Morning Update: Stocks Decline on Trade Stalemate

First Look

Major indices are down before the open Monday. The trade stalemate continues as President Trump again blamed China for backing out of a possible deal by reneging on agreements to reform Chinese laws. Over the weekend, Trump, who raised tariffs on $200 billion in Chinese imports to 25% on Friday, suggested that things will “only get worse” for China if the country imposes retaliatory tariffs on American goods. China announced this morning that it plans to raise tariffs on about $60 billion in American goods to between 5% and 25%. U.S. officials are expected to announce Monday the details of plans to impose a 25 percent tariff on all remaining Chinese imports. President Trump’s top economic adviser, Larry Kudlow, said that no further talks between the U.S. and China have been scheduled. The Dow Jones is down -1.36%, the S&P 500 is down -1.46%, the Nasdaq is down -1.98%.

Today's market outlook is Bearish

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Stocks on the Move

Tapestry Inc (TPR), Hewlett Packard Enterprise Co (HPE) and Occidental Petroleum Corporation (OXY) are moving higher this morning, while Mylan NV (MYL), Micron Technology, Inc. (MU) and Apple Inc. (AAPL) are headed lower. Boston Scientific Corporation (BSX), Becton Dickinson and Co (BDX) and Ameriprise Financial, Inc. (AMP) were upgraded by analysts this morning, while Exxon Mobil Corporation (XOM), Deere & Company (DE) and Boot Barn Holdings Inc (BOOT) were downgraded.

International Markets

Stocks in Asia are mixed. The Hang Seng is up 0.84%, the Australia ASX All Ordinaries is down -0.18%, the Nikkei 225 is down -0.72% the Mumbai Sensex is down -0.99% and the Shanghai SE Composite Index is down -1.21%. Stocks in Europe are down. The DAX is down -0.86%, the CAC 40 is down -0.57%, the Euro Stoxx 50 is down -0.54% and the FTSE 100 is down -0.14%.

Futures and Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is up 0.67 at 62.33 per barrel. Brent crude is up 1.08 at 71.7 per barrel. Natural Gas is flat at 2.61. Precious metals are down this morning. Gold is down -0.76 at 1285.29 per ounce. Platinum is down -9.9 at 855.65 while silver is down -0.13 at 14.66. The dollar is down compared to the major currencies today. The greenback is down against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,016,185 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 815,091 put contracts. The single-session put/call was 0.80 while the 20-day moving average is now at 0.62.

Earnings Expected Today

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  • Last Price:
    $297.26
  • Previous Close:
    $298.83
  • Day's Range:
    $296.96 - $300.07
  • 52-week Range:
    $301.13 - $233.76
  • Last Price:
    $271.45
  • Previous Close:
    $272.05
  • Day's Range:
    $271.36 - $273.34
  • 52-week Range:
    $273.99 - $216.97
  • Last Price:
    $191.01
  • Previous Close:
    $192.42
  • Day's Range:
    $190.81 - $193.83
  • 52-week Range:
    $194.19 - $143.46

Today's Economic Calendar

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