Traders Look Ahead to a Big Week Next Week

US index futures are quiet this morning, but overseas markets have been under pressure overnight and into this morning with the DAX down 0.8%, the FTSE down 0.5%, the Nikkei down 0.9%, and the Hang Seng down 1.1%. Commodities are up today with Crude Oil and Copper rising 0.4% and 0.1% respectively. The US Dollar is rising this morning, sending Gold down 1.0%, Bitcoin down 2.2%, the Euro down 0.2%, and the Loonie down 0.3%.

Headline US durable goods orders (-9.3% vs Street -10.8%) fell less than expected last month. The less lumpy nondefense capital good ex-aircraft reading, however, was disappointing (-0.7% vs Street +0.2%).

Intel is selling off this morning, down 7.5% in premarket trading after the chipmaker reported disappointing EPS (-$0.10 vs Street +$0.01) and announced it is slashing spending on chip foundries. In other news, gold miner Newmont crushed expectations ($1.43 vs Street $1.16, up 2.4% premarket), as did oil refiner Phillips 66 ($2.38 vs Street $1.72, up 2.6% premarket).

With today relatively quiet for business news, traders appear to be turning their focus to next week which includes: a flood of earnings reports from major companies in North America, the Bank of Canada and the Federal Reserve Board both meeting the same day on Wednesday, trade deals (or not) heading toward next Friday’s US imposition of new tariffs, and month end economic news including PMI and US employment data.

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