Markets Rise as Attention Shifts Back to Fed

First Look

Major indices are higher before the open Friday. President Trump proposed a personal meeting with Chinese President Xi to discuss the trade war negotiations and how to address the Hong Kong protests that have been wreaking havoc across the city. Analysts are still expecting the Federal Reserve will cut interest rates again next month over concerns of slowing global economic growth, despite fresh data from the U.S. that seems to support Jerome Powell’s forecast for strong economic growth and higher inflation. The Nasdaq is up 1.05%, the Dow Jones is up 0.87%, the S&P 500 is up 0.84%.

Today's market outlook is Neutral

Be brave. Take risks. Nothing can substitute experience.
Paulo Coelho

Stocks on the Move

NVIDIA Corporation (NVDA), General Electric Company (GE) and Advanced Micro Devices, Inc. (AMD) are moving higher this morning, while Alliance Data Systems Corporation (ADS), Applied Materials, Inc. (AMAT) and Tapestry Inc (TPR) are headed lower. Brinker International, Inc. (EAT), TJX Companies Inc (TJX) and Intel Corporation (INTC) were upgraded by analysts this morning, while BHP Group Ltd (BHP), Tapestry Inc (TPR) and Hexcel Corporation (HXL) were downgraded.

International Markets

Stocks in Asia are mixed. The Hang Seng is up 0.94%, the Shanghai SE Composite Index is up 0.29%, the Mumbai Sensex is up 0.1% the Nikkei 225 is up 0.06% and the Australia ASX All Ordinaries is down -0.08%. In Europe stocks are up. The Euro Stoxx 50 is up 1.24%, the CAC 40 is up 1.12%, the DAX is up 0.99% and the FTSE 100 is up 0.65%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.28 at 54.75 per barrel. Brent crude is up 0.42 at 58.65 per barrel. Natural Gas is down -0.04 at 2.19. Precious metals are down this morning. Gold is down -10.02 at 1513.27 per ounce. Platinum is down -7.1 at 833.98 while silver is down -0.04 at 17.18. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, up against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 974,585 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 953,303 put contracts. The single-session put/call was 0.98 while the 20-day moving average is now at 0.73.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
Housing Starts Jul 08:30
Building Permits Jul 08:30
Univ. of Michigan Consumer Sentiment - Prelim. Aug 10:00

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