Morning Update: Stocks Point Lower

First Look

Major indices are down ahead of the open Friday. Amazon.com (AMZN) and Intel Corp (INTC) reported earnings after the bell Thursday. Amazon beat analysts’ estimates, and the company said it plans to invest more than $800 million to improve delivery times to top customers. AMZN stock is up 1.1% in the pre-market. Shares of Intel Corp are down 7.3% in the pre-market, after the company forecast revenue decline in 2019, which would be the first decline for the company in 10 years. Exxon Mobil Corp (XOM) and AstraZeneca Plc (AZN) are also on the radar, with both companies scheduled to report today. The U.S. economy grew by 3.2 percent in the first quarter, according to data released by the Commerce Department this morning. That's a big jump from the 2.2 percent increase reported for the fourth quarter, and tops estimates which were for growth of about 2.3 percent. The Nasdaq is flat 0%, the S&P 500 is down -0.17%, the Dow Jones is down -0.31%.

Today's Sentiment

Quote of the Day

Anyone who isn't confused really doesn't understand the situation.
Edward R. Murrow

Stocks on the Move

Mattel Inc (MAT), Ford Motor Company (F) and Colgate-Palmolive Company (CL) are moving higher this morning, while Intel Corporation (INTC), American Airlines Group Inc (AAL) and Western Digital Corp (WDC) are headed lower. Argo Group International Holdings, Ltd. (ARGO), Meta Financial Group Inc. (CASH) and Shutterfly, Inc. (SFLY) were upgraded by analysts this morning, while Starbucks Corporation (SBUX), Qorvo Inc (QRVO) and Western Digital Corp (WDC) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.87%, the Hang Seng is up 0.19%, the Australia ASX All Ordinaries is up 0.04% the Nikkei 225 is down -0.22% and the Shanghai SE Composite Index is down -1.2%. In Europe stocks are mixed. The DAX is up 0.07%, the CAC 40 is up 0.05%, the Euro Stoxx 50 is down -0.11% and the FTSE 100 is down -0.26%.

Futures & Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -1.28 at 63.93 per barrel. Brent crude is down -1.55 at 72.8 per barrel. Natural Gas is down -0.01 at 2.5. Precious metals are up this morning. Gold is up 2.9 at 1280.07 per ounce. Platinum is up 1.02 at 888.19 while silver is up 0.09 at 15.05. The dollar is up compared to the major currencies today. The greenback is flat against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 1,201,612 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 690,907 put contracts. The single-session put/call was 0.57 while the 20-day moving average is now at 0.6.

Today's Economic Calendar

Earnings Expected Today