Forex

US Futures Dip, Watch M, TIF, PCG, CHK, HDS, CASY

The S&P 500 Futures  are losing ground after they charged higher yesterday as investors’ appetite for risky assets was boosted by the Federal Reserve’s announcement of widening its Main Street lending program. For a second straight session the Nasdaq 100 marked a fresh record close.

Later today, the National Federation of Independent Business’s Small Business Optimism Index (a rise to 92.5 in May expected) and Wholesale Inventories (final reading, +0.4% on month in April expected) will be reported.

European indices are on the downside. The European Commission has reported final readings of 1Q GDP at -3.1% (vs -3.2% on year expected). The German Federal Statistical Office has posted April trade balance at 3.5 billion euros surplus (vs 11.6 billion euros surplus expected). France’s INSEE has reported April trade balance at 5.02 billion euros deficit (vs 3.0 billion euros deficit expected). The Bank of France has released Industry Sentiment Indicator for May was released at 83, vs 50 in April.

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Asian indices closed in the green except the Japanese Nikkei. New Zealand’s Prime Minister Jacinda Ardern announced that her country will be moving to alert level 1, effectively removing COVID-19 related restrictions except border controls.

WTI Crude Oil Futures are facing a consolidation from a three-month high. Later today, API would release the change of U.S. oil stockpile data for June 5.

Gold and US dollar bounced as equities consolidate ahead of Fed meeting.

Gold rose 11.53 dollars (+0.68%) to 1710.06 dollars.

EUR/USD fell 20pips to 1.1274 and GBP/USD declined 71pips to 1.2653.

US Equity Snapshot

Macy’s (M), the department store chain, soared in extended trading after announcing “the closing on approximately 4.5 billion dollars of new financing.” Separately, the company unveiled better than expected first quarter earnings.

Tiffany (TIF), the jeweler, reported first quarter LPS of 0.53 dollar, wider than expected, vs an EPS of 1.03 dollar a year earlier. Sales were 555.5 million dollars, below estimates, vs 1 billion dollars a year ago.

PG&E (PCG), a holding company involving in energy-based businesses, “plans to relocate headquarters to Oakland and will seek to sell San Francisco headquarters complex”. San Francisco headquarters may be valued at more than 1 billion dollars, according to Bloomberg.

Chesapeake Energy (CHK), the energy company, may plan to file for bankruptcy, according to Bloomberg.

HD Supply (HDS), the industrial distributor, posted first quarter EPS of 0.45 dollar, shy of estimates, down from 0.63 dollar a year earlier, on sales down 6.6% to 1.40 billion dollars, above forecasts.

Casey’s General Stores (CASY), the convenience stores chain lost ground after hours as fourth quarter EPS missed estimates.

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