The stock market had its best day since early January, boosted by gains across
most sectors and by the prevailing view that the market was due for a bounce
from short-term oversold conditions. Each of the major averages rose at least
2.0%, led by the 2.7% gain in the Nasdaq Composite, and the S&P 500 (+2.1%)
climbed back above its 200-day moving average (2775).
Equity futures after hours: S&P 500 futures +1.62 vs. Fair Value of 2,804; Nasdaq 100 futures +16.38 vs. Fair Value of 7,170.
Earnings that came out/will come out after hours: CRM, AMBA, NX, GWRE, PVTL, HQY, GME, AEO, BF.B, VRA, GIII.
- Ambarella (AMBA) is up 14% after beating by $0.07, reports revs in-line; guides Q2 revs above consensus
- HealthEquity (HQY) is up 4% after missing by $0.03, beats on revs; guides FY20 EPS above consensus, revs above consensus
- Quanex NS +3% beats by $0.07, reports revs in-line; lowers FY19 revs below consensus, reaffirms EBITDA
- Salesforce +2.2% beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs in-line; raises FY20 EPS and rev guidance
- Pivotal Software (PVTl) is down 31% after beating by $0.02, reports revs in-line; guides JulQ EPS in-line, revs below consensus; reaffirms FY20 EPS guidance, guides FY20 revs below consensus
- GameStop (GME) is down 12% after beating by $0.10, misses on revs; guides FY20 revs in-line; co remains on track to achieve annualized operating profit improvements of ~$100 million
- Guidewire Software (GWRE) is down -5% after beating by $0.10, beats on revs; guides Q4 EPS below consensus, revs below consensus
expected tomorrow morning: CPB, AEO, BF.B, VRA, GIII, SCWX.
Looking over at economic data: MBA Mortgage Index will be released at 7:00 ET (Briefing.com Consensus NA vs. -3.3% in the prior week) ADP Employment Change will be released at 8:15 ET (Briefing.com Consensus 170K vs. 275K in the prior month).
Looking over at the energy markets, oil prices initially fell following the release of the weekly API crude oil storage data:
- API petroleum inventory data for the week ended May 31:
- Crude oil inventories had a build of 3.545 mln barrels
- Prior week had a draw of -5.265 mln barrels
- Gasoline Inventories had a build of 2.696 mln barrels
- Prior week had a build of 2.711 mln barrels
- Distillate Inventories had a build of 6.314 mln barrels
- Prior week had a draw of -2.144 mln barrels
- Cushing Inventories had a build of 0.408 mln barrels
- Prior week had a draw of -0.176 mln barrels
Jul WTI crude oil futures are now -$0.30 at $52.95/barrel.