Stock Rise on Reported Progress in China Talks

First Look

Stocks are up before the bell Monday morning. President Trump said the U.S. is “doing very well with China” in a tweet Sunday. White House Economic Advisor Larry Kudlow called recent phone conversations between U.S. and Chinese officials “positive”, saying more phone meetings are planned over the next 10 days. Trump said he would make a decision Monday regarding the renewal of licenses allowing U.S. companies to resume partial business with the blacklisted Chinese tech company Huawei. Meeting minutes from the Federal Reserve’s July meeting will provide additional insight into the central banks recent decision to lower interest rates this week. Fed Chairman Jerome Powell is scheduled to hold a press conference Friday, with analysts expecting an additional rate cut next month. The Nasdaq is up 1.24%, the Dow Jones is up 1.03%, the S&P 500 is up 1.01%.

Today's market outlook is Bullish

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Stocks on the Move

Estee Lauder Companies Inc (EL), Wynn Resorts, Limited (WYNN) and NVIDIA Corporation (NVDA) are moving higher this morning, while Davita Inc (DVA), Newmont Goldcorp Corp (NEM) and Perrigo Company PLC (PRGO) are headed lower. Deckers Outdoor Corp (DECK), Sonos Inc (SONO) and Aramark (ARMK) were upgraded by analysts this morning, while Big River Industries Ltd (BRI), Celgene Corporation (CELG) and Air Products & Chemicals, Inc. (APD) were downgraded.

International Markets

Stocks in Asia are up. The Hang Seng is up 2.17%, the Shanghai SE Composite Index is up 2.1%, the Australia ASX All Ordinaries is up 1% the Nikkei 225 is up 0.71% and the Mumbai Sensex is up 0.14%. In Europe stocks are up. The DAX is up 1.49%, the Euro Stoxx 50 is up 1.32%, the CAC 40 is up 1.26% and the FTSE 100 is up 1.23%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.28 at 56.15 per barrel. Brent crude is up 0.41 at 59.05 per barrel. Natural Gas is down -0.04 at 2.16. Precious metals are down this morning. Gold is down -16.89 at 1496.63 per ounce. Platinum is down -2.22 at 846.96 while silver is down -0.27 at 16.86. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 1,187,690 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 800,064 put contracts. The single-session put/call was 0.67 while the 20-day moving average is now at 0.73.

Earnings Expected Today

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Today's Economic Calendar

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