Morning Update: Stocks Climb Ahead of the Bell

First Look

Major indices are pointing to a higher open Friday. Despite continued chatter of trade talk progress and a signing summit between President Trump and Chinese President Xi, a meeting reportedly isn’t likely to happen until late April at the earliest, if it happens at all. Trump has hinted at the possibility of a signing summit at his Mar-a-Lago resort later this month, but Chinese officials are pushing for a more traditional visit in Washington and a longer time table. Trump said in a White House interview yesterday that news on the trade deal would be coming in the weeks ahead, “one way or the other”. U.K. Prime Minister Theresa May won the endorsement of British politicians to seek a delay of Brexit following the rejection of her Brexit deals. May is pushing to extend the deadline from Mar 29 to June 30. Boeing’s (BA) 737 Max will likely remain grounded through April as the company races to produce updated flight control software and the pilot training that will be needed after the software is updated. The Nasdaq is up 0.52%, the S&P 500 is up 0.43%, the S&P 500 is up 0.43%.

Today's market outlook is Neutral

Fight for the things that you care about, but do it in a way that will lead others to join you.
Ruth Bader Ginsburg

Stocks on the Move

Ulta Beauty Inc (ULTA), TechnipFMC PLC (FTI) and Activision Blizzard, Inc. (ATVI) are moving higher this morning, while Oracle Corporation (ORCL), Adobe Inc (ADBE) and Facebook, Inc. Common Stock (FB) are headed lower. Amazon.com, Inc. (AMZN), AT&T Inc. (T) and Rent-A-Center Inc (RCII) were upgraded by analysts this morning, while Oracle Corporation (ORCL), Adobe Inc (ADBE) and Schlumberger Limited. (SLB) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 1.04%, the Nikkei 225 is up 0.77%, the Hang Seng is up 0.56% the Mumbai Sensex is up 0.01% and the Australia ASX All Ordinaries is down -0.03%. In Europe stocks are up. The Euro Stoxx 50 is up 1.19%, the CAC 40 is up 0.93%, the DAX is up 0.88% and the FTSE 100 is up 0.61%.

Futures and Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.09 at 58.52 per barrel. Brent crude is down -0.29 at 66.94 per barrel. Natural Gas is down -0.02 at 2.83. Precious metals are up this morning. Gold is up 8.9 at 1304 per ounce. Platinum is up 8.9 at 833.45 while silver is up 0.21 at 15.39. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 999,100 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 649,302 put contracts. The single-session put/call was 0.65 while the 20-day moving average is now at 0.62.

Earnings Expected Today

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  • Last Price:
    $279.34
  • Previous Close:
    $284.73
  • Day's Range:
    $279.18 - $283.80
  • 52-week Range:
    $293.94 - $233.76
  • Last Price:
    $255.02
  • Previous Close:
    $259.58
  • Day's Range:
    $254.87 - $258.64
  • 52-week Range:
    $269.28 - $216.97
  • Last Price:
    $178.56
  • Previous Close:
    $182.57
  • Day's Range:
    $178.37 - $182.27
  • 52-week Range:
    $187.53 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
Empire State Manufacturing Mar 08:30
Industrial Production Feb 09:15
Capacity Utilization Feb 09:15
Univ. of Michigan Consumer Sentiment - Prelim Mar 10:00
JOLTS - Job Openings Jan 10:00
Net Long-Term TIC Flows Jan 16:00

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