Morning Update: Market Seeks Higher Open

First Look

Major indices are slightly up before the bell Thursday. President Trump offered to push back the date of his “signing summit” with Chinese President Xi until agreements on the final deal are reached. Chinese officials are nervous to place the Chinese President into a meeting with Trump before agreements are finalized, where the Chinese leader could be forced into unfavorable concessions. Problems continue to mount for Boeing (BA), with America joining many of the world’s nations in the grounding of the 737 Max airliner. New data suggests that the 737 Max crash in Ethiopia Sunday experienced similar problems to the Lion Air crash five months ago in Indonesia, with both planes showing similar flight paths and rapid changing trajectories. British Prime Minster Theresa May will seek an extension of the Mar. 29 Brexit deadline if a deal cannot be reached. The Nasdaq is up 0.06%, the S&P 500 is down -0.04%, the Dow Jones is down -0.06%.

Today's market outlook is Neutral

I have no special talent. I am only passionately curious.
Albert Einstein

Stocks on the Move

TechnipFMC PLC (FTI), Celgene Corporation (CELG) and Cigna Corp (CI) are moving higher this morning, while Dollar General Corp. (DG), Johnson & Johnson (JNJ) and TAKE-TWO INTERACTIVE SOFTWARE, INC Common Stock (TTWO) are headed lower. Hilton Hotels Corporation Common Stock (HLT), Suncor Energy Inc. (SU) and PETROLEO BRASIL/ADR (PBR) were upgraded by analysts this morning, while Semtech Corporation (SMTC), Sun Life Financial Inc (SLF) and Banco Santander-Chile (BSAC) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.58%, the Australia ASX All Ordinaries is up 0.33%, the Hang Seng is up 0.15% the Nikkei 225 is down -0.02% and the Shanghai SE Composite Index is down -1.2%. In Europe stocks are up. The FTSE 100 is up 0.69%, the CAC 40 is up 0.68%, the Euro Stoxx 50 is up 0.53% and the DAX is up 0.24%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.03 at 58.29 per barrel. Brent crude is up 0.18 at 67.73 per barrel. Natural Gas is up 0.03 at 2.85. Precious metals are down this morning. Gold is down -10.79 at 1298.33 per ounce. Platinum is down -13.21 at 830.46 while silver is down -0.22 at 15.24. 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, 1,127,424 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 589,729 put contracts. The single-session put/call was 0.52 while the 20-day moving average is now at 0.62.

Earnings Expected Today

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    $284.71 - $289.33
  • 52-week Range:
    $302.23 - $233.76
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    $256.87 - $259.25
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    $184.10 - $185.95
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Today's Economic Calendar

What's Happening Period Release Time
Initial Claims 03/09 08:30
Continuing Claims 03/02 08:30
Import Prices Feb 08:30
Export Prices Feb 08:30
New Home Sales Jan 10:00
EIA Natural Gas Inventories 03/09 10:30

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