Morning Update: trade, Turkey, earnings pull markets lower

First Look

U.S. stocks are trading in red numbers ahead of the open Friday after a rally on Thursday. Yesterday’s optimism around trade has faded on reports that President Trump is pushing for more concessions from China. Meanwhile Turkey is again in focus with S&P Global set to announce a decision on the country’s credit rating later today. Earnings overnight were also not great, with Nvidia (NVDA) and Applied Materials (AMAT) both missing expectations. The S&P 500 is down -0.14%, the Dow Jones is down -0.15%, the Nasdaq is down -0.16%.

Today's market outlook is Neutral

The harder I work, the luckier I get.
Samuel Goldwyn

Stocks on the Move

Nordstrom, Inc. (JWN), Kohl’s Corporation (KSS) and Schlumberger Limited. (SLB) are moving higher this morning, while Arconic Inc (ARNC), Deere & Company (DE) and Applied Materials, Inc. (AMAT) are headed lower. NVIDIA Corporation (NVDA), First Data Corp (FDC) and Enbridge Inc (USA) (ENB) were upgraded by analysts this morning, while Walmart Inc (WMT), Dean Foods Co (DF) and Yum China Holdings Inc (YUMC) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.75%, the Hang Seng is up 0.4%, the Nikkei 225 is up 0.35% the Australia ASX All Ordinaries is up 0.21% and the Shanghai SE Composite Index is down -1.34%. Stocks in Europe are down. The DAX is down -0.74%, the Euro Stoxx 50 is down -0.54%, the CAC 40 is down -0.48% and the FTSE 100 is down -0.45%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.52 at 65.98 per barrel. Brent crude is up 0.97 at 72.4 per barrel. Natural Gas is up 0.03 at 2.94. Precious metals are mixed this morning. Gold is up 3.73 at 1177.89 per ounce. Platinum is down -2.58 at 777.18 while silver is down -0.06 at 14.65. The dollar is down compared to the major currencies today. The greenback is down against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,145,049 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 687,191 put contracts. The single-session put/call was 0.60 while the 20-day moving average is now at 0.64.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
Leading Indicators Jul 10:00
Univ. of Michigan Consumer Sentiment - Prelim Aug 10:00

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