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21/04/22 Briefing

Updated: Apr 22


The S&P 500 futures are back on the rise and trade 42 points, or 0.9%, above fair value with earnings news taking the headlines. The Nasdaq 100 futures trade 1.3% above fair value after dropping 1.5% yesterday.

The growth stocks seemed to have gotten over the Netflix (NFLX 219.70, -6.49, -2.9%) disappointment yesterday after Tesla (TSLA 1049.00, +71.80, +7.4%) exceeded earnings expectations and reiterated its growth expectations. TSLA shares are up 7% in pre-market action.

The airline stocks, meanwhile, continue to fly higher after American (AAL 21.56, +2.08, +10.7%), United (UAL 50.45, +3.93, +8.5%), and Alaska Air (ALK 61.61, +2.92, +5.0%) reported encouraging results and/or provided upbeat revenue expectations.

A contrarian mindset might also be driving the futures market higher with investor sentiment having gotten too bearish in recent weeks. That could explain why AT&T(T 19.70, +0.27, +1.4%) is trading higher despite missing EPS estimates or why the uptick in Treasury yields hasn't bothered the market.

The 2-yr yield is up four basis points to 2.61%, and the 10-yr yield is up three basis points to 2.87%. The U.S. Dollar Index is down 0.2% to 100.24. WTI crude futures are up 0.9% to $103.10/bbl.

On the data front, investors will receive weekly Initial Claims (Briefing.comconsensus 195,000) and the Philadelphia Fed Index for April (Briefing.comconsensus 21.0) at 8:30 a.m. ET, followed by the Conference Board's Leading Economic Index for March (Briefing.comconsensus 0.3%) at 10:00 a.m. ET.

Separately, Fed Chair Powell is scheduled to speak at a panel hosted by the IMF, starting at 11:00 a.m. ET.

In U.S. Corporate news:

  • Tesla (TSLA 1049.00, +71.80): +7.4% after beating top and bottom-line estimates and reiterating expectations to achieve 50% average annual growth in deliveries over a multi-year horizon.

  • AT&T (T 19.70, +0.27): +1.4% despite missing EPS estimates.

  • Dow Inc. (DOW 68.95, +1.41): +2.1% after beating top and bottom-line estimates.

  • American Airlines (AAL 21.56, +2.08): +10.7% after beating top and bottom-line estimates.

  • United Airlines (UAL 50.45, +3.93): +8.5% on expectations for Q2 to be the highest quarterly revenue in company history and for the company to be profitable in FY22. United missed top and bottom-line estimates.

  • Alaska Air (ALK 61.61, +2.92): +5.0% after beating EPS estimates and guiding FY22revenue above consensus.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei: +1.2% Hong Kong's Hang Seng: -1.3% China's Shanghai Composite: -2.3% India's Sensex: +1.5% South Korea's Kospi: +0.4% Australia's ASX All Ordinaries: +0.2%.

  • In economic data:

  • South Korea's March PPI 1.3% m/m (last 0.5%); 8.8% yr/yr (last 8.5%)

  • Hong Kong's March Unemployment Rate 5.0% (last 4.5%)

  • New Zealand's Q1 CPI 1.8% qtr/qtr (expected 2.0%; last 1.4%); 6.9% yr/yr (expected 7.1%; last 5.9%)


  • In news:

  • The Bank of Japan will continue offering to buy unlimited amounts of 10-yr JGBs until Tuesday.

  • Japan's Finance Minister is expected to meet with his U.S. counterpart today. An extra budget will be compiled by Japan's government.

  • South Korea's exports through the first 20 days of April were up 16.9% yr/yr with chip exports increasing 22.9%.



  • Major European indices trade in the green. STOXX Europe 600: +0.8% Germany's DAX: +1.6% U.K.'s FTSE 100: +0.2% France's CAC 40: +1.9% Italy's FTSE MIB: +0.3% Spain's IBEX 35: +1.0%.

  • In economic data:

  • Eurozone's March CPI 2.4% m/m (expected 2.5%; last 0.9%); 7.4% yr/yr (expected 7.5%; last 5.9%). March Core CPI 1.2% m/m, as expected (last 0.5%); 2.9% yr/yr (expected 3.0%; last 2.7%)

  • France's April Business Survey 108 (expected 105; last 107)


  • In news:

  • There are growing expectations that the European Central Bank will raise rates as early as July after policymakers de Guindos and Wunsch spoke about the possibility.

  • Greece will increase its minimum wage on May 1.

  • Industrial robotics company ABB reported strong Q2 results. British Prime Minister Johnson indicated that he will seek reelection.



U.S. equity futures:

  • S&P 500 Futures: +37 @ 4,498

  • DJIA Futures: +239 @ 35,399

  • Nasdaq 100 Futures: +167 @ 14,165

Overseas:

  • Europe: DAX +1.6%, FTSE +0.2%, CAC +1.9%

  • Asia: Nikkei +1.2%, Hang Seng -1.3%, Shanghai Composite -2.3%

Commodities:

  • Crude Oil +0.89 @ 103.00

  • Nat Gas +0.036 @ 6.973

  • Gold -15.50 @ 1940.10

  • Silver -0.596 @ 24.675

  • Copper +0.0290 @ 4.6810

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • ABB Ltd (ABB) misses by $0.02, misses on revs

  • Alaska Air (ALK) beats by $0.18, reports revs in-line; guides FY22revs above consensus

  • Alcoa (AA) beats by $0.18, misses on revs

  • Allegiant Travel (ALGT) sees Q1 revs above consensus

  • American Airlines (AAL) beats by $0.09, reports revs above consensus

  • Anglo American (NGLOY) reports Q1 production down 10% yr/yr

  • AT&T (T) misses by $0.01, reports revs in-line

  • Atlantic Union Bankshares (AUB) misses by $0.04, reports revs in-line

  • AutoNation (AN) beats by $0.53, beats on revs

  • Banc of California (BANC) beats by $0.40

  • BankUnited (BKU) misses by $0.03

  • BHP Group (BHP) provides Q3 operations update; reaffirms production guidance of iron ore, metallurgical coal and energy coal; lowers copper guidance

  • Blackstone (BX) beats by $0.48, beats on revs

  • Brandywine Realty (BDN) beats by $0.01, reports revs in-line; guides FY22FFO in-line

  • Carvana (CVNA) misses by $1.31, beats on revs; no longer providing specific numeric near-term guidance for the remainder of the year

  • Cohen & Steers (CNS) beats by $0.09, beats on revs

  • Crown Castle (CCI) misses by $0.02, beats on revs; reaffirms FY22FFO guidance

  • CSX (CSX) beats by $0.02, beats on revs

  • CVB Financial (CVBF) reports EPS in-line, beats on revs

  • Danaher (DHR) beats by $0.10, beats on revs; provides Q2 and FY22guidance

  • Dover (DOV) beats by $0.07, beats on revs; reaffirms FY22EPS guidance, revs guidance

  • Dow (DOW) beats by $0.29, beats on revs

  • Equifax (EFX) beats by $0.08, beats on revs; guides Q2 EPS below consensus; lowers FY22guidance

  • First Industrial Realty (FR) beats by $0.01, beats on revs; guides FY22FFO in-line

  • Globe Life (GL) misses by $0.03, reports revs in-line; guides FY22EPS in-line

  • Herc Holdings (HRI) misses by $0.01, beats on revs; raises FY22EBITDA guidance

  • Huntington Banc (HBAN) misses by $0.01, beats on revs

  • Kaiser Alum (KALU) reports EPS in-line, beats on revs

  • KeyCorp (KEY) misses by $0.04, misses on revs

  • Kinder Morgan (KMI) beats by $0.01, beats on revs; announces 3% dividend increase

  • Knight-Swift (KNX) beats by $0.09, beats on revs; guides FY22EPS above consensus

  • Lam Research (LRCX) misses by $0.11, misses on revs; guides JunQ EPS below consensus, revs in-line

  • Landstar System (LSTR) beats by $0.15, beats on revs; guides Q2 EPS, revs above consensus

  • Liberty Oilfield Services (LBRT) reports Q1 (Mar) results, beats on revs; guides Q2 revs above consensus

  • lululemon athletica (LULU) reaffirms FY23guidance at analyst day

  • Marsh McLennan (MMC) beats by $0.16, reports revs in-line

  • Nestle (NSRGY) reports Q1 sales increased 5.4% yr/yr; reaffirms FY22outlook

  • NextEra Energy Partners (NEP) reports Q1 (Mar) results, misses on revs

  • Pentair (PNR) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs above consensus; reaffirms FY22EPS guidance, guides FY22revs above consensus

  • Philip Morris International (PM) beats by $0.07, beats on revs

  • Quest Diagnostics (DGX) beats by $0.22, misses on revs; raises and guides FY22EPS above consensus, raises revs in-line

  • RLI Corp (RLI) beats by $0.45, misses on revs

  • Safehold (SAFE) reports EPS in-line, beats on revs

  • Sandy Spring Banc (SASR) beats by $0.03

  • SEI Investments (SEIC) misses by $0.01, beats on revs

  • Sleep Number (SNBR) misses by $0.25, misses on revs; guides FY22EPS in-line

  • SL Green Realty (SLG) beats by $0.01, beats on revs

  • Snap-On (SNA) beats by $0.34, beats on revs

  • Sonoco Products (SON) beats by $0.13, reports revs in-line; guides Q2 EPS above consensus; guides FY22EPS above consensus

  • Steel Dynamics (STLD) beats by $0.32, beats on revs

  • Synovus (SNV) beats by $0.07, reports revs in-line

  • Tenet Healthcare (THC) reports Q1 (Mar) results, revs in-line; guides Q2 EPS below consensus, revs in-line; guides FY22EPS in-line, revs mostly below consensus

  • Tesla (TSLA) beats by $0.95, beats on revs; reiterates expectation to achieve 50% average annual growth in deliveries over multi-year horizon

  • Texas Capital (TCBI) misses by $0.03, misses on revs; expects FY22revenue growth to be down low single-digits

  • Tractor Supply (TSCO) beats by $0.23, beats on revs; reaffirms FY22EPS guidance, revs guidance; Comparable store sales increased 5.2%

  • TRI Pointe Homes (TPH) beats by $0.19, beats on revs

  • Umpqua Holdings (UMPQ) beats by $0.03, beats on revs

  • Union Pacific (UNP) reports EPS in-line, beats on revs

  • United Airlines (UAL) misses by $0.02, misses on revs; expects to be profitable for FY22; expects highest quarterly revenue in company history in Q2

  • US Foods (USFD) sees Q1 EPS and revs above consensus; reaffirms FY22guidance

  • Valmont (VMI) beats by $0.63, beats on revs; guides FY22EPS above consensus, revs above consensus

  • Vertex Pharma (VRTX) receives Marketing Authorization for TRIKAFTA from Health Canada

  • Watsco (WSO) beats by $1.10, beats on revs

  • WNS (WNS) beats by $0.08, beats on revs; guides FY23revs in-line

  • Xerox (XRX) misses by $0.25, beats on revs; reaffirms FY22revs guidance


  • General News:

  • Russian President Putin claims that his army has seized Mariupol, according to Bloomberg

  • French President Emmanuel Macron leads Marine Le Pen by nine points in polling for French election on Sunday. Mr. Macron defeated her by 32 points in 2017.

  • Senator Bernie Sanders (I-VT) is open to running for president in 2024 if President Biden decides not to run, according to the Washington Post

  • DOJ says they will appeal judge's ruling against transportation mask mandate following CDC recommendation

  • The 11th Circuit Court of Appeals will hear transportation mask mandate case appeal. Health experts are concerned that the conservative leaning court will permanently constrain the CDC's ability to issue mask mandates in the future. Transportation mask mandate will remain void while court hears the appeal

  • AstraZeneca (AZN): Evusheld shown to reduce the risk of developing symptomatic COVID-19 by 77% in the primary analysis and by 83% in the six month follow-up analysis

  • Boeing (BA) advised key airlines and parts suppliers that 787 Dreamliner deliveries would resume in 2H22, according to Reuters

  • Endo International (ENDP): Tennessee Court of Appeals orders recusal of trial court judge and vacates default judgment on liability against Endo

  • Energy Vault (NRGV) appoints David Hitchcock as Interim CFO

  • Coinbase Global (COIN) announces that "Coinbase NFT" is now in beta

  • Dave & Buster's (PLAY) extends Interim CEO term; shall remain in effect until a permanent Chief Executive Officer is appointed and begins his or her service or until the Letter Agreement is terminated

  • DiDi Global (DIDI): China officials are not satisficed with proposed punishments for DIDI; thus they are delaying probe - CNBC

  • Didi Global (DIDI) to close food delivery service in Japan, according to Nikkei

  • Disney (DIS): Hong Kong Disneyland reopens, according to WHIO

  • Dow (DOW) announces new alkoxylation capacity in U.S. and Europe to meet continued robust demand growth

  • Ford Motor (F) debuts Lincoln Star Concept - to introduce three new fully electric vehicles from Lincoln by 2025

  • Green Plains (GPRE) announces achievement of breakthrough 60% protein concentrations at Nebraska biorefinery

  • Hawaiian Electric (HE) discloses departure of CFO Gregory C. Hazelton, effective July 1

  • Humana (HUM) has signed a definitive agreement with private investment firm Clayton, Dubilier & Rice to divest a majority interest in the Hospice and Personal Care divisions of Humana's Kindred at Home subsidiary

  • IBM (IBM) and Red Hat announced the companies are part of a five-year collaboration to modernize the U.S. Department of Education's G5 grants management system

  • Kaman (KAMN) authorizes $50 mln stock repurchase program

  • Li-Cycle (LICY) has completed commercial agreements with LG Energy Solution for the supply of manufacturing scrap for recycling for the sale of nickel sulphate from Li-Cycle's Rochester Hub

  • Netflix (NFLX): Pershing Square Holdings (PSHZF) releases letter to shareholders; says sold NFLX investment today

  • Nuvve (NVVE) selected as collaboration partner with Department of Energy to accelerate V2G technology

  • Oatly Group AB (OTLY) announces executive moves; Jean-Christophe Flatin named as Global President and Daniel Ordonez named COO

  • Pool (POOL) beats by $1.32, beats on revs; raises FY22 EPS above consensus

  • Raytheon Technologies (RTX) awarded $480 mln Navy contract

  • Raytheon Technologies (RTX) receives awards up to $1.68 bln from US Navy for Zumwalt destroyer engineering services

  • Regions Financial (RF) authorizes $2.5 bln stock repurchase program

  • Spotify (SPOT): Former President Obama and his wife will leave Spotify, according to Bloomberg

  • Starbucks (SBUX) files complaint against union, according to Bloomberg

  • Travere Therapeutics (TVTX) announces retirement of Laura Clague as CFO, effective in August


  • M&A:

  • Humana (HUM) aiming to sell hospice unit to private equity firm for $3 bln, according to Bloomberg

  • Mandiant (MNDT) discloses receipt of request for additional information from the DOJ in connection with merger agreement with Google (GOOG/L)

  • ON24, Inc. (ONTF) announced it has acquired VIBBIO, a cloud video software company; financial terms not disclosed

  • Rite Aid (RAD) confirms that it previously rejected a non-binding, off-market proposal from Spear Point Capital Management to acquire all of the outstanding shares of the Company's common stock


  • Syndicate:

  • Carvana (CVNA) files for share common stock offering, no amount provided

  • Holley Inc. (HLLY) prices secondary offering of 8.0 mln shares of common stock at $12.00 per share


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • UAL +7.5%, TSLA +7.2%, LSTR +7.1%, LBRT +6.6%, GPRE +6.1%, CNS +5.4%, CNS +5%, VMI +4.7%, NVVE +4.3%, ENDP +3.9%, WNS +3.9%, ALK +3.7%, MNOV +2.9%, LICY +2.9%, ALGT +2.9%, BDN +2.7%, NRGV +2.5%, VRM +2.4%, DOW +2.2%, CSX +2%, KMI +1.9%, RF +1.7%, STLD +1.4%, HE +1.1%, KAMN+0.9%, RTX +0.9%, GOOG +0.8%, KNX +0.7%, SLG+0.7%


  • Gapping down:

  • SNBR -13.4%, EFX -9.8%, AA -6.6%, CVNA -4.9%, BHP -3.9%, UMPQ -3.7%, VRTX -2.6%, DHR -2%, TPH -1.3%, LRCX -0.7%, MNDT -0.6%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Bank First Corporation (BFC) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $84

  • BHP Group (BHP) upgraded to Buy from Neutral at Citigroup

  • E2open (ETWO) upgraded to Buy from Neutral at BofA Securities

  • Exxon Mobil (XOM) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $100

  • Harmonic (HLIT) upgraded to Overweight from Equal Weight at Barclays; tgt $11

  • MarketAxess (MKTX) upgraded to Neutral from Sell at Compass Point; tgt $275

  • PBF Energy (PBF) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $30

  • Range Resources (RRC) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $49

  • Southwestern Energy (SWN) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $12


  • Downgrades:

  • Arcturus Therapeutics (ARCT) downgraded to Neutral from Buy at Citigroup; tgt lowered to $29

  • Berkshire Hills Bancorp (BHLB) downgraded to Sell from Neutral at Compass Point; tgt $23

  • Chevron (CVX) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt raised to $165

  • CNX Resources (CNX) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $27

  • Comerica (CMA) downgraded to Mkt Perform from Outperform at Raymond James

  • Danone (DANOY) downgraded to Mkt Perform from Outperform at Bernstein

  • Enovis Corporation (ENOV) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Equifax (EFX) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $200

  • FTC Solar (FTCI) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $3

  • Monarch Casino & Resort (MCRI) downgraded to Hold from Buy at Jefferies; tgt raised to $90

  • Monarch Casino & Resort (MCRI) downgraded to Hold from Buy at Stifel; tgt $96

  • National Grid (NGG) downgraded to Hold from Buy at Berenberg

  • Netflix (NFLX) downgraded to Hold from Buy at DZ Bank; tgt $280

  • Netflix (NFLX) downgraded to Hold from Buy at Edward Jones

  • Rio Tinto (RIO) downgraded to Hold from Buy at Berenberg

  • Scotts Miracle-Gro (SMG) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $110

  • Twitter (TWTR) downgraded to Hold from Buy at Truist; tgt $50


  • Others:

  • Athira Pharma (ATHA) initiated with a Buy at Berenberg; tgt $33

  • Comerica (CMA) opened 90-day Positive Catalyst Watch at Citigroup

  • Mr. Cooper Group (COOP) initiated with a Neutral at BTIG Research

  • Nyxoah S.A. (NYXH) initiated with an Outperform at Oppenheimer; tgt $30

  • PennyMac (PFSI) initiated with a Buy at BTIG Research; tgt $60

  • UWM Holdings (UWMC) initiated with a Neutral at BTIG Research

  • YETI Holdings (YETI) assumed with an Equal-Weight at Morgan Stanley; tgt lowered to $64


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Initial Claims for Apr 16 (Briefing.comConsensus 195K; Prior 185K)

  • 08:30 ET: Continuing Claims for Apr 9 (Briefing.comConsensus NA; Prior 1475K)

  • 08:30 ET: Philadelphia Fed Index for Apr (Briefing.comConsensus 21.0; Prior 27.4)

  • 10:00 ET: Leading Economic Index for Mar (Briefing.comConsensus 0.3%; Prior 0.3%)

  • 10:30 ET: EIA Natural Gas Inventories for Apr 16 (Briefing.comConsensus NA; Prior +15 bcf)


  • Earnings:

  • Monday (Apr 18)

  • Morning: BAC BK SCHW SYF

  • Afternoon: ELS FNB HOPE JBHT NBHC PNFP


  • Tuesday (Apr 19)

  • Morning: BMI CFG CBSH FITB HAL HAS IRDM JNJ LMT MAN PLD SBNY SI TRV TFC

  • Afternoon: FHN FULT HWC IBM IBKR MRTN NFLX OMC PACW REXR LRN UCBI WTFC


  • Wednesday (Apr 20)

  • Morning: ABT ANTM ASML BKR CMA GATX HCSG LAD MTB MKTX NDAQ PG RCI

  • Afternoon: AA BDN CNS CCI CSX CVBF EFX FR GL KALU KMI KNX LRCX LSTR LBRT RLI SEIC SLG SNBR STLD THC TSLA TCBI UMPQ UAL VMI


  • Thursday (Apr 21)

  • Morning: ABB ALK AAL T AUB AN BANC BKU BX COLB DHR DOW EWBC FCX GPC HRI HOMB HBAN KEY MMC NEE NEP NUE PNR PM POOL DGX SASR SNA SON SNV TSCO TPH UNP WSO WNS

  • During Market Hours: WABC

  • Afternoon: ASB OZK BJRI SAM FFBC FE GBCI HTH ISRG PPG XM SNAP SIVB UFPI VICR WAL WSFS


  • Friday (Apr 22)

  • Morning: AXP ALV AZZ CLF FHB GNTX HCA KMB NEM RF SAP SLB VZ



Asia & Europe detail:

Asia: Nikkei +1.2%, Hang Seng -1.3%, Shanghai Composite -2.3%

Equity indices in the Asia-Pacific region ended Thursday on a mixed note. The Bank of Japan will continue offering to buy unlimited amounts of 10-yr JGBs until Tuesday. Japan's Finance Minister is expected to meet with his U.S. counterpart today. An extra budget will be compiled by Japan's government. South Korea's exports through the first 20 days of April were up 16.9% yr/yr with chip exports increasing 22.9%.

  • In economic data:

  • South Korea's March PPI 1.3% m/m (last 0.5%); 8.8% yr/yr (last 8.5%)

  • Hong Kong's March Unemployment Rate 5.0% (last 4.5%)

  • New Zealand's Q1 CPI 1.8% qtr/qtr (expected 2.0%; last 1.4%); 6.9% yr/yr (expected 7.1%; last 5.9%)


---Equity Markets---

  • Japan's Nikkei: +1.2%

  • Hong Kong's Hang Seng: -1.3%

  • China's Shanghai Composite: -2.3%

  • India's Sensex: +1.5%

  • South Korea's Kospi: +0.4%

  • Australia's ASX All Ordinaries: +0.2%

---FX---

  • USD/JPY: UNCH at 127.96

  • USD/CNH: +0.4% to 6.4700

  • USD/INR: -0.2% to 76.11

Europe: DAX +1.6%, FTSE +0.2%, CAC +1.9%

Major European indices trade in the green. There are growing expectations that the European Central Bank will raise rates as early as July after policymakers de Guindos and Wunsch spoke about the possibility. Greece will increase its minimum wage on May 1.Industrial robotics company ABB reported strong Q2 results. British Prime Minister Johnson indicated that he will seek reelection.

  • In economic data:

  • Eurozone's March CPI 2.4% m/m (expected 2.5%; last 0.9%); 7.4% yr/yr (expected 7.5%; last 5.9%). March Core CPI 1.2% m/m, as expected (last 0.5%); 2.9% yr/yr (expected 3.0%; last 2.7%)

  • France's April Business Survey 108 (expected 105; last 107)


---Equity Markets---

  • STOXX Europe 600: +0.8%

  • Germany's DAX: +1.6%

  • U.K.'s FTSE 100: +0.2%

  • France's CAC 40: +1.9%

  • Italy's FTSE MIB: +0.3%

  • Spain's IBEX 35: +1.0%

---FX---

  • EUR/USD: +0.3% to 1.0887

  • GBP/USD: -0.1% to 1.3046

  • USD/CHF: +0.1% to 0.9488


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The S&P 500 futures are up 3 points and are trading % above fair value. The Nasdaq 100 futures are up 9 points and are trading roughly in-line with fair value. The Dow Jones Industrial Average futures