Stocks Rise as Market Waits for More From Powell

First Look

U.S. stocks are little changed ahead of the open Thursday. Wednesday's minutes from the July Federal Reserve meeting provided little in the way of clarity about the Fed's plans in the future. Meeting participants were split on whether rates should be held steady or cut further than the 25 basis points that the majority voted for. Federal Reserve Chairman Jerome Powell is scheduled to give a speech tomorrow morning which will be dissected for additional clues about the course forward for the central bank. The spread between two-year Treasuries and 10-year Treasuries turned negative again yesterday, albeit briefly. Dick's Sporting Goods (DKS) reported better-than-expected earnings this morning, continuing a trend of strong results from some parts of the retail sector. The Dow Jones is up 0.16%, the S&P 500 is up 0.13%, the S&P 500 is up 0.13%.

Today's Sentiment

Quote of the Day

Don't think. Thinking is the enemy of creativity.
Ray Bradbury

Stocks on the Move

Nordstrom, Inc. (JWN), Gap Inc (GPS) and Hormel Foods Corp (HRL) are moving higher this morning, while Albemarle Corporation (ALB), Kinder Morgan Inc (KMI) and Altria Group Inc (MO) are headed lower. Target Corporation (TGT), Wayfair Inc (W) and Etsy Inc (ETSY) were upgraded by analysts this morning, while Toll Brothers Inc (TOL), Splunk Inc (SPLK) and Kimco Realty Corp (KIM) were downgraded.

International Markets

Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.31%, the Shanghai SE Composite Index is up 0.11%, the Nikkei 225 is up 0.05% the Hang Seng is down -0.84% and the Mumbai Sensex is down -1.59%. In Europe stocks are mixed. The DAX is up 0.17%, the Euro Stoxx 50 is down -0.02%, the CAC 40 is down -0.21% and the FTSE 100 is down -0.36%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.48 at 56.16 per barrel. Brent crude is up 0.48 at 60.71 per barrel. Natural Gas is down -0.04 at 2.16. Precious metals are mixed this morning. Gold is down -12.3 at 1503.4 per ounce. Platinum is up 2.18 at 854.98 while silver is down -0.19 at 17.1. 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, 939,289 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 567,470 put contracts. The single-session put/call was 0.6 while the 20-day moving average is now at 0.72.

Today's Economic Calendar

Earnings Expected Today