Morning Update for December 13, 2017

First Look

Major equity indices in the U.S. are on either side of the break-even mark Wednesday morning. Markets will be paying close attention to the statement from the Federal Reserve scheduled for 2 p.m. this afternoon. The central bank is pretty much universally expected to raise interest rates, so the big news will be hits about the timing of future increases and any possible adjustments to the plan to shrink the balance sheet. The Nasdaq is up 0.11%, the Dow Jones is up 0.04%, the S&P 500 is down -0.01%.

Today's market outlook is Neutral

The greatest weapon against stress is our ability to choose one thought over another.
William James

Stocks on the Move

Western Digital Corp (WDC), Range Resources Corp. (RRC) and Twenty-First Century Fox Inc (FOX) are moving higher this morning, while Ralph Lauren Corp (RL), Tractor Supply Company (TSCO) and Regions Financial Corp (RF) are headed lower. Enterprise Products Partners L.P. (EPD), Zions Bancorp (ZION) and American Electric Power Company Inc (AEP) were upgraded by analysts this morning, while TiVo Corp (TIVO), Ralph Lauren Corp (RL) and Interpublic Group of Companies Inc (IPG) were downgraded.

International Markets

Stocks in Asia are mixed. The Hang Seng is up 1.49%, the Shanghai SE Composite Index is up 0.68%, the Australia ASX All Ordinaries is up 0.16% the Nikkei 225 is down -0.47% and the Mumbai Sensex is down -0.53%.In Europe stocks are mixed. The CAC 40 is up 0.28%, the FTSE 100 is up 0.02%, the DAX is down -0.08% and the Euro Stoxx 50 is down -0.21%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.51 at 57.65 per barrel. Brent crude is up 0.54 at 53.88 per barrel. Natural Gas is up 0.04 at 2.72. Precious metals are mixed this morning. Gold is down -3.61 at 1240.88 per ounce. Platinum is down -5.44 at 875.16 while silver is up 0.06 at 15.73. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,027,042 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 526,105 put contracts. The single-session put/call was 0.51 while the 20-day moving average is now at 0.59.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 12/09 07:00
CPI Nov 08:30
Core CPI Nov 08:30
Crude Inventories 12/09 10:30
FOMC Rate Decision Dec 14:00

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