Tech Slips on Netflix Miss

First Look

Markets are mixed before the bell Thursday morning. The likelihood that the White House will be able to restart talks with Iran regarding the country’s nuclear program continues to diminish. Iran’s Foreign Minister Mohammad Javad Zarif criticized Washington for pulling out of the 2015 nuclear accord, saying the U.S. “shot itself in the foot” when it abandoned the deal last year. Zarif also said that Iran could close the Strait of Hormuz if it wanted to, but that the country has no plans to do so as the strait is important to the Iranian economy. Netflix (NFLX) is down -11% in the pre-market after reporting a decline in U.S. subscribers after a recent price increase. The company added 2.7 million customers globally, which is far below the 5 million mark the company had forecast. Microsoft (MSFT) is expected to report earnings after the bell today. The S&P 500 is down -0.07%, the Dow Jones is down -0.12%, the Nasdaq is down -0.14%.

Today's market outlook is Neutral

If I don't create, I don't exist.
Ingmar Bergman

Stocks on the Move

eBay Inc (EBAY), Philip Morris International Inc. (PM) and UnitedHealth Group Inc (UNH) are moving higher this morning, while Netflix, Inc. (NFLX), United Rentals, Inc. (URI) and Kinder Morgan Inc (KMI) are headed lower. Apple Inc. (AAPL), Skyworks Solutions Inc (SWKS) and Bank of New York Mellon Corp (BK) were upgraded by analysts this morning, while Aurora Cannabis Inc (ACB), Exxon Mobil Corporation (XOM) and QUALCOMM, Inc. (QCOM) were downgraded.

International Markets

Stocks in Asia are down. The Nikkei 225 is down -1.97%, the Shanghai SE Composite Index is down -1.04%, the Mumbai Sensex is down -0.81% the Hang Seng is down -0.54% and the Australia ASX All Ordinaries is down -0.42%.In Europe stocks are mixed. The CAC 40 is up 0.03%, the Euro Stoxx 50 is down -0.23%, the FTSE 100 is down -0.46% and the DAX is down -0.58%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.36 at 57.14 per barrel. Brent crude is up 0.49 at 64.15 per barrel. Natural Gas is up 0.03 at 2.33. Precious metals are mixed this morning. Gold is down -5.32 at 1421.25 per ounce. Platinum is up 6.84 at 851.6 while silver is up 0.15 at 16.12. 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, 828,522 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 554,443 put contracts. The single-session put/call was 0.67 while the 20-day moving average is now at 0.6.

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Today's Economic Calendar

What's Happening Period Release Time
Initial Claims 07/13 08:30
Continuing Claims 07/06 08:30
Philadelphia Fed Index Jul 08:30
Leading Indicators Jun 10:00
EIA Natural Gas Inventories 07/13 10:30

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