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.
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.
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.
Day's Range:$290.66 - $291.65
52-week Range:$293.94 - $248.08
Day's Range:$264.97 - $266.12
52-week Range:$267.61 - $221.99
Day's Range:$183.18 - $183.99
52-week Range:$187.52 - $142.10
Today's Economic Calendar
|What's Happening||Period||Release Time|
|MBA Mortgage Applications Index||07/07||07:00|