First Look
Major indices are slightly lower before the open Wednesday morning. The U.S. House passed a bill Tuesday supporting the pro-democracy protestors in Hong Kong. The Hong Kong Human Rights and Democracy Act of 2019 would require an annual review showing that Hong Kong remains self-governing enough to receive special treatment under U.S. law, with additional measure that support keeping Hong Kong autonomous. China threatened to retaliate should Congress enact legislation interfering with the country's internal affairs. The move could make trade negotiations between the U.S. and China more difficult, lowering investors optimism that a trade deal can be reached. Chinese officials are requesting a tariff rollback if the county is going to agree to purchasing additional U.S. agricultural products, and will likely purchase an amount lower than the $50 billion suggested by President Trump. The Dow Jones is down -0.17%, the S&P 500 is down -0.19%, the Nasdaq is down -0.27%.
Today's Sentiment
NeutralQuote of the Day
The essence of all beautiful art, all great art, is gratitude.
Friedrich Nietzsche
Daily Action Trade
Stocks on the Move
AmerisourceBergen Corp. (ABC), McKesson Corporation (MCK) and Cardinal Health Inc (CAH) are moving higher this morning, while Adobe Inc (ADBE), Abbott Laboratories (ABT) and Eli Lilly And Co (LLY) are headed lower. Johnson & Johnson (JNJ), FMC Corp (FMC) and Eaton Corporation PLC (ETN) were upgraded by analysts this morning, while Costco Wholesale Corporation (COST), Extraction Oil & Gas Inc (XOG) and Acuity Brands, Inc. (AYI) were downgraded.
International Markets
Stocks in Asia are mixed. The Nikkei 225 is up 1.21%, the Australia ASX All Ordinaries is up 1.18%, the Hang Seng is up 0.61% the Mumbai Sensex is up 0.24% and the Shanghai SE Composite Index is down -0.41%. In Europe stocks are mixed. The DAX is up 0.27%, the Euro Stoxx 50 is up 0.14%, the CAC 40 is down -0.06% and the FTSE 100 is down -0.09%.
Futures & Currencies
Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.18 at 52.99 per barrel. Brent crude is up 0.01 at 58.75 per barrel. Natural Gas is up 0.01 at 2.35. Precious metals are down this morning. Gold is down -0.12 at 1480.89 per ounce. Platinum is down -7.58 at 877.78 while silver is down -0.13 at 17.25. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and up against the Pound.
Put/Call Ratio
Yesterday, 794,943 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 665,991 put contracts. The single-session put/call was 0.84 while the 20-day moving average is now at 0.67.
Today's Economic Calendar
| No. | What's Happening? | Period | Release Time |
|---|---|---|---|
| 1 | MBA Mortgage Applications Index | 10/12 | 07:00 |
| 2 | Retail Sales | Sep | 08:30 |
| 3 | Business Inventories | Aug | 10:00 |
| 4 | EIA Crude Oil Inventories | 10/12 | 10:30 |
| 5 | Fed Beige Book | Oct | 14:00 |
| 6 | Net Long-Term TIC Flows | Aug | 16:00 |
