Markets are slightly higher before the bell Wednesday. China announced plans to waive tariffs on more than a dozen U.S. products ahead of additional face-to-face trade negotiations in Washington next month. The sixteen products listed range from pharmaceutical drugs to lubricating oil and include things like fish and livestock feed. Twelve of the products listed were already subjected to the 25% retaliatory tariffs imposed last year. The tariff exclusion list is scheduled to go into effect on September 17 and will last for one year. The Nasdaq is up 0.22%, the Dow Jones is up 0.17%, the S&P 500 is up 0.13%.
Today's market outlook is Neutral
Only Americans can hurt America.
Dwight D. Eisenhower
Stocks on the Move
Tapestry Inc (TPR), Alliance Data Systems Corporation (ADS) and Micron Technology, Inc. (MU) are moving higher this morning, while Leggett & Platt, Inc. (LEG), Kohl’s Corporation (KSS) and Charles Schwab Corporation Common Stock (SCHW) are headed lower. Callaway Golf Co (ELY), Alcoa Corp (AA) and Micron Technology, Inc. (MU) were upgraded by analysts this morning, while Costco Wholesale Corporation (COST), Automatic Data Processing (ADP) and Dave & Buster’s Entertainment Inc (PLAY) were downgraded.
Stocks in Asia are mixed. The Hang Seng is up 1.78%, the Nikkei 225 is up 0.96%, the Australia ASX All Ordinaries is up 0.36% the Mumbai Sensex is up 0.34% and the Shanghai SE Composite Index is down -0.41%. In Europe stocks are up. The FTSE 100 is up 0.95%, the DAX is up 0.81%, the CAC 40 is up 0.51% and the Euro Stoxx 50 is up 0.46%.
Futures and Currencies
Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.47 at 57.95 per barrel. Brent crude is down -0.31 at 62.87 per barrel. Natural Gas is down -0.03 at 2.55. Precious metals are up this morning. Gold is up 6.19 at 1491.97 per ounce. Platinum is up 7.58 at 938.84 while silver is up 0.17 at 18.17. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound.
Yesterday, 1,151,728 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 747,046 put contracts. The single-session put/call was 0.65 while the 20-day moving average is now at 0.68.
Earnings Expected Today
Day's Range:$300.71 - $302.63
52-week Range:$302.46 - $233.76
Day's Range:$271.13 - $273.20
52-week Range:$273.99 - $216.97
Day's Range:$192.47 - $194.04
52-week Range:$195.55 - $143.46
Today's Economic Calendar
|What's Happening||Period||Release Time|
|MBA Mortgage Applications Index||09/07||07:00|
|EIA Crude Oil Inventories||09/07||10:30|