Markets Down Ahead of the Open

First Look

Stocks are down before the bell Friday morning. The White House is postponing a decision regarding licenses that would allow U.S. companies to resume business with the Chinese tech company Huawei, which was blacklisted by the U.S. in May due to national security concerns. This is likely in retaliation to China’s decision on halting purchases of American agricultural products. Huawei, a telecommunications conglomerate, unveiled HarmonyOS today, which is designed to compete with and possibly replace Google’s Android operating system on mobile devices. China is considering changes to its futures market that would remove a ban on unhedged bets against the market, while allowing foreigners to trade equity-index and commodity futures without preapproval. The International Energy Agency cut its demand-growth forecasts for this year and the next, warning that additional cuts may be made to those estimates if the trade war lingers. Crude oil is down more than 5% for the week. The Dow Jones is down -0.52%, the S&P 500 is down -0.58%, the Nasdaq is down -0.78%.

Today's market outlook is Neutral

Real knowledge is to know the extent of one's ignorance.

Stocks on the Move

Symantec Corporation (SYMC), Illumina, Inc. (ILMN) and Yum! Brands, Inc. (YUM) are moving higher this morning, while Nektar Therapeutics (NKTR), DXC Technology Co (DXC) and Kraft Heinz Co (KHC) are headed lower. Green Dot Corporation (GDOT), Bottomline Technologies (EPAY) and Cincinnati Bell Inc. (CBB) were upgraded by analysts this morning, while E*TRADE Financial Corp (ETFC), DXC Technology Co (DXC) and Chemours Co (CC) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.68%, the Nikkei 225 is up 0.44%, the Australia ASX All Ordinaries is up 0.32% the Hang Seng is down -0.59% and the Shanghai SE Composite Index is down -0.71%. Stocks in Europe are down. The DAX is down -1.12%, the Euro Stoxx 50 is down -1.09%, the CAC 40 is down -0.92% and the FTSE 100 is down -0.08%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.65 at 53.19 per barrel. Brent crude is up 0.83 at 58.21 per barrel. Natural Gas is down -0.04 at 2.09. Precious metals are mixed this morning. Gold is up 4 at 1513.5 per ounce. Platinum is down -3.72 at 861.74 while silver is down -0.03 at 17.01. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, down against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 996,781 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 617,243 put contracts. The single-session put/call was 0.62 while the 20-day moving average is now at 0.68.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
PPI Jul 08:30

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