Morning Update: Stocks Point Higher

First Look

Stocks are pointed higher ahead of the open Wednesday. U.S. Trade Representative Robert Lighthizer said Tuesday that he is unable to predict success on a trade deal, but they are working hard, and real progress has been made. He also said that the U.S. needs to keep the ability to impose tariffs on Chinese goods as a way of ensuring China maintains their part of any agreements. Problems continue to grow for Boeing (BA) following the Mar. 10 crash of a 737 Max, killing 157 passengers and becoming the second fatal crash of a 737 Max airliner in five months. The European Union Aviation Safety Agency, as well as regulators in India and Hong Kong, add to a growing list of countries that have suspended all flights of Boeing’s top-selling aircraft. Australia, Singapore, and China had already grounded flights, along with airlines in Africa, Latin America, and the Middle East. Shares of BA stock are down more than 11% this week and continue down in the pre-market Wednesday. U.K. Prime Minister Theresa May’s latest Brexit deal was again rejected in a vote Tuesday. The defeat will lead to additional Brexit voting in Parliament, with the possibility that the country’s divorce from the European Union could be delayed or reversed. The Nasdaq is up 0.42%, the S&P 500 is up 0.28%, the Dow Jones is up 0.18%.

Today's market outlook is Neutral

The buck stops with the guy who signs the checks.
Rupert Murdoch

Stocks on the Move

Carnival Corp (CCL), Arista Networks Inc (ANET) and CVS Health Corp (CVS) are moving higher this morning, while CarMax, Inc (KMX), Centurylink Inc (CTL) and Boeing Co (BA) are headed lower. Carnival Corp (CCL), Barrick Gold Corp (GOLD) and Banco Santander SA (SAN) were upgraded by analysts this morning, while Roku Inc (ROKU), Shell Midstream Partners LP (SHLX) and Credit Suisse Group AG (CS) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 1.3%, the Australia ASX All Ordinaries is down -0.23%, the Hang Seng is down -0.39% the Nikkei 225 is down -0.99% and the Shanghai SE Composite Index is down -1.09%. In Europe stocks are up. The CAC 40 is up 0.43%, the Euro Stoxx 50 is up 0.35%, the FTSE 100 is up 0.31% and the DAX is up 0.05%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.6 at 57.47 per barrel. Brent crude is up 0.35 at 67.02 per barrel. Natural Gas is flat 0 at 2.79. Precious metals are up this morning. Gold is up 5.57 at 1307.15 per ounce. Platinum is up 9.04 at 844.39 while silver is up 0.12 at 15.53. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 964,175 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 638,469 put contracts. The single-session put/call was 0.66 while the 20-day moving average is now at 0.62.

Earnings Expected Today

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  • Last Price:
    $279.34
  • Previous Close:
    $284.73
  • Day's Range:
    $279.18 - $283.80
  • 52-week Range:
    $293.94 - $233.76
  • Last Price:
    $255.02
  • Previous Close:
    $259.58
  • Day's Range:
    $254.87 - $258.64
  • 52-week Range:
    $269.28 - $216.97
  • Last Price:
    $178.56
  • Previous Close:
    $182.57
  • Day's Range:
    $178.37 - $182.27
  • 52-week Range:
    $187.53 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 03/09 07:00
PPI Feb 08:30
Core PPI Feb 08:30
Durable Orders Jan 08:30
Construction Spending Jan 10:00
EIA Crude Oil Inventories 03/09 10:30

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