WEDNESDAY 8/24/16; Existing Home Sales; 5-Year Note Auction; HPQ; WDAY; PVH; GES; WSM

US futures are flat. S&P +1. Dow +13. Nasdaq +5. WTIC oil 47.70. Brent oil 49.65. Natty 2.76. Gold 1338. Silver 19.01. Copper 2.128. USD 94.62.

Treasury yields are; 2-year 0.75%, 5-year 1.14%, 10-year 1.55%, 30-year 2.24%. The 2-10 spread is 80 bips and the 5-30 spread is 110 bips reflecting flattening yield curves.

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 two key tech companies are reporting earnings. HPQ drops -5% on weak guidance. WDAY launches +9% recovering from its drubbing over the last few days.

Retail is in focus after the bell starting with supplier PVH that catapults +10% on earnings. TLYS +9%. WSM -0.2%. GES rallies +15%. The retail sector will be joyous tomorrow.