Markets Flat Ahead of the Bell

Monday, July 29, 2019 8:46 AM | Brad Spears

First Look

Markets are flat ahead of the open Monday morning. In another week heavy with earnings reports, tech investors will be watching when Apple (AAPL) reports after the bell Tuesday. The biggest market mover this week will likely be Federal Reserve Chairman Jerome Powell's press conference Wednesday, following the central bank's update on monetary policy. A 25-basis point cut in interest rates is expected, which would be the first interest rate reduction in over a decade. Senior U.S. trade officials are headed back to China today for the first in-person meeting since trade talks broke down in May. Trade negotiations are scheduled to resume Tuesday, but expectations are low that headway can be made, with both sides signaling a lack of urgency to compromise. The biggest gesture of goodwill ahead of the negotiations is China's willingness to purchase additional U.S. agricultural products. Boris Johnson's newly appointed cabinet members made headlines this weekend, saying a no-deal Brexit will happen by "any means necessary" and that Johnson is prepared to suspend Parliament or hold an election to oppose any opposition to a no-deal Brexit. The Dow Jones is up 0.12%, the Nasdaq is up 0.11%, the S&P 500 is up 0.07%.

Today's Market Outlook

Neutral

Quote of the Day

I want to live my life, not record it.
Jackie Kennedy

Stocks on the Move

Mylan NV (MYL), Regeneron Pharmaceuticals Inc (REGN) and Chipotle Mexican Grill, Inc. (CMG) are moving higher this morning, while DISH Network Corp (DISH), Pfizer Inc. (PFE) and Paypal Holdings Inc (PYPL) are headed lower. Cabot Oil & Gas Corporation (COG), Gilead Sciences, Inc. (GILD) and Sprint Corp (S) were upgraded by analysts this morning, while Starbucks Corporation (SBUX), United Parcel Service, Inc. (UPS) and Paypal Holdings Inc (PYPL) were downgraded.

International Markets

Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.47%, the Shanghai SE Composite Index is down -0.12%, the Nikkei 225 is down -0.19% the Mumbai Sensex is down -0.52% and the Hang Seng is down -0.97%. In Europe stocks are up. The FTSE 100 is up 1.73%, the Euro Stoxx 50 is up 0.24%, the DAX is up 0.12% and the CAC 40 is up 0.08%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.12 at 56.27 per barrel. Brent crude is down -0.1 at 63.36 per barrel. Natural Gas is down -0.01 at 2.16. Precious metals are up this morning. Gold is up 1.92 at 1420.82 per ounce. Platinum is up 6.35 at 871.61 while silver is up 0.04 at 16.43. 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, 1,117,110 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 674,953 put contracts. The single-session put/call was 0.6 while the 20-day moving average is now at 0.62.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 None

Earnings Expected Today

ACGL, ARE, BAH, BCH, BYND, ILMN, ITUB, NTR, NXPI, PKI, RE, RNG, SBAC, SCI, SNY, SSNC, VNO, WCN

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