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Sep 18, 2020 - Market Blog

9/18/2020

 

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The clock is ‘Tiking’

The Commerce Department announced Friday morning it would ban U.S. business transactions with Chinse-owned social apps WeChat and TikTok on Sunday.  The Trump administration is still reviewing proposals on the TikTok-Oracle (ORCL)/Walmart (WMT) partnership, which has many moving parts.  TikTok owner ByteDance agreed to list the video-sharing app on a U.S. stock exchange, which could happen within a year, though there are still concerns over whether the Chinese parent would be allowed to retain a majority stake in the new company.  Today’s announcement from the Commerce Department appears to be enforcing President Trump’s original executive order from August 6th that gave TikTok 45 days to sell its U.S. business to a U.S. company or face a ban in the U.S.  Shares of Oracle and Walmart are both down fractionally in the premarket.

 

Sub-zero rates in England you say

The Bank of England indicated Thursday that it could cut interest rates below zero for the first time in its 326-year history as it tries to shore up a U.K. economic recovery that is facing the dual headwinds of the coronavirus and Brexit.  The British economy suffered one of the deepest recessions in the world this year when many sectors were effectively shutdown to help contain the pandemic.  Though the economy has recouped some ground as lockdown restrictions were eased, the economy was still around 12% smaller at the end of July than it was in February, when the pandemic started in Europe.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.30%, near 3361

U.S. Crude Oil futures (/CL) -0.22%, near $41.10 a barrel

CBOE Volatility Index (VIX) -2.6%, near 25.75

U.S. Gold Futures (/GC) +0.50%, near $1960 an ounce

 

Major Economic Reports:

 

7:30 am CT –   Current Account

9:00 am CT –   Consumer Sentiment

9:00 am CT –   Leading Indicators

12:00 pm CT – Baker-Hughes Rig Count

 

Notable Earnings

 

Friday:

A.M. – N/A

P.M.– N/A

 

Monday:

A.M. – N/A

P.M. – N/A

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

 

 

Sep 17, 2020 - Market Blog

9/17/2020

 

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A Raise Too Far leads to Powell’s Plunge

After the Fed pledged to keep interest rates at zero through 2023 to help the economy get back on its feet, Chairman Jerome Powell made comments about the Fed’s limited abilitiesand that it was up to Congress to step in for further assistance.  U.S. stocks rose following the initial policy statement but began moving lower as Chairman Powell’s press conference progressed, as the equity market was not happy with his comments.  S&P 500 futures (/ES) are continuing to move lower this morning, as worse than expected August Housing Starts and Building Permits releases have perpetuated the selloff in stock futures.

 

Tik, Tok, Boom

Just as the bidding war to control the U.S. division of video sharing app TikTok was starting to finalize, new questions are beginning to surface.  The Trump administration is looking to give U.S. investors a majority share in the company that would takeover control of the Chinese owned TikTok.  Oracle (ORCL) was previously reported to be a partner in the new U.S. company that takes control of TikTok operations.  The Chinese owner, ByteDance has sought to retain a majority ownership and that is raising concerns among Senate Republicans.  Oracle is trading almost 3% lower in the pre-market.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) -1.6%, near 3324

U.S. Crude Oil futures (/CL) -0.5%, near $39.95 a barrel

CBOE Volatility Index (VIX) +11%, near 28.90

U.S. Gold Futures (/GC) -1.3%, near $1943 an ounce

 

Major Economic Reports:

7:30 am CT-  Jobless Claims

7:30 am CT – Housing Starts and Permits

7:30 am CT – Philadelphia Fed Manufacturing Index

9:30 am CT – EIA Natural Gas Report

12:00 pm CT- 10-Yr TIPS Auction

3:30 pm CT – Fed Balance Sheet

3:30 pm CT – Money Supply

 

Notable Earnings

 

Thursday:

A.M. – APOG

P.M. – AFIB

 

Friday:

A.M. – N/A

P.M.– N/A

 

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

Sep 16, 2020 - Market Blog

9/16/2020

 

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Spoon-Fed

Today marks the first public appearance for Jerome Powell since his surprise Jackson Hole symposium comments encompassing a bigger appetite for inflation. The next rate hike isn’t projected until 2024 now despite the red-hot market as a super-accommodative tone which has been sent.  Economists are eagerly awaiting comments around the Fed’s intermediate plans for their $7 trillion balance sheet and expected bond-buying pace going forward as the FOMC will likely downplay the recent success. The 10-year yield has slipped intra-day in its last 5 sessions and currently rests near 0.663% ahead of the today's press conference after the two-day meeting adjourns. 

 

Not waking up from the Bad Dream-liner

Boeing (BA) can’t shake the ongoing nightmare scenario for the 737MAX now two years removed from the tragic series of crashes that killed 346 passengers due to major malfunctions in the touted next-generation aircraft shortly after being commissioned.  Re-certification continues to be delayed with more findings recently surfacing that must be resolved before being deemed air-worthy.  The re-certification process could potentially be pushed back into 2021 before getting the green light.  A scathing Housing Committee report was just released this morning which found systematic failures between Boeing (BA) as well as the FAA and highlights the complexities of the oversight process.  Shares of Boeing are currently down 1% ahead of the opening bell as shares have remained in a tight pattern since early June awaiting any good news. Demand has also shifted dramatically as travel has completely been altered amid the pandemic.    

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.34%, near 3406

U.S. Crude Oil futures (/CL) +2.77%, near $39.40 a barrel

CBOE Volatility Index (VIX) +.24%, near 25.65

U.S. Gold Futures (/GC) +0.71%, near $1980 an ounce

 

Major Economic Reports:

 

6:00 am CT – MBA Mortgage Applications

7:55 am CT – Retail Sales

9:00 am CT – Atlanta Fed Business Inflation Expectations

9:00 am CT – Business Inventories

9:00 am CT – Housing Market Index

9:30 am CT – EIA Petroleum Status Report

1:00 pm CT – FOMC Announcement

1:30 pm CT – Fed Chair Press Conference

 

Notable Earnings

 

Wednesday:

A.M. – BRC

P.M– MLHR, OSH

 

Thursday:

A.M. – APOG

P.M. – AFIB

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

Sep 15, 2020 - Market Blog

9/15/2020

 

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Wide world of sports betting

ESPN, a cable sports channel, and subsidary of Disney (DIS), has signed deals with Caesar's Entertainment (CZR) and DraftKings (DKNG) to strengthen its position in the growing sports betting market.  ESPN becomes the exclusive odds provider and co-exclusive link out of provider to Caesars.  Caesar's will also become a sponsor on ESPN fantasy sports products.  Caesar's is the largest casino operator in the United States.  In the deal, online sports betting operator DrafKings will become the exclusive daily fantasy sports provider with ESPN.  The company will get daily sports segments on ESPN’s premier studio show as well.  Shares of Disney are unchanged, while shares of Caesar's are up modestly in the premarket after being up 10% yesterday.  DraftKings shares are down slightly in the premarket after rallying over 17% yesterday.

 

Let’s get ready to reveal

Apple (AAPL) is expected to show off its latest smart watch and iPad’s today at the company’s annual September event that they are calling ‘Time Flies’, which starts at 12 pm CT today.  The company normally features a new phone at this annual event, but they are delaying the release of its 5G phone for a few weeks.  During this first virtual-only product reveal event, it is anticipated that the multinational technology company will be announcing the new Watch Series 6, iPad Air and perhaps new fitness and health services, among other things.  Analysts are also looking for Apple to begin bundling different services, such as music and videos, as the company works to bolster its software business beyond the iPhone, which makes up about 50% of sales.  Shares of Apple are up 2.5% in the premarket.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.85%, near 3401

U.S. Crude Oil futures (/CL) +1.05%, near $37.65 a barrel

CBOE Volatility Index (VIX) -2.2%, near 25.30

U.S. Gold Futures (/GC) +0.60%, near $1975 an ounce

 

Major Economic Reports:

 

7:30 am CT – Empire State Manufacturing Index

7:30 am CT – Import and Export Prices

7:55 am CT – Redbook

8:15 am CT – Industrial Production

 

Notable Earnings

 

Tuesday:

A.M. – CBRL, DAVA

P.M.–  ADBE, FDX

 

Wednesday:

A.M. – BRC

P.M. – MLHR, OSH

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

 

Sep 14, 2020 - The Week Ahead

9/14/2020

 

The Week Ahead

 

Do We Have a Deal?  

 

The bidding war for the U.S. operations of the video sharing app TikTok may be finally over.  Oracle (ORCL) looks to have beat out Microsoft (MSFT) for the title of “trusted tech partner” for the company in the U.S.  The deal would still need to be approved by the White House and the Committee on Foreign Investment in the U.S.  The structure of the deal is most likely not an outright sale, but rather a partnership.  ORCL is trading 7% higher in the pre-market, while MSFT is down fractionally.

 

Merger Monday

Shares of biopharmaceutical company, Immunomedics (IMMU) have move than doubled after Gilead Sciences (GILD) announced they would pay approximately $21 billion or $88 per share in cash for the cancer drug maker.  Chip maker, Nvidia (NVDA) is trading 7% higher in the pre-market after they agreed to buy Arm Holdings from SoftBank Group for roughly $40 billion, making it the largest acquisition in the semiconductor space.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +1.26%, near 3365

U.S. Crude Oil futures (/CL) -0.5%, near $37.15 a barrel

CBOE Volatility Index (VIX) -2.6%, near 26.15

U.S. Gold Futures (/GC) +0.9%, near $1965 an ounce

 

Economic Releases (9/14-9/18):

 

Monday:

10:00 am CT – Export Expectations

 

Tuesday:

7:30 am CT – Empire State Manufacturing Index

7:30 am CT – Import and Export Prices

7:55 am CT – Redbook

8:15 am CT – Industrial Production

 

Wednesday:

6:00 am CT – MBA Mortgage Applications

7:55 am CT – Retail Sales

9:00 am CT – Atlanta Fed Business Inflation Expectations

9:00 am CT – Business Inventories

9:00 am CT – Housing Market Index

9:30 am CT – EIA Petroleum Status Report

1:00 pm CT – FOMC Announcement

1:30 pm CT – Fed Chair Press Conference

 

Thursday:

7:30 am CT – Jobless Claims

7:30 am CT – Housing Starts and Permits

7:30 am CT – Philadelphia Fed Manufacturing Index

9:30 am CT – EIA Natural Gas Report

12:00 pm CT – 10-Yr TIPS Auction

3:30 pm CT – Fed Balance Sheet

3:30 pm CT – Money Supply

 

Friday:

7:30 am CT – Current Account

9:00 am CT – Consumer Sentiment

9:00 am CT – Leading Indicators

12:00 pm CT – Baker-Hughes Rig Count

 

Major Earnings for the Upcoming Week (9/14-9/18):

Monday:

A.M. – MVC, WB

P.M. – AGX, ASPU, LEN

 

Tuesday:

A.M. – CBRL, DAVA

P.M. – ADBE, FDX

 

Wednesday:

A.M. – BRC

P.M. – MLHR, OSH

 

Thursday:

A.M. – APOG

P.M. – AFIB

 

Friday:

A.M. – N/A

P.M.– N/A

 

 *Follow us on Twitter @TradeWise

 

*BOLD above indicates important and potential market-moving news and information

 

TradeWise is offering a free trial for 2 trading strategies for 60 days each: Use coupon code marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

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Sep 11, 2020 - Market Blog

9/11/2020

 

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Pent-Up Energy

Thursday’s surprise weekly 2-million-barrel surplus announcement by the EIA was the first since late July and well outside of the -3.1 million draw estimated. Refineries were only running at 71.8% of their operating capacity ushering in September amid the aftermath of Hurricane Laura. Concerns are mounting with the traditionally busy driving season coming to an end following the Labor Day holiday weekend. Crude is now down nearly 6.5% since Tuesday and expected to see a 2nd straight week of declines as Coronavirus restrictions have sapped long-term demand. OPEC is scheduled to meet on September 17th and is expected to debate what drastic measures should be taken as storage capacity quickly stretches towards full capacity.  Weekly Rig count data is scheduled to be released this morning with 256 rigs currently in use domestically which is a 71% drop from one year ago. 

 

Paper or Plastic?

Kroger’s (KR) quarterly adjusted earnings this morning easily beat its $0.55 estimate with a $0.73 eps over the last three months.  Digital sales grew 127% y/y to help push revenue to an impressive $30.49 billion. Overall, the grocer expects to reach their annual adjusted EPS growth target of 45%. The board has also approved a $1 billion-dollar stock re-purchase program. Same-store sales jumped by an impressive 13% as consumer behaviors continue to evolve amid the pandemic as more are staying home. Shares just reached a multi-year high of $37.22 on September 3rd and are trading modestly higher this morning after the positive report. 

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.56%, near 3348.50

U.S. Crude Oil futures (/CL) -0.62%, near $37.05 a barrel

CBOE Volatility Index (VIX) -5.49%, near 28.08

U.S. Gold Futures (/GC) -0.26%, near $1958.8 an ounce

 

Major Economic Reports:

 

7:30 am CT – CPI

7:30 am CT – Export Sales

9:00 am CT – Quarterly Services Survey

12:00 pm CT – Baker-Hughes Rig Count

 

Notable Earnings

 

Friday:

A.M. – KR

P.M– N/A

 

Monday:

A.M. – WB

P.M– LEN

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

Sep 10, 2020 - Market Blog

9/10/2020

 

Option Trade Ideas for your Inbox!  New Subscribers can Get 2 Free Strategies for 60 days by emailing support@tradewise.com or calling 877.733.6786*

 

Restoring the roar in furniture

Luxury-furniture retailer Restoration Hardware's, a.k.a  RH (RH) shares are up nearly 20% in premarket, after the company reported much better-than-expected quarterly earnings and issued a bullish outlook, saying it now sees a path to 25% adjusted operating margins. RH, earned $4.90 a share in the fiscal second quarter, on revenue that rose 0.5% year over year to $709.7 million.  Analysts were looking for per-share earnings of $3.41 and revenue of $700.9 million.  The company stated that the results indicated consumers are still spending on furniture and goods to make their at-home lifestyles more comfortable during the pandemic.  Prior to today's surge, RH had gained more than 50% in 2020.

 

Stop in the name of gaming

GameStop (GME) reported second quarter earnings Wednesday that came up short on both revenue and EPS estimates. The videogame and collectibles retailer reported a quarterly loss of $1.40 per share,  which was wider than the $1.13 per share loss estimate.  Sales for the retailer came in below expectations at $942 million, which were down 26.7% year-over-year, missing the $1.02 billion mark that the analysts had predicted.  E-commerce growth of 800%  over last year was the bright spot in the quarter and represented 20% of total net sales.  The company is expecting to have a better third quarter as new gaming consoles from Sony (SNE) and Microsoft (MSFT) will be released in the fall..  Shares of GameStop are down 9% in the premarket.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.30%, near 3410

U.S. Crude Oil futures (/CL) -1.5%, near $37.50 a barrel

CBOE Volatility Index (VIX) -2.8%, near 28.00

U.S. Gold Futures (/GC) +0.5%, near $1965 an ounce

 

Major Economic Reports:

 

7:30 am CT – Jobless Claims

7:30 am CT – PPI-Final Demand

9:00 am CT – Wholesale Inventories

9:30 am CT – EIA Natural Gas Report

10:00 am CT- EIA Petroleum Status Report

12:00 pm CT- 30-Yr Bond Auction

3:30 pm CT – Fed Balance Sheet

3:30 pm CT – Money Supply

 

Notable Earnings

 

Thursday:

A.M. – N/A

P.M. – ACB, CHWY, ORCL, PLAY, PTON, ZUMZ

 

Friday:

A.M. – KR

P.M.–  N/A

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

 

 

Sep 09, 2020 - Market Blog

9/9/2020

 

Option Trade Ideas for your Inbox!  New Subscribers can Get 2 Free Strategies for 60 days by emailing support@tradewise.com or calling 877.733.6786*

 

Slipping into Downward Dog

Lululemon Athletica (LULU), famous purveyor of yoga pants, reported better than expected earnings after the close yesterday.  Earnings per share came in at $0.74 on revenue of $902.9 million (excluding currency effects), which was better than analysts’ expectations of $0.56 per share on $844.5 million in revenue.  Despite the results, investors are pushing the shares lower, which could be do to the stock’s 50% jump this year, and that the company did not provide a full year forecast or same stores sales for a second consecutive quarter, citing the pandemic.  LULU is currently trading 3% lower in the pre-market.

 

No Breakfast for Tiffany’s

Luxury goods maker, LVMH Moet Hennessy Louis Vuitton SE announced today that it is backing out of its $16.2 billion takeover of U.S. jewelry maker, Tiffany’s (TIF).  LVMH gave a delay in closing as their reason for ending the merger agreement.  The deal was due to close on November 24th, and LVMH said that it was asked to delay the closing until December 31st by Tiffany’s.  In addition, a letter from the French foreign ministry was sent to LVMH, asking that they postpone until after Jan. 6, 2021 because of possible tariffs from the U.S.  The deal’s initial deadline had already been delayed from August 24th to November 24th.  The crumbling of the takeover is a sign of the impact that the pandemic has had on the luxury industry.  Tiffany’s shares are trading 10% lower in the pre-market.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +1.2%, near 3376

U.S. Crude Oil futures (/CL) +1.7%, near $37.40 a barrel

CBOE Volatility Index (VIX) -5.4%, near 29.75

U.S. Gold Futures (/GC) +0.4%, near $1951 an ounce

 

Major Economic Reports:

 

6:00 am CT – MBA Mortgage Applications

7:55 am CT  - Redbook

9:00 am CT – JOLTS

12:00 pm CT  10-Yr Note Auction

 

Notable Earnings

 

Wednesday:

A.M. – AEO, NAV, VERX

P.M. – GME, LMNR, NCNO, RH, VRNT, ZS

 

Thursday:

A.M. – N/A

P.M. – ACB, CHWY, ORCL, PLAY, PTON, ZUMZ

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

Sep 08, 2020 - The Week Ahead

9/8/2020

 

The Week Ahead

 

Tech Wreck?  

 

The Nasdaq Composite (COMP) is setting up for more pain at the open following the long holiday weekend after suffering its worst weekly performance since March 20th with a 3.3% skid entering September.  Both Apple (AAPL) and Tesla (TSLA) are down 5% and 14% respectively ahead of the open following their post-split complications which began surfacing late last week.  Tesla learned late Friday that they were being snubbed for entry into the coveted S&P 500 Index (SPX) which many investors were banking on for validation.  News of a surprise 11% General Motors (GM) ownership stake into Nikola Motors (NKLA) also put the company on notice amid fierce competition building in the space.  The Nasdaq overall is still up more than 70% since lows were carved out in March but will likely be tested in the latest rotation into financials and materials after leading the recovery charge for much of the year. 

 

Just Ship It

Shares of Fed Ex (FDX) capped last week with a new multi-year high of $231.58 as the company reinvents itself amid the Coronavirus-induced shipping renaissance.  Residential deliveries were just expanded into Sundays to further accommodate the instant gratification of consumers. The Memphis-based global shipper also recently announced plans to hire 70,000 seasonal holiday workers in an expected ramp-up of online purchases into the end of the year. Shares are now stretching 162% higher since bottoming out near $88 in mid-March. 

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) -1.48%, near 3367

U.S. Crude Oil futures (/CL) -6.39%, near $37.27 a barrel

CBOE Volatility Index (VIX) +15.2%, near 35.42

U.S. Gold Futures (/GC) -0.8%, near $1919 an ounce

 

Economic Releases (9/8-9/11):

 

Tuesday:

5:00 am CT – NFIB Small Business Optimism Index

10:00 am CT – Export Expectations

11:30 am CT – TD Ameritrade Investor Movement Index (IMX)

12:00 pm CT – 3-Yr Note Auction

 

Wednesday:

6:00 am CT – MBA Mortgage Applications

7:55 am CT - Redbook

9:00 am CT – JOLTS

12:00 pm CT – 10-Yr Note Auction

 

Thursday:

6:30 am CT – ECB Press Conference

7:30 am CT – Jobless Claims

7:30 am CT – PPI-Final Demand

9:00 am CT – Wholesale Inventories

9:30 am CT – EIA Natural Gas Report

10:00 am CT – EIA Petroleum Status Report

12:00 pm CT – 30-Yr Bond Auction

3:30 pm CT – Fed Balance Sheet

3:30 pm CT – Money Supply

 

Friday:

7:30 am CT – CPI

7:30 am CT – Export Sales

9:00 am CT – Quarterly Services Survey

12:00 pm CT – Baker-Hughes Rig Count

 

Major Earnings for the Upcoming Week (9/8-9/11):

Tuesday:

A.M. – UXIN

P.M. – CASY, COUP, LULU, PHR, WORK

 

Wednesday:

A.M. – AEO, NAV, VERX

P.M. – GME, LMNR, NCNO, RH, VRNT, ZS

 

Thursday:

A.M. – N/A

P.M. – ACB, CHWY, ORCL, PLAY, PTON, ZUMZ

 

Friday:

A.M. – KR

P.M.– N/A

 

 *Follow us on Twitter @TradeWise

 

*BOLD above indicates important and potential market-moving news and information

 

TradeWise is offering a free trial for 2 trading strategies for 60 days each: Use coupon code marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com