A wave of earnings is here: Here’s a super-quick guide to what traders are talking about right now

Traders work on the floor of the New York Stock Exchange

Traders work on the floor of the New York Stock Exchange
Thomson Reuters

Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.

Here’s Lutz:

Morning! US Futures are starting under pressure as we await the reports from 120 S&P companies this week – Nasdaq underperforming, with QQQs off 30bp ahead of a heavy FAANG reporting week. Biotech M&A Continues, with Sanofi for Ablynx overseas, but most EU markets are taking a breather. The DAX is off small as focus remains on the selling in Sovereigns – Automobile and basic resources stocks outperforming, while Food and Beverage issues falling. Tech shares are acting well as AAPL suppliers jump. The FTSE is up 30bp as Miners jump nearly 2% early. In Asia, Nikkei closed unch – Hang Seng off 60bp as Banks broke lower – Shanghai down 1% as the CSI Tech Index gets slammed for 3.3% – KOSPI up 90bp – Aussie added 40bp and EM snapping a 11day winning streak as we await a fresh sanction report from DC on Russia today

Into Yellen’s last FOMC meeting this week, the US 10YY ripping thru 2.7% as we have heavy selling in Bunds – German 10YY up 4bp, and their 5YY into positive yields for a first time in nearly 3 years as the Dutch Central Bank chief called for a end of ECB’s Bond Buying Program. The DXY is breaking a bit higher as profit-taking hits Euro, while Brexit Jockeying in London weighs on Sterling. Ore was down 1% after falling 4.5% last week, but Copper is holding bid, up 20bp. Gold retreating from 18month highs as the Dollar hits the yellow metal for almost 1% early. WTI is off 50bp, rolling from Friday’s $66.50 peak – Softs are pretty well bid, paced by a 2% pop in Wheat.

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