Trade Optimism Sends Stocks Higher

First Look

Major indices are higher in the pre-market Monday morning. President Trump said over the weekend that any deal finalized between the U.S. and China could be signed in the U.S., with Commerce Secretary Wilbur Ross saying "there’s no natural reason" why a phase-one deal couldn’t be completed. Ross added that licenses for U.S. companies to sell components to the Chinese tech company Huawei would come "very shortly", while suggesting that the U.S. may not impose tariffs on imported automobiles after positive talks with manufacturers in the European Union and Japan. Shares of McDonald's Corp (MCD) are lower by 1.7% this morning after the company's CEO was fired for having a consensual relationship with an employee. Under Armour (UAA) is lower by more than 13% this morning after reporting quarterly earnings. The company topped earnings estimates, but shares plunged after disclosing that its accounting practices have been under federal investigation for more than two years. The S&P 500 is up 0.1%, the Dow Jones is up 0.09%, the Nasdaq is up 0.08%.

Today's Sentiment

Quote of the Day

Don't let yesterday use up too much of today.
Will Rogers

Stocks on the Move

Qorvo Inc (QRVO), Fortinet Inc (FTNT) and Newell Brands Inc (NWL) are moving higher this morning, while Arista Networks Inc (ANET), American International Group Inc (AIG) and Hewlett Packard Enterprise Co (HPE) are headed lower. Amedisys Inc (AMED), Church & Dwight Co., Inc. (CHD) and Diebold Nixdorf Inc (DBD) were upgraded by analysts this morning, while Arista Networks Inc (ANET), Booking Holdings Inc (BKNG) and J B Hunt Transport Services Inc (JBHT) were downgraded.

International Markets

Stocks in Asia are mixed. The Shanghai SE Composite Index is up 0.99%, the Hang Seng is up 0.65%, the Australia ASX All Ordinaries is up 0.09% the Australia ASX All Ordinaries is up 0.09% and the Nikkei 225 is down -0.33%. In Europe stocks are up. The DAX is up 0.36%, the Euro Stoxx 50 is up 0.34%, the CAC 40 is up 0.33% and the FTSE 100 is up 0.3%.

Futures & Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.42 at 54.6 per barrel. Brent crude is up 0.34 at 59.96 per barrel. Natural Gas is up 0.04 at 2.73. Precious metals are mixed this morning. Gold is down -2 at 1212.8 per ounce. Platinum is up 1.32 at 934.08 while silver is up 0.06 at 18.13. 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, 1,510,016 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 911,926 put contracts. The single-session put/call was 0.6 while the 20-day moving average is now at 0.67.

Today's Economic Calendar

Earnings Expected Today