Morning Update: Stocks Rise Ahead of the Open

First Look

Major indices are higher in pre-market trading Wednesday as economic growth data from China raises optimism about the global economy. China’s gross domestic product rose 6.4% in the first quarter from the previous year. Retail sales spiked 8.7% and factory output rose 8.5% in March. All those figures were better-than-expected. The positive results come after a string of economic measures to counter tariffs imposed by the U.S. Bloomberg is reporting that China is considering additional stimulus plans. As trade talks continue with China, White House economic adviser Larry Kudlow said that they are making “very good progress”, with enforcement of any trade deal being the major sticking point. Apple (AAPL) and Qualcomm (QCOM) ended a two-year dispute over patent infringement. Apple will pay an undisclosed amount under the terms of the settlement, which also includes a six-year licensing and multiyear chipset supply agreement with Qualcomm. The Nasdaq is up 0.35%, the S&P 500 is up 0.22%, the Dow Jones is up 0.16%.

Today's market outlook is Neutral

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Stocks on the Move

QUALCOMM, Inc. (QCOM), Intel Corporation (INTC) and Morgan Stanley (MS) are moving higher this morning, while Bank of New York Mellon Corp (BK), IBM Common Stock (IBM) and Skyworks Solutions Inc (SWKS) are headed lower. QUALCOMM, Inc. (QCOM), Domino’s Pizza, Inc. (DPZ) and Limbach Holdings Inc (LMB) were upgraded by analysts this morning, while Comerica Incorporated (CMA), Paypal Holdings Inc (PYPL) and Skyworks Solutions Inc (SWKS) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.95%, the Shanghai SE Composite Index is up 0.29%, the Nikkei 225 is up 0.25% the Hang Seng is down -0.02% and the Australia ASX All Ordinaries is down -0.35%. In Europe stocks are mixed. The DAX is up 0.31%, the CAC 40 is up 0.29%, the Euro Stoxx 50 is up 0.21% and the FTSE 100 is down -0.13%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.36 at 64.41 per barrel. Brent crude is up 0.36 at 72.08 per barrel. Natural Gas is flat at 2.58. Precious metals are up this morning. Gold is up 0.8 at 1278 per ounce. Platinum is up 6.22 at 887.67 while silver is up 0.02 at 14.94. 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, 1,095,380 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 638,821 put contracts. The single-session put/call was 0.58 while the 20-day moving average is now at 0.61.

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  • Last Price:
    $286.42
  • Previous Close:
    $283.95
  • Day's Range:
    $285.55 - $286.93
  • 52-week Range:
    $294.95 - $233.76
  • Last Price:
    $258.18
  • Previous Close:
    $256.67
  • Day's Range:
    $257.68 - $258.65
  • 52-week Range:
    $269.28 - $216.97
  • Last Price:
    $181.93
  • Previous Close:
    $179.95
  • Day's Range:
    $180.92 - $182.21
  • 52-week Range:
    $191.32 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 04/13 07:00
Trade Balance Feb 08:30
Wholesale Inventories Feb 10:00
EIA Crude Oil Inventories 04/13 10:30
Fed Beige Book Apr 14:00

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