Morning Update: Stocks lower ahead of the bell

First Look

Stocks are trading in the red Monday ahead of the open, but are up from their overnight lows. Bank of America (BAC) is higher after it reported earnings before the bell, while defense contractors L3 Technologies (LLL) and Harris Corp. (HRS) are also higher after announcing a merger in addition to better-than-expected earnings results. The Dow Jones is down -0.13%, the S&P 500 is down -0.14%, the Nasdaq is down -0.25%.

Today's market outlook is Neutral

To destroy is always the first step in any creation.
e. e. cummings

Stocks on the Move

WestRock Co (WRK), Conagra Brands Inc (CAG) and FirstEnergy Corp. (FE) are moving higher this morning, while Occidental Petroleum Corporation (OXY), Monster Beverage Corp (MNST) and eBay Inc (EBAY) are headed lower. Mcdonald’s Corp (MCD), Zayo Group Holdings Inc (ZAYO) and Zoetis Inc (ZTS) were upgraded by analysts this morning, while KLA-Tencor Corp (KLAC), Cleveland-Cliffs Inc (CLF) and Steel Dynamics, Inc. (STLD) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 2.15%, the Australia ASX All Ordinaries is down -0.98%, the Hang Seng is down -1.38% the Shanghai SE Composite Index is down -1.49% and the Nikkei 225 is down -1.87%. In Europe stocks are mixed. The DAX is up 0.45%, the Euro Stoxx 50 is up 0.31%, the FTSE 100 is up 0.14% and the CAC 40 is down -0.03%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.55 at 71.89 per barrel. Brent crude is up 0.77 at 81.2 per barrel. Natural Gas is up 0.08 at 3.24. Precious metals are up this morning. Gold is up 13.03 at 1230.08 per ounce. Platinum is up 11.28 at 849.53 while silver is up 0.13 at 14.76. 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, 1,073,127 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 715,188 put contracts. The single-session put/call was 0.67 while the 20-day moving average is now at 0.62.

Earnings Expected Today

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    $292.07 - $293.16
  • 52-week Range:
    $293.94 - $233.76
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    $265.73 - $266.70
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    $189.65 - $190.71
  • 52-week Range:
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Today's Economic Calendar

What's Happening Period Release Time
Retail Sales Sep 08:30
Empire Manufacturing Oct 08:30
Business Inventories Aug 10:00

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