Morning Update: Lingering trade deal pushes markets lower

Friday, February 1, 2019 8:35 AM | Brad Spears

First Look

Major indices are down slightly before the bell Friday morning. Following a second day of trade talks, President Trump said that things were going well and that the negotiations in Washington were making progress. China said that the country would buy more U.S. goods, and both countries agreed to strengthen cooperation on intellectual property rights. With no deal finalized, Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer will meet in Beijing in February. This next round of trade talks will come ahead of the Mar. 1 deadline in an effort to make a deal and avoid additional tariffs. The monthly jobs report said 304,000 jobs were added in Jan. compared to estimates of 160,000. The unemployment rose to 4% as compared to the 3.9% expectation. The Dow Jones is down -0.08%, the S&P 500 is down -0.25%, the Nasdaq is down -0.74%.

Today's Market Outlook

Neutral

Quote of the Day

Winning is habit. Unfortunately, so is losing.
Vince Lombardi

Stocks on the Move

Symantec Corporation (SYMC), Johnson Controls International PLC (JCI) and IDEXX Laboratories, Inc. (IDXX) are moving higher this morning, while Cigna Holding Co (CI), Weyerhaeuser Co (WY) and Amazon.com, Inc. (AMZN) are headed lower. Cooper Companies Inc (COO), Tuesday Morning Corporation (TUES) and Allegiant Travel Company (ALGT) were upgraded by analysts this morning, while Paypal Holdings Inc (PYPL), Goldman Sachs Group Inc (GS) and General Electric Company (GE) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 1.3%, the Mumbai Sensex is up 0.59%, the Nikkei 225 is up 0.07% the Australia ASX All Ordinaries is down -0.03% and the Hang Seng is down -0.04%. In Europe stocks are mixed. The FTSE 100 is up 0.21%, the CAC 40 is down -0.11%, the DAX is down -0.21% and the Euro Stoxx 50 is down -0.35%.

Futures & Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.13 at 53.66 per barrel. Brent crude is down -0.01 at 60.83 per barrel. Natural Gas is down -0.01 at 2.81. Precious metals are mixed this morning. Gold is up 0.7 at 1325.9 per ounce. Platinum is up 5.05 at 827.05 while silver is down -0.07 at 16. 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, 1,438,657 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 762,358 put contracts. The single-session put/call was 0.53 while the 20-day moving average is now at 0.63.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 Nonfarm Payrolls Jan 08:30
2 Average Hourly Earnings Jan 08:30
3 Unemployment Rate Jan 08:30
4 Average Workweek Jan 08:30
5 ISM Manufacturing Index Jan 10:00
6 Univ. of Michigan Consumer Sentiment - Final Jan 10:00
7 Construction Spending Nov 10:00
8 Wholesale Inventories Nov 10:00

Earnings Expected Today

AON, BAH, CI, CVX, D, HMC, HON, IDXX, IMO, ITW, JCI, KKR, LYB, MRK, MSG, ROP, SNE, SPG, SPR, WY, XOM, ZBH

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