Morning Update: Stocks Sink in the Pre-Market

First Look

Major indices are headed lower before the open Wednesday. President Trump is again calling for the Federal Reserve to lower interest rates to stimulate the U.S. economy as the trade war continues. Trump said he would like to see the central bank mirror China’s economic strategy to offset additional tariffs by pumping money into the economy and lowering interest rates. The president also said the U.S. has a “dialogue ongoing” with China and that he expects things to “turn out extremely well”, suggesting that it would be “game over” if the Fed mirrors China’s possible stimulus plans. Trumps also denied that he is planning a war with Iran and that he is planning to send 120,000 troops to the Middle East, adding that he would send “a hell of a lot more” if the country provoked hostility against U.S interests. Iran has denied any responsibility in the weekend attack on oil tankers in the Persian Gulf as tension in the region continues to rise. The S&P 500 is down -0.37%, the Nasdaq is down -0.38%, the Nasdaq is down -0.38%.

Today's market outlook is Neutral

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Move fast and break things.
Mark Zuckerberg

Stocks on the Move

Applied Materials, Inc. (AMAT), Macy’s Inc (M) and Mattel Inc (MAT) are moving higher this morning, while Agilent Technologies Inc (A), Ralph Lauren Corp (RL) and Devon Energy Corp (DVN) are headed lower. Tilray Inc (TLRY), Zillow Group Inc Class A (ZG) and JD.Com Inc (JD) were upgraded by analysts this morning, while Kirkland’s, Inc. (KIRK), OneMain Holdings Inc (OMF) and bluebird bio Inc (BLUE) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 1.91%, the Australia ASX All Ordinaries is up 0.69%, the Nikkei 225 is up 0.58% the Hang Seng is up 0.52% and the Mumbai Sensex is down -0.55%. Stocks in Europe are down. The DAX is down -0.66%, the Euro Stoxx 50 is down -0.61%, the CAC 40 is down -0.53% and the FTSE 100 is down -0.06%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.53 at 61.25 per barrel. Brent crude is down -0.38 at 70.86 per barrel. Natural Gas is flat at 2.66. Precious metals are mixed this morning. Gold is up 2.75 at 1299.67 per ounce. Platinum is down -4.94 at 851.45 while silver is up 0.02 at 14.83. 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, 1,329,251 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 1,096,664 put contracts. The single-session put/call was 0.83 while the 20-day moving average is now at 0.64.

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  • Last Price:
    $282.95
  • Previous Close:
    $282.14
  • Day's Range:
    $282.09 - $284.20
  • 52-week Range:
    $294.95 - $233.76
  • Last Price:
    $256.07
  • Previous Close:
    $254.76
  • Day's Range:
    $255.02 - $256.68
  • 52-week Range:
    $269.28 - $216.97
  • Last Price:
    $178.16
  • Previous Close:
    $178.25
  • Day's Range:
    $177.94 - $179.85
  • 52-week Range:
    $191.32 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 05/11 07:00
Retail Sales Apr 08:30
Empire State Manufacturing May 08:30
Industrial Production Apr 09:15
Capacity Utilization Apr 09:15
Business Inventories Mar 10:00
EIA Crude Oil Inventories 05/11 10:30
Net Long-Term TIC Flows Mar 16:00

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