Morning Update: World stocks drop, U.S. markets closed

First Look

World stocks are lower Wednesday morning after a dramatic selloff in U.S. markets Tuesday. President Trump’s string of Tariff Man tweets contributed to the selling, as did some new Brexit drama, but there was real consensus among market participants or pundits about what caused such a dramatic drop. China released a statement late yesterday saying it would quickly implement those items where a specific consensus has been reached with the U.S. Those appear to be reopening for imports of soybeans and liquefied natural gas, although the quantities remain unknown. U.S. markets are closed today as funeral services for George H.W. Bush will be held in D.C. this morning.

Today's market outlook is Neutral

The way to get started is to quit talking and begin doing.
Walt Disney

Stocks on the Move

Sherwin-Williams Co (SHW), Clovis Oncology Inc (CLVS) and Waste Management, Inc. (WM) were upgraded by analysts this morning, while Intel Corporation (INTC), Fastenal Company (FAST) and Apple Inc. (AAPL) were downgraded.

International Markets

Stocks in Asia are down. The Hang Seng is down -1.62%, the Australia ASX All Ordinaries is down -0.83%, the Mumbai Sensex is down -0.69% the Shanghai SE Composite Index is down -0.61% and the Nikkei 225 is down -0.53%.Stocks in Europe are down. The FTSE 100 is down -1.06%, the CAC 40 is down -0.87%, the DAX is down -0.79% and the Euro Stoxx 50 is down -0.77%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.06 at 53.19 per barrel. Brent crude is down -0.23 at 61.85 per barrel. Natural Gas is up 0.11 at 4.56. Precious metals are up this morning. Gold is up 9.46 at 1237.58 per ounce. Platinum is up 0.48 at 808.12 while silver is up 0.14 at 14.64. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 910,062 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 632,459 put contracts. The single-session put/call was 0.69 while the 20-day moving average is now at 0.69.

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  • Day's Range:
    $285.30 - $286.69
  • 52-week Range:
    $294.95 - $233.76
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  • Day's Range:
    $257.61 - $258.86
  • 52-week Range:
    $269.28 - $216.97
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  • Day's Range:
    $180.79 - $182.07
  • 52-week Range:
    $191.32 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 12/01 07:00
Beige Book Nov 14:00

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