Morning Update for February 16, 2018

First Look

Stocks are again pointed higher ahead of the open Friday as the market continues to bounce back from losses earlier in the month. The yield on the 10-year Treasury is back below 2.9%. The dollar’s slide has slowed but it remains in a weakening trend in the wake of two deficit-expanding pieces of legislation, a tax cut and spending increase, have taken effect. The Nasdaq is up 0.15%, the S&P 500 is up 0.13%, the Dow Jones is up 0.11%.

Today's market outlook is Neutral

What good is it, my brothers and sisters, if someone claims to have faith but has no deeds? Can such faith save them? Suppose a brother or a sister is without clothes and daily food. If one of you says to them, “Go in peace; keep warm and well fed,” but does nothing about their physical needs, what good is it?
The Book of James 2:14-16

Stocks on the Move

Iron Mountain Incorporated (Delaware) REIT (IRM), Cabot Oil & Gas Corporation (COG) and The Coca-Cola Co (KO) are moving higher this morning, while VF Corp (VFC), Campbell Soup Company (CPB) and Andeavor (ANDV) are headed lower. Waste Management, Inc. (WM), Blue Apron Holdings Inc (APRN) and Trinity Industries Inc (TRN) were upgraded by analysts this morning, while Canadian National Railway (USA) (CNI), Kimco Realty Corp (KIM) and Dr Pepper Snapple Group Inc. (DPS) were downgraded.

International Markets

Stocks in Asia are mixed. Markets in Shanghai and Hong Kong are closed for a holiday. The Nikkei 225 is up 1.19%, the Australia ASX All Ordinaries is down -0.06% and the Mumbai Sensex is down -0.84%.In Europe stocks are up. The CAC 40 is up 0.95%, the Euro Stoxx 50 is up 0.89%, the FTSE 100 is up 0.65% and the DAX is up 0.64%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.13 at 61.47 per barrel. Brent crude is up 0.36 at 64.69 per barrel. Natural Gas is down -0.03 at 2.55. Precious metals are mixed this morning. Gold is up 2.69 at 1356.36 per ounce. Platinum is up 5.37 at 1007.47 while silver is down -0.02 at 16.78. 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.

Put/Call Ratio

Yesterday, 1,191,199 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 727,827 put contracts. The single-session put/call was 0.61 while the 20-day moving average is now at 0.64.

Earnings Expected Today

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    $297.41 - $300.67
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    $302.63 - $233.76
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    $269.09 - $271.76
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Today's Economic Calendar

What's Happening Period Release Time
Housing Starts Jan 8:30
Building Permits Jan 8:30
Import Prices ex-oil Jan 8:30
Export Prices ex-ag. Jan 8:30
U.M. Consumer Sentiment - Prelim Feb 10:30

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