Morning Update: Stocks rebound; Banks report

First Look

Stocks are pointed higher Friday ahead of the start of trading in the U.S. Equity markets around the world are generally higher after several days of heavy selling. Earnings from a number of big banks are out this morning. Citigroup (C), JP Morgan (JPM) and PNC (PNC) all exceeded expectations, while Wells Fargo (WFC) fell short. There will probably be plenty of commentary about the third quarter and the outlook for the current quarter in the conference calls which could reinforce or reverse the early moves in the these names. The Nasdaq is up 1.5%, the S&P 500 is up 1.02%, the Dow Jones is up 0.96%.

Today's market outlook is Neutral

The risk of a wrong decision is preferable to the terror of indecision.
Maimonides

Stocks on the Move

CSX Corporation (CSX), Intuit Inc. (INTU) and Cognizant Technology Solutions Corp (CTSH) are moving higher this morning, while Bristol-Myers Squibb Co (BMY), AFLAC Incorporated (AFL) and Altria Group Inc (MO) are headed lower. Restoration Hardware Holdings, Inc common stock (RH), Marvell Technology Group Ltd. (MRVL) and Netflix, Inc. (NFLX) were upgraded by analysts this morning, while ONEOK, Inc. (OKE), Estee Lauder Companies Inc (EL) and Diamond Offshore Drilling Inc (DO) were downgraded.

International Markets

Stocks in Asia are up. The Hang Seng is up 2.18%, the Mumbai Sensex is up 2.15%, the Shanghai SE Composite Index is up 0.91% the Nikkei 225 is up 0.46% and the Australia ASX All Ordinaries is up 0.22%. In Europe stocks are up. The CAC 40 is up 0.8%, the DAX is up 0.69%, the FTSE 100 is up 0.67% and the Euro Stoxx 50 is up 0.56%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.64 at 71.61 per barrel. Brent crude is up 0.49 at 80.75 per barrel. Natural Gas is down -0.01 at 3.21. Precious metals are mixed this morning. Gold is down -1.68 at 1222.41 per ounce. Platinum is up 0.55 at 841.49 while silver is up 0.06 at 14.67. 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, 1,153,572 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 788,231 put contracts. The single-session put/call was 0.68 while the 20-day moving average is now at 0.62.

Earnings Expected Today

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  • Last Price:
    $276.01
  • Previous Close:
    $272.17
  • Day's Range:
    $272.37 - $277.09
  • 52-week Range:
    $293.94 - $252.92
  • Last Price:
    $253.30
  • Previous Close:
    $250.27
  • Day's Range:
    $249.93 - $254.61
  • 52-week Range:
    $269.28 - $228.15
  • Last Price:
    $174.32
  • Previous Close:
    $169.60
  • Day's Range:
    $170.93 - $174.86
  • 52-week Range:
    $187.53 - $146.33

Today's Economic Calendar

What's Happening Period Release Time
Export Prices Sep 08:30
Import Prices Sep 08:30
Univ. of Michigan Consumer Sentiment Oct 10:00

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