Morning Update: Markets Flat Ahead of Fed

First Look

Stocks are relatively unchanged in the pre-market Wednesday. Federal Reserve Chairman Jerome Powell is scheduled to hold a press conference at 2:30 p.m. ET after the central bank releases an update on monetary policy. No changes to interest rates are expected, but there is growing optimism that the Central Bank will signal the possibility of future rate cuts. President Trump is scheduled to have an “extended meeting” with Chinese President Xi Jinping at the G-20 summit on June 28 and 29 in Osaka, Japan. Trump tweeted Tuesday that he had a “very good” phone conversation with President Xi, adding that “respective teams will begin talks prior to our meeting”. The Nasdaq is up 0.06%, the Nasdaq is up 0.06%, the S&P 500 is flat.

Today's market outlook is Neutral

Your intellect may be confused, but your emotions will never lie to you.
Roger Ebert

Stocks on the Move

Adobe Inc (ADBE), Tripadvisor Inc Common Stock (TRIP) and Allergan plc (AGN) are moving higher this morning, while Anadarko Petroleum Corporation (APC), Linde PLC (LIN) and Kraft Heinz Co (KHC) are headed lower. Adobe Inc (ADBE), Tripadvisor Inc Common Stock (TRIP) and Lamb Weston Holdings Inc (LW) were upgraded by analysts this morning, while Honda Motor Co Ltd (HMC), Energizer Holdings Inc (ENR) and Sabre Corp (SABR) were downgraded.

International Markets

Stocks in Asia are up. The Hang Seng is up 2.56%, the Nikkei 225 is up 1.72%, the Australia ASX All Ordinaries is up 1.21% the Shanghai SE Composite Index is up 0.96% and the Mumbai Sensex is up 0.17%. In Europe stocks are mixed. The CAC 40 is up 0.07%, the Euro Stoxx 50 is up 0.04%, the DAX is up 0.02% and the FTSE 100 is down -0.37%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.03 at 53.87 per barrel. Brent crude is down -0.39 at 61.75 per barrel. Natural Gas is up 0.02 at 2.35. Precious metals are mixed this morning. Gold is down -2.33 at 1344.28 per ounce. Platinum is up 0.6 at 804.75 while silver is flat at 14.95. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, flat against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,117,072 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 617,389 put contracts. The single-session put/call was 0.55 while the 20-day moving average is now at 0.67.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Index 06/15 07:00
EIA Crude Oil Inventories 06/15 10:30
FOMC Rate Decision Jun 14:00

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