Morning Update: Stocks Rise Ahead of the Bell

First Look

Major indices are up before the bell Tuesday. The Trump Administration released new evidence that suggests Iran is behind the bombings on oil tankers in the Gulf of Oman. The U.S. is planning to send more than 1,000 troops to the region, with Iran continuing to deny involvement in the attacks. U.S. Trade Representative Robert Lighthizer is scheduled to testify before the Senate Finance Committee today. Lawmakers plan to question Lighthizer on the possibility of reaching a trade deal with China. Lighthizer will remain in the hot seat Wednesday, where he will testify before the House Ways and Means Committee. Facebook Inc. (FB) is planning to release its own cryptocurrency called Libra. The new currency could be released as early as next year. Libra will be a stablecoin cryptocurrency, which is backed by government currencies and securities in order to avoid extreme fluctuations in price. The Nasdaq is up 1.08%, the S&P 500 is up 0.63%, the Dow Jones is up 0.58%.

Today's market outlook is Neutral

We adore chaos because we love to produce order.
M.C. Escher

Stocks on the Move

Mylan NV (MYL), QUALCOMM, Inc. (QCOM) and Adobe Inc (ADBE) are moving higher this morning, while J B Hunt Transport Services Inc (JBHT), Iron Mountain Inc (IRM) and Oracle Corporation (ORCl) are headed lower. Solaredge Technologies Inc (SEDG), United States Cellular Corp (USM) and Southwest Gas Holdings Inc (SWX) were upgraded by analysts this morning, while Charles Schwab Corporation Common Stock (SCHW), Oracle Corporation (ORCL) and LegacyTexas Financial Group Inc (LTXB) were downgraded.

International Markets

Stocks in Asia are mixed. The Hang Seng is up 0.93%, the Australia ASX All Ordinaries is up 0.58%, the Mumbai Sensex is up 0.22% the Shanghai SE Composite Index is up 0.09% and the Nikkei 225 is down -0.72%. In Europe stocks are up. The CAC 40 is up 1.58%, the Euro Stoxx 50 is up 1.47%, the DAX is up 1.44% and the FTSE 100 is up 1%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.02 at 51.91 per barrel. Brent crude is down -0.17 at 60.77 per barrel. Natural Gas is up 0.01 at 2.4. Precious metals are up this morning. Gold is up 10.46 at 1350.12 per ounce. Platinum is up 7.55 at 802.75 while silver is up 0.12 at 14.95. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 870,584 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 626,162 put contracts. The single-session put/call was 0.72 while the 20-day moving average is now at 0.67.

Earnings Expected Today

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  • Day's Range:
    $297.92 - $299.16
  • 52-week Range:
    $302.63 - $233.76
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  • Day's Range:
    $269.40 - $270.56
  • 52-week Range:
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  • Day's Range:
    $192.43 - $193.53
  • 52-week Range:
    $195.55 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
Housing Starts May 08:30
Building Permits May 08:30

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