Stocks are a few ticks below the breakeven mark before Wednesday’s open in the United States. Bond yields are just slightly below their peak from yesterday. Oil has also pulled back a bit after a report from the International Energy Agency lowered its expectations for global demand this year based on higher prices. The S&P 500 is down -0.27%, the Dow Jones is down -0.34%, the Nasdaq is down -0.41%.
Today's market outlook is Neutral
I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody.
Stocks on the Move
Macy’s Inc (M), TechnipFMC plc Ordinary Share (FTI) and Kohl’s Corporation (KSS) are moving higher this morning, while IDEXX Laboratories, Inc. (IDXX), DENTSPLY SIRONA Inc (XRAY) and Centurylink Inc (CTL) are headed lower. General Mills, Inc. (GIS), Chipotle Mexican Grill, Inc. (CMG) and Tripadvisor Inc (TRIP) were upgraded by analysts this morning, while Tripadvisor Inc (TRIP), Symantec Corporation (SYMC) and PPG Industries, Inc. (PPG) were downgraded.
Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.15%, the Hang Seng is down -0.13%, the Mumbai Sensex is down -0.44% the Nikkei 225 is down -0.45% and the Shanghai SE Composite Index is down -0.71%. In Europe stocks are mixed. The DAX is up 0.17%, the FTSE 100 is up 0.08%, the CAC 40 is down -0.01% and the Euro Stoxx 50 is down -0.27%.
Futures and Currencies
Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.32 at 70.99 per barrel. Brent crude is down -0.69 at 77.74 per barrel. Natural Gas is up 0.01 at 2.84. Precious metals are down this morning. Gold is down -2.89 at 1287.64 per ounce. Platinum is down -4.84 at 892.2 while silver is down -0.06 at 16.2. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and up against the Pound.
Yesterday, 776,102 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 480,965 put contracts. The single-session put/call was 0.62 while the 20-day moving average is now at 0.62.
Earnings Expected Today
Day's Range:$299.38 - $300.07
52-week Range:$301.13 - $233.76
Day's Range:$272.63 - $273.34
52-week Range:$273.99 - $216.97
Day's Range:$193.10 - $193.83
52-week Range:$194.19 - $143.46
Today's Economic Calendar
|What's Happening||Period||Release Time|
|MBA Mortgage Index||05/12||07:00|