Morning Update: Stocks slide Friday morning

First Look

Stocks are pointed lower ahead of Friday’s open. August’s typical low volumes and what appears to be a looming financial crisis in Turkey have investors around the world in a risk-off mood. Turkey’s entire stock market has roughly the same market capitalization as Netflix (NFLX), so the markets reaction may be overblown. The Euro is lower on concerns that the continent’s banking system may have some exposure to the Lira, which is tanking today, as well as Turkish debt. The Dow Jones is down -0.4%, the -0.56 is down -0.45%, the Nasdaq is down -0.54%.

Today's market outlook is Neutral

For every minute you remain angry, you give up sixty seconds of peace of mind.
Ralph Waldo Emerson

Stocks on the Move

Kimco Realty Corp (KIM), Coty Inc (COTY) and Viacom, Inc. Class B (VIAB) are moving higher this morning, while Nielsen Holdings PLC (NLSN), Microchip Technology Inc. (MCHP) and Intel Corporation (INTC) are headed lower. Dropbox Inc (DBX), Floor & Decor Holdings Inc (FND) and Advanced Micro Devices, Inc. (AMD) were upgraded by analysts this morning, while Owens Corning (OC), Campbell Soup Company (CPB) and SYSCO Corporation (SYY) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 0.03%, the Australia ASX All Ordinaries is down -0.26%, the Mumbai Sensex is down -0.41% the Hang Seng is down -0.88% and the Nikkei 225 is down -1.33%. Stocks in Europe are down. The DAX is down -1.84%, the Euro Stoxx 50 is down -1.67%, the CAC 40 is down -1.35% and the FTSE 100 is down -0.71%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.46 at 67.27 per barrel. Brent crude is up 0.55 at 72.62 per barrel. Natural Gas is down -0.03 at 2.92. Precious metals are down this morning. Gold is down -0.48 at 1211.99 per ounce. Platinum is down -3.87 at 829.04 while silver is down -0.05 at 15.41. 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, 987,010 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 611,652 put contracts. The single-session put/call was 0.62 while the 20-day moving average is now at 0.63.

Earnings Expected Today

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  • Last Price:
    $260.57
  • Previous Close:
    $265.37
  • Day's Range:
    $259.85 - $264.03
  • 52-week Range:
    $293.94 - $252.92
  • Last Price:
    $241.42
  • Previous Close:
    $246.27
  • Day's Range:
    $240.82 - $244.83
  • 52-week Range:
    $269.28 - $233.20
  • Last Price:
    $160.93
  • Previous Close:
    $165.10
  • Day's Range:
    $160.70 - $163.81
  • 52-week Range:
    $187.53 - $150.13

Today's Economic Calendar

What's Happening Period Release Time
CPI Jul 08:30
Treasury Budget Jul 14:00

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