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Stocks Rise Wednesday on Virus Treatment News

Wednesday, February 05, 2020 08:50 AM | Bobby Raines

First Look

Stocks are higher Wednesday morning. The global equity rally continued overnight amid a number of reports about progress on coronavirus treatments. The treatments are all still in early stages though and even preliminary testing on humans isn't going to begin immediately. Disney (DIS) shares are higher this morning after the company reported better-than-expected earnings after the close Tuesday. The Nasdaq is up 1.06%, the Dow Jones is up 0.9%, the S&P 500 is up 0.83%.

Today's Sentiment

Neutral

Quote of the Day

My philosophy? Simplicity plus variety.
Hank Stram

Daily Action Trade

Stocks on the Move

Coty Inc (COTY), Agilent Technologies Inc (A) and Intercontinental Exchange Inc (ICE) are moving higher this morning, while Ford Motor Company (F), TAKE-TWO INTERACTIVE SOFTWARE, INC Common Stock (TTWO) and Allstate Corp (ALL) are headed lower. Centene Corp (CNC), Eaton Corporation PLC (ETN) and Toll Brothers Inc (TOL) were upgraded by analysts this morning, while Tesla Inc (TSLA), Gilead Sciences, Inc. (GILD) and Albemarle Corporation (ALB) were downgraded.

International Markets

Stocks in Asia are up. The Shanghai SE Composite Index is up 1.25%, the Nikkei 225 is up 1.02%, the Mumbai Sensex is up 0.87% the Australia ASX All Ordinaries is up 0.47% and the Hang Seng is up 0.42%. In Europe stocks are up. The DAX is up 1.41%, the Euro Stoxx 50 is up 0.99%, the CAC 40 is up 0.9% and the FTSE 100 is up 0.62%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 1.49 at 51.1 per barrel. Brent crude is up 1.58 at 55.54 per barrel. Natural Gas is down -0.04 at 1.84. Precious metals are mixed this morning. Gold is down -0.16 at 1552.76 per ounce. Platinum is up 8.83 at 973.67 while silver is up 0.01 at 17.58. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, up against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 1,608,168 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 747,690 put contracts. The single-session put/call was 0.46.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 MBA Mortgage Applications Index 02/01 07:00
2 ADP Employment Change Jan 08:15
3 Trade Balance Dec 08:30
4 ISM Non-Manufacturing Index Jan 10:00
5 EIA Crude Oil Inventories 02/01 10:30

Earnings Expected Today

AME, AVB, BBD, BSX, CINF, CTSH, DTE, FOXA, GM, GSK, HUM, IAC, IBN, MET, MRK, NVO, ORLY, PAYC, QCOM, SPOT, SU, TM

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