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Globe and Mail
05-05-2025
- Business
- Globe and Mail
Stocks Close Lower on US Trade Policy Uncertainty
The S&P 500 Index ($SPX) (SPY) Monday closed down -0.64%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.24%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.67%. June E-mini S&P futures (ESM25) are down -0.66%, and June E-mini Nasdaq futures (NQM25) are down -0.71%. Stock indexes closed lower Monday due to US trade uncertainty. President Trump said on Sunday that he had no plans to speak to Chinese President Xi Jinping, although Mr. Trump said there could be trade deals with some US trading partners as soon as this week. Stock indexes recovered from their worst levels on Monday after the US Apr ISM services index unexpectedly increased, which dampened concern that the economy might be sliding into recession. Energy producers sold off Monday, with the price of WTI crude down -2% at a 3-1/2 week low after OPEC+ on Saturday agreed to raise its crude production level by 411,000 bpd in June, threatening to add to a global crude oil glut. Saudi Arabia also signaled that further similar-sized increases in crude output could follow, which is viewed as a strategy to reduce oil prices and punish overproducing OPEC+ members, such as Kazakhstan and Iraq. The US Apr ISM services index unexpectedly rose +0.8 to 51.6, stronger than expectations of a decline to 50.2. Also, the Apr ISM services prices paid sub-index rose +4.2 to a 2-1/4 year high of 65.1, higher than expectations of 61.4. This week, the market will focus on tariffs and any changes to US trade policy. On Tuesday, the March trade deficit is expected to widen to -$136.7 billion. On Wednesday, the FOMC is expected to keep its federal funds target range unchanged at 4.25%-4.50%. Post-FOMC comments on Wednesday from Fed Chair Powell will also be studied for any clues as to the future of Fed policy. Thursday brings weekly initial unemployment claims, Q1 nonfarm productivity (expected 0.7%), and Q1 unit labor costs (expected +5.2%). The markets are discounting the chances at 2% for a -25 bp rate cut after the 2-day FOMC meeting that ends on Wednesday. Q1 earnings reporting season remains in progress. According to data compiled by Bloomberg Intelligence, the market consensus is for Q1 year-over-year earnings growth of +6.7% for the S&P 500 stocks, down from expectations of +11.1% in early November. So far, of the 365 companies in the S&P 500 companies that have reported quarterly results, 78% have beaten estimates. Full-year 2025 corporate profits for the S&P 500 are seen rising +9.4%, down from the forecast of +12.5% in early January. Overseas stock markets on Monday settled lower. The Euro Stoxx 50 closed down -0.04%. China's Shanghai Composite was closed for the Labor Day holiday. Japan's Nikkei Stock 225 was closed for the Children's Day holiday. Interest Rates June 10-year T-notes (ZNM2 5) Monday closed down -3 ticks. The 10-year T-note yield rose +3.0 bp to 4.338%. June T-notes fell to a 1-week low Monday, and the 10-year T-note yield rose to a 1-week high of 4.369%. T-note prices retreated Monday after the Apr ISM services index rose more than expected, and the Apr ISM service prices-paid sub-index jumped to a 2-1/4 year high, bolstering inflation concerns. T-notes were also pressured by caution ahead of Wednesday's FOMC decision, where the FOMC appears unlikely to lay out a dovish tone. In addition, tepid demand for the Treasury's $58 billion 3-year T-notes auction was bearish for T-notes price as the auction had a bid-to-cover ratio of 2.56, below the 10-auction average of 2.61. T-notes had some support from safe-haven demand with Monday's slump in stocks. T-notes also had carryover support from strength in 10-year German bunds. European government bond yields on Monday moved lower. The 10-year German bund yield fell -1.6 bp to 2.517%. The 10-year UK gilt yield did not trade on Monday, with markets in the UK closed for the May Day holiday. The Eurozone May Sentix investor confidence index rose +11.4 to -8.1, stronger than expectations of -11.5. Swaps are discounting the chances at 97% for a -25 bp rate cut by the ECB at the June 5 policy meeting. US Stock Movers Energy stocks and energy service providers were under pressure Monday, with the price of WTI crude down more than -2% at a 3-1/2 week low. As a result, Apa Corp (APA) closed down more than -5%, and Occidental Petroleum (OXY) closed down more than -4%. Also, ConocoPhillips (COP) and Haliburton (HAL) closed down more than -3%. In addition, Diamondback Energy (FANG), Exxon Mobil (XOM), Chevron (CVX), Schlumberger (SLB), and Devon Energy (DVN) closed down more than -2%. Media stocks fell Monday after President Trump said he plans to impose a 100% tariff on films produced overseas. As a result, Netflix (NFLX), Paramount Global (PARA), and Warner Bros Discovery (WBD) closed down more than -1%. Zimmer Biomet Holdings (ZBH) closed down more than -11% to lead losers in the S&P 500 after cutting its full-year adjusted diluted EPS estimate to $7.90-$8.10 from a previous estimate of $8.15-$8.35. ON Semiconductor (ON) closed down more than -8% to lead losers in the Nasdaq 100 despite reporting better-than-expected Q1 revenue after forecasting Q2 adjusted gross margins of 36.5% to 38.5%, below the consensus of 39%. Tyson Foods (TSN) closed down more than -7% after reporting Q2 sales of $13.07 billion, below the consensus of $13.12 billion. Apple (AAPL) closed down more than -3% to lead losers in the Dow Jones Industrials as the company prices a 4-part debt offering today. Berkshire Hathaway (BRK.B) closed down more than -5% after CEO Buffet announced that he would step down at the end of the year. Gold Fields (GFI) closed up more than +7% to lead gold-mining stocks higher after gold prices jumped more than +2% on Monday. Also, AngloGold Ashanti Plc (AU) closed up more than +4%, and Newmont (NEM) closed up more than +2%. Howard Hughes Holdings (HHH) closed up more than +3% after entering into an agreement where Pershing Square Capital will invest $900 million to acquire 9 million shares of the company. Freshpet (FRPT) closed up more than +3% after reporting Q1 net sales of $263.2 million, above the consensus of $259.9 million. Axsome Therapeutics (AXSM) closed up more than +3% after reporting Q1 cash and cash equivalents of $300.9 million, above the consensus of $255.5 million. EQT Corp (EQT) closed up more than +2% after UBS upgraded the stock to buy from neutral with a price target of $64. Henry Schein (HSIC) closed up more than +1% after reporting Q1 adjusted EPS of $1.15, better than the consensus of $1.11, and forecast full-year adjusted EPS of $4.80-$4.94, the midpoint above the consensus of $4.86. Earnings Reports (5/6/2025) Advanced Micro Devices Inc (AMD), American Electric Power Co Inc (AEP), Archer-Daniels-Midland Co (ADM), Arista Networks Inc (ANET), Assurant Inc (AIZ), Ball Corp (BALL), Constellation Energy Corp (CEG), Corpay Inc (CPAY), Devon Energy Corp (DVN), DoorDash Inc (DASH), Duke Energy Corp (DUK), Electronic Arts Inc (EA), Expeditors International of Washington (EXPD), Fidelity National Information (FIS), Gartner Inc (IT), Gen Digital Inc (GEN), Global Payments Inc (GPN), International Flavors & Fragrances (IFF), IQVIA Holdings Inc (IQV), Jack Henry & Associates Inc (JKHY), Jacobs Solutions Inc (J), Leidos Holdings Inc (LDOS), Marathon Petroleum Corp (MPC), Marriott International Inc/MD (MAR), Mosaic Co/The (MOS), Super Micro Computer Inc (SMCI), TransDigm Group Inc (TDG), Waters Corp (WAT), WEC Energy Group Inc (WEC), Wynn Resorts Ltd (WYNN), Zoetis Inc (ZTS).
Globe and Mail
02-05-2025
- Business
- Globe and Mail
Stocks Settle Higher on Trade Optimism and US Labor Market Strength
The S&P 500 Index ($SPX) (SPY) Friday closed up +1.47%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.39%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.60%. June E-mini S&P futures (ESM25) are up +1.50%, and June E-mini Nasdaq futures (NQM25) are up +1.60%. Stock indexes rallied on Friday and settled moderately higher, with the S&P 500 and Nasdaq 100 posting 5-week highs and the Dow Jones Industrials posting a 1-month high. Stocks rose Friday on a possible thaw in the US-China trade stalemate. China's Commerce Ministry is assessing the possibility of trade talks with the US. On Friday, it said, 'The US has recently sent messages to China through relevant parties, hoping to start trade talks with China, and we are currently evaluating this.' Stocks added to their gains Friday on signs the US labor market remains resilient with slack wage pressures after April payrolls and hourly earnings rose less than expected. Also, US Mar factory orders posted their biggest increase in 8 months. US Apr nonfarm payrolls rose +177,000, stronger than expectations of +138,000, although Mar nonfarm payrolls were revised lower by 43,000 jobs to +185,000 from the previously reported +228,000. The Apr unemployment rate was unchanged at 4.2%, in line with expectations. US Apr average hourly earnings rose +0.2% m/m and +3.8% y/y, slightly weaker than expectations of +0.3% m/m and +3.9% y/y. US Mar factory orders rose +4.3% m/m, the largest increase in 8 months. On the negative side for stocks, the 10-year T-note yield rose +9.0 bp as the better-than-expected US payroll report dampens the outlook for Fed interest rate cuts. Also, Apple closed down more than -3% after it reported falling China sales and warned that tariffs will increase costs. In addition, gave a weaker-than-expected outlook for operating income and said it is bracing for a tougher business climate. The markets are discounting the chances at 3% for a -25 bp rate cut after the May 6-7 FOMC meeting. Q1 earnings reporting season is in full swing. According to data compiled by Bloomberg Intelligence, the market consensus is for Q1 year-over-year earnings growth of +6.7% for the S&P 500 stocks, down from expectations of +11.1% in early November. So far, of the 332 companies in the S&P 500 companies that have reported quarterly results, 78% have beaten estimates. Full-year 2025 corporate profits for the S&P 500 are seen rising +9.4%, down from the forecast of +12.5% in early January. Overseas stock markets on Friday settled higher. The Euro Stoxx 50 climbed to a 1-month high and closed up +2.42%. China's Shanghai Composite was closed for the Labor Day holiday. Japan's Nikkei Stock 225 rallied to a 5-week high and closed up +1.04%. Interest Rates June 10-year T-notes (ZNM2 5) Friday closed down -22.5 ticks. The 10-year T-note yield rose +9.0 bp to 4.308%. June T-notes on Friday retreated from a larger-than-expected increase in US Apr nonfarm payrolls, which shows strength in the labor market that is hawkish for Fed policy. Also, a possible thaw in the US-China trade war has curbed safe-haven demand for T-notes after China's Commerce Ministry said it is assessing the possibility of trade talks with the US. Friday's stock rally has also reduced safe-haven demand for T-notes. Finally, T-notes were pressured by negative carryover from Friday's slump in 10-year German bunds to a 2-week low. A supportive factor for T-notes is benign US wage pressures after Apr average hourly earnings rose less than expected. European government bond yields on Friday moved higher. The 10-year German bund yield jumped to a 2-week high of 2.534% and finished up +8.9 bp to 2.533%. The 10-year UK gilt yield rebounded from a 3-1/2 week low of 4.408% and finished up +2.8 bp to 4.509%. The Eurozone Apr core CPI was revised upward to 2.7% y/y from the previously reported 2.4% y/y. The Eurozone Apr S&P manufacturing PMI was revised upward by +0.3 to 49.0 from the previously reported 48.7. The Eurozone Mar unemployment rate was unchanged at a record low 6.2%. Swaps are discounting the chances at 97% for a -25 bp rate cut by the ECB at the June 5 policy meeting. US Stock Movers Chip stocks are rallying today and are giving the broader market a boost. ARM Holdings Plc closed up more than +6%, and ON Semiconductor (ON) closed up more than +5%. Also, Applied Materials (AMAT) and Microchip Technology (MCHP) closed up more than +4%. In addition, Broadcom (AVGO), Intel (INTC), KLA Corp (KLAC), GlobalFoundries (GFS), NXP Semiconductors NV (NXPI), Texas Instruments (TXN), Micron Technology (MU), Lam Research (LRCX), and Qualcomm (QCOM) closed up more than +3%. Travel stocks moved higher on Friday on signs of economic strength after US Apr nonfarm payrolls rose more than expected. United Airlines Holdings (UAL) closed up more than +7%, and Delta Air Lines (DAL) and Norwegian Cruise Line Holdings (NCLH) closed up more than +6%. Also, Southwest Airlines (LUV) and Carnival (CCL) closed up more than +4%. Dexcom (DXCM) closed up more than +16% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q1 revenue of $1.04 billion, better than the consensus of $1.02 billion. Duolingo (DUOL) closed up more than +20% after boosting its full-year bookings estimate to $1.12 billion- $1.13 billion from a previous estimate of $1.08 billion-$1.10 billion, stronger than the consensus of $1.09 billion. Exact Sciences (EXAS) closed up more than +8% after reporting Q1 revenue of $706.8 million, better than the consensus of $688.7 million, and raised its full-year revenue forecast to $3.07 billion-$3.12 billion from a previous estimate of $3.03 billion-$3.09 billion, stronger than the consensus of $3.06 billion. Iron Mountain (IRM) closed up more than +4% after boosting its full-year revenue forecast to $6.74 billion-$6.89 billion from a previous forecast of $6.65 billion-$6.80 billion. US-listed Chinese stocks are climbing after China's Commerce Ministry is assessing the possibility of trade talks with the US. As a result, PDD Holdings (PDD), (JD), Baidu (BIDU), and Alibaba Group Holding Ltd (BABA) closed up more than +2%. Apple (AAPL) closed down more than -3% to lead losers in the Dow Jones Industrials after reporting Q2 greater China revenue of $16.00 billion, weaker than the consensus of $16.83 billion. (AMZN) closed down -0.12% after forecasting Q2 operating income of $13.0 billion to $17.5 billion, weaker than the consensus of $17.82 billion. Block (XYZ) closed down more than -20% after reporting Q1 net revenue of $5.77 billion, weaker than the consensus of $6.22 billion, and cut its full-year adjusted operating income estimate to $1.9 billion from a previous estimate of $2.1 billion, below the consensus of $2.12 billion. Atlassian (TEAM) closed down more than -8% to lead losers in the Nasdaq 100 after forecasting Q4 revenue of $1.35 billion to $1.36 billion, the midpoint below the consensus of $1.36 billion. Motorola Solutions (MSI) closed down more than -7% after forecasting Q2 adjusted EPS of $3.32-$3.37, weaker than the consensus of $3.47. Take-Two Interactive Software (TTWO) closed down more than -6% after announcing a delay in releasing the Grand Theft Auto VI game. Hologic (HOLX) closed down more than -5% after cutting its full-year adjusted EPS forecast to $4.15-$4.25 from a previous forecast of $4.25-$4.35. Earnings Reports (5/5/2025) Clorox Co/The (CLX), Coterra Energy Inc (CTRA), Cummins Inc (CMI), Diamondback Energy Inc (FANG), Ford Motor Co (F), Henry Schein Inc (HSIC), Loews Corp (L), ON Semiconductor Corp (ON), Palantir Technologies Inc (PLTR), Realty Income Corp (O), Tyson Foods Inc (TSN), Vertex Pharmaceuticals Inc (VRTX), Williams Cos Inc/The (WMB), Zimmer Biomet Holdings Inc (ZBH).
Globe and Mail
02-05-2025
- Business
- Globe and Mail
Stocks Climb on Possible US-China Trade Talks and a Resilient US Labor Market
The S&P 500 Index ($SPX) (SPY) today is up +1.07%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +1.06%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.15%. June E-mini S&P futures (ESM25) are up +0.99%, and June E-mini Nasdaq futures (NQM25) are up +1.09%. Stock indexes today are trading higher, with the S&P 500 and the Dow Jones Industrials posting 1-month highs and the Nasdaq 100 posting a 5-week high. Stocks are climbing today on a possible thaw in the US-China trade stalemate. China's Commerce Ministry is assessing the possibility of trade talks with the US. Today, it said, 'The US has recently sent messages to China through relevant parties, hoping to start trade talks with China, and we are currently evaluating this.' Stocks added to their gains on signs the US labor market remains resilient with slack wage pressures after Apr nonfarm payrolls rose more than expected and Apr average hourly earnings rose less than expected. US Apr nonfarm payrolls rose +177,000, stronger than expectations of +138,000, although Mar nonfarm payrolls were revised lower by 43,000 jobs to +185,000 from the previously reported +228,000. The Apr unemployment rate was unchanged at 4.2%, right in line with expectations. US Apr average hourly earnings rose +0.2% m/m and +3.8% y/y, slightly weaker than expectations of +0.3% m/m and +3.9% y/y. The weakness in some megacap technology stocks is limiting the upside in the overall market. Apple is down more than -4% after it reported falling China sales and warned that tariffs will increase costs. Also, is down more than -1% after it gave a weaker-than-expected outlook for operating income and said it is bracing for a tougher business climate. The markets are discounting the chances at 3% for a -25 bp rate cut after the May 6-7 FOMC meeting. Q1 earnings reporting season is in full swing. According to data compiled by Bloomberg Intelligence, the market consensus is for Q1 year-over-year earnings growth of +6.7% for the S&P 500 stocks, down from expectations of +11.1% in early November. So far, of the 303 companies in the S&P 500 companies that have reported quarterly results, 78% have beaten estimates. Full-year 2025 corporate profits for the S&P 500 are seen rising +9.4%, down from the forecast of +12.5% in early January. Overseas stock markets today are higher. The Euro Stoxx 50 climbed to a 1-month high and is up +2.08%. China's Shanghai Composite was closed for the Labor Day holiday. Japan's Nikkei Stock 225 rallied to a 5-week high and closed up +1.04%. Interest Rates June 10-year T-notes (ZNM2 5) today are down -16 ticks. The 10-year T-note yield is up +6.9 bp to 4.287%. June T-notes today are under pressure from a larger-than-expected increase in US Apr nonfarm payrolls. Also, a possible thaw in the US-China trade war has curbed safe-haven demand for T-notes after China's Commerce Ministry said it is assessing the possibility of trade talks with the US. Today's stock rally has also reduced safe-haven demand for T-notes. Losses in T-notes are contained due to benign US wage pressures after Apr average hourly earnings rose less than expected. T-notes also have carryover support from today's rally in 10-year UK gilts to a 3-1/2 week high. European government bond yields today are mixed. The 10-year German bund yield is up +5.0 bp to 2.494%. The 10-year UK gilt yield fell to a 3-1/2 week low of 4.408% and is down -1.8 bp to 4.463%. The Eurozone Apr core CPI was revised upward to 2.7% y/y from the previously reported 2.4% y/y. The Eurozone Apr S&P manufacturing PMI was revised upward by +0.3 to 49.0 from the previously reported 48.7. The Eurozone Mar unemployment rate was unchanged at a record low 6.2%. Swaps are discounting the chances at 97% for a -25 bp rate cut by the ECB at the June 5 policy meeting. US Stock Movers Chip stocks are rallying today and are giving the broader market a boost. Lam Research (LRCX) and Microchip Technology (MCHP) are up more than +4%. Also, Nvidia (NVDA), Applied Materials (AMAT), ON Semiconductor (ON), KLA Corp (KLAC), GlobalFoundries (GFS), Texas Instruments (TXN), and Micron Technology (MU) are up more than +3%. Travel stocks are moving higher today on signs of economic strength after US Apr nonfarm payrolls rose more than expected. Delta Air Lines (DAL), United Airlines Holdings (UAL), and Norwegian Cruise Line Holdings (NCLH) are up more than +4%. Also, Southwest Airlines (LUV) and Carnival (CCL) are up more than +3%. Dexcom (DXCM) is up more than +14% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q1 revenue of $1.04 billion, better than the consensus of $1.02 billion. Exact Sciences (EXAS) is up more than +10% after reporting Q1 revenue of $706.8 million, better than the consensus of $688.7 million, and raised its full-year revenue forecast to $3.07 billion-$3.12 billion from a previous estimate of $3.03 billion-$3.09 billion, stronger than the consensus of $3.06 billion. Duolingo (DUOL) is up more than +12% after boosting its full-year bookings estimate to $1.12 billion- $1.13 billion from a previous estimate of $1.08 billion-$1.10 billion, stronger than the consensus of $1.09 billion. US-listed Chinese stocks are climbing after China's Commerce Ministry is assessing the possibility of trade talks with the US. As a result, PDD Holdings (PDD), (JD), Baidu (BIDU), and Alibaba Group Holding Ltd (BABA) are up more than +2%. Apple (AAPL) is down more than -4% to lead losers in the Dow Jones Industrials after reporting Q2 greater China revenue of $16.00 billion, weaker than the consensus of $16.83 billion. (AMZN) is down more than -1% after forecasting Q2 operating income of $13.0 billion to $17.5 billion, weaker than the consensus of $17.82 billion. Block (XYZ) is down more than -23% after reporting Q1 net revenue of $5.77 billion, weaker than the consensus of $6.22 billion, and cut its full-year adjusted operating income estimate to $1.9 billion from a previous estimate of $2.1 billion, below the consensus of $2.12 billion. Motorola Solutions (MSI) is down more than -8% to lead losers in the S&P 500 after forecasting Q2 adjusted EPS of $3.32-$3.37, weaker than the consensus of $3.47. Take-Two Interactive Software (TTWO) is down more than -8% to lead losers in the Nasdaq 100 after announcing a delay in releasing the Grand Theft Auto VI game. Atlassian (TEAM) is down more than -7% after forecasting Q4 revenue of $1.35 billion to $1.36 billion, the midpoint below the consensus of $1.36 billion. Airbnb (ABNB) is down more than -2% after forecasting Q2 revenue of $2.99 billion to $3.05 billion, the midpoint below the consensus of $3.03 billion. Earnings Reports (5/2/2025) AES Corp/The (AES), Apollo Global Management Inc (APO), Cboe Global Markets Inc (CBOE), Chevron Corp (CVX), Cigna Group/The (CI), DaVita Inc (DVA), DuPont de Nemours Inc (DD), Eaton Corp PLC (ETN), Exxon Mobil Corp (XOM), Franklin Resources Inc (BEN), Monster Beverage Corp (MNST), T Rowe Price Group Inc (TROW).
Globe and Mail
01-05-2025
- Business
- Globe and Mail
Futures Settle at Post-Tariff Highs, Eyes on Core PCE and Big Tech Earnings
Spotify falls after earnings. Bill Baruch joins CNBC's Halftime to break down why he's still in. E-mini S&P (June) / E-mini NQ (June) S&P, yesterday's close: Settled at 5583.75, up 30.75 NQ, yesterday's close: Settled at 19,642.00, up 114.00 E-mini S&P and E-mini NQ futures settled yesterday at the highest level since the April 2 nd tariff announcement. The White House's softer tone on trade was furthered when President Trump signed an order to lessen the impact of auto tariffs. Commerce Secretary Lutnick also noted a trade deal has been reached with one nation, but we await further details. The indices have been buoyant, finding additional tailwinds from strong earnings, but this will be tested today. CAT reported a miss on earnings and revenue but kept its full-year outlook, the stock is +2% premarket. MSFT and META report after the bell. The first look at jobs is due with the private ADP survey at 7:15 am CT, followed by the Fed's preferred inflation indicator, the Core PCE Index, at 7:30 am CT. E-mini S&P and E-mini NQ futures finished strongly yesterday but have not been able to decisively pierce strong resistance. For the E-mini S&P, this is major three-star resistance at 5578.75-5584.50. As for the E-mini NQ, it has closed in on its April 2 nd gap settlement, marking a significant area of overhead resistance. Upon a pullback, we have first and second key support aligned with yesterday's midday ranges. However, we do not want to see a violation of major three-star support at… Want to keep up with the market? Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox. Sign Up for Free Futures Market Research – Blue Line Futures Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. Blue Line Futures is a member of NFA and is subject to NFA's regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition. With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@ or call us at 312- 278-0500 Performance Disclaimer Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
Globe and Mail
01-05-2025
- Business
- Globe and Mail
S&P and NQ Extend Gains, But Risks Loom with Heavy Calendar
Buying Relative Outperformance: Early this week Bill Baruch of Blue Line Capital bought these three names, find out why. E-mini S&P (June) / E-mini NQ (June) S&P, last week's close: Settled at 5549.75, up 38.50 on Friday and 237.00 on the week NQ, last week's close: Settled at 19,535.25, up 213.25 on Friday and 1,154.50 on the week E-mini S&P and E-mini NQ futures finished last week on firm footing as the White House's narrative on trade softened a bit and earnings season got off to a strong start. Although we remain upbeat, much of this can shift instantly. On one front, there are two factions within the White House: that of Treasury Secretary Bessent, who is more in tune with a cohesive market environment, and that of Trade Representative Navarro, a vocal China hawk. On the other front, earnings have been good, but 36% of S&P companies report this week. Names like UPS, KO, V, SBUX, and CAT lead the list over the next 48 hours, before MSFT and META report Wednesday after the bell. Additionally, there is a deluge of economic data this week: Core PCE Wednesday, ISM Manufacturing Thursday, and Nonfarm Payrolls Friday. E-mini S&P and E-mini NQ futures battled off support early Friday and have so far carved a path of higher lows on today's session. First key support in the S&P comes in at 5511.25-5516.25, and below there is 5497.75-5499.75, before additional support aligns with Friday's low. Both indices are out above our Pivot and point of balance ahead of the opening bell. We believe holding above here will invite a continuation of momentum, with these levels coming in for the E-mini S&P at… Want to keep up with the market? Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox. Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. Blue Line Futures is a member of NFA and is subject to NFA's regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition. With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@ or call us at 312- 278-0500 Performance Disclaimer Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
