Torrent Trading Observations

• US Weekly Jobless Claims Rose 4K to 232K, Matching Est. - Powell tomorrow

• CNN Fear/Greed Neutral at 50, but highest level since July 16 and up from 27 a week ago

• Oscillators remain very overbought

• Hopefully, Powell doesn't disappoint but certainly a potential 'sell the news' event as Dovish seems to be priced in.

• 5585 support, 5670 resistance

Wave Watch

Futures

DOW +34

S&P +11

Nasdaq +57

Mainstream Metrics

10-Year Yield

Gold

BITCOIN

Streaming Sectors

Consumer/Financial Healthcare

SCHW falls 4% after Toronto-Dominion Bank has raised $2.5 billion in pricing the sale of Schwab shares at $61.65 each, according to a term sheet seen by Bloomberg News

Harris backs policies that would allow the crypto industry to expand - Bloomey

AAP slides 11% after the auto-parts retailer lowered its full-year projections for comparable sales and profit.

PTON - shares climb as much as 18% in premarket trading Thursday after the fitness company gave an adjusted Ebitda forecast for the full year 2025 that topped expectations.

NKE - Nike closed higher Wednesday for a 12th day, its longest winning streak since February 2007.

LULU - Citi analyst Paul Lejuez cut the target on Lululemon Athletica Inc. to $270 from $300. Maintains neutral rating

Technology

SNOW drops 10% after providing a sales outlook that failed to reassure investors that the company will gain ground in the market for artificial intelligence software tools.

SNPS : Strong Q3 at high end of guidance. Raised FY24 rev and EPS guidance…

ZM rises 2% after the video-conferencing software company reported 2Q results that beat expectations and raised its full-year forecast.

ORCL - Rose for a 10th day yesterday, longest winning streak since July 2019.

AAPL – Matt Fisher, who has run the App Store since 2010, will be departing the company in Oct - Bloomey

AMZN - AWS has been negotiating a deal w/Meta that could see Meta increase its AWS spending to more than $1B annually – The Information

AMZN – the CEO of AWS said software engineers will need to develop new skills as AI makes a lot of manual coding obsolete – Biz Insider

Industrials 

Canadian Rails - Canadian Pacific Kansas City Enforces Lockout of Teamsters Canada Rail Conference Members, Halting Canadian Rail Network

CSX Corp (CSX) announces tentative agreements with unions

Dycom (DY) added to Raymond James Analyst Favorites List

Tidal Tweet

Big jump in AAII Bulls to 51% from 42%

SNOW down big on earnings. MSFT not reacting, but cutting cloud revenue outlook

Biotech breaking out

Perspective - cash on sidelines yes, but as % of S&P market cap, not as impressive

Rapid Review

Openwater Opinion