Morning Express

Posted: June 22, 2023, 7:19 a.m.

Our daily research overs the S&P, NQ, Crude Oil, Gold, Silver, Currencies, Corn, Soybeans, Wheat, Livestock, and Softs markets. 

Went out to brokerage clients before the bell

Bill Baruch is back at the NYSE to join CNBC's Halftime Report for the hour at 11:00 am CT. Do not miss it, there is a lot of ground to cover!

  • Fed Chair Powell begins the second day of Congressional testimony at 9:00 am CT.
  • The Bank of England hiked 50bps when 25bps was expected after hot CPI Wednesday morning.
  • The SNB hikes 25bps but said more raises are likely.
  • Initial Jobless Claims due at 7:30 am CT, expectations are for 260k, last weeks have been 262k
  • Existing Home Sales are due at 9:00 am CT and will be a closely watched read after Tuesday’s blowout Housing Starts. Does strong new home activity take away from existing home sales? If so, this would rebalance markets from Tuesday.
  • The Leading Economic Index for May is due at 9:00 am CT and is expected to contract for the 14th straight month.
  • Fed Governor Bowman speaks at 8:55 am CT, a permanent voting seat. Cleveland Fed President Mester follows at 9:00 am CT, and Richmond Fed President Barkin is scheduled for 3:30 pm CT, both are 2024 voters.
  • The Fed’s Balance Sheet data is due at 3:30 pm CT.
  • The CME’s FedWatch Tool Signals a 76.9% probability the Fed hikes 25bps in July, bringing its target rate to 5.25-5.50%, and a 49.9% probability they do not move again through the end of the year.

 

 

E-mini S&P (September) / E-mini NQ (September)

S&P, yesterday’s close: Settled at 4409.25, down 25.50

NQ, yesterday’s close: Settled at 15,044.00, down 212.50

 

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Crude Oil (August)

Yesterday’s close: Settled at 72.53, up 1.34

 

Weekly EIA data is due at 10:00 am CT, expectations are for +1.873 mb Crude, +1.091 mb Gasoline, and -0.001 mb Distillates. Will last week’s blowout builds revert to the mean?

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Gold (August) / Silver (July)

Gold, yesterday’s close: Settled at 1944.9, down 2.8

Silver, yesterday’s close: Settled at 22.81, down 0.424

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Silver (July)

 

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