Morning Update: Markets Flat to Start the Week

Monday, April 29, 2019 8:34 AM | Brad Spears

First Look

Markets are relatively unchanged ahead of the open Monday. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to begin the next round of trade talks between the U.S. and China in Beijing Tuesday, with both sides hoping to reach a deal by early May. Federal Reserve Chairman Jerome Powell will be announcing the central bank’s latest monetary policy decision Wednesday, with no changes in interest rates expected. April non-farm payrolls numbers will be released on Friday. Shares of Boeing (BA) stock are down -0.8% in the pre-market as problems regarding the safety of its 737 Max aircraft continue to surface. Southwest Airlines Co (LUV) said Sunday it learned that a safety alert system that warns pilots of sensor malfunctions was not a standard featured on the 737 Max, which had been a standard feature on all previous models of the 737 aircraft. The S&P 500 is down -0.06%, the Nasdaq is down -0.07%, the Nasdaq is down -0.07%.

Today's Market Outlook

Neutral

Quote of the Day

Labor disgraces no man; unfortunately, you occasionally find men who disgrace labor.
Ulysses S Grant

Stocks on the Move

Loews Corporation (L), Target Corporation (TGT) and Walt Disney Co (DIS) are moving higher this morning, while Occidental Petroleum Corporation (OXY), Weyerhaeuser Co (WY) and Boeing Co (BA) are headed lower. Adobe Inc (ADBE), Phillips 66 (PSX) and Colgate-Palmolive Company (CL) were upgraded by analysts this morning, while 3M Co (MMM), Intel Corporation (INTC) and American Express Company (AXP) were downgraded.

International Markets

Stocks in Asia are mixed. The Hang Seng is up 0.97%, the Mumbai Sensex is up 0.87%, the Nikkei 225 is down -0.22% the Australia ASX All Ordinaries is down -0.36% and the Shanghai SE Composite Index is down -0.77%. In Europe stocks are mixed. The FTSE 100 is up 0.03%, the CAC 40 is down -0.17%, the DAX is down -0.22% 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 -0.17 at 63.13 per barrel. Brent crude is down -0.16 at 71.99 per barrel. Natural Gas is down -0.02 at 2.53. Precious metals are down this morning. Gold is down -4.42 at 1281.74 per ounce. Platinum is down -2.39 at 896.66 while silver is down -0.09 at 15. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 1,227,766 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 772,592 put contracts. The single-session put/call was 0.63 while the 20-day moving average is now at 0.6.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 PCE Price Index Feb + Mar 08:30
2 Personal Income Feb + Mar 08:30
3 Personal Spending Feb + Mar 08:30

Earnings Expected Today

ARE, CACC, CGNX, CLR, CNA, CNI, FMX, GOOG, L, LOGI, MGM, MOH, NBIX, NXPI, ON, QSR, RGA, SBAC, SPOT, VNO, WDC, YUMC

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