The Morning Hammer: Temperature Rising
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We're waking up to slightly shakier markets today.
European carmakers are down after the US Department of Justice found evidence of criminal acts by Volkswagen AG relatded to its emissions cheating scandal.
That's helping push the Euro Stoxx 50 down -0.8%, while the DAX is of -0.6%.
Euro bond markets are mixed.
UK inflation was higher than expected in June, though perhaps
Yesterday after the close, quarterly 13/F reports hit the tape, and the big news was that Warren Buffett's Berkshire Hathaway upped its stake in Apple (AAPL) while reducing its position in Walmart (WMT) — seems like a big statement about Berkshire's shift towards tech-friendliness.
Retailers Home Depot (HD) and Dick's Sporting Goods (DKS) are up on strong earnings earnings, while momo favorite Fabrinet (FN) is rising on what look like blockbuster numbers.
Hot new issue Twilio (TWLO) is up premarket. I'll discuss this more later — but I would not short this stock unless I was 100% confident that the market was set to drop sharply.
Meawhile, Hain Celestial (HAIN) is getting smashed after it delayed results on accounting issues.
Crude oil just broke through $46 and is hovering around there as traders continue to anticipate an OPEC output cut. We have inventory numbers coming today after the close (from the API) and tomorrow morning (EIA).
On the deal front, Bloomberg is reporing that German industrial gas giant Linde is in talks to acquire Praxair (PX).
SPX futures are down fractionally after showing very little movement overnight.
And while the index fell for 5 straight hours into the close yesterday, there was still no volatility. Look at the chart below — that downdraft engulfed less than 4 points! We're talking a -0.17% drop — that's nothing.
After 26 days without a 1% move in the SPX, this market could really use some excitement.
We've got a nice chunk of economic data coming today, including CPI, Housing Starts, and Industrial Production, so maybe we'll get the volatility bump for which we've been waiting.
Good luck out there friends.