US Futures dip, watch M, TIF, PCG, CHK, HDS, CASY

The S&P 500 Futures are losing ground after they charged higher yesterday.

FOREX 8

The S&P 500 Futures  are losing ground after they charged higher yesterday as investors' appetite for risky assets was boosted by the Federal Reserve's announcement of widening its Main Street lending program. For a second straight session the Nasdaq 100 marked a fresh record close.

Later today, the National Federation of Independent Business's Small Business Optimism Index (a rise to 92.5 in May expected) and Wholesale Inventories (final reading, +0.4% on month in April expected) will be reported.

European indices are on the downside. The European Commission has reported final readings of 1Q GDP at -3.1% (vs -3.2% on year expected). The German Federal Statistical Office has posted April trade balance at 3.5 billion euros surplus (vs 11.6 billion euros surplus expected). France's INSEE has reported April trade balance at 5.02 billion euros deficit (vs 3.0 billion euros deficit expected). The Bank of France has released Industry Sentiment Indicator for May was released at 83, vs 50 in April.

Asian indices closed in the green except the Japanese Nikkei. New Zealand's Prime Minister Jacinda Ardern announced that her country will be moving to alert level 1, effectively removing COVID-19 related restrictions except border controls.

WTI Crude Oil Futures are facing a consolidation from a three-month high. Later today, API would release the change of U.S. oil stockpile data for June 5.

Gold and US dollar bounced as equities consolidate ahead of Fed meeting.

Gold rose 11.53 dollars (+0.68%) to 1710.06 dollars. 

EUR/USD fell 20pips to 1.1274 and GBP/USD declined 71pips to 1.2653.

US Equity Snapshot

 
Macy's (M), the department store chain, soared in extended trading after announcing "the closing on approximately 4.5 billion dollars of new financing." Separately, the company unveiled better than expected first quarter earnings.

Tiffany (TIF), the jeweler, reported first quarter LPS of 0.53 dollar, wider than expected, vs an EPS of 1.03 dollar a year earlier. Sales were 555.5 million dollars, below estimates, vs 1 billion dollars a year ago.

PG&E (PCG), a holding company involving in energy-based businesses, "plans to relocate headquarters to Oakland and will seek to sell San Francisco headquarters complex". San Francisco headquarters may be valued at more than 1 billion dollars, according to Bloomberg.

Chesapeake Energy (CHK), the energy company, may plan to file for bankruptcy, according to Bloomberg.

HD Supply (HDS), the industrial distributor, posted first quarter EPS of 0.45 dollar, shy of estimates, down from 0.63 dollar a year earlier, on sales down 6.6% to 1.40 billion dollars, above forecasts.

Casey's General Stores (CASY), the convenience stores chain lost ground after hours as fourth quarter EPS missed estimates.

Source : TradingVIEW, Gain Capital


More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.