Stocks Sink Ahead of the Bell

First Look

Major indices are pointed lower ahead of the open Tuesday as investors gauge geopolitical risks following the attack on a Saudi Arabian oil facility. Analysts surveying the facility said the damage is more severe than originally anticipated, and that it could take weeks or months bring the facility back to major production. According to Saudi officials, investigations of the aftermath point to Iranian weapons having been used in the attack. U.S. Secretary of State Mike Pompeo has also blamed Iran. President Trump has threatened military action against Iran, but there is bipartisan opposition to strikes against the country. Lower-level trade negotiators from the U.S. and China are expected to meet next Friday, with senior-level officials scheduled to meet the following week. Both countries have shown recent gestures of goodwill, but many issues remain before a deal can be completed. The U.S. is reportedly still considering an interim deal, which would postpone additional tariffs scheduled to be imposed in December. The S&P 500 is up 0.03%, the Nasdaq is flat 0%, the Dow Jones is down -0.09%.

Today's market outlook is Neutral

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Stocks on the Move

Expedia Group Inc (EXPE), Linde PLC (LIN) and Concho Resources Inc (CXO) are moving higher this morning, while Corning Incorporated (GLW), Kraft Heinz Co (KHC) and PPL Corp (PPL) are headed lower. TJX Companies Inc (TJX), Ameren Corp (AEE) and Snap Inc (SNAP) were upgraded by analysts this morning, while Corning Incorporated (GLW), Raytheon Company (RTN) and Home Depot Inc (HD) were downgraded.

International Markets

Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.29%, the Nikkei 225 is up 0.06%, the Hang Seng is down -1.41% the Mumbai Sensex is down -1.73% and the Shanghai SE Composite Index is down -1.74%. In Europe stocks are mixed. The FTSE 100 is up 0.2%, the CAC 40 is up 0.11%, the Euro Stoxx 50 is up 0.03% and the DAX is down -0.22%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.91 at 61.99 per barrel. Brent crude is down -0.94 at 68.01 per barrel. Natural Gas is up 0.01 at 2.69. Precious metals are mixed this morning. Gold is up 4.98 at 1503.41 per ounce. Platinum is down -2.11 at 935.39 while silver is down -0.11 at 17.93. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 968,232 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 658,040 put contracts. The single-session put/call was 0.68 while the 20-day moving average is now at 0.64.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
Industrial Production Aug 09:15
Capacity Utilization Aug 09:15
NAHB Housing Market Index Sep 10:00
Net Long-Term TIC Flows Jul 16:00

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