Don’s Notebook August 7, 2018

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Trade Notes:

The U.S. imposed new sanctions on Iran at midnight after President Trump signed an executive order which will stop the purchase of dollar banknotes, while also targeting the country’s auto industry and banning the import of Persian rugs and pistachio nuts into America.

Economic Report Notes:

  • The June Job Openings and Labor Turnover Report (JOLTs) will be reported this morning and analysts are expecting the number of job openings will move ahead of the number of unemployed for the first time on record. At a consensus 6.650 million, forecasters see job openings in June edging higher from May’s total of 6.638 million
  • Consumer credit spiked higher in May and is expected to rise by a much smaller amount in the June report – too much strength here would be worrisome both to the Fed and to bond markets.

Overnight Market Notes:

  • US stock index futures picked up before Tuesday’s open, buoyed by positive sentiment seen in markets overseas.
  • The Turkish lira sank to a new record low, slumping as much as 6.3 percent to 5.3837 against the dollar overnight, before paring those losses this morning.
  • Around 5:10 a.m. ET, Dow futures rose 91 points, indicating an upbeat open of 91.82 points, with the S&P 500 and Nasdaq futures also posting gains before the open.
  • Markets in the Asian-Pacific and European regions were mostly higher on Tuesday, as fresh corporate earnings came out and concerns surrounding trade tensions alleviated somewhat.
  • The MSCI Asia Pacific Index added 0.9 percent while Japan’s Topix index closed 0.8 percent higher.
  • China’s Shanghai Composite Index posted its biggest one-day gain in two years to close 2.7% higher.
  • In Europe, the Stoxx 600 Index had gained 0.5 percent by 5:50 a.m. Eastern Time with miners among the biggest gainers as commodities climbed.

Earnings Notes:

Brand-new quarterly earnings continue to be dished out this week, with a long list of major names due to report before and after the bell today.

  • Out of this list, Discovery, Bausch Health, Crocs, Dean Foods, Office Depot, Disney, Avis Budget, Match Group, Papa John’s, Camping World, Hostess Brands, LendingClub, Snap and Wendy’s will be closely watched by investors Tuesday.
  • Investors are also likely to be looking at the share price moves from companies who reported after the bell on Monday.
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