Morning Update: Stocks lower ahead of Fed

First Look

U.S. stocks are pointed lower ahead of the open Thursday. The Federal Reserve will make an announcement about monetary policy at 2 p.m. this afternoon, and while no change is expected, the statement will be scrutinized for hints about the central bank’s attitude toward a hike in December. Jeff Sessions’s ouster as Attorney General sent marijuana stocks higher yesterday, but for the rest of the market, the promise is that the political situation won’t return to normal any time soon. The Dow Jones is down -0.22%, the S&P 500 is down -0.39%, the Nasdaq is down -0.45%.

Today's market outlook is Neutral

Three things cannot be long hidden: the sun, the moon, and the truth.

Stocks on the Move

Cardinal Health Inc (CAH), Tripadvisor Inc Common Stock (TRIP) and News Corp Class A (NWSA) are moving higher this morning, while Wynn Resorts, Limited (WYNN), Monster Beverage Corp (MNST) and Perrigo Company PLC (PRGO) are headed lower. Warrior Met Coal Inc (HCC), Knight-Swift Transportation Holdings Inc (KNX) and First Commonwealth Financial (FCF) were upgraded by analysts this morning, while RenaissanceRe Holdings Ltd. (RNR), Dean Foods Co (DF) and Square Inc (SQ) were downgraded.

International Markets

Stocks in Asia are mixed. The Nikkei 225 is up 1.82%, the Mumbai Sensex is up 0.7%, the Australia ASX All Ordinaries is up 0.57% the Hang Seng is up 0.31% and the Shanghai SE Composite Index is down -0.22%. In Europe stocks are mixed. The -0.51 is up 0.35%, the CAC 40 is down -0.04%, the Euro Stoxx 50 is down -0.1% and the DAX is down -0.18%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.01 at 61.68 per barrel. Brent crude is down -0.06 at 72.01 per barrel. Natural Gas is down -0.04 at 3.51. Precious metals are mixed this morning. Gold is up 1.85 at 1224.64 per ounce. Platinum is down -0.37 at 872.56 while silver is down -0.05 at 14.52. 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, 1,137,300 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 669,016 put contracts. The single-session put/call was 0.59 while the 20-day moving average is now at 0.67.

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Today's Economic Calendar

What's Happening Period Release Time
Initial Claims 11/03 08:30
Continuing Claims 10/27 08:30
Natural Gas Inventories 11/03 10:30
FOMC Rate Decision Nov 14:00

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