Morning Update: Stocks Drift Lower Tuesday Morning

First Look

Major indices are down ahead of the open Tuesday. Federal Reserve Chairman Jerome Powell is scheduled to speak this week in his semiannual update on monetary policy before Congress. Powell will speak before the House Financial Services committee at 10 a.m. Wednesday, and again before the Senate banking panel on Thursday. Powell is likely to reiterate sentiment from the June Federal Open Market Committee meeting, with the central bank saying it will “act as appropriate” to sustain economic expansion. The Federal Reserve’s stress-test conference is scheduled to begin at 8:45 a.m. in Boston, with Powell giving opening remarks. The S&P 500 is down -0.35%, the S&P 500 is down -0.35%, the Nasdaq is down -0.38%.

Today's market outlook is Neutral

The way to make money is to buy when blood is running in the streets.
John D. Rockefeller

Stocks on the Move

PepsiCo, Inc. (PEP), Netflix, Inc. (NFLX) and Delta Air Lines, Inc. (DAL) are moving higher this morning, while Coty Inc (COTY), Davita Inc (DVA) and Perrigo Company PLC (PRGO) are headed lower. Square Inc (SQ), and FB Financial Corp (FBK) were upgraded by analysts this morning, while Cadence Bancorp (CADE), Marriott International Inc (MAR) and 3M Co (MMM) were downgraded.

International Markets

Stocks in Asia are mixed. The Nikkei 225 is up 0.14%, the Mumbai Sensex is up 0.03%, the Australia ASX All Ordinaries is down -0.11% the Shanghai SE Composite Index is down -0.18% and the Hang Seng is down -0.77%. Stocks in Europe are down. The DAX is down -1.01%, the Euro Stoxx 50 is down -0.47%, the CAC 40 is down -0.4% and the FTSE 100 is down -0.04%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.29 at 57.95 per barrel. Brent crude is up 0.35 at 64.46 per barrel. Natural Gas is down -0.02 at 2.38. Precious metals are mixed this morning. Gold is down -3.21 at 1392.32 per ounce. Platinum is down -6.88 at 810.39 while silver is flat 0 at 15.06. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 840,533 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 529,644 put contracts. The single-session put/call was 0.63 while the 20-day moving average is now at 0.62.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
NFIB Small Business Optimism Index Jun 06:00
JOLTS - Job Openings May 10:00

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