Stocks Rise as Trade Talks Set for October

First Look

Major indices are higher in the pre-market Thursday following news that in-person trade talks between U.S. and Chinese officials would resume in early October. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with China’s Vice Premier Liu He via phone, with both sides agreeing to meet in the coming weeks. British Parliament voted against Prime Minister Boris Johnson’s snap general election proposal. British lawmakers also voted in favor legislation that would prevent a no-deal split from the European Union, blocking Johnson’s pledge to exit the EU with or without a deal by October 31, which could force Brexit to be delayed through January 31. The Nasdaq is up 1.04%, the Dow Jones is up 0.84%, the S&P 500 is up 0.79%.

Today's market outlook is Neutral

I won't be a rock star. I will be a legend.
Freddie Mercury

Stocks on the Move

Incyte Corporation (INCY), Hanesbrands Inc. (HBI) and Xilinx, Inc. (XLNX) are moving higher this morning, while NextEra Energy Inc (NEE), Church & Dwight Co., Inc. (CHD) and Newmont Goldcorp Corp (NEM) are headed lower. Activision Blizzard, Inc. (ATVI), Pan American Silver Corp. (PAAS) and Comcast Corporation (CMCSA) were upgraded by analysts this morning, while Royal Dutch Shell plc ADR Class A (RDS.A), KemPharm Inc (KMPH) and Green Dot Corporation (GDOT) were downgraded.

International Markets

Stocks in Asia are mixed. The Nikkei 225 is up 2.12%, the Australia ASX All Ordinaries is up 0.97%, the Shanghai SE Composite Index is up 0.96% the Mumbai Sensex is down -0.22% and the Hang Seng is down -0.29%. In Europe stocks are mixed. The CAC 40 is up 0.88%, the DAX is up 0.65%, the Euro Stoxx 50 is up 0.64% and the FTSE 100 is down -0.7%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.02 at 56.28 per barrel. Brent crude is up 0.25 at 60.95 per barrel. Natural Gas is up 0.01 at 2.46. Precious metals are down this morning. Gold is down -8.38 at 1554.17 per ounce. Platinum is down -6.34 at 980.04 while silver is down -0.24 at 19.31. 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.

Put/Call Ratio

Yesterday, 1,053,644 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 674,855 put contracts. The single-session put/call was 0.64 while the 20-day moving average is now at 0.75.

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Today's Economic Calendar

What's Happening Period Release Time
ADP Employment Change Aug 08:15
Initial Claims 08/31 08:30
Continuing Claims 08/24 08:30
Productivity - Rev. Q2 08:30
Unit Labor Costs - Rev. Q2 08:30
Factory Orders Aug 10:00
ISM Non-Manufacturing Index Aug 10:00
EIA Natural Gas Inventories 08/31 10:30
EIA Crude Oil Inventories 08/31 1:00

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