Morning Update: Stocks slip after early gains

First Look

U.S. equity futures, which had been trading in the green earlier this morning, have sunk back below the break-even mark before the open Wednesday. Recent positive economic data has raised the indicated odds of two more interest rate hikes from the Federal Reserve this year to new highs. Apple, which lost ground Friday and earlier this week, rose yesterday ahead of today’s planned announcement of the next generation of iPhone. The Nasdaq is up 0.03%, the Dow Jones is down -0.01%, the S&P 500 is down -0.03%.

Today's market outlook is Neutral

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Stocks on the Move

Nielsen Holdings PLC (NLSN), Quanta Services Inc (PWR) and Gilead Sciences, Inc. (GILD) are moving higher this morning, while C.H. Robinson Worldwide Inc (CHRW), Micron Technology, Inc. (MU) and Lam Research Corporation (LRCX) are headed lower. Alcoa Corp (AA), Tiffany & Co. (TIF) and Chevron Corporation (CVX) were upgraded by analysts this morning, while Texas Roadhouse Inc (TXRH), Snap Inc (SNAP) and Micron Technology, Inc. (MU) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.81%, the Australia ASX All Ordinaries is down -0.06%, the Nikkei 225 is down -0.27% the Hang Seng is down -0.29% and the Shanghai SE Composite Index is down -0.33%. In Europe stocks are up. The CAC 40 is up 0.53%, the DAX is up 0.2%, the FTSE 100 is up 0.12% and the Euro Stoxx 50 is up 0.09%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.73 at 69.98 per barrel. Brent crude is up 0.28 at 79.34 per barrel. Natural Gas is up 0.02 at 2.84. Precious metals are mixed this morning. Gold is down -5.15 at 1193.44 per ounce. Platinum is down -4.03 at 787.8 while silver is up 0.01 at 14.16. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 913,473 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 556,172 put contracts. The single-session put/call was 0.61 while the 20-day moving average is now at 0.61.

Earnings Expected Today

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  • Day's Range:
    $296.70 - $298.87
  • 52-week Range:
    $301.13 - $233.76
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  • Day's Range:
    $270.75 - $272.45
  • 52-week Range:
    $273.99 - $216.97
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  • Day's Range:
    $190.69 - $192.52
  • 52-week Range:
    $194.19 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 09/08 07:00
PPI Aug 08:30
Crude Inventories 09/08 10:30
Beige Book Aug 14:00

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