Disney Rally Drives Dow Gains

Walt Disney shares are soaring this morning with an 8.6% premarket gain so far. The entertainment giant beat Wall Street expectations with its latest earnings report ($1.14 vs street $1.11) boosted by a strong summer at the box office and improved streaming results. Cisco Systems is quiet this morning after beating the street ($0.91 vs street $0.87).

Disney’s rally has helped propel Dow Futures to a 0.3% gain this morning while NASDAQ Futures and S&P Futures are flat. European markets are strong this morning with the Dax up 1.5% and the FTSE up 0.5%.

The US 10-year treasury note yield is steady near 4.45%. The US Dollar is up 0.3% against the Euro, Yen and Pound and up 0.1% against the Loonie. Gold is down another 1.0% so far today while Silver is down 1.5%. Copper is down 0.6%. Energy action is mixed with US Crude Oil up 0.9% and Natural Gas down 1.1%.

US producer prices were slightly worse than expected (2.4% vs street 2.3% and previous 1.9%) suggesting inflation may be bottoming out. US Fed Chair Powell is speaking later this afternoon. Tomorrow is a big day for economic news headlined by retail sales and industrial production from both the US and China.

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