Commodity and energy prices are lower again as concerns about Chinese growth continue to weigh on those markets. Gold, oil, and copper prices are all lower this morning, and the mining sector is the worst performer in Europe. Those concerns initially weighed on U.S. stock futures, but futures are now higher after David Tepper appeared on CNBC and reiterated his bullish stance on the U.S. stock market.
Solarcity, of which Elon Musk owns 28%, reported earnings last night that disappointed expectations, and the stock is down 7.2% in the pre-market. However, Solarcity was up 51% over the four trading days leading into last night's report as excitement over Musk's other green energy company, Tesla (up 100% in the last month), has spread to Solarcity as well.
Take Two Interactive reported better than expected numbers last night. The stock is up 7% in the pre-market, right over its important $17.50 long-term resistance level. Take Two will be releasing Grand Theft Auto 5 later this year, and excitement over the latest version of its blockbuster series might be enough to send the stock to new five year highs. [Editor’s note: We will be discussing Take Two later today on Talking Numbers.]
--Enis Taner, Global Macro Editor, RiskReversal.com
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