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US Stocks Point to Softer Open, Earnings Provide the Anchor

EQUITIES
  • The diverging fortunes of Microsoft and Alphabet in after-market reports yesterday is still being felt ahead of the open. Pre-market, Alphabet have extended losses to 6.8%, while Microsoft are indicated to open higher by 3.7%. Tech expected to remain a focus among today's reports, with T-Mobile, Boeing due ahead of the open, while Meta Platforms (Facebook) and IBM follow after the close. Full earnings schedule here: https://roar-assets-auto.rbl.ms/files/56296/MNIUSE...
  • The e-mini S&P trades largely rangebound, but has drifted off the overnight best levels. Yesterday's NY low of 4241.75 undercuts today, ahead of more solid support at the week's lows of 4213.25. Volumes are a touch below average for this time of day, with the Dec23 future seeing ~150k contracts traded vs the 170k you'd expect to see at this point.
  • A stronger Asia-Pac close (Hang Seng +0.6%, Nikkei 225 +0.7%) failed to prop prices across Europe, with softer real estate and consumer discretionary names undermining European indices so far (CAC-40, Eurostoxx50 both down 0.4%, Spain and Italy underperform, down 0.7% and 1.1% respectively).

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