First Look
Stocks in the U.S. are pointed lower ahead of Wednesday's open. Investors hoping to get an update on trade talks were disappointed yesterday when President Trump spoke to the New York Economic Club. The president provided no update about a potential deal, but instead took the opportinity to criticize the Federal Reserve and repeat untrue claims that China is paying the tariffs. Federal Reserve Chairman Jerome Powell may be asked to respond to President Trump's remarks when he appears in front of Congress today and tomorrow for a semi-annual report. The S&P 500 is down -0.35%, the Dow Jones is down -0.37%, the Nasdaq is down -0.43%.
Today's Sentiment
NeutralQuote of the Day
It's better to burn out, than to fade away.
Neil Young
Daily Action Trade
Stocks on the Move
Kinder Morgan Inc (KMI), Freeport-McMoRan Inc (FCX) and Oracle Corporation (ORCL) are moving higher this morning, while Skyworks Solutions Inc (SWKS), Cintas Corporation (CTAS) and Albemarle Corporation (ALB) are headed lower. while Chesapeake Energy Corporation (CHK), Intelsat SA (I) and Albemarle Corporation (ALB) were downgraded.
International Markets
Stocks in Asia are down. The Hang Seng is down -1.82%, the Nikkei 225 is down -0.85%, the Australia ASX All Ordinaries is down -0.75% the Mumbai Sensex is down -0.57% and the Shanghai SE Composite Index is down -0.33%.Stocks in Europe are down. The DAX is down -0.67%, the Euro Stoxx 50 is down -0.53%, the FTSE 100 is down -0.34% and the CAC 40 is down -0.32%.
Futures & Currencies
Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.24 at 56.56 per barrel. Brent crude is down -0.49 at 61.57 per barrel. Natural Gas is down -0.02 at 2.6. Precious metals are up this morning. Gold is up 12.4 at 1466.1 per ounce. Platinum is up 4.56 at 873.83 while silver is up 0.26 at 16.95. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and up against the Pound.
Put/Call Ratio
Yesterday, 1,475,652 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 1,115,820 put contracts. The single-session put/call was 0.76 while the 20-day moving average is now at 0.67.
Today's Economic Calendar
| No. | What's Happening? | Period | Release Time |
|---|---|---|---|
| 1 | MBA Mortgage Applications Index | 11/09 | 07:00 |
| 2 | CPI | Oct | 08:30 |
| 3 | EIA Crude Oil Inventories | 11/09 | 10:30 |
| 4 | Treasury Budget | Oct | 14:00 |
