Overnight Markets And News

Sep E-mini S&Ps (ESU18 -0.11%) this morning are down -0.09% and European stocks are down -0.10% as losses in technology stocks weigh on the overall market. Nvidia is down almost 4% in pre-market trading and Applied Materials dropped nearly 6% after both companies gave disappointing guidance on future earnings. Another negative is the 5% decline in the Turkish lira which resumed its slide after a three-day pause. The lira came under pressure after U.S. Treasury Secretary Mnuchin urged Turkey to release American pastor Brunson or face additional sanctions. Turkish financial markets are closed next week for a public holiday. Asian stocks settled mixed: Japan +0.35%, Hong Kong +0.42%, China -1.34%, Taiwan +0.07%, Australia +0.17%, Singapore -0.08%, South Korea +0.11%, India +0.75%. China’s Shanghai Composite fell to a new 2-1/3 year low after President Trump prodded China to offer more at the bargaining table as the two countries prepare for trade talks for the first time in more than two months. The yuan strengthened against the dollar after the New York Times reported the U.S. will seek to pressure China to lift the value of the yuan in coming trade talks.

The dollar index (DXY00 -0.19%) is down -0.15%. EUR/USD (^EURUSD +0.16%) is up +0.11%. USD/JPY (^USDJPY -0.38%) is down -0.33%.

Sep 10-year T-note prices (ZNU18 +0-055) are up +5.5 ticks.

The Eurozone Jun current account balance shrank to a surplus of +23.5 billion euros from an upward revised +24.4 billion euros in May, the smallest surplus in 14-months.

U.S. Stock Preview

Key U.S. news today includes: (1) Jul leading indicators (expected +0.4%, Jun +0.5%), (2) preliminary-Aug University of Michigan U.S. consumer sentiment (expected +0.1 to 98.0, Jul -0.3 to 97.9).

Notable Russell 2000 earnings reports today include: Deere & Co (consensus $2.74).

U.S. IPO’s scheduled to price today: none.

Equity conferences during the remainder of this week: none.