Jun E-mini S&Ps (ESM17 +0.17%) this morning are up +0.17% and European stocks are up +0.19% at a 20-month high on positive carry-over from Sunday’s presidential elections in France. The results of the election have reduced market uncertainty as pro-EU candidate Macron holds a substantial lead in the polls ahead of France’s May 7 runoff election against anti-EU candidate Le Pen for the French presidency. The easing of political risks in Europe has fueled a slide in the VIX volatility index to a 2-1/2 month low, which is supporting gains in equities. The markets will digest quarterly earnings results today from some 45 companies in the S&P 500. Asian stocks settled higher: Japan +1.08%, Hong Kong +1.31%, China +0.16%, Taiwan +1.27%, Australia closed for holiday, Singapore +0.63%, South Korea +1.22%, India +0.97%. Japan’s Nikkei Stock Index rallied to a 3-week high on signs that the BOJ, which meets tomorrow and Thursday, will continue its QE program after BOJ Deputy Governor Iwata said the BOJ will continue with policies to reach its 2% CPI target and that it is too early to talk about exit from its monetary easing program.
The dollar index (DXY00 -0.04%) is down -0.05%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is up +0.60%.
Jun 10-year T-note prices (ZNM17 -0.19%) are down -7.5 ticks as a sell-off in 10-year German bund prices to a 3-1/2 week low undercuts T-notes.
Key U.S. news today includes: (1) Feb FHFA house price index (expected +0.4% m/m, Jan unch m/m), (2) Feb S&P CoreLogic composite-20 home price index (expected +0.77% m/m and +5.78% y/y, Jan +0.86% m/m and +5.73% y/y), (3) Mar new home sales (expected -1.5% to 583,000, Feb +6.1% to 592,000), (4) Apr Conference Board U.S. consumer confidence index (expected -3.1 to 122.5, Mar +9.5 to 125.6), (5) Apr Richmond Fed manufacturing index (expected -6 to 16, Mar +5 to 22), (6) Treasury auctions $ 26 billion of 2-year T-notes.
Notable S&P 500 earnings reports today include: AT&T (consensus $ 0.74), Capital One (1.92), Caterpillar (0.62), McDonald’s (1.34), Coca-Cola (0.44), Lockheed Martin (2.76), Baker Hughes (-0.20), PulteGroup (0.29).
U.S. IPO’s scheduled to price today: Floor & Decor Holdings (FND).
Equity conferences: Capital Link’s Closed-End Funds & Global ETFs Forum on Thu, Burkenroad Reports l Investment Conference on Fri.
JPMorgan Chase (JPM +3.53%) was upgraded to ‘Buy’ from ‘Neutral’ at Guggenheim with a price target of $ 96.
Humana (HUM +0.04%) climbed nearly 3% in after-hours trading after it raised guidance on 2017 adjusted EPS to at least $ 11.10 from a February 14 estimate of $ 10.80-$ 11.00.
Whirlpool (WHR +1.92%) lost 2% in after-hours trading after it reported Q1 adjusted EPS of $ 2.50, weaker than consensus of $ 2.65, and then lowered guidance on full-year EPS to $ 14.75-$ 15.50 from a January 26 estimate of $ 15.25-$ 16.25.
Express Scripts (ESRX +1.19%) plunged 12% in after-hours trading after it said its biggest customer, health insurer Anthem, is unlikely to renew its contract when it expires in 2109 following claims by Anthem that Express Scripts overcharged it by billions of dollars. Competitor CVS Health (CVS +0.97%) rose nearly 2% in after-hours trading after the news.
Alcoa (AA +5.08%) gained 2% in after-hours trading after it reported Q1 adjusted EPS of 63 cents, better than consensus of 48 cents.
Cadence Design Systems (CDNS +1.82%) dropped almost 5% in after-hours trading after it said it sees Q2 adjusted EPS of 31 cents-33 cents, below consensus of 34 cents.
U.S. Silica Holdings (SLCA +2.57%) rallied over 4% in after-hours trading after it reported Q1 adjusted EPS of 9 cents, better than consensus of 6 cents.
Canadian National Railway (CNI +1.26%) lost over 1% in after-hours trading after it reported Q1 revenue of C$ 3.21 billion, below consensus of C$ 3.23 billion.
Range Resources (RRC -0.87%) rose nearly 3% in after-hours trading after it reported Q1 adjusted EPS of 25 cents, higher than consensus of 19 cents.
Zions Bancorporation (ZION +2.72%) fell almost 2% in after-hours trading after CEO Simmons said Q1 loan growth was “lackluster” and Q1 operating costs were “seasonally higher.”
Sanmina (SANM +3.50%) rose nearly 3% in after-hours trading after it said it sees Q3 adjusted EPS of 72 cents-77 cents, above consensus of 72 cents.
Barrick Gold (ABX -0.99%) fell nearly 3% in after-hours trading after it reported Q1 adjusted EPS of 14 cents, below consensus of 21 cents.
Unisys (UIS +1.83%) jumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 30 cents, well above consensus of 22 cents.
Karyopharm Therapeutics (KPTI unch) slid nearly 4% in after-hours trading after it announced that it was commencing a registered underwritten public offering of $ 40 million in shares of its common stock.
Jun E-mini S&Ps (ESM17 +0.17%) this morning are up +4.00 points (+0.17%). Monday’s closes: S&P 500 +1.08%, Dow Jones +1.05%, Nasdaq +1.21%. The S&P 500 on Monday gapped up to a 2-week high and settled higher on carry-over support from the surge in European stocks to a 1-1/2 year high after Sunday’s first round of presidential elections left pro-EU candidate Macron in a good position to beat anti-EU candidate Le Pen in the May 7 run-off election. Stocks were also boosted by anticipation that the Trump administration will release an outline of its tax plan on Wednesday. Stocks came off their best levels after the Mar Chicago Fed national activity index unexpectedly fell -0.19 to 0.08, weaker than expectations of +0.16 to 0.50.
Jun 10-year T-notes (ZNM17 -0.19%) this morning are down -7.5 ticks. Monday’s closes: TYM7 -8.50, FVM7 -6.50. Jun 10-year T-notes on Monday gapped lower, posted a 1-1/2 week low, and closed lower. T-note prices were undercut by reduced safe-haven demand as world stocks rally and as centrist-Macron has a good chance of beating anti-EU candidate Le Pen in the May run-off election for French president. T-notes were also undercut by an increase in inflation expectations after the 10-year T-note breakeven rate jumped to a 1-week high.
The dollar index (DXY00 -0.04%) this morning is down -0.053 (-0.05%). EUR/USD (^EURUSD) is up +0.0012 (+0.11%) and USD/JPY (^USDJPY) is up +0.66 (+0.60%). Monday’s closes: Dollar index -0.885 (-0.89%), EUR/USD +0.0140 (+1.30%), USD/JPY +0.68 (+0.62%). The dollar index on Monday tumbled to a 5-1/2 month low and closed lower on strength in EUR/USD which rose to a 5-1/2 month after political risks eased in Europe as pro-EU candidate Macron is now favored to beat anti-EU candidate Le Pen in the May 7 French presidential election.
Jun WTI crude oil prices (CLM17 +0.14%) this morning are up +15 cents (+0.30%) and Jun gasoline (RBM17 -0.33%) is -0.0020 (-0.12%). Monday’s closes: Jun crude -0.39 (-0.79%), Jun gasoline -0.0195 (-1.19%). Jun crude oil and gasoline on Monday sold off to 3-week lows and closed lower on negative carry-over from Friday’s data from Baker Hughes that showed that U.S. active oil rigs rose +5 to a 2-year high of 688 rigs. Crude oil prices were also boosted by the slide in the crack spread to a 3-session low, which may lead to a decrease in refinery demand for crude oil to refine into gasoline. Losses were contained as the dollar index fell to a 5-1/2 month low.
|Tuesday, Apr 25|
|US||0900 ET||Feb FHFA house price index expected +0.4% m/m, Jan unch m/m.|
|0900 ET||Feb S&P CoreLogic composite-20 home price index expected +0.77% m/m and +5.78% y/y, Jan +0.86% m/m and +5.73% y/y.|
|1000 ET||Mar new home sales expected -1.5% to 583,000, Feb +6.1% to 592,000.|
|1000 ET||Apr Conference Board U.S. consumer confidence index expected -3.1 to 122.5, Mar +9.5 to 125.6.|
|1000 ET||Apr Richmond Fed manufacturing index expected -6 to 16, Mar +5 to 22.|
|1300 ET||Treasury auctions $ 26 billion of 2-year T-notes.|
|Wednesday, Apr 26|
|US||0700 ET||Weekly MBA mortgage applications, previous -1.8% with purchase sub-index -3.4% and refi sub-index +0.2%.|
|1000 ET||U.S. retail sales benchmark revisions.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1130 ET||Treasury auctions $ 15 billion of 2-year floating-rate notes.|
|1300 ET||Treasury auctions $ 34 billion of 5-year T-notes.|
|Laboratory Corp of America Holdings||LH US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||2.196|
|Centene Corp||CNC US||06:00||Q1 2017 Earnings Release||Q1 17||1.042|
|Ryder System Inc||R US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||0.841|
|PulteGroup Inc||PHM US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||0.29|
|Biogen Inc||BIIB US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||4.979|
|Pentair PLC||PNR US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||0.612|
|EI du Pont de Nemours & Co||DD US||06:00||Q1 2017 Earnings Release||Q1 17||1.386|
|McDonald’s Corp||MCD US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||1.338|
|Corning Inc||GLW US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||0.348|
|Freeport-McMoRan Inc||FCX US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||0.139|
|Eli Lilly & Co||LLY US||06:25||Q1 2017 Earnings Release||Q1 17||0.963|
|Baker Hughes Inc||BHI US||06:30||Q1 2017 Earnings Release||Q1 17||(0.204)|
|Fifth Third Bancorp||FITB US||06:30||Q1 2017 Earnings Release||Q1 17||0.372|
|Nielsen Holdings PLC||NLSN US||06:30||Q1 2017 Earnings Release||Q1 17||0.479|
|Xerox Corp||XRX US||06:45||Q1 2017 Earnings Release||Q1 17||0.159|
|Coca-Cola Co/The||KO US||06:55||Q1 2017 Earnings Release||Q1 17||0.437|
|Valero Energy Corp||VLO US||07:00||Q1 2017 Earnings Release||Q1 17||0.603|
|AutoNation Inc||AN US||07:00||Q1 2017 Earnings Release||Q1 17||0.909|
|Masco Corp||MAS US||07:00||Q1 2017 Earnings Release||Q1 17||0.356|
|Waters Corp||WAT US||07:00||Q1 2017 Earnings Release||Q1 17||1.336|
|S&P Global Inc||SPGI US||07:15||Q1 2017 Earnings Release||Q1 17||1.394|
|Lockheed Martin Corp||LMT US||07:25||Q1 2017 Earnings Release||Q1 17||2.763|
|T Rowe Price Group Inc||TROW US||07:30||Q1 2017 Earnings Release||Q1 17||1.206|
|Northern Trust Corp||NTRS US||07:30||Q1 2017 Earnings Release||Q1 17||1.067|
|Caterpillar Inc||CAT US||07:30||Q1 2017 Earnings Release||Q1 17||0.624|
|3M Co||MMM US||07:30||Q1 2017 Earnings Release||Q1 17||2.068|
|Whirlpool Corp||WHR US||08:00||Q1 2017 Earnings Call||Q1 17|
|Masco Corp||MAS US||08:00||Q1 2017 Earnings Call||Q1 17|
|PACCAR Inc||PCAR US||08:00||Q1 2017 Earnings Release||Q1 17||0.875|
|Pentair PLC||PNR US||08:00||Q1 2017 Earnings Call||Q1 17|
|EI du Pont de Nemours & Co||DD US||08:00||Q1 2017 Earnings Call||Q1 17|
|Waters Corp||WAT US||08:00||Q1 2017 Earnings Call||Q1 17|
|Nielsen Holdings PLC||NLSN US||08:00||Q1 2017 Earnings Call||Q1 17|
|Centene Corp||CNC US||08:30||Q1 2017 Earnings Call||Q1 17|
|Baker Hughes Inc||BHI US||08:30||Q1 2017 Earnings Call||Q1 17|
|PulteGroup Inc||PHM US||08:30||Q1 2017 Earnings Call||Q1 17|
|Charter Communications Inc||CHTR US||08:30||Annual General Meeting|
|S&P Global Inc||SPGI US||08:30||Q1 2017 Earnings Call||Q1 17|
|Biogen Inc||BIIB US||08:30||Q1 2017 Earnings Call||Q1 17|
|Express Scripts Holding Co||ESRX US||08:30||Q1 2017 Earnings Call||Q1 17|
|Corning Inc||GLW US||08:30||Q1 2017 Earnings Call||Q1 17|
|Coca-Cola Co/The||KO US||09:00||Q1 2017 Earnings Call||Q1 17|
|Laboratory Corp of America Holdings||LH US||09:00||Q1 2017 Earnings Call||Q1 17|
|Range Resources Corp||RRC US||09:00||Q1 2017 Earnings Call||Q1 17|
|Citigroup Inc||C US||09:00||Annual General Meeting|
|American Electric Power Co Inc||AEP US||09:00||Annual General Meeting|
|Fifth Third Bancorp||FITB US||09:00||Q1 2017 Earnings Call||Q1 17|
|Ameriprise Financial Inc||AMP US||09:00||Q1 2017 Earnings Call||Q1 17|
|Exelon Corp||EXC US||09:00||Annual General Meeting|
|Eli Lilly & Co||LLY US||09:00||Q1 2017 Earnings Call||Q1 17|
|3M Co||MMM US||09:00||Q1 2017 Earnings Call||Q1 17|
|Moody’s Corp||MCO US||09:30||Annual General Meeting|
|SunTrust Banks Inc||STI US||09:30||Annual General Meeting|
|Humana Inc||HUM US||09:30||Investor Day|
|Newmont Mining Corp||NEM US||10:00||Q1 2017 Earnings Call||Q1 17|
|Kimco Realty Corp||KIM US||10:00||Annual General Meeting|
|International Business Machines Corp||IBM US||10:00||Annual General Meeting|
|Valero Energy Corp||VLO US||10:00||Q1 2017 Earnings Call||Q1 17|
|Northern Trust Corp||NTRS US||10:00||Q1 2017 Earnings Call||Q1 17|
|Xerox Corp||XRX US||10:00||Q1 2017 Earnings Call||Q1 17|
|Freeport-McMoRan Inc||FCX US||10:00||Q1 2017 Earnings Call||Q1 17|
|Wells Fargo & Co||WFC US||10:00||Annual General Meeting|
|Centene Corp||CNC US||10:00||Annual General Meeting|
|Noble Energy Inc||NBL US||10:30||Annual General Meeting|
|Comerica Inc||CMA US||10:30||Annual General Meeting|
|Crown Castle International Corp||CCI US||10:30||Q1 2017 Earnings Call||Q1 17|
|Ryder System Inc||R US||11:00||Q1 2017 Earnings Call||Q1 17|
|Praxair Inc||PX US||11:00||Annual General Meeting|
|BB&T Corp||BBT US||11:00||Annual General Meeting|
|PNC Financial Services Group Inc/The||PNC US||11:00||Annual General Meeting|
|AutoNation Inc||AN US||11:00||Q1 2017 Earnings Call||Q1 17|
|PACCAR Inc||PCAR US||11:00||Q1 2017 Earnings Call||Q1 17|
|Fastenal Co||FAST US||11:00||Annual General Meeting|
|Lockheed Martin Corp||LMT US||11:00||Q1 2017 Earnings Call||Q1 17|
|McDonald’s Corp||MCD US||11:00||Q1 2017 Earnings Call||Q1 17|
|Caterpillar Inc||CAT US||11:00||Q1 2017 Earnings Call||Q1 17|
|Northern Trust Corp||NTRS US||11:30||Annual General Meeting|
|Apartment Investment & Management Co||AIV US||Annual General Meeting|
|PerkinElmer Inc||PKI US||Annual General Meeting|
|VF Corp||VFC US||Annual General Meeting|
|UDR Inc||UDR US||13:00||Q1 2017 Earnings Call||Q1 17|
|PACCAR Inc||PCAR US||13:30||Annual General Meeting|
|FMC Corp||FMC US||14:00||Annual General Meeting|
|Hanesbrands Inc||HBI US||14:15||Annual General Meeting|
|CH Robinson Worldwide Inc||CHRW US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.807|
|Chubb Ltd||CB US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||2.432|
|Realty Income Corp||O US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.74|
|Stryker Corp||SYK US||16:00||Q1 2017 Earnings Release||Q1 17||1.428|
|Edwards Lifesciences Corp||EW US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.821|
|Discover Financial Services||DFS US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||1.434|
|AT&T Inc||T US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.74|
|Illumina Inc||ILMN US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.644|
|Universal Health Services Inc||UHS US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||2.066|
|Equity Residential||EQR US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.738|
|Boston Properties Inc||BXP US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||1.495|
|Juniper Networks Inc||JNPR US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.422|
|Wynn Resorts Ltd||WYNN US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.944|
|Capital One Financial Corp||COF US||16:05||Q1 2017 Earnings Release||Q1 17||1.921|
|Arconic Inc||ARNC US||16:05||Q1 2017 Earnings Release||Q1 17||0.236|
|Chipotle Mexican Grill Inc||CMG US||16:10||Q1 2017 Earnings Release||Q1 17||1.283|
|Total System Services Inc||TSS US||16:15||Q1 2017 Earnings Release||Q1 17||0.769|
|Chipotle Mexican Grill Inc||CMG US||16:30||Q1 2017 Earnings Call||Q1 17|
|Stryker Corp||SYK US||16:30||Q1 2017 Earnings Call||Q1 17|
|Texas Instruments Inc||TXN US||16:30||Q1 2017 Earnings Release||Q1 17||0.828|
|AT&T Inc||T US||16:30||Q1 2017 Earnings Call||Q1 17|
|Wynn Resorts Ltd||WYNN US||16:30||Q1 2017 Earnings Call||Q1 17|
|Total System Services Inc||TSS US||17:00||Q1 2017 Earnings Call||Q1 17|
|Edwards Lifesciences Corp||EW US||17:00||Q1 2017 Earnings Call||Q1 17|
|Capital One Financial Corp||COF US||17:00||Q1 2017 Earnings Call||Q1 17|
|Illumina Inc||ILMN US||17:00||Q1 2017 Earnings Call||Q1 17|
|Arconic Inc||ARNC US||17:00||Q1 2017 Earnings Call||Q1 17|
|Juniper Networks Inc||JNPR US||17:00||Q1 2017 Earnings Call||Q1 17|
|Texas Instruments Inc||TXN US||17:30||Q1 2017 Earnings Call||Q1 17|
|Discover Financial Services||DFS US||18:00||Q1 2017 Earnings Call||Q1 17|