Morning Update: Stocks flat to start Friday

First Look

Stocks are little changed ahead of the open Friday. Today could be a high-volume, high-volatility session as options on stocks and indices and futures on stocks and indices are all expiring. Semiconductors are showing some weakness today after a a worse-than-expected quarterly report from Micron Technology (MU) after the close yesterday. The company’s CFO said margins would suffer as a result of import tariffs. The Dow Jones is up 0.09%, the Nasdaq is up 0.03%, the S&P 500 is down -0.02%.

Today's market outlook is Neutral

If you fell down yesterday, stand up today.
H. G. Wells

Stocks on the Move

IPG Photonics Corporation (IPGP), Nordstrom, Inc. (JWN) and Sealed Air Corp (SEE) are moving higher this morning, while Copart, Inc. (CPRT), Micron Technology, Inc. (MU) and O’Reilly Automotive Inc (ORLY) are headed lower. Lithia Motors Inc (LAD), ACADIA Pharmaceuticals Inc. (ACAD) and Under Armour Inc Class A (UAA) were upgraded by analysts this morning, while Beazer Homes USA, Inc. (BZH), Rowan Companies PLC (RDC) and Penske Automotive Group, Inc. (PAG) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 2.5%, the Hang Seng is up 1.73%, the Nikkei 225 is up 0.82% the Australia ASX All Ordinaries is up 0.45% and the Mumbai Sensex is down -0.75%. In Europe stocks are up. The FTSE 100 is up 1.05%, the CAC 40 is up 0.57%, the Euro Stoxx 50 is up 0.48% and the DAX is up 0.44%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.52 at 70.84 per barrel. Brent crude is up 0.87 at 79.55 per barrel. Natural Gas is down -0.03 at 2.95. Precious metals are mixed this morning. Gold is down -3.72 at 1206.46 per ounce. Platinum is up 0.29 at 835.8 while silver is up 0.1 at 14.41. 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, 1,253,679 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 703,351 put contracts. The single-session put/call was 0.56 while the 20-day moving average is now at 0.59.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
Nothing scheduled

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