July 26, 2023 7:27am
Fed rate hike decision on tap with a policy announcement due at 2 p.m. ET.
Pre-open Indications: 4 Positive and 2 Negative Indications
My interpretation of the morning’s numbers is written to be informative; it’s built on what happened or will happen behind the headline today, not yesterday with a bit for tomorrow.
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8:00 a.m. edition
Remember that overnight and pre-open actions in futures don't necessarily translate into actual trading in the coming day’s session. My interpretation of the morning’s numbers is written to be informative; it’s built on what will happen behind the headlines today, not tomorrow or yesterday
Dow futures are DOWN -0.19% or (-69 point), S&P futures are DOWN -0.18% or (-8 points) and NASDAQ futures are DOWN -0.32% or (-49 points) early in the pre-open – so far
U.S. stock futures are falling on Wednesday, July 26, 2023
European markets also fell,
Asia-Pacific markets were mostly down.
Henry’omics:
We need to more than consider the economic environment - rising rates and inflation to comprehend the micro re “our” universe of cell and gene therapy companies …
Indexes rose on Tuesday as the Dow closed UP +26.83 points (+0.08%), the S&P closed UP +12.82 points (+0.28%) while the Nasdaq closed UP +85.69 points (+0.61%).
Economic Data Docket the Fed’s latest interest rate policy decision and subsequent press conference with Chair Jerome Powell scheduled for afternoon.
·The market is pricing in around a 98% chance the central bank raises interest rates, according to the CME FedWatch Tool.
Tuesday’s (7/25) RegMed Investors’ (RMi) closing bell: "softening outlook. Awaiting some statistics, are we always expecting or are we continuously pending?” … https://www.regmedinvestors.com/articles/13048
Ebb and flow:
Q3: July - 1 holiday, 9 positive and 7 negative close
Q2/23 -
· June -1 Holiday, 9 negative and 11 positive closes
· May – 10 negative and 12 positive closes
· April ended - 1 holiday, 8 positive close and 11 negative closes
Q1/23 –-
· March – ended with 10 positive and 13 negative closes
· February – 1 holiday, 2 vacation, 7 negative and 8 positive closes
· January – 2 holidays, 11 positive and 9 negative closes
Companies in my headlights – It’s your decision; I provide ideas and context: INDICATIONS
Positive Indications:
Tuesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Blueprint Medicine (BPMC) closed up +$1.05 after Monday’s -$0.33 and Friday’s -$0.26 with a positive +$1.77 or +3.01% aftermarket indication.
Intellia Therapeutics (NTLA) closed down -$0.55 after Monday’s -$1.45 with a positive +$0.61 or +1.47% aftermarket indication
Prime Medicine (PRME) closed up +$0.08 after Monday’s -$0.45 with a positive +$0.42 or +2.87% aftermarket indication
Ultragenyx (RARE) closed down -$0.55 after Monday’s -$1.08 with a positive +$0.83 or +2% aftermarket indication
Negative Indications:
Tuesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Beam Therapeutics (BEAM) closed up +$0.91 with a negative -$0.98 or -3.02% aftermarket indication.
Ionis Pharmaceuticals (IONS) closed up +$0.61 with a negative -$0.35 or -0.88% aftermarket indication
The BOTTOM LINE:
I follow the dictum, quoting Churchill that “short words are best, and the old words when short are best of all, as I try to keep it simple and short!
“A lot of stocks still seem stretched, or are pulling back, often to key support levels. With the earnings flood starting to hit and the Fed meeting on tap, investors may want to be cautious about new buys.” <IBD>
Earnings are about to be ready for release – questions are …RUNWAYS on track for further downslides?
Last week: Glad I missed some of it … a relatively positive week!
· Tuesday closed negative with 11 incliners, 23 decliners and 1 flat
· Monday closed negative with 4 decliners, 31 decliners and 0 flat
· Friday closed (7/21) positive with 19 incliners, 14 decliners and 2 flats
· Thursday closed negative with 9 incliners, 26 decliners and 0 flat
· Wednesday closed positive with 19 incliners, 15 decliners and 1 flat
· Tuesday closed positive with 19 incliners, 16 decliners and 0 flats
· Monday (7/17) closed positive with 18 incliners, 17 decliners and 0 flats
Few stocks are flashing buy, with sector names in particular facing a NO news period in the next few days, investors could NOT consider adding exposure.
Wednesday, if the market plunges on earnings and the Fed announcement, there will be few safe havens.
There's nothing wrong with standing pat in the short run, holding on to sizable existing exposure.
I hate to be so negative or contrarian but, this is a NO spin zone and truth is its product; I can always be WRONG but, I am mostly EARLY!
Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
All investments are subject to risks. Investors should consider investment objectives.
Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors. All investments are subject to risks. Investors should consider investment objectives.
Regulation Analyst Certification (Reg AC): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Henry McCusker, the editor and publisher of RegMed Investors could hold or have positions securities referred to in this publication and he will NOTIFY investors of holdings.
