Morning Update: Stocks Slip as Nuclear Pressure Rises

First Look

Stocks are lower in the pre-market Monday. As Iran continues to increase stockpiles of low-level uranium past limits set in the 2015 nuclear deal, the country is also threatening to begin enriching uranium at higher purity levels. Iran is seeking to undo restrictions set by the nuclear deal as the country’s economy continues to decline following the heavy sanctions put in place after the U.S. left the nuclear accord last year. Iran said it is willing to pursue nuclear talks with European nations, and that it is willing to negotiate with the U.S. if Washington removes sanctions against the country. U.S. officials will also be meeting in Europe this week to discuss removing nuclear weapons from North Korea. At the G-20 summit on June 30, South Korean President Moon spoke with President Trump regarding economic cooperation with North Korea, with Trump saying more needs to be done to ensure denuclearization in North Korea before that can happen. The S&P 500 is down -0.21%, the Dow Jones is down -0.25%, the Nasdaq is down -0.38%.

Today's market outlook is Neutral

It's not denial. I'm just selective about the reality I accept.
Bill Watterson

Stocks on the Move

Symantec Corporation (SYMC), Advanced Micro Devices, Inc. (AMD) and Viacom, Inc. Class B (VIAB) are moving higher this morning, while NetApp Inc. (NTAP), Juniper Networks, Inc. (JNPR) and Bank of New York Mellon Corp (BK) are headed lower. Signature Bank (SBNY), Life Storage Inc (LSI) and Orion Group Holdings Inc (ORN) were upgraded by analysts this morning, while Verizon Communications Inc. (VZ), Apple Inc. (AAPL) and BLACKSTONE GRP/UT LTD PARTN INT (BX) were downgraded.

International Markets

Stocks in Asia are down. The Shanghai SE Composite Index is down -2.58%, the Mumbai Sensex is down -2.01%, the Hang Seng is down -1.54% the Australia ASX All Ordinaries is down -1.09% and the Nikkei 225 is down -0.98%.Stocks in Europe are down. The DAX is down -0.22%, the Euro Stoxx 50 is down -0.14%, the Euro Stoxx 50 is down -0.14% and the FTSE 100 is down -0.03%.

Futures and Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.12 at 57.39 per barrel. Brent crude is down -0.11 at 64.12 per barrel. Natural Gas is down -0.01 at 2.41. Precious metals are up this morning. Gold is up 4.85 at 1404.3 per ounce. Platinum is up 2.7 at 813.02 while silver is up 0.1 at 15.11. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 836,671 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 508,795 put contracts. The single-session put/call was 0.61 while the 20-day moving average is now at 0.61.

Earnings Expected Today

Already a member?

Login to see your daily Morning Action trade idea.

Morning Action Trades

Receive a Morning Action trade idea every market day right here in the Morning Update. Also get our Stocks to Watch newsletter every Saturday with trade ideas.

Become A Member

  • Last Price:
    $297.78
  • Previous Close:
    $299.71
  • Day's Range:
    $297.74 - $299.93
  • 52-week Range:
    $301.13 - $233.76
  • Last Price:
    $272.25
  • Previous Close:
    $273.42
  • Day's Range:
    $272.18 - $273.45
  • 52-week Range:
    $273.99 - $216.97
  • Last Price:
    $192.20
  • Previous Close:
    $193.15
  • Day's Range:
    $192.18 - $193.49
  • 52-week Range:
    $194.19 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
Consumer Credit May 15:00

All stocks and options shown are examples only. These are not recommendations to buy or sell any security and they do not represent in any way a positive or negative outlook for any security. Potential returns do not take into account your trade size, brokerage commissions, taxes or our subscription fees which will affect actual investment returns. Stocks and options involve risk and are not suitable for all investors and investing in options carries substantial risk. Prior to buying or selling options, a person must receive a copy of Characteristics and Risks of Standardized Options available at http://www.cboe.com/Resources/Intro.aspx. Privacy policy available upon request.