Morning Update: Markets mixed ahead of the open

First Look

Major indices are mixed ahead of the open Tuesday. Investors are seemingly cautious ahead of President Trump’s State of the Union address later this evening. A mixed bag of company earnings reports are also adding to the caution, with earnings season still in high-gear. Alphabet Inc. (GOOGL) reported after the bell Monday, posting earnings beats on both the top and bottom lines. Despite positive results, GOOGL fell nearly 3% in after-hour trading as the company’s operating margin fell from heavy spending. Seagate (STX) beat on earnings per share but missed revenue expectations, sending shares lower by more than 5%, adding pressure to the Nasdaq ahead of the bell. The Dow Jones is up 0.37%, the Nasdaq is up 0.36%, the S&P 500 is up 0.21%.

Today's market outlook is Neutral

Failure is a part of success.
Hank Aaron

Stocks on the Move

Estee Lauder Companies Inc (EL), Ralph Lauren Corp (RL) and Centene Corp (CNC) are moving higher this morning, while Seagate Technology PLC (STX), Church & Dwight Co., Inc. (CHD) and Centurylink Inc (CTL) are headed lower. Raytheon Company (RTN), Legg Mason Inc (LM) and Covanta Holding Corp (CVA) were upgraded by analysts this morning, while Centurylink Inc (CTL), Albemarle Corporation (ALB) and Rent-A-Center Inc (RCII) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai Stock Exchange is closed for the Lunar New Year, as is the Hong Kong Stock Exchange. The Australia ASX All Ordinaries is up 1.76%, the Mumbai Sensex is up 0.32% and the Nikkei 225 is down -0.19%. In Europe stocks are up. The FTSE 100 is up 1.22%, the DAX is up 1.04%, the CAC 40 is up 0.95% and the Euro Stoxx 50 is up 0.8%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.37 at 54.19 per barrel. Brent crude is down -0.37 at 62.14 per barrel. Natural Gas is up 0.04 at 2.7. Precious metals are mixed this morning. Gold is up 0.8 at 1313.05 per ounce. Platinum is up 0.61 at 821.2 while silver is down -0.05 at 15.84. 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, 1,003,638 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 597,181 put contracts. The single-session put/call was 0.60 while the 20-day moving average is now at 0.63.

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Today's Economic Calendar

What's Happening Period Release Time
ISM Non-Manufacturing Index Jan 10:00

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