Stocks Down Ahead of the Open

First Look

Major indices are lower ahead of the bell Wednesday. President Trump said the U.S. would be delaying 10% tariffs on a number of consumer products following a phone conversation between U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, and China’s Vice Premier Liu He. The 10% tariffs on products such as cell phones, laptops, toys, and video games will be delayed until December, while additional goods such as agricultural products, clothes, and shoes will have 10% duties imposed on September 1. Administration officials said Wednesday that the delay was to avoid interfering with the Christmas retail season and no concessions were made by the Chinese side. According to people familiar with the matter, additional phone negotiations are being planned for the coming weeks, with Chinese officials remaining on schedule for in-person meetings in Washington in September. The S&P 500 is down -1.37%, the Dow Jones is down -1.43%, the Nasdaq is down -1.48%.

Today's market outlook is Neutral

The length of a film should be directly related to the endurance of the human bladder.
Alfred Hitchcock

Stocks on the Move

Fox Corp Class A (FOXA), Newmont Goldcorp Corp (NEM) and Stryker Corporation (SYK) are moving higher this morning, while Bank of America Corp (BAC), Citigroup Inc (C) and Morgan Stanley (MS) are headed lower. CBS Corporation Common Stock (CBS), Viacom, Inc. Class B (VIAB) and Bristol-Myers Squibb Co (BMY) were upgraded by analysts this morning, while Myriad Genetics, Inc. (MYGN), Advance Auto Parts, Inc. (AAP) and Acorda Therapeutics Inc (ACOR) were downgraded.

International Markets

Stocks in Asia are up. The Nikkei 225 is up 0.98%, the Mumbai Sensex is up 0.96%, the Australia ASX All Ordinaries is up 0.44% the Shanghai SE Composite Index is up 0.42% and the Hang Seng is up 0.08%. Stocks in Europe are down. The DAX is down -1.92%, the FTSE 100 is down -1.8%, the CAC 40 is down -1.74% and the Euro Stoxx 50 is down -1.21%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -1.56 at 55.54 per barrel. Brent crude is down -1.41 at 59.89 per barrel. Natural Gas is up 0.04 at 2.19. Precious metals are mixed this morning. Gold is up 14.31 at 1515.82 per ounce. Platinum is down -2.34 at 853.21 while silver is up 0.16 at 17.15. 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, 884,175 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 583,924 put contracts. The single-session put/call was 0.66 while the 20-day moving average is now at 0.7.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
MBA Mortgage Applications Index 08/10 07:00
Import Prices Jul 08:30
Export Prices Jul 08:30
EIA Crude Oil Inventories 08/10 10:30

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