Morning Update: Stocks tick lower Monday morning

First Look

Stocks are a few ticks below the break-even mark ahead of the open Monday. Chinese President Xi gave a speech over the weekend criticizing President Trump’s trade policies, casting further doubt on Trump’s assertions from Friday that a deal with China was close. The midterm election in the U.S. could spark some volatility mid-week, although the general consensus that Democrats will re-take the House while the GOP will maintain control of the Senate is likely the priced-in scenario at this point. The Dow Jones is down -0.02%, the S&P 500 is down -0.03%, the Nasdaq is down -0.21%.

Today's market outlook is Neutral

A great artist is always before his time or behind it.
George Edward Moore

Stocks on the Move

Cabot Oil & Gas Corporation (COG), EQT Corporation (EQT) and Eli Lilly And Co (LLY) are moving higher this morning, while SYSCO Corporation (SYY), Viacom, Inc. Class B (VIAB) and Linde PLC (LIN) are headed lower. Under Armour Inc Class A (UAA), Teva Pharmaceutical Industries Ltd ADR (TEVA) and Starbucks Corporation (SBUX) were upgraded by analysts this morning, while Trevena Inc (TRVN), Realogy Holdings Corp (RLGY) and Ollie’s Bargain Outlet Holdings Inc (OLLI) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 1.68%, the Shanghai SE Composite Index is down -0.41%, the Australia ASX All Ordinaries is down -0.52% the Nikkei 225 is down -1.55% and the Hang Seng is down -2.33%. In Europe stocks are up. The FTSE 100 is up 0.36%, the Euro Stoxx 50 is up 0.29%, the CAC 40 is up 0.19% and the DAX is up 0.14%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.22 at 63.36 per barrel. Brent crude is up 0.45 at 73.28 per barrel. Natural Gas is up 0.27 at 3.56. Precious metals are down this morning. Gold is down -4.4 at 1228.9 per ounce. Platinum is down -1 at 867.21 while silver is down -0.13 at 14.63. 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, 1,218,285 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 833,458 put contracts. The single-session put/call was 0.68 while the 20-day moving average is now at 0.67.

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Today's Economic Calendar

What's Happening Period Release Time
ISM Services Oct 10:00

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