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Morning Update: Markets Mixed

Tuesday, March 05, 2019 08:58 AM | Brad Spears

First Look

Markets are mixed before the open Tuesday as investors continue to monitor the trade situation between the U.S. and China. The possibility of an agreement being made was not enough to continue pushing indices higher Monday. With so many questions still unanswered, investors will be seeking additional information regarding how much of the tariffs will be removed, when they will be removed, and how the U.S. will ensure that China follows through with its parts of the deal after the tariffs are removed. China is said to be cutting the value-added tax rate that covers the manufacturing sector by 3 percentage points as the country lowered goals for economic growth in 2019. The tax cut could boost China’s GDP by 0.6% according to sources. The S&P 500 is up 0.01%, the Dow Jones is down -0.02%, the Nasdaq is down -0.05%.

Today's Sentiment

Neutral

Quote of the Day

When something is important enough, you do it even if the odds are not in your favor.
Elon Musk

Daily Action Trade

Stocks on the Move

Target Corporation (TGT), Kohl's Corporation (KSS) and L Brands Inc (LB) are moving higher this morning, while Micron Technology, Inc. (MU), salesforce.com, inc. (CRM) and Alaska Air Group, Inc. (ALK) are headed lower. Ctrip.Com International Ltd (CTRP), ImmunoGen, Inc. (IMGN) and Veritiv Corp (VRTV) were upgraded by analysts this morning, while Atlantic Power Corp (AT), Fortuna Silver Mines Inc (FSM) and Bluegreen Vacations Corp (BXG) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 0.88%, the Mumbai Sensex is up 0.55%, the Hang Seng is up 0.01% the Australia ASX All Ordinaries is down -0.33% and the Nikkei 225 is down -0.44%. In Europe stocks are mixed. The FTSE 100 is up 0.36%, the Euro Stoxx 50 is down -0.18%, the CAC 40 is down -0.26% and the DAX is down -0.29%.

Futures & Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.21 at 56.8 per barrel. Brent crude is up 0.22 at 65.89 per barrel. Natural Gas is up 0.03 at 2.88. Precious metals are mixed this morning. Gold is down -1.86 at 1284.88 per ounce. Platinum is up 1.09 at 838.11 while silver is up 0.02 at 15.13. 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, 1,079,635 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 719,577 put contracts. The single-session put/call was 0.67 while the 20-day moving average is now at 0.6.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 ISM Non-Manufacturing Index Feb 10:00
2 New Home Sales Dec 10:00
3 Treasury Budget Jan 14:00

Earnings Expected Today

CIEN, COO, JW.A, KSS, ROST, TGT, URBN

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