Morning Update: Stocks Slide as Trading Resumes

First Look

U.S. stocks are pointed toward a lower open after a long weekend. In addition to ongoing trade talks with China, investors will now be paying attention to trade with Europe. President Trump has 90 days to make a decision about whether or not to impose tariffs on automobile imports after receiving a report from the Commerce Department over the weekend. Import duties on cars would almost certainly lead to retaliation from Europe and potentially Japan. Share of Walmart (WMT) are higher this morning after the company reported better-than-expected earnings for the most-recent quarter and raised its dividend. The Dow Jones is down -0.22%, the Nasdaq is down -0.24%, the S&P 500 is down -0.28%.

Today's market outlook is Neutral

I don't see the world completely in black and white. Sometimes I do.
Benicio Del Toro

Stocks on the Move

Walmart Inc (WMT), Freeport-McMoRan Inc (FCX) and Norwegian Cruise Line Holdings Ltd (NCLH) are moving higher this morning, while Advance Auto Parts, Inc. (AAP), Allegion PLC (ALLE) and Genuine Parts Company (GPC) are headed lower. PepsiCo, Inc. (PEP), Freeport-McMoRan Inc (FCX) and Mcdonald’s Corp (MCD) were upgraded by analysts this morning, while Hilton Hotels Corporation Common Stock (HLT), Ulta Beauty Inc (ULTA) and Fiat Chrysler Automobiles NV (FCAU) were downgraded.

International Markets

Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.22%, the Nikkei 225 is up 0.1%, the Shanghai SE Composite Index is up 0.05% the Hang Seng is down -0.42% and the Mumbai Sensex is down -0.87%. Stocks in Europe are down. The FTSE 100 is down -0.72%, the Euro Stoxx 50 is down -0.45%, the CAC 40 is down -0.42% and the DAX is down -0.21%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.57 at 56.16 per barrel. Brent crude is down -0.08 at 66.42 per barrel. Natural Gas is down -0.01 at 2.62. Precious metals are up this morning. Gold is up 4.85 at 1331.74 per ounce. Platinum is up 7.86 at 814.33 while silver is up 0.09 at 15.83. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, up against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,310,202 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 676,710 put contracts. The single-session put/call was 0.52 while the 20-day moving average is now at 0.61.

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Today's Economic Calendar

What's Happening Period Release Time
NAHB Housing Market Index Feb 10:00

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