U.S. Stocks Open Flat, Earnings In View
Tuesday has brought a muted Wall Street open. U.S. stocks are in a holding pattern through the first 30 minutes of trade, with the DJIA DOW (+1), S&P 500 SPX (-1.5), and NASDAQ (-3) near flat. At this hour (10:25 AM EST), equities traders are taking a non-committal stance following a series of key earnings reports released Monday.
Performance of the commercial banking industry has been a focal point this morning on Wall Street. Earnings from four megabanks were reported on Monday, including JP Morgan, Goldman Sachs, Citigroup, and Wells Fargo. All in all, revenues came in strong. Each bank beat analyst expectations, showing an uptick in activity for Q2 2019.
U.S. Stocks Open Trade Near Flat
The action has been limited for U.S. stocks early in the session. With earnings season in full swing, investors are taking some extra time to evaluate the prevailing market dynamic. At this point, sentiment continues to be positive. The U.S. indices are very near historic tops and the long-term bullish trend is very much intact.
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Overview: Yesterday produced another set of all-time highs for the September E-mini S&P 500. Today’s action in U.S. stocks is much tighter across the board, suggesting that we may be in line for a mid-week retracement.
The key number to watch for the September E-mini S&Ps is the high water mark of 3023.50. If we see price fail to rally past this level, a buy from daily Fibonacci support may come into play later this week.
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