Target Misses, Investors Await Afternoon Nvidia Earnings

US index futures are up moderately this morning with gains of 0.2%-0.4% so far. Hong Kong and continental European markets are up about the same while the FTSE is up 0.2%. 

UK trading appears to be lagging after the country’s latest consumer price index report (2.3% vs street 2.2% and previous 1.7%) suggested that inflation pressures have started to rise again, confirming recent upturns for inflation in the US and Canada. Economic news picks up again on Friday with flash PMI surveys from around the world and retail sales reports for Canada and the UK.

Today is the last big day for US earnings season with Nvidia set to report results after the close this afternoon. This morning, Target is getting slammed, plunging 16.7% premarket after the retailer missed severely on earnings ($1.85 vs street $2.30), sales, and same store sales (0.3% vs street 1.5%). Target also cut full year earnings guidance. Ouch. 

The US 10-year treasury note yield is creeping up again, climbing back above 4.40%, which has the US Dollar up 0.1% to 0.3% against the Euro, Loonie and Pound. Gold is up 0.1% so far today. Commodities are on the rise with Copper up 0.7%, US Crude Oil up 0.6%, and Natural Gas up 3.8%.

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