First Look
Major indices are slightly lower before the open Wednesday. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to meet with Chinese officials in Beijing tomorrow to resume trade talks. China’s Vice Premier Liu He is scheduled to meet with officials in the U.S. next week as negotiations continue. A signing summit between President Trump and Chinese President Xi was originally set for the end of March, but recent reports point to May as a more likely time frame. Trump has said he wants an "excellent deal" but analysts are suggesting something closer to an extended truce given Trump’s firm stance and Chinese pushback at this stage in negotiations. In the U.K., Parliament will vote today on alternative plans to Prime Minister Theresa May’s Brexit deal ahead of the European Union’s Friday deadline. As Parliament begins to decide on which proposals to put to a vote, May’s original deal may be gaining support. While that deal has already been rejected twice, some members are starting to see May’s deal as preferable to staying in the EU. In one of two cases before the U.S. International Trade Commission, a U.S. trade judge said that Apple Inc. (AAPL) had infringed on a Qualcomm Inc. patent, and that some imported iPhones could be blocked from entering the U.S. as a result. ITC Judge Mary Joan McNamara’s findings will be reviewed by the full commission, which can block imports of products infringing on U.S. patents. The Nasdaq is down -0.02%, the S&P 500 is down -0.12%, the Dow Jones is down -0.18%.
Today's Sentiment
NeutralQuote of the Day
Most people have the will to win, few have the will to prepare to win.
Bobby Knight
Daily Action Trade
Stocks on the Move
WellCare Health Plans, Inc. (WCG), Lennar Corporation (LEN) and Under Armour Inc Class A (UAA) are moving higher this morning, while Centene Corp (CNC), CVS Health Corp (CVS) and Activision Blizzard, Inc. (ATVI) are headed lower. Skechers USA Inc (SKX), Ralph Lauren Corp (RL) and ON Semiconductor Corp (ON) were upgraded by analysts this morning, while Texas Capital Bancshares Inc (TCBI), Scotts Miracle-Gro Co (SMG) and Kinder Morgan Inc (KMI) were downgraded.
International Markets
Stocks in Asia are mixed. The Mumbai Sensex is up 1.12%, the Shanghai SE Composite Index is up 0.85%, the Hang Seng is up 0.56% the Australia ASX All Ordinaries is up 0.07% and the Nikkei 225 is down -0.23%. Stocks in Europe are down. The FTSE 100 is down -0.28%, the DAX is down -0.13%, the Euro Stoxx 50 is down -0.12% and the CAC 40 is down -0.1%.
Futures & Currencies
Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.2 at 59.74 per barrel. Brent crude is up 0.12 at 68.09 per barrel. Natural Gas is down -0.03 at 2.71. Precious metals are mixed this morning. Gold is up 1.99 at 1317.7 per ounce. Platinum is up 4.4 at 863.5 while silver is down -0.02 at 15.41. 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, 742,805 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 486,417 put contracts. The single-session put/call was 0.65 while the 20-day moving average is now at 0.62.
Today's Economic Calendar
| No. | What's Happening? | Period | Release Time |
|---|---|---|---|
| 1 | MBA Mortgage Applications Index | 03/23 | 07:00 |
| 2 | Trade Balance | Jan | 08:30 |
| 3 | Current Account Balance | Q4 | 08:30 |
| 4 | EIA Crude Oil Inventories | 03/23 | 10:30 |
