Stocks Rise as Russia and Saudi Arabia Near Agreement

First Look

Futures for U.S. equity indices are pointed toward a rise at the open Tuesday morning. Monday's session saw a 7% gain from the S&P 500. Saudi Arabia and Russia have signaled that they would like the U.S. to be at the table at Thursday's meeting to discuss oil production cuts. The government of the U.S. seems uninterested in that offer, but Exxon (XOM) announced this morning that it is cutting capital spending by $10 billion this year, with most of the cuts coming in the Permian Basin. The Dow Jones is up 3.51%, the S&P is up 3.02%, the Nasdaq is up 2.83%.

Today's Sentiment

Quote of the Day

What we need is not the will to believe, but the wish to find out.
William Wordsworth

Stocks on the Move

Carnival Corp (CCL), Norwegian Cruise Line Holdings Ltd (NCLH) and Apache Corporation (APA) are moving higher this morning, while Whirlpool Corporation (WHR), Global Payments Inc (GPN) and CenterPoint Energy, Inc. (CNP) are headed lower. Mohawk Industries, Inc. (MHK), Voya Financial Inc (VOYA) and Lowe's Companies, Inc. (LOW) were upgraded by analysts this morning, while DiamondRock Hospitality Company (DRH), Veoneer Inc (VNE) and Chesapeake Energy Corporation (CHK) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 8.97%, the Hang Seng is up 2.12%, the Shanghai SE Composite Index is up 2.05% the Nikkei 225 is up 2.01% and the Australia ASX All Ordinaries is down -0.42%. In Europe stocks are up. The DAX is up 3.93%, the Euro Stoxx 50 is up 3.14%, the CAC 40 is up 3% and the FTSE 100 is up 2.79%.

Futures & Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.38 at 26.46 per barrel. Brent crude is up 0.55 at 33.6 per barrel. Natural Gas is up 0.08 at 1.81. Precious metals are up this morning. Gold is up 10.5 at 1654.57 per ounce. Platinum is up 2.95 at 743.42 while silver is up 0.47 at 15.64. 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, 1,119,159 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 768,436 put contracts. The single-session put/call was 0.69.

Today's Economic Calendar

Earnings Expected Today