Morning Update for July 11, 2018

First Look

Futures are pointed lower Wednesday morning after the Trump Administration released a list of $200 billion in goods imported from China that will be hit with a 10% import duty. Unlike the last round of tariffs, this batch, which targets a wide swathe of products from food to clothing to television parts and refrigerators, seems much more likely to have a measurable effect on consumers. China has said it will retaliate, but has not yet announced what actions it will take. The S&P 500 is down -0.57%, the Nasdaq is down -0.68%, the Dow Jones is down -0.73%.

Today's market outlook is Neutral

The limits of the possible can only be defined by going beyond them into the impossible.
Arthur C Clarke

Stocks on the Move

Fastenal Company (FAST), Tripadvisor Inc Common Stock (TRIP) and Bristol-Myers Squibb Co (BMY) are moving higher this morning, while TechnipFMC PLC (FTI), Freeport-McMoRan Inc (FCX) and Sempra Energy (SRE) are headed lower. Conn’s Inc (CONN), Tableau Software Inc Class A (DATA) and C.H. Robinson Worldwide Inc (CHRW) were upgraded by analysts this morning, while Werner Enterprises, Inc. (WERN), Telephone & Data Systems, Inc. (TDS) and Liberty Global PLC Class A (LBTYA) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.07%, the Australia ASX All Ordinaries is down -0.67%, the Nikkei 225 is down -1.19% the Hang Seng is down -1.29% and the Shanghai SE Composite Index is down -1.76%. Stocks in Europe are down. The DAX is down -1.29%, the CAC 40 is down -1.2%, the Euro Stoxx 50 is down -1.16% and the FTSE 100 is down -1.12%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.68 at 73.43 per barrel. Brent crude is down -1.63 at 77.23 per barrel. Natural Gas is up 0.02 at 2.81. Precious metals are mixed this morning. Gold is down -5.09 at 1250.45 per ounce. Platinum is up 7.31 at 839.71 while silver is down -0.14 at 15.95. 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, 756,583 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 556,971 put contracts. The single-session put/call was 0.74 while the 20-day moving average is now at 0.59.

Earnings Expected Today

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  • Last Price:
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    $300.68 - $302.11
  • 52-week Range:
    $302.46 - $233.76
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  • Day's Range:
    $272.19 - $273.26
  • 52-week Range:
    $273.99 - $216.97
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  • Day's Range:
    $192.29 - $193.40
  • 52-week Range:
    $195.55 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 07/07 07:00
PPI Jun 08:30
Wholesale Inventories May 10:00
Crude Inventories 07/07 10:30

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