US STOCKS: Late Equity Roundup: Earnings Round Out Session
Stock indexes trading mildly weaker ahead the FI close, Nasdaq outperforming, on lighter volumes ahead Fri's July employment data and ongoing earnings releases after the bell. Currently, SPX eminis trades -5.25 (-0.13%) at 4151; DJIA -94.72 (-0.29%) at 32717.48; Nasdaq +21.6 (0.2%) at 12689.82.
- Earnings releases after the close: Vertex Pharmaceuticals (VRTX) $3.514 est, Expedia (EXPE $1.530 est, Corteva Inc (CTVA) $1.479 est, Amgen (AMGN) $4.402 est.
- SPX leading/lagging sectors: Industrials (+0.53%) narrowly outpaced Utilities and Materials in late trade, both +0.51%, Consumer Discretionary (+0.32%). Laggers: Energy sector continues to underperform (-1.65%), followed by Consumer Staples (-0.81%), Health Care and Financials (-0.44%).
- Dow Industrials Leaders/Laggers: 3M Co (MMM) +4.78 at 148.27, Visa (V) +4.26 at 212.74, Caterpillar bounces back from Wed selling (CAT) +2.48 at 185.35, Honeywell (HON) +1.14 at 192.64. Laggers: United Health (UNH) -6.80 at 533.85, Walmart (WMT) -4.13 at 126.37, Chevron (CVX) -2.41 at 152.95.
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CANADA: Higher Rates Biting In Vancouver Housing Market
- Higher interest rates and supply have seen the Vancouver housing market continue to cool quickly according to the Vancouver Real Estate Board
- Sales fell -35% Y/Y in June or 23% below the 10-year June average. Lower sales have allowed listings to increase, with the sales-to-listings ratio down to 23.4% from the March peak of 56.9% (historically a sustained <12% leads to downward price pressure, >20% upward).
- The benchmark home price index dipped 2% M/M although is still up 12.4% Y/Y.
USDJPY TECHS: Path Of Least Resistance Remains Up
- RES 4: 140.00 Round number resistance
- RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
- RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
- RES 1: 137.00 High Jun 29 and the bull trigger
- PRICE: 135.90 @ 16:09 BST Jul 5
- SUP 1: 134.27 Low Jun 23
- SUP 2: 132.17/132.09 Low Jun 17 / Bull channel base from Mar 4 low
- SUP 3: 131.50 Low Jun 16 and a key support
- SUP 4: 130.00 Round number support
USDJPY remains inside its recent range. Trend conditions are unchanged though and the uptrend remains firmly intact. A fresh cycle high last week confirmed a resumption of the primary uptrend and this maintains the sequence of higher highs and higher lows. Sights are on 137.30, a Fibonacci projection. Initial firm support to watch is 134.27, the Jun 23 low. A break would signal scope for a deeper corrective pullback.
US: FED Reverse Repo Usage Lowest In A Month
- NY Fed reverse repo usage stepped a little further back to $2,138B from Friday’s $2,167B, hitting the lowest since Jun 7 having pulled back from Thursday’s month and quarter-end driven new record of $2,330B.
- The number of counterparties also dipped to a more typical 96 from 99 on Friday and 108 on that Thursday high.
