Officer, effective July 8, 2024.
CFR announces that Jerry Salinas, group EVP and CFO of Cullen/Frost and Frost Bank, has decided to retire at the end of 2024.
GE extended Chairman and CEO H. Lawrence Culp, Jr.’s employment through December 31, 2027, or such later date as mutually agreed.
Dividends Announcements or News:
Stocks Ex Div Today: RSG A UMC BRX OPRA
OZK increases its quarterly dividend by 2.6% to $0.40/share.
What’s Happening This Morning: Futures S&P 500 -26, NASDAQ 100 -117 , Dow Jones -147 , Russell 2000 -7.87 . Asia is mixed while Europe is lower this morning. VIX Futures are at 13.58 from 13.89 yesterday while Bonds at 4.45% from 4.412% yesterday on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold is lower while Silver and Copper are higher. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $62,680 from $62,871 lower by -0.84% this morning.
Sector Action:
Daily Positive Sectors: Technology, Consumer Cyclical, Energy and Communication Services of note.
Daily Negative Sectors: Industrials, Real Estate, Materials and Utilities of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
Tuesday After the Close: SLP of note.
Wednesday Before The Open: STZ of note.
Earnings of Note This Morning: None of note.
Company Earnings Guidance: None of note.
Erlanger Research Advance/Decline Chart: Remains awful for NASDAQ and weak for NYSE.
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
Gap Up: EXEL +5.4%, USAP +4.4%, OPAL +2.7%, LVO +2% of note.
Gap Down: AZTR -6.5%, DHX -4.4%, MSI -3.7%, YMAB -2.3% of note.
Insider Action: AFG sees Insider buying with dumb short selling. CTRN sees Insider buying with smart short sellers.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
5 Things To Know Before The Market Opens on Tuesday morning. (CNBC)
What You Need To Know To Start Your Day. (Bloomberg)
Stocks Making the Biggest Moves Pre-Market: TSLA TEAM PARA DHI LEN CRWD. (CNBC)
Market Wrap: U.S. Futures slip ahead of Job’s data and Nvidia weakness. (Bloomberg)
Bloomberg Lead Story: U.S. Jobs Data Shows Slowing and Concerns Fed. (Bloomberg)
Eurozone Inflation slowed to 2.5%. (CNBC)
Barron’s lead story is on Zero Dated Options.
In speech this morning, Fed Chicago President Goolsbee said keeping rates restrictive for too long is a problem.
Economic:
May JOLTS is due out at 9:00 a.m. EDT and last month came in at 8.059 million.
Weekly API Petroleum Report is due out at 4:30 p.m. EDT.
Federal Reserve Speakers
Federal Reserve Chairman Powell speaks at 8:30 a.m. and 9:30 a.m. EDT.
Federal Reserve Chicago President Austan Goolsbee spoke early this morning.
M&A Activity and News:
Blackrock (BLK) buys Preqin for $3.2 billion. (Bloomberg)
Boeing (BA) to buy Spirit AeroSystems (SPR) for $4.7 billion. (CNBC)
Moving Averages On Major Indexes: Moves from 73% to 77% of the moving averages now positive.
Meeting & Conferences of Note:
Top Shareholder Meetings: BOX, CTNT, LGVN, SNOW, VNRX, VSTO
Investor/Analyst Day/Calls: ANVS, TSLA.
Industry Meetings:
International Symposium on Pediatric Neuro-Oncology
Top Tier Sell-side Upgrades & Downgrades:
Upgrades: BAC PYPL
Downgrades: CRWD LAW DHI FVRR GS MPW SHLS
Initiated: RAPP WAY