Morning Update: Stocks slip on weak data from China

First Look

Stocks in the U.S. are pointed lower to start the week. Major equity indices around the world largely opened lower after the weekend. Another weak economic reading from China seems to have contributed to the decline. The world’s second-largest economy both imported less and exported less in December, potentially pointing to a slowdown in China that could spread to other economies. Citigroup (C) kicked off earnings season this morning, topping estimates for earnings per share, but falling short on revenues. The S&P 500 is down -0.75%, the Dow Jones is down -0.76%, the Nasdaq is down -0.99%.

Today's market outlook is Neutral

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Stocks on the Move

Flowserve Corp (FLS), Huntington Bancshares Incorporated (HBAN) and Kinder Morgan Inc (KMI) are moving higher this morning, while PG&E Corporation (PCG), Newmont Mining Corp (NEM) and Abbott Laboratories (ABT) are headed lower. Teladoc Health Inc (TDOC), State Street Corp (STT) and AGNC Investment Corp (AGNC) were upgraded by analysts this morning, while XPO Logistics Inc (XPO), Delta Air Lines, Inc. (DAL) and CF Industries Holdings, Inc. (CF) were downgraded.

International Markets

Stocks in Asia are down. The Hang Seng is down -1.38%, the Shanghai SE Composite Index is down -0.71%, the Mumbai Sensex is down -0.27% the Australia ASX All Ordinaries is down -0.03% and the Nikkei 225 is up 0.97%.Stocks in Europe are down. The FTSE 100 is down -0.86%, the Euro Stoxx 50 is down -0.74%, the CAC 40 is down -0.71% and the DAX is down -0.59%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.66 at 50.93 per barrel. Brent crude is down -0.74 at 59.78 per barrel. Natural Gas is up 8.81 at 3.37. Precious metals are mixed this morning. Gold is up 3.95 at 1294.2 per ounce. Platinum is down -4.64 at 805.52 while silver is down -0.01 at 15.66. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,108,280 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 849,105 put contracts. The single-session put/call was 0.77 while the 20-day moving average is now at 0.73.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
PPI Dec 08:30
Core PPI Dec 08:30
Empire State Manufacturing Survey Jan 08:30

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