Enters into partnership w/ Cancer Focus Fund for Phase 1b/2 Study of Etigilimab in Clear Cell Ovarian Cancer

- Study to be Conducted at The University of Texas MD Anderson Cancer Center

MREO

Mreo
TIGIT signaling pathway is a new target for cancer #immunotherapy, as it includes a number of immune cells like #Tcells and #NKcells that may promote anti-tumor response?

The S&P 500 futures trade four points, or 0.1%, above fair value in a relatively muted session from a price action perspective. The market is hiding its intentions today after cyclical stocks drove the Dow Jones Industrial Average to a record high yesterday and technology stocks looked fatigued.

There's been a clear rotation into value/cyclical stocks from growth/technology stocks this week, driven in part by the reopening narrative and inflation commentary. This rotation, coupled with earnings news being a non-factor for the broader market, has contributed to the continued consolidation activity in the S&P 500.

Today, investors will receive fresh insight on the economy at 8:30 a.m. ET in the form of the weekly Initial Claims (Briefing.com consensus 530,000) and Continuing Claims report and preliminary Q1 readings for Productivity (Briefing.com consensus 5.0%) and Unit Labor Costs (Briefing.com consensus -1.6%).

Separately, the Bank of England voted unanimously to leave its bank rate at 0.10% while policymakers voted 8-1 to keep asset purchases at GBP895 billion.

U.S. Treasuries trade little changed ahead of the unemployment data. The 2-yr yield is flat at 0.15%, and the 10-yr yield is down one basis point to 1.57%. The U.S. Dollar Index is down 0.3% to 91.03. WTI crude futures are down 0.7% to $65.20/bbl.

In U.S. Corporate news:

PayPal (PYPL 258.60, +11.20): +4.5% after beating top and bottom-line estimates, guiding Q2 EPS/revenue above consensus, and guiding FY21 EPS above consensus.
Uber (UBER 49.21, -1.97): -3.9% after saying it expects its take rate to decline to 20% in the second quarter as it tries to revive its driver base. The company beat EPS estimates.
Etsy (ETSY 163.90, -20.67): -11.2% despite beating top and bottom-line estimates and guiding Q2 revenue above consensus.
Rocket Companies (19.90, -2.85): -12.5% despite beating revenue estimates.
Fastly (FSLY 47.20, -10.86): -18.7% after missing EPS estimates and guiding Q2 EPS/revenue below consensus.

S&P 500 Futures: +4 @ 4,164
DJIA Futures: +42 @ 34,160
Nasdaq 100 Futures: +18 @ 13,509

Bagholders Rejoice

The futures market is pointing to a mixed open today after three straight days of losses for the major indices, driven in part by inflation fears. The S&P 500 futures trade three points, or 0.1%, above fair value with the benchmark index down 4.0% through three sessions.
Yesterday's hot CPI report for April might still be leaving a sour taste in the market, but it could soften the blow from any upside surprises in the Producer Price Index for April (Briefing.com consensus +0.3%), which will be released at 8:30 a.m. ET. The weekly Initial Claims (Briefing.com consensus 510,000) and Continuing Claims report will be released alongside the inflation data.

Equity index futures have seen a modest uptick in recent action, presumably at the hands of dip-buyers given the huge losses growth stocks have endured this month. The S&P 500 information technology (-6.0%) and consumer discretionary (-7.1%) sectors, which contain several of the mega-cap growth stocks, are down 6-7% over the past eight sessions.

Interestingly, the S&P 500 futures dipped below their 50-day moving average (4054) earlier this morning, and they're now trading above it. This key technical level has been strong measure of support over the past 13 months, so we'll see if this positive behavior is sustained into the open.

U.S. Treasuries trade little changed after yesterday's slide in longer-dated maturities. The 2-yr yield is up one basis point to 0.16%, and the 10-yr yield is down one basis point to 1.69%. The U.S. Dollar Index is little changed at 90.73. WTI crude futures are down 2.1%, or $1.37, to $64.71/bbl.

In U.S. Corporate news:

Boeing (BA 221.80, +1.02): +0.5% after receiving regulatory approval to fix the 737 Max electrical issue, according to The Wall Street Journal.
Vroom (VRM 39.30, +3.89): +11.0% after beating top and bottom-line estimates and guiding Q2 revenue above consensus. Q2 EPS guidance was below consensus.
Bumble (BMBL 46.68, -0.56): -1.2% despite beating revenue estimates and guiding Q2 and FY21 revenue above consensus.
Wish (WISH 9.91, -1.50): -13.1% after missing EPS estimates and guiding Q2 revenue below consensus.

S&P 500 Futures: -1 @ 4,058

DJIA Futures: -113 @ 33,395

Nasdaq 100 Futures: +55 @ 13,053

The futures market has extended yesterday's rebound effort in front of the Retail Sales Report for April (Briefing.com consensus +1.8%) at 8:30 a.m. ET. The S&P 500 futures trade 27 points, or 0.7%, above fair value with the benchmark index entering the session down 2.8% for the week.

Consensus estimates project retail sales growth to have slowed down from March when most households were deposited stimulus checks. Separately, import and export prices for April will also be released at 8:30 a.m. ET, followed by Industrial Production (Briefing.com consensus 0.7%) and Capacity Utilization (Briefing.com consensus 75.1%) for April at 9:15 a.m. ET.

After the open, investors will receive the preliminary University of Michigan Index of Consumer Sentiment for May (Briefing.com consensus 90.2) and Business Inventories for March (Briefing.com consensus 0.3%) at 10:00 a.m. ET.

In the meantime, a buy-the-dip mindset is overshadowing any inflation fears caused by the hotter-than-expected CPI and PPI reports for April this week. The market might be trusting the Fed's consistent messaging that inflation pressures should be transitory, but the rebound effort could also be technically-driven after the S&P 500 successfully re-tested its 50-day moving average (4056) yesterday.

Longer-dated Treasuries are seeing demand for the second day in a row. The 10-yr yield is down three basis points to 1.64% while the 2-yr yield is down one basis point to 0.14%. The U.S. Dollar Index is down 0.3% to 90.45. WTI crude futures are up 1.2%, or $0.74, to $64.56/bbl.

In U.S. Corporate news:

Walt Disney (DIS 170.89, -7.45): -4.2% after missing revenue estimates and subscriber expectations. The company beat EPS estimates, though, and the CEO told CNBC that the quarterly results matched internal projections.
Airbnb (ABNB 134.81, -0.94): -0.7% after missing EPS estimates on above-consensus revenue. The company expects Q2 revenue to be at similar level to that of 2Q19.
DoorDash (DASH 126.24, +10.75): +9.3% after beating revenue estimates.
Square (SQ 202.79, +5.66): +2.9% after unveiling new developer tools at the Square Unboxed conference.
Snowflake (SNOW 197.70, +9.46): +5.0% after the stock was upgraded to Buy from Neutral at Goldman.

S&P 500 Futures: +26 @ 4,133
DJIA Futures: +167 @ 34,105
Nasdaq 100 Futures: +133 @ 13,233

Merck will present study on cancer tumor treatment June 4th MRK

The S&P 500 futures trade four points, or 0.1%, above fair value a day after both the S&P 500 and Nasdaq Composite closed at record highs. The path of least resistance remains to the upside in front of a huge batch of economic data today.

The key Retail Sales report for May (Briefing.com consensus -0.6%) will kick things off at 8:30 a.m. ET, making up for the lack of data yesterday. The Producer Price Index for May (Briefing.com consensus 0.5%) and Empire State Manufacturing Survey for June (Briefing.com consensus 20.0) will accompany the retail sales data.

In addition, investors will receive Industrial Production (Briefing.com consensus 0.7%) and Capacity Utilization (Briefing.com consensus 75.1%) for May at 9:15 a.m. ET; the NAHB Housing Market Index for June (Briefing.com consensus 83.0) and Business Inventories for April (Briefing.com consensus -0.1%) at 10:00 a.m. ET; and Net Long-Term TIC Flows for April at 4:00 p.m. ET.

This should keep the market busy and provide the Fed incremental information before the start of its two-day policy meeting today. Separately, the U.S. and EU agreed to suspend their tariff dispute surrounding Boeing (BA 247.00, +1.86, +0.7%) and Airbus (EADSY).

U.S. Treasuries trade little changed. The 2-yr yield is up one basis point to 0.16%, and the 10-yr yield is down one basis point to 1.49%. The U.S. Dollar Index is up 0.1% to 90.63. WTI crude futures are up 1.0% to $71.62/bbl.

In U.S. Corporate news:

Boeing (BA 247.00, +1.86): +0.7% after the EU and U.S. agreed to suspend their tariff dispute surrounding Airbus (EADSY) and Boeing.
Sage Therapeutics (SAGE 60.78, -12.08): -16.6% despite announcing alongside Biogen (BIIB 406.20, +0.06, unch) positive results for their Phase 3 trial studying major depressive disorder.
MicroStrategy (MSTR 609.90, +11.41): +1.9% after announcing an at-the-market offering program to sell up to $1 billion of common stock over time.

S&P 500 Futures: +4 @ 4,250
DJIA Futures: +4 @ 34,279
Nasdaq 100 Futures: +20 @ 14,137

The S&P 500 futures trade roughly in-line with fair value after the benchmark index closed at a record high yesterday. Investors will receive new data on the labor market and services sector this morning.

Specifically, the ADP Employment Change report for July (Briefing.com consensus 650,000) will be released at 8:15 a.m. ET, followed by the final IHS Markit Services PMI for July at 9:45 a.m. ET and the ISM Non-Manufacturing Index for July (Briefing.com consensus 60.5%) at 10:00 a.m. ET.

Overseas, China's services sector expanded more than expected in July, while services PMIs for July out of the eurozone were mostly below expectations but still in expansion mode. China's Shanghai Composite advanced 0.9% on Wednesday, and the Europe Stoxx 600 is currently up 0.6%.

Back on the home front, there's been a ton of earnings reports released since yesterday's close, and they continued to come in mostly better than expected with mixed reactions.

CVS Health (CVS 83.46, -0.54, -0.6%), General Motors (GM 55.76, -2.12, -3.7%) Activision Blizzard (ATVI 84.05, +4.22, +5.3%), Lyft (LYFT 55.89, +0.51, +0.9%), and Caesars Entertainment (CZR 89.88, +3.10, +3.6%) are some of the companies that beat top and bottom-line estimates.

Looking at the Treasury market, the 10-yr yield has slipped two basis points lower to 0.16% while the 2-yr yield is down one basis point to 0.16%. The U.S. Dollar Index is little changed at 92.11. WTI crude futures ($69.48, -1.08, -1.5%) have dipped below $70 per barrel amid lingering demand concerns attributed to the Delta variant.

In U.S. Corporate news:

CVS Health (CVS 83.46, -0.54): -0.6% after beating top and bottom-line estimates and raising its FY21 EPS guidance above consensus.
General Motors (GM 55.76, -2.12): -3.7% despite beating top and bottom-line estimates and raising its FY21 EPS and adjusted EBIT guidance.
Activision Blizzard (ATVI 84.05, +4.22): +5.3% after beating top and bottom-line estimates, guiding Q3 revenue above consensus, and raising its FY21 guidance. ATVI guided Q3 EPS below consensus.
Lyft (LYFT 55.89, +0.51): +0.9% after beating top and bottom-line estimates, although it did issue downside Q3 revenue guidance.
Caesars Entertainment (CZR 89.88, +3.10): +3.6% after beating top and bottom-line estimates.

S&P 500 Futures: -7 @ 4,416
DJIA Futures: -70 @ 35,047
Nasdaq 100 Futures: -8 @ 15,053

Should see some EV movement. How much, depends. Wouldn’t surprised to see Ford continue to get back in the 14.50 range tomorrow

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Fed notes put at 1pm central time.