Stocks Drift as Trade Talks Continue

First Look

Stocks are relatively unchanged before the bell Tuesday. U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are expecting to speak with Chinese officials via telephone this week. Mnuchin said there’s a “good chance” that he and Lighthizer will travel to Beijing to continue trade negotiations if talks by phone are productive. David Marcus, the head of Facebook’s Libra cryptocurrency project, will be speaking in front of the Senate Banking Committee today. Facebook has said it will not launch Libra until concerns are fully addressed and that the cryptocurrency isn’t intended to compete with national currencies. The Dow Jones is up 0.15%, the S&P 500 is up 0.08%, the Nasdaq is up 0.05%.

Today's market outlook is Neutral

He who observes etiquette but objects to lying is like someone who dresses fashionably but wears no vest.
Walter Benjamin

Stocks on the Move

J B Hunt Transport Services Inc (JBHT), Goldman Sachs Group Inc (GS) and Abbott Laboratories (ABT) are moving higher this morning, while KeyCorp (KEY), Agilent Technologies Inc (A) and JPMorgan Chase & Co. (JPM) are headed lower. Freeport-McMoRan Inc (FCX), Laboratory Corp. of America Holdings (LH) and OneMain Holdings Inc (OMF) were upgraded by analysts this morning, while Hilton Hotels Corporation Common Stock (HLT), AFLAC Incorporated (AFL) and Metlife Inc (MET) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.6%, the Hang Seng is up 0.23%, the Australia ASX All Ordinaries is down -0.15% the Shanghai SE Composite Index is down -0.16% and the Nikkei 225 is down -0.69%. In Europe stocks are up. The CAC 40 is up 0.5%, the FTSE 100 is up 0.45%, the Euro Stoxx 50 is up 0.39% and the DAX is up 0.19%.

Futures and Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.11 at 59.47 per barrel. Brent crude is down -0.14 at 66.34 per barrel. Natural Gas is down -0.06 at 2.35. Precious metals are mixed this morning. Gold is down -0.29 at 1413.84 per ounce. Platinum is up 1.65 at 844.69 while silver is up 0.09 at 15.45. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 807,742 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 473,581 put contracts. The single-session put/call was 0.59 while the 20-day moving average is now at 0.6.

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Today's Economic Calendar

What's Happening Period Release Time
Retail Sales Jun 08:30
Import Prices Jun 08:30
Export Prices Jun 08:30
Industrial Production Jun 09:15
Capacity Utilization Jun 09:15
Business Inventories May 10:00
NAHB Housing Market Index July 10:00

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