Markets Flat Before the Open

First Look

Major indices are flat in the pre-market Wednesday. As U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer plan to resume trade talks with Chinese officials via telephone this week, President Trump reminded the Chinese government that he could impose additional tariffs on $325 billion in Chinese goods if he needs to. Chinese officials responded to the threat, stating that additional tariffs would impede progress on trade negotiations, which are just beginning to get back on track. President Trump also reiterated his stance that China had promised to purchase additional agricultural products as part of the deal made at the G-20 summit. China has not confirmed or denied such a claim, but has actually purchased less U.S. farm products since the G-20 summit in late June. The Nasdaq is up 0.13%, the S&P 500 is up 0.07%, the Dow Jones is up 0.06%.

Today's market outlook is Neutral

I guess ultimately a lot of comedians just wanna be taken seriously.
Will Ferrell

Stocks on the Move

QUALCOMM, Inc. (QCOM), Bank of New York Mellon Corp (BK) and Applied Materials, Inc. (AMAT) are moving higher this morning, while CSX Corporation (CSX), Norfolk Southern Corp. (NSC) and Ralph Lauren Corp (RL) are headed lower. Seattle Genetics, Inc. (SGEN), Hershey Co (HSY) and Smart Sand Inc (SND) were upgraded by analysts this morning, while Levi Strauss & Co. (LEVI), Shell Midstream Partners LP (SHLX) and Ralph Lauren Corp (RL) were downgraded.

International Markets

Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.42%, the Mumbai Sensex is up 0.22%, the Shanghai SE Composite Index is down -0.2% the Hang Seng is down -0.22% and the Nikkei 225 is down -0.31%. Stocks in Europe are down. The FTSE 100 is down -0.23%, the DAX is down -0.16%, the CAC 40 is down -0.15% and the Euro Stoxx 50 is down -0.02%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.57 at 58.19 per barrel. Brent crude is up 0.82 at 65.17 per barrel. Natural Gas is up 0.03 at 2.33. Precious metals are mixed this morning. Gold is down -0.96 at 1405.27 per ounce. Platinum is down -3.19 at 836.82 while silver is up 0.01 at 15.69. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 876,077 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 541,638 put contracts. The single-session put/call was 0.62 while the 20-day moving average is now at 0.59.

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Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 07/13 07:00
Housing Starts Jun 08:30
Building Permits Jun 08:30
EIA Crude Oil Inventories 07/13 10:30
Fed Beige Book Jul 14:00

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