Morning Update: Stocks point to higher open to start week

First Look

Stock futures are a few ticks above breakeven Monday morning after being down considerably overnight. There’s no obvious catalyst for the rally, as the nominal causes of last week’s selling: trade worries and a flat yield curve remain. China summoned the U.S. ambassador to a meeting over the weekend to express concern about the arrest of Huawei’s CFO. China also accused Canada, where the tech executive was arrested of violating a treaty. Brexit is also in the news this morning after Prime Minister Theresa May canceled a vote on her plan after it seemed like she would be handed a loss. The Nasdaq is up 0.26%, the S&P is up 0.08%, the Dow Jones is up 0.03%.

Today's market outlook is Neutral

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He who reigns within himself and rules passions, desires, and fears is more than a king.
John Milton

Stocks on the Move

Raytheon Company (RTN), Linde PLC (LIN) and Lockheed Martin Corporation (LMT) are moving higher this morning, while National-Oilwell Varco, Inc. (NOV), KeyCorp (KEY) and Express Scripts Holding Co (ESRX) are headed lower. Smith & Nephew plc (SNN), TechnipFMC PLC (FTI) and United States Steel Corporation (X) were upgraded by analysts this morning, while FedEx Corporation (FDX), Marathon Oil Corporation (MRO) and Qorvo Inc (QRVO) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 1.02%, the Shanghai SE Composite Index is down -0.82%, the Hang Seng is down -1.21% the Nikkei 225 is down -2.12% and the Australia ASX All Ordinaries is down -2.26%. In Europe stocks are mixed. The FTSE 100 is up 0.3%, the Euro Stoxx 50 is down -0.36%, the DAX is down -0.48% and the CAC 40 is down -0.52%.

Futures and Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.84 at 51.77 per barrel. Brent crude is down -0.68 at 60.99 per barrel. Natural Gas is down -0.04 at 4.45. Precious metals are down this morning. Gold is down -5.79 at 1243.52 per ounce. Platinum is down -4.83 at 788.47 while silver is down -0.09 at 14.61. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 952,729 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 731,755 put contracts. The single-session put/call was 0.77 while the 20-day moving average is now at 0.71.

Earnings Expected Today

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  • Last Price:
    $293.01
  • Previous Close:
    $292.40
  • Day's Range:
    $291.47 - $293.65
  • 52-week Range:
    $294.95 - $233.76
  • Last Price:
    $265.56
  • Previous Close:
    $265.33
  • Day's Range:
    $264.63 - $266.21
  • 52-week Range:
    $269.28 - $216.97
  • Last Price:
    $187.11
  • Previous Close:
    $186.41
  • Day's Range:
    $185.57 - $187.53
  • 52-week Range:
    $191.32 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
JOLTS - Job Openings Oct 10:00

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