Morning Update: Facebook earnings push tech higher

First Look

Markets are mixed ahead of the open Thursday morning, taking a much-needed breather following the powerful rally we saw Wednesday afternoon. Wednesday's rally came after Federal Reserve Chairman Jerome Powell again signaled "patience" and flexibility regarding future interest rate increases. This dovish turn is a welcome development as the central bank is moving away from a path towards tighter monetary policy as the central bank sought to keep a lid on inflation in a strengthening economy. The Nasdaq is up nearly 1% as Facebook (FB) boosted the index higher, gaining nearly 12% in post-market trading following company earnings. President Donald Trump is scheduled to meet with China's Vice Premier Liu He in a second day of trade talks, with no indication that China is willing to submit to U.S. demands. This is the first round of high-level talks since President Trump met with Chinese President Xi Jinping in Argentina on Dec. 1, declaring a 90-day truce in hopes that an agreement can be met before additional tariffs are implemented Mar. 1. The Nasdaq is up 0.48%, the S&P 500 is up 0.08%, the Dow Jones is down -0.18%.

Today's Sentiment

Quote of the Day

Peace is its own reward.
Mahatma Gandhi

Stocks on the Move

Facebook, Inc. Common Stock (FB), Charter Communications Inc (CHTR) and General Electric Company (GE) are moving higher this morning, while DowDuPont Inc (DWDP), Ball Corporation (BLL) and H & R Block Inc (HRB) are headed lower. Pfizer Inc. (PFE), Ralph Lauren Corp (RL) and Solaredge Technologies Inc (SEDG) were upgraded by analysts this morning, while JD.Com Inc (JD), General Dynamics Corporation (GD) and H & R Block Inc (HRB) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 1.87%, the Hang Seng is up 1.08%, the Nikkei 225 is up 1.06% the Shanghai SE Composite Index is up 0.35% and the Australia ASX All Ordinaries is down -0.23%. In Europe stocks are mixed. The FTSE 100 is up 0.5%, the CAC 40 is up 0.06%, the DAX is down -0.35% and the Euro Stoxx 50 is down -0.45%.

Futures & Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.05 at 54.28 per barrel. Brent crude is up 0.24 at 61.89 per barrel. Natural Gas is up 0.03 at 2.89. Precious metals are up this morning. Gold is up 12.2 at 1327.7 per ounce. Platinum is up 7.17 at 824.27 while silver is up 0.18 at 16.11. The dollar is down compared to the major currencies today. The greenback is down against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,236,083 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 780,028 put contracts. The single-session put/call was 0.63 while the 20-day moving average is now at 0.64.

Today's Economic Calendar

Earnings Expected Today