Stocks Rise as Trade Rumors Turn Positive

Wednesday, December 4, 2019 8:42 AM | Bobby Raines

First Look

Stocks in the U.S. are pointed higher Wednesday morning. The latest trade headline is positive, as officials who were unwilling to have their names used in the reporting, are reportedly saying that despite President Trump's comments earlier this week, the U.S. and China are moving closer to an agreement and could have a phase on deal in place in time to head off the next round of tariffs on Dec. 15. The Nasdaq is up 0.65%, the Dow Jones is up 0.51%, the S&P 500 is up 0.49%.

Today's Market Outlook

Neutral

Quote of the Day

Let the future tell the truth, and evaluate each one according to his work and accomplishments. The present is theirs; the future, for which I have really worked, is mine.
Nikola Tesla

Stocks on the Move

Microchip Technology Inc. (MCHP), Dow Inc (DOW) and Freeport-McMoRan Inc (FCX) are moving higher this morning, while Campbell Soup Company (CPB), Danaher Corporation (DHR) and Motorola Solutions Inc (MSI) are headed lower. Woodward, Inc.Common Stock (WWD), Atmos Energy Corporation (ATO) and NetEase Inc (NTES) were upgraded by analysts this morning, while Eaton Corporation PLC (ETN), Owens Corning (OC) and Marvell Technology Group Ltd. (MRVL) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 0.43%, the Shanghai SE Composite Index is down -0.23%, the Nikkei 225 is down -1.05% the Hang Seng is down -1.25% and the Australia ASX All Ordinaries is down -1.55%. In Europe stocks are up. The Euro Stoxx 50 is up 1.39%, the CAC 40 is up 1.24%, the DAX is up 1.13% and the FTSE 100 is up 0.14%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 1 at 57.1 per barrel. Brent crude is up 1.24 at 62.06 per barrel. Natural Gas is down -0.05 at 2.39. Precious metals are up this morning. Gold is up 0.07 at 1477.68 per ounce. Platinum is up 6.01 at 915.79 while silver is up 0.025 at 17.14. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up 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 MBA Mortgage Applications Index 11/30 07:00
2 ADP Employment Change Nov 08:15
3 ISM Non-Manufacturing Index Nov 10:00
4 EIA Crude Oil Inventories 11/30 10:30

Earnings Expected Today

CPB, DSGX, ESTC, FIVE, HRB, RH, RY, SMAR, SMTC, SNPS, VRNT, WORK

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