Good morning contrarians! It is Tuesday, April 18. A busy day awaits so let’s get to it.
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State of Play
As of 0635 it looks like some risk appetite could be developing:
Stock futures are showing signs of life, led by tech. The Nasdaq is up 0.6% to lead major US indexes;
Bonds are seeing a few bids at the short end of the curve day after selling off. The yield on the 2-year is up 3 basis points to 4.16% while the 10-year is flat at 3.58%;
Commodities are unchanged, with WTI crude oil trading around $81/barrel. Copper is unchanged.
Earnings
Johnson & Johnson (JNJ 0.00%↑) just beat on top- and bottom-line estimates and raised guidance. That stock is up in the pre-market.
A couple of small banks also reported. Mercantile Bank Corp (MBWM 0.00%↑) just beat on top- and bottom-line estimates. Total deposits declined by 3%, which apparently is better than feared as the stock is up in the pre-market. Commerce Bancshares (CBSH 0.00%↑) beat on earnings and matched revenue estimates for the quarter.
Bank of America (BAC 0.00%↑), Goldman Sachs (GS 0.00%↑), Bank of New York Mellon (BK 0.00%↑), and Lockheed Martin (LMT 0.00%↑) are also due out before the open at 0930.
Later on we’ll hear from Netflix (NFLX 0.00%↑) and United Airlines (UAL 0.00%↑), among others.
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