Stocks Fall Ahead of Fed Speech

First Look

Stocks are pointed lower ahead of the open Friday. Federal Reserve Chairman Jerome Powell is scheduled to speak at 10:00 ET Friday while attending the annual central bankers retreat in Jackson Hole, Wyoming. Analyst are pricing in a quarter-point cut in interest rates during its September meeting, though some Federal Reserve Governors have already pushed back against further rate cuts. President Trump will be attending the Group of Seven meeting this weekend in France. A weakening global economy will be a major focus, along with U.K. Prime Minister Boris Johnson’s attempted renegotiation of Brexit. The Nasdaq is up 0.4%, the S&P 500 is up 0.33%, the Dow Jones is up 0.32%.

Today's market outlook is Neutral

Whether it's trivial or important, every choice has a moral aspect to it.
Park Chan-wook

Stocks on the Move, inc. (CRM), Altria Group Inc (MO) and Adobe Inc (ADBE) are moving higher this morning, while HP Inc (HPQ), Hasbro, Inc. (HAS) and Gap Inc (GPS) are headed lower. Altria Group Inc (MO), and La-Z-Boy Incorporated (LZB) were upgraded by analysts this morning, while Macy’s Inc (M), Pivotal Software Inc (PVTL) and Reliant Bancorp Inc (RBNC) were downgraded.

International Markets

Stocks in Asia are up. The Mumbai Sensex is up 0.63%, the Hang Seng is up 0.5%, the Shanghai SE Composite Index is up 0.49% the Nikkei 225 is up 0.4% and the Australia ASX All Ordinaries is up 0.32%. In Europe stocks are up. The FTSE 100 is up 0.78%, the Euro Stoxx 50 is up 0.43%, the CAC 40 is up 0.42% and the DAX is up 0.37%.

Futures and Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.17 at 55.18 per barrel. Brent crude is down -0.26 at 59.6 per barrel. Natural Gas is down -0.02 at 2.41. Precious metals are up this morning. Gold is up 3.99 at 1502.05 per ounce. Platinum is up 3.28 at 857.88 while silver is up 0.01 at 17.19. 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, 939,289 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 567,470 put contracts. The single-session put/call was 0.6 while the 20-day moving average is now at 0.72.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
New Home Sales Jul 10:00

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