Stocks Down as Tech Earnings Begin

First Look

Stocks are pointed lower ahead of the open Tuesday morning after the S&P 500 and the Nasdaq reached record-highs Monday. Earnings season continues, with many big technology companies scheduled to report this week. Alphabet (GOOG) stock is lower by 0.8% in the pre-market after missing earnings per share estimates. The company reported a 20% rise in revenue to $40.5 billion, while total expenses rose 25% from a year earlier. Shares of Beyond Meat (BYND) are lower by 19.1% after the company reported its first quarterly profit on record, with revenues rising more than 250% year-over-year, beating the consensus on both the top and bottom lines. Shopify (SHOP) stock is down 4.6% after missing EPS estimates. The company reported adjusted operating income and revenue above expectations, while issuing positive forward guidance for Q4. British Prime Minister Boris Johnson lost a vote in Parliament Monday for snap election on December 12, which was widely expected. British lawmakers will now vote on a different plan that involves a general election taking place on December 9. The U.S. House of Representatives will be voting today on proceeding with an impeachment inquiry against President Trump. The Nasdaq is down -0.03%, the S&P 500 is down -0.1%, the Dow Jones is down -0.19%.

Today's Sentiment

Quote of the Day

Success is a lousy teacher. It seduces smart people into thinking they can't lose.
Bill Gates

Stocks on the Move

Incyte Corporation (INCY), Martin Marietta Materials, Inc. (MLM) and Pfizer Inc. (PFE) are moving higher this morning, while Cummins Inc. (CMI), A. O. Smith Corp (AOS) and Eaton Corporation PLC (ETN) are headed lower. Owens Corning (OC), Texas Roadhouse Inc (TXRH) and Ameren Corp (AEE) were upgraded by analysts this morning, while GrubHub Inc (GRUB), Tiffany & Co. (TIF) and Orthofix Medical Inc (OFIX) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 1.48%, the Nikkei 225 is up 0.47%, the Australia ASX All Ordinaries is up 0.09% the Hang Seng is down -0.39% and the Shanghai SE Composite Index is down -0.87%. Stocks in Europe are down. The FTSE 100 is down -0.7%, the Euro Stoxx 50 is down -0.24%, the DAX is down -0.17% and the CAC 40 is down -0.09%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.67 at 55.14 per barrel. Brent crude is down -0.51 at 61.06 per barrel. Natural Gas is up 0.1 at 2.54. Precious metals are down this morning. Gold is down -5.75 at 1486.76 per ounce. Platinum is down -8.85 at 910.33 while silver is down -0.25 at 17.63. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and flat against the Pound.

Put/Call Ratio

Yesterday, 828,372 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 583,584 put contracts. The single-session put/call was 0.7 while the 20-day moving average is now at 0.67.

Today's Economic Calendar

Earnings Expected Today