First Look
Stocks in the U.S. reversed an early slide Tuesday morning. The turnaround came on rumors that the Trump Administration is considering postponing a Dec. 15 deadline for new tariffs. Previously, the administration had said that the new import duties would go into effect except as part of a deal with China. This morning's reports suggest that tariffs could be delayed while that deal is being finalized. There are still a couple of other sources of volatility that traders will be looking to navigate this week. First are parliamentary elections in the U.K., where polls suggest Prime Minister Boris Johnson's Conservative party is headed toward securing a majority, which would ensure Brexit on Jan. 31. The Federal Reserve is also meeting this week, and while there's no indication the central bank will make any changes to policy, there is some room for uncertainty about how firm the Fed will be when it comes to waiting for meaningful inflation before raising rates. The S&P 500 is down -0.37%, the Dow Jones is down -0.42%, the Nasdaq is down -0.49%.
Today's Sentiment
NeutralQuote of the Day
If we all worked on the assumption that what is accepted as true is really true, there would be little hope of advance.
Orville Wright
Daily Action Trade
Stocks on the Move
AutoZone, Inc. (AZO), NortonLifeLock Inc (NLOK) and Agilent Technologies Inc (A) are moving higher this morning, while Regeneron Pharmaceuticals Inc (REGN), Packaging Corp Of America (PKG) and Netflix Inc (NFLX) are headed lower. Adecoagro SA (AGRO), Bunge Ltd (BG) and Monro Inc (MNRO) were upgraded by analysts this morning, while Church & Dwight Co., Inc. (CHD), MCCORMICK & CO /SH NV (MKC) and Netflix Inc (NFLX) were downgraded.
International Markets
Stocks in Asia are mixed. The Shanghai SE Composite Index is up 0.1%, the Nikkei 225 is down -0.09%, the Hang Seng is down -0.22% the Australia ASX All Ordinaries is down -0.36% and the Mumbai Sensex is down -0.61%. Stocks in Europe are down. The DAX is down -1.32%, the Euro Stoxx 50 is down -0.97%, the FTSE 100 is down -0.86% and the CAC 40 is down -0.71%.
Futures & Currencies
Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.31 at 58.71 per barrel. Brent crude is down -0.39 at 63.86 per barrel. Natural Gas is up 0.01 at 2.24. Precious metals are up this morning. Gold is up 5.7 at 1467.32 per ounce. Platinum is up 12.22 at 907.56 while silver is up 0.06 at 16.7. 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, 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 | NFIB Small Business Optimism Index | Nov | 06:00 |
2 | Productivity-Rev. | Q3 | 08:30 |
3 | Q3 Unit Labor Costs - Rev. | Q3 | 08:30 |