Morning Update: Semiconductor Stocks Look to Rebound

First Look

Major indices are pointed higher ahead of the open Tuesday. Semiconductor stocks have been under pressure in the wake of President Trump’s moves against Chinese phone maker Huawei. Chinese officials have warned that the country will retaliate. China’s ambassador to the European Union described the tactics as “politically motivated”. The Commerce Department granted a 90-day reprieve for a select group of U.S. companies currently using Huawei’s equipment. Elsewhere, major footwear manufacturers are encouraging Trump to reconsider tariffs on shoes made in China. The Nasdaq is up 0.63%, the S&P 500 is up 0.46%, the Dow Jones is up 0.39%.

Today's market outlook is Neutral

Humor and seriousness are not in opposition to each other.
Al Franken

Stocks on the Move

AutoZone, Inc. (AZO), Devon Energy Corp (DVN) and QUALCOMM, Inc. (QCOM) are moving higher this morning, while Kohl’s Corporation (KSS), Nordstrom, Inc. (JWN) and Target Corporation (TGT) are headed lower. AMBEV S A/S ADR (ABEV), S&P Global Inc (SPGI) and Kroger Co (KR) were upgraded by analysts this morning, while Occidental Petroleum Corporation (OXY), Ocular Therapeutix Inc (OCUL) and The Carlyle Group LP (CG) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 1.23%, the Australia ASX All Ordinaries is up 0.3%, the Nikkei 225 is down -0.14% the Hang Seng is down -0.47% and the Mumbai Sensex is down -0.97%. In Europe stocks are up. The DAX is up 0.87%, the FTSE 100 is up 0.63%, the Euro Stoxx 50 is up 0.54% and the CAC 40 is up 0.42%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.29 at 63.39 per barrel. Brent crude is up 0.3 at 72.27 per barrel. Natural Gas is down -0.03 at 2.64. Precious metals are down this morning. Gold is down -6.29 at 1271.53 per ounce. Platinum is down -0.34 at 814.32 while silver is down -0.06 at 14.38. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, up against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,074,402 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 703,725 put contracts. The single-session put/call was 0.65 while the 20-day moving average is now at 0.66.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
Existing Home Sales Apr 10:00

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