Morning Update: Stocks Continue to Slide

First Look

Stocks are continuing to fall ahead of the bell Friday. German factory orders fell 2.6% in January from weak demand outside the euro zone. Chinese exports dropped 21% in February, sparking additional fears that U.S. trade policy is weakening the overall global economy. Federal Reserve Chairman Jerome Powell is scheduled to speak today at 10:00 a.m. ET regarding the normalization of monetary policy. The economy added 20,000 non-farm jobs in February, falling well short of the 173,000 estimates. The unemployment rate fell to 3.8%, while wages are up 3.4% over the last year. The S&P 500 is down -0.51%, the Dow Jones is down -0.54%, the Nasdaq is down -0.65%.

Today's market outlook is Neutral

It's a grim business, this being funny. Every time you come up with a strong, satiric idea, the world tops it.
Del Close

Stocks on the Move

Costco Wholesale Corporation (COST), Linde PLC (LIN) and Newmont Mining Corp (NEM) are moving higher this morning, while Micron Technology, Inc. (MU), Exxon Mobil Corporation (XOM) and Netflix, Inc. (NFLX) are headed lower. Autoweb Inc (AUTO), Genpact Limited (G) and Methode Electronics Inc. (MEI) were upgraded by analysts this morning, while GlaxoSmithKline plc (GSK), Exxon Mobil Corporation (XOM) and Netflix, Inc. (NFLX) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.24%, the Australia ASX All Ordinaries is down -0.9%, the Hang Seng is down -1.91% the Nikkei 225 is down -2.01% and the Shanghai SE Composite Index is down -4.4%. Stocks in Europe are down. The FTSE 100 is down -0.91%, the Euro Stoxx 50 is down -0.73%, the DAX is down -0.68% and the CAC 40 is down -0.52%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -1.34 at 55.32 per barrel. Brent crude is down -1.5 at 64.8 per barrel. Natural Gas is up 0.01 at 2.87. Precious metals are up this morning. Gold is up 6.97 at 1292.58 per ounce. Platinum is up 1.94 at 816.26 while silver is up 0.07 at 15.11. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, down against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 940,954 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 718,836 put contracts. The single-session put/call was 0.76 while the 20-day moving average is now at 0.62.

Earnings Expected Today

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  • 52-week Range:
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Today's Economic Calendar

What's Happening Period Release Time
Nonfarm Payrolls Feb 08:30
Nonfarm Private Payrolls Feb 08:30
Avg. Hourly Earnings Feb 08:30
Unemployment Rate Feb 08:30
Average Workweek Feb 08:30
Housing Starts Jan 08:30
Building Permits Jan 08:30

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