rebounded on Thursday, reclaiming around a third of their weekly losses. The
S&P 500 advanced 0.6%, but some late selling left it just a tick below its
50-day moving average. The Nasdaq did a little better, adding 0.8%, while the
Dow and the Russell 2000 underperformed, climbing 0.4% and 0.3%, respectively.
Today after the close the following companies were scheduled to report earnings: KBH, NKE, SNX.
Futures are higher after hours: S&P 500 futures are +2.50 from its fair value of 2,718 and Nasdaq100 futures are +7.75 from fair value of 7,051.
Tomorrow morning, economic reports scheduled to be released include: Personal Income (08:30am ET, Consensus 0.4%), Personal Spending (08:30am ET, Consensus 0.4%), PCE Prices (08:30am ET, Consensus 0.2%), PCE Prices -- Core (08:30am ET, Consensus 0.2%).
Tomorrow before the open the following: STZ, GBX.
In the energy markets, the weekly EIA natural gas data was released today.
Natural gas inventory showed a build of 66 bcf vs a build of 91 bcf in the prior week:
- Working gas in storage was 2,074 Bcf as of Friday, June 22, 2018, according to EIA estimates. This represents a net increase of 66 Bcf from the previous week. Stocks were 735 Bcf less than last year at this time and 501 Bcf below the five-year average of 2,575 Bcf. At 2,074 Bcf, total working gas is within the five-year historical range
Moving to the financial sector, big banks are trading higher after hours following CCAR results.
Federal Reserve releases results of Comprehensive Capital Analysis and Review (CCAR); Fed objected to DB's plan; conditional non-objection for MS and GS to maintain capital distributions:
- As part of its annual examination of the capital planning practices of the nation's largest banks, the Federal Reserve Board on Thursday did not object to the capital plans of 34 firms: Ally Financial (ALLY); American Express (AXP); BB&T (BBT); BBVA Compass (BBVA); BMO (BMO); BNP Paribas USA (BNPQY); Bank of America (BAC); The Bank of New York Mellon (BK); Barclays US (BCS); Capital One Financial (COF); Citigroup (C); Citizens Financial (CFG); Credit Suisse (CS); Discover Financial (DFS); Fifth Third Bancorp (FITB); HSBC North America (HSBC); Huntington Bancshares (HBAN); JP Morgan Chase (JPM); Keycorp (KEY); M&T Bank (MTB); MUFG Americas (MUFG); Northern Trust (NTRS); The PNC Financial Services Group (PNC); RBC USA (RY); Regions Financial (RF); Santander Holdings USA (SAN); SunTrust Banks (STI); TD Group US (TD); U.S. Bancorp (USB); UBS Americas (USB) and Wells Fargo (WFC)
- Objected to the capital plan of one firm: DB USA (DB), due to qualitative concerns
- Due in part to recent changes to the tax law that negatively affected capital levels, Goldman Sachs (GS) and Morgan Stanley (MS) will maintain their capital distributions at the levels they paid in recent years
- State Street (STT) will be required to take certain steps regarding the management and analysis of its counterparty exposures under stress
- Banks are now updating their capital return plans