Stocks are pointing lower before the open. Investors seem spooked as yet another round of trade negotiations is scheduled to begin today in Washington. President Trump suggested that “it will all work out” after saying China is not honoring its word on a deal the countries have been negotiating. China’s top trade negotiator, Vice Premier Liu He, will be meeting with U.S. officials today and tomorrow, with China threatening to impose retaliatory tariffs if the U.S. increases duties on Chinese imports Friday. President Trump added sanctions on Iranian aluminum, copper, iron, and steel to the existing sanctions against the country’s oil industry. Meanwhile, European leaders rejected ultimatums from Iran as it threatens to resume uranium enrichment, which would break the terms of the 2015 nuclear accord. The Dow Jones is down -0.73%, the S&P 500 is down -0.74%, the Nasdaq is down -0.94%.
Today's market outlook is Bearish
Sometimes you gotta just chill. You gotta chill your thinking process.
Stocks on the Move
Tapestry Inc (TPR), Fox Corp Class A (FOXA) and Norwegian Cruise Line Holdings Ltd (NCLH) are moving higher this morning, while NetApp Inc. (NTAP), Intel Corporation (INTC) and Micron Technology, Inc. (MU) are headed lower. Ralph Lauren Corp (RL), Match Group Inc (MTCH) and Penn National Gaming, Inc (PENN) were upgraded by analysts this morning, while Stamps.com Inc. (STMP), Office Depot Inc (ODP) and American Eagle Outfitters (AEO) were downgraded.
Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.4%, the Mumbai Sensex is down -0.61%, the Nikkei 225 is down -0.93% the Shanghai SE Composite Index is down -1.48% and the Hang Seng is down -2.39%. Stocks in Europe are down. The CAC 40 is down -1.25%, the Euro Stoxx 50 is down -1.17%, the DAX is down -0.89% and the FTSE 100 is down -0.3%.
Futures and Currencies
Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.19 at 61.93 per barrel. Brent crude is up 0.07 at 70.44 per barrel. Natural Gas is up 0.02 at 2.59. Precious metals are mixed this morning. Gold is up 0.37 at 1281.25 per ounce. Platinum is down -9.41 at 852.17 while silver is down -0.1 at 14.77. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, down against the Yen and up against the Pound.
Yesterday, 850,759 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 558,340 put contracts. The single-session put/call was 0.66 while the 20-day moving average is now at 0.61.
Day's Range:$282.09 - $284.20
52-week Range:$294.95 - $233.76
Day's Range:$255.02 - $256.68
52-week Range:$269.28 - $216.97
Day's Range:$177.94 - $179.85
52-week Range:$191.32 - $143.46
Today's Economic Calendar
|What's Happening||Period||Release Time|
|EIA Natural Gas Inventories||05/04||10:30|