Morning Update: Stocks Rise as Trade Tension Shifts Back to China

First Look

Stocks are up in the pre-market Tuesday. Trade tensions with China continue to escalate. In a CNBC interview Monday, President Trump announced that he would impose additional tariffs against China if Chinese President Xi Jinping fails to meet with him at the upcoming G-20 summit. Trump has threatened to raise tariffs to 25% on an additional $300 million in Chinese goods in the past. Trump said that China is “going to have to make a deal”. It’s been rumored that the two leaders would meet at the G-20 summit after previous trade negotiations failed. President Xi has yet to confirm his attendance to the summit, which is scheduled for June 28-29 in Osaka, Japan. The Nasdaq is up 0.65%, the S&P 500 is up 0.44%, the S&P 500 is up 0.44%.

Today's market outlook is Neutral

People protect what they love.
Jacques Yves Cousteau

Stocks on the Move

Freeport-McMoRan Inc (FCX), Broadcom Inc (AVGO) and Dollar Tree, Inc. (DLTR) are moving higher this morning, while Symantec Corporation (SYMC), CVS Health Corp (CVS) and General Mills, Inc. (GIS) are headed lower. Facebook, Inc. Common Stock (FB), Toronto-Dominion Bank (TD) and LYFT Inc (LYFT) were upgraded by analysts this morning, while Symantec Corporation (SYMC), Wells Fargo & Co (WFC) and Beyond Meat Inc (BYND) were downgraded.

International Markets

Stocks in Asia are up. The Shanghai SE Composite Index is up 2.58%, the Australia ASX All Ordinaries is up 1.52%, the Hang Seng is up 0.76% the Mumbai Sensex is up 0.42% and the Nikkei 225 is up 0.33%. In Europe stocks are up. The DAX is up 1.31%, the Euro Stoxx 50 is up 0.79%, the Euro Stoxx 50 is up 0.79% and the FTSE 100 is up 0.44%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.47 at 53.73 per barrel. Brent crude is up 0.17 at 62.46 per barrel. Natural Gas is up 0.02 at 2.36. Precious metals are down this morning. Gold is down -6.84 at 1321.14 per ounce. Platinum is down -3.35 at 803.37 while silver is down -0.04 at 14.64. 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, 1,148,733 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 659,584 put contracts. The single-session put/call was 0.57 while the 20-day moving average is now at 0.69.

Earnings Expected Today

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  • Last Price:
    $292.18
  • Previous Close:
    $292.40
  • Day's Range:
    $292.04 - $292.70
  • 52-week Range:
    $294.95 - $233.76
  • Last Price:
    $265.35
  • Previous Close:
    $265.33
  • Day's Range:
    $265.31 - $265.94
  • 52-week Range:
    $269.28 - $216.97
  • Last Price:
    $186.18
  • Previous Close:
    $186.41
  • Day's Range:
    $185.75 - $186.85
  • 52-week Range:
    $191.32 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
PPI May 08:30

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