Stocks Lower as New Round of Tariffs Approaches

Tuesday, December 3, 2019 8:47 AM | InvestorsObserver Analysts

First Look

U.S. stock futures are pointed lower ahead of the opening bell Tuesday after President Trump cast further doubt on a trade deal with China. Trump said he would be comfortable waiting until after the 2020 election to complete a trade deal. China has said it will publish a list of "unreliable entities", which is likely the first step toward sanctions of U.S. companies. This latest escalation makes it more likely that a new round of tariffs will go into effect on Dec. 15. It also comes on the heels of Trump ratcheting up trade tensions with Brazil, Argentina and France. The S&P 500 is down -0.59%, the Dow Jones is down -0.75%, the Nasdaq is down -0.77%.

Today's Market Outlook

Neutral

Quote of the Day

It's all part of my journey - I've done a lot of stupid things, but you learn by your mistakes.
Ozzy Osbourne

Stocks on the Move

Regeneron Pharmaceuticals Inc (REGN), Allergan plc (AGN) and Newmont Goldcorp Corp (NEM) are moving higher this morning, while NVIDIA Corporation (NVDA), Broadcom Inc (AVGO) and Advanced Micro Devices, Inc. (AMD) are headed lower. Aptiv PLC (APTV), Boston Beer Company Inc (SAM) and Diageo plc (DEO) were upgraded by analysts this morning, while Audentes Therapeutics Inc (BOLD), Netflix Inc (NFLX) and AMBEV S A/S ADR (ABEV) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 0.39%, the Hang Seng is down -0.2%, the Mumbai Sensex is down -0.31% the Nikkei 225 is down -0.64% and the Australia ASX All Ordinaries is down -2.19%. In Europe stocks are mixed. The DAX is up 0.33%, the CAC 40 is down -0.73%, the FTSE 100 is down -1.49% and the Euro Stoxx 50 is down -13%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.36 at 55.6 per barrel. Brent crude is down -0.4 at 60.52 per barrel. Natural Gas is up 0.09 at 2.42. Precious metals are up this morning. Gold is up 8.41 at 1470.85 per ounce. Platinum is up 0.22 at 898.66 while silver is up 0.1 at 17.07. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,253,768 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 1,107,341 put contracts. The single-session put/call was 0.88 while the 20-day moving average is now at 0.67.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 Nothing Scheduled

Earnings Expected Today

BMO, CRM, DCI, HQY, MRVL, WDAY, ZS

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