morning review - 092410

8/8/2019 Morning Review - 092410

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]

Beth Reed: 212 448 6096 or [email protected]

0.5%

-7.2% -7.7%

-9.2% -9.5%-10.1%

-11.3%-11.8%

-13.7%-14.3%-14.7%

-16.3%

-19.5%-19.7%-19.8%-21.1%

-22.1%

-23.9%-25.4%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

Percentage Change in IV from 1 M onth Ago

Source: ivolatility.com

17.3%

7.3% 7.3% 7.2% 7.2% 7.2%6.6% 6.4% 6.0%

5.4% 5.0% 4.9% 4.6%3.6% 3.6% 3.3%

1.0% 0.8%0.0%

0%

2%4%

6%

8%

10%

12%

14%

16%

18%

20%1-Month Performance

Source: ivolatility.com


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U.S. EQUITIES

The tech sector jumped, led by RHT (+9.0%), which posted lower 2nd quarter profit but topped estimates on a steep increase in software sales. Shares ofNVDA (+2.0%) were also up after a BMO upgrade to Outperform from Market Perform due to market share improvement and stabilization in itsdiscrete graphics business, and AAPL advanced 0.4% as Caris raised its price target to $375 from $325. Meanwhile, BBBY added 3.2% after beating bothquarterly profit and sales expectations, while shares of RAD (-12.8%) plunged as the drug-store chain announced a wider-than-anticipated loss and weakoutlook for the remainder of the year.

Important Conferences/Corporate Meetings Today:CIBC World Markets Eastern Institutional Investor Conference Montreal, QCGoldman Sachs Communacopia XIX ConferenceMorgan Stanley Business & Education Services Conference

UBS Global Life Sciences Conference New York, NY

Important Earnings Today (with Estimates) From

Source: Thomson ONE

Three Day (High 1144.00; Low 1117.50):Prior Day SPX (High 1136.77; Low 1122.79; Close 1124.94):

S&P Futures

One Day (High 1134.50; Low 1117.50):

KBH: $-0.15Source: Bloomberg


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FIXED INCOME

Source: Bloomberg

Todays Important Economic Indicators/Events (with Consensus):Durable Goods Orders (8:30am EST): -1.0%New Home Sales (10:00am EST): 290K SAARJeffrey Lacker Speaks (1:00pm EST)Charles Plosser Speaks (2:00pm EST)

Source: Bloomberg

Treasuries rose Thursday, sending 10-year note yields down 2 bps to 2.54% as stocks tumbled ahead of the close. Overseas, German bonds advanced asthe country said it will sell 33% less debt in the 4th quarter than previously planned, pushing the 10-year bund yield to a 2-week low. Meanwhile, Irishbonds declined on news the countrys GDP shrank 1.2% in the 2nd quarter, while U.K. gilts climbed for a 3rd day on Euro-area economic growth concerns.


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morning review - 092410

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