Morning Update: Markets Flat as Tech Earnings Continue

First Look

Major indices are relatively unchanged ahead of the open Wednesday. Facebook (FB) and Microsoft (MSFT) are reporting quarterly earnings today as a tech-heavy earnings week continues to be the major driver of the markets. Shares of Caterpillar (CAT) are down 1.9% in the pre-market following the release of company earnings. Investors will be watching for Caterpillar’s conference call, as it can be an indicator of global economic health. Trade talks are scheduled to resume next week in China, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin traveling to Beijing to continue negotiations. The Dow Jones is up 0.16%, the Nasdaq is down -0.02%, the S&P 500 is down -0.03%.

Today's market outlook is Neutral

Love all, trust a few, do wrong to none.
William Shakespeare

Stocks on the Move

Anadarko Petroleum Corporation (APC), FLIR Systems, Inc. (FLIR) and eBay Inc (EBAY) are moving higher this morning, while Occidental Petroleum Corporation (OXY), Boston Scientific Corporation (BSX) and Harley-Davidson Inc (HOG) are headed lower. Procter & Gamble Co (PG), Snap Inc (SNAP) and Eli Lilly And Co (LLY) were upgraded by analysts this morning, while Kraft Heinz Co (KHC), Hyatt Hotels Corporation (H) and Harley-Davidson Inc (HOG) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 1.27%, the Australia ASX All Ordinaries is up 0.93%, the Shanghai SE Composite Index is up 0.09% the Nikkei 225 is down -0.27% and the Hang Seng is down -0.53%. In Europe stocks are mixed. The DAX is up 0.66%, the Euro Stoxx 50 is up 0.03%, the CAC 40 is down -0.26% and the FTSE 100 is down -0.49%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.12 at 66.18 per barrel. Brent crude is down -0.03 at 74.48 per barrel. Natural Gas is up 0.03 at 2.48. Precious metals are up this morning. Gold is up 1.34 at 1273.76 per ounce. Platinum is up 3.99 at 892.93 while silver is up 0.03 at 14.9. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,135,704 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 668,685 put contracts. The single-session put/call was 0.59 while the 20-day moving average is now at 0.61.

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Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 04/20 07:00
EIA Crude Oil Inventories 04/20 10:30

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