US Futures slightly down, watch CVX, CCL, AXP

The S&P 500 Futures are consolidating after having closed mixed yesterday, as worries over a second-wave coronavirus pandemic persisted.


The S&P 500 Futures are facing a consolidation after they closed mixed yesterday, as worries over a second-wave coronavirus pandemic persisted. Authorities of Chinese capital city Beijing order the lockdown of residential communities following surging infections. In the U.S., the number of coronavirus cases in Arizona, Florida and Texas reached new highs. Meanwhile, a clinical trial in Britain showed that dexamethasone, an inexpensive and common drug, can help save critically-ill COVID-19 patients.

Later today, initial jobless claims for the week ended June 13 are expected at 1.29 million. The Philadelphia Federal Reserve will post its Business Outlook Index for June (-22.9 expected). The Conference Board will release its Leading Index for May (+2.4% on month expected). 

European indices are mixed. The Bank of England has announced it monetary policy decision and kept its benchmark rate on hold at 0.10%, asset purchase target was raised to 745 billion pounds from 645 billion pounds.

Asian indices closed in the red except the Chinese CSI. This morning, official data showed that Australia's economy shed 227,700 jobs in May (-78,800 jobs expected), while jobless rate rose to 7.1% (6.9% expected) from 6.2% in April,

WTI Crude Oil Futures continue to retreat after the U.S. Energy Information Administration reported crude-oil stockpiles added 1.2 million barrels last week to another record level.

Gold eases but remains firm above 1700 dollars while the US dollar gains ground on fears of a new COVID-19 wave. 

Gold fell 4.99 dollars (-0.29%) to 1721.96 dollars.

EUR/USD fell 3pips to 1.1241 while GBP/USD declined 46pips to 1.2509. GBP lost some ground following the BOE announcement.

US Equity Snapshot

Chevron (CVX), the energy company, decided to start the process of selling its stake in the North West Shelf project in Australia, a liquefied natural gas venture.

Carnival (CCL), the cruise company, is losing ground before hours after reporting second quarter adjusted LPS of 3.30 dollars, worse than expected, vs an EPS of 0.66 dollar a year earlier. Sales plunged 86% to 700 million dollars, missing estimates.

American Express (AXP), a globally integrated payments company, was downgraded to "hold" from "buy" at DZ Bank.

Source : TradingVIEW, Gain Capital

Build your confidence risk free

More from Equities

Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.