Nasdaq Dorsey Wright

- US equity futures are higher this morning, getting a boost from a lower than expected PPI reading.
- Stocks and bonds were up yesterday (6/14) as a lower-than-expected CPI reading led yields lower.
- The market is still pricing in about an 80% chance of a rate hike this year but has backed off expectations for an increase this month which climbed above 40% on Monday.
- The Nadaq-100 ([NDX]) led the major indices higher gaining 1.1% while the S&P 500 advanced 40 bps.
- The iShares Semiconductor ETF ([SOXX]) was up more than 2.5%
- A down day for the dollar helped push international equities higher as the iShares MSCI Emerging Markets ETF ([EEM]) gained 1.8% while the iShares MSCI EAFE ETF ([EFA]) added 70 bps.
- Falling yields also aided precious metals as silver ([SI/]) gained almost 2% while gold ([GC/]) was up more than 1.5%.
- Crude oil ([CL/]) advanced for a second day, gaining about 1.5% as the market continued to digest the prospect of renewed conflict in the Middle East.
- International Business Machines ([IBM]) had its worst day ever on Tuesday falling 25% after the company released earnings a week early and showed misses on revenue and profit.
- Most of the big banks reported earnings yesterday. Goldman Sachs ([GS]) was biggest winner gaining 9% and reaching a new all-time high. JP Morgan ([JPM]) and Bank of America ([BAC]) also advanced. Citigroup ([C]) was worst performer, falling more than 5% while Wells Fargo ([WFC]) was down more than 2.5%.