Stocks Point Lower

First Look

Major indices are slightly lower before the morning bell Thursday. The U.S. is set to impose additional tariffs on more than $7.5 billion in European goods after a World Trade Organization ruling in favor of America in a long-standing disagreement with the European Union over subsidies to the airline manufacturer Airbus SE. The additional levies will range from 10% to 25% and will cover a wide variety of products spanning from agricultural products to industrial goods. British Prime Minister Boris Johnson is scheduled to address Parliament today to propose a new Brexit deal and will be meeting with EU officials later in the day to discuss his plans. His new deal includes concessions that favor the EU, but Johnson is urging the EU to also make compromises, or risk the UK walking away from further negotiations. The Nasdaq is up 0.12%, the S&P 500 is up 0.04%, the Dow Jones is down -0.01%.

Today's market outlook is Neutral

In contradiction and paradox, you can find truth.
Denis Villeneuve

Stocks on the Move

PepsiCo, Inc. (PEP), Raytheon Company (RTN) and Pfizer Inc. (PFE) are moving higher this morning, while Constellation Brands, Inc. Class A (STZ), Delta Air Lines, Inc. (DAL) and Netflix Inc (NFLX) are headed lower. Crowdstrike Holdings Inc (CRWD), Raytheon Company (RTN) and Newmont Goldcorp Corp (NEM) were upgraded by analysts this morning, while Tesla Inc (TSLA), E*TRADE Financial Corp (ETFC) and TD Ameritrade Holding Corp. (AMTD) were downgraded.

International Markets

Stocks in Asia are mixed. The Hang Seng is up 0.26%, the Mumbai Sensex is down -0.52%, the Shanghai SE Composite Index is down -0.92% the Nikkei 225 is down -2.01% and the Australia ASX All Ordinaries is down -2.11%. In Europe stocks are mixed. The CAC 40 is up 0.21%, the Euro Stoxx 50 is up 0.1%, the FTSE 100 is down -0.86% and the DAX is down -2.76%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.16 at 52.48 per barrel. Brent crude is down -0.22 at 57.47 per barrel. Natural Gas is up 0.02 at 2.27. Precious metals are mixed this morning. Gold is up 1.58 at 1501.03 per ounce. Platinum is up 5.32 at 892.99 while silver is down -0.02 at 17.67. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 794,943 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 665,991 put contracts. The single-session put/call was 0.84 while the 20-day moving average is now at 0.65.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
Initial Claims 09/28 08:30
Continuing Claims 09/21 08:30
Factory Orders Aug 10:00
ISM Non-Manufacturing Index Sep 10:00
EIA Natural Gas Inventories 09/28 10:30

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