Coming off a day of gains that saw the Dow Industrials and the S&P 500 close at all-time highs, overnight trading has been mixed, The Nikkei climbed 0.2% while the Hang Seng fell 2.2% in Asia Pacific trading. In Europe this morning, the Dax is flat, the FTSE is up 0.5% and the CAC is down 0.5%. US index futures are flat to down 0.2% with the Dow holding above 40,000 and the S&P 500 trading near 5,300.
The US 10-year treasury note yield is steady near 4.24%. Three Fed officials, including Chair Powell, are speaking today. The US Dollar continues to climb, gaining 0.3%-0.5% against Gold, the Euro, Yen, Pound and Loonie. Cyyptocurrencies are slipping again with Bitcoin down 1.3% and Ether down 0.8%. Commodity action is mixed today with US Crude Oil up 0.2%, Natural Gas down 0.2% and Copper down 1.4%.
Last night three notable companies reported results which were better than expectations. The market reactions, however, were wildly different based on guidance. FedEx ($3.86 vs street $3.46) is up 10.9% premarket despite indicating a tough environment for business. In contrast, lululemon ($5.28 vs street $5.00), and Nike ($0.98 vs street $0.75) are down 13.0% and 6.1% premarket respectively after the athletic clothing producers both indicates sales were slowing and put out disappointing guidance.
Canada retail sales excluding autos came in significantly better than expected (+0.5% vs street -0.4%). UK retail sales fell less than feared. (-0.4% vs street -0.7%).