S&P 500 fell 1.6% on Thursday, as ongoing concerns over trade, politics,
and economic growth added to worries over a Fed policy mistake. For the month,
the benchmark index is now down 10.6%, while the Dow Jones Industrial Average
(-2.0%), Nasdaq Composite (-1.6%), and the Russell 2000 (-1.7%) extend monthly
losses to 10.5%, 10.9%, and 13.5%, respectively.
The following companies were scheduled to report earnings this afternoon: CTAS, NKE, CAMP.
Futures are higher after hours: S&P 500 futures are +18.88 vs. fair value of 2,469 and Nasdaq-100 futures are +60.75 vs. fair value of 6,263.
Tomorrow morning, economic reports scheduled to be released include: Personal Income (Consensus 0.3% vs. 0.5% in the prior month), Personal Spending (Consensus 0.3% vs. 0.6% in the prior month), PCE Prices (Consensus 0.0% vs. 0.2% in the prior month), PCE Prices -- Core (Consensus 0.2% vs. 0.1% in the prior month), Durable Orders (Consensus 1.7% vs. -4.4% in the prior month), Durable Goods --ex transportation (Consensus 0.3% vs. 0.1% in the prior month), GDP - Third Estimate (Consensus NA vs. 1.6% in the prior month), GDP Deflator - Third Estimate (Consensus 1.7% vs. 1.7% in the prior month).
The following companies are scheduled to report earnings tomorrow morning: KMX.
Looking over at the energy space:
- The EIA released its weekly natural gas storage data for the week ending December 14 this morning
- The agency showed that natural gas inventory showed a draw of 141 bcf vs a draw of 77 bcf in the prior week
- Working gas in storage was 2,773 Bcf as of Friday, December 14, 2018, according to EIA estimates. This represents a net decrease of 141 Bcf from the previous week. Stocks were 697 Bcf less than last year at this time and 720 Bcf below the five-year average of 3,493 Bcf. At 2,773 Bcf, total working gas is below the five-year historical range
Natural gas futures settled the day $0.13 lower (-3.5%) at $3.59/MMBtu.