Stocks are pointed higher before the bell Thursday after a roller-coaster overnight session for futures. Chinese officials warned that President Trump’s newest round of tariffs violates the agreement made between Trump and Premier Xi in Osaka earlier this year and promised to retaliate. That news sent stocks sharply lower until better-than-expected earnings from Wal-Mart (WMT) helped push things back into positive territory. Yields on 30-year Treasuries fell below 2% overnight, hitting a new record low. The S&P 500 is up 0.54%, the Dow Jones is up 0.39%, the Nasdaq is up 0.38%.
Today's market outlook is Neutral
You must not fight too often with one enemy, or you will teach him all your art of war.
Stocks on the Move
Walmart Inc (WMT), Target Corporation (TGT) and Under Armour Inc Class A (UAA) are moving higher this morning, while Tapestry Inc (TPR), Cisco Systems, Inc. (CSCO) and General Electric Company (GE) are headed lower. Sprouts Farmers Market Inc (SFM), Levi Strauss & Co. (LEVI) and Elanco Animal Health Inc (ELAN) were upgraded by analysts this morning, while Urban Outfitters, Inc. (URBN), Camping World Holdings Inc (CWH) and Paychex, Inc. (PAYX) were downgraded.
Stocks in Asia are mixed. The Mumbai Sensex is up 0.96%, the Hang Seng is up 0.89%, the Shanghai SE Composite Index is up 0.25% the Nikkei 225 is down -1.21% and the Australia ASX All Ordinaries is down -2.8%. Stocks in Europe are down. The FTSE 100 is down -1.14%, the DAX is down -0.78%, the CAC 40 is down -0.37% and the Euro Stoxx 50 is down -0.36%.
Futures and Currencies
Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.67 at 54.56 per barrel. Brent crude is down -1.03 at 58.45 per barrel. Natural Gas is down -0.03 at 2.16. Precious metals are down this morning. Gold is down -2.44 at 1513.92 per ounce. Platinum is down -6.5 at 839.02 while silver is down -0.12 at 17.16. 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.
Yesterday, 1,022,609 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 858,059 put contracts. The single-session put/call was 0.84 while the 20-day moving average is now at 0.71.
Day's Range:$300.71 - $302.63
52-week Range:$302.46 - $233.76
Day's Range:$271.13 - $273.20
52-week Range:$273.99 - $216.97
Day's Range:$192.47 - $194.04
52-week Range:$195.55 - $143.46
Today's Economic Calendar
|What's Happening||Period||Release Time|
|Empire State Manufacturing||Aug||08:30|
|Philadelphia Fed Index||Aug||08:30|
|Productivity - Prelim.||Q2||08:30|
|Unit Labor Costs - Prelim.||Q2||08:30|
|EIA Natural Gas Inventories||08/10||10:30|
|Net Long-Term TIC Flows||Jun||10:30|