Stocks in the News

All eyes will be on Microsoft and AMD after the bell when they report earnings after the market closes today (and AAPL, AMZN, META, ARM in the coming days but there is plenty of news surrounding stocks today.

• CrowdStrike (CRWD) remains under pressure after reports that Delta will potentially sue the cyber security company after its software led to widespread power outages last week
• F5 (FFIV) up double digits after raising full year guidance
• Merck (MRK) down double digits on a nasty candle breaking support after cutting profit forecast
• Pfizer (PFE) down a couple of percent on an intraday selloff in what might be MRK sympathy selloff action after reporting decent earnings
• Howmet Aerospace (HWM) up double digits after the aerospace company reported earnings
• Sprouts Farmers Markets (SFM) another double-digit gainer although fading intraday after earnings results

Economic Data

Economic data continued a general trend from the last week (GDP, Service PMI) of coming in slightly stronger than expected.

• Conference Board Consumer Confidence: 100.3 vs 99.7 exp (although last months was revised lower)
• JOLTs (Job Openings): 8.18m vs 8.02m exp

While the data today will get lost in the barrage of data in the coming days it is worth noting from an overall trending perspective.

Next 24 Hours

We have a busy next 24+ hours as we have some highly anticipated events on the calendar:

• Microsoft and AMD earnings after the market closes today
• Fed Announcement at 2:00 PM EST tomorrow with the Jay Powell press conference following
• Bank of Japan announcement
• Treasury set to unveil August-to-October issuance plans Wednesday at 8:30 AM EST

Fed officials have been in the blackout period and silent over the last week as they have been in their blackout period but Wall Street whisperer Nick Timiraos is out there discussing how the declines in inflation are broadening. Timiraos has been used by the Fed to convey messages to the market before the Fed does in these blackout periods which will give those betting on clear messaging on rate cuts optimism heading into tomorrow.

Chart of the Day: Phillips 66 (PSX)

A beautiful weekly chart on Phillips 66 coming off earnings. A very controlled based followed by a potential “go” formation could lead to a series of trades on this refiner.

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