S&P futures are lower this morning. Stocks are slipping globally this morning. President Trump says he has no interest in a trade agreement with China unless they commit to the terms his negotiators indicated they have previously agreed upon, In Hong Kong, Mass protests are occurring as a result of an extradition bill. Oil is down over 2%. Then there are the Anti-Trust hearings in DC on the big tech firms. These factors are creating selling pressure this morning.
S&P’s Overnight High 288.64 Low 287.85 % Change lower by 0.16 %
Oil prices are trading higher this morning. Oil is trading 2.5% lower this morning after the American Petroleum Institute released bearish inventory data. Their report on the U.S. crude supplies indicated an increase of roughly 4.9 million barrels for the week ended June 7. Demand continues to be a significant concern to oil traders. China factory gate inflation slowed in May on weak commodity demand reinforces the theme of a slowdown in China. Later this morning the official data from the Energy Information Agency will be released. Oil traders will also be paying attention to the Monthly oil reports due out from OPEC and the International Energy Agency will be releasing reports on Thursday and Friday.
WTI is at $51.80 a barrel, Brent Crude is at $60.75 a barrel.
For news on oil type in .OIL or “OPEC” into NewsWare.
While Fed officials have made public statements that they are open to a rate cut, the market is pricing in multiple rate cuts within a year. While the market is looking for a rate cut in June, this is an unlikely scenario. What more likely is for the Fed to release a dovish statement next week. It’s important to note that the Fed is a data-driven organization and that inflation is running below their 2% target. Trade Tensions between the U.S and China continue to worsen as Trump has been intensifying his tariff talk. Economic Reports: At 8:30 am ET Consumer Price Index. At 10:00 am ET The Atlanta Fed Business Inflation Expectations. At 10:30 am ET the EIA will release their Petroleum Status Report.
To access Economic news type .Economic into NewsWare.
Bullish option activity in EBAY, ED & KHC
Bearish option activity in COG, CVS & RH
To access news related to options type .OPTIONS into NewsWare
CASY .REC Barclays raises its price target to $140 from $123.
LULU .ERN Earnings out later today. 1.20 call to put ratio yesterday.
RH .ERN Earnings out later today. 0.56 call to put ratio yesterday.
FDA / Drug Markets
IMV P/SGN Phase 2 clinical trial display benefits on tumor regression.
PFE P/SGN Results were positive from a study on rheumatoid arthritis.
NVTA P/SGN Announced partnership with XFOR on genetic testing.
CSCO .REC William Blair downgraded the stock to Market Perform
MSFT .REC Wedbush more positive on MSFT cloud solution than AMZN.
BA P/SGN FAA official feels the 737 will resume flights by December.
GOOG Peri.Fly Started to move HW production to Taiwan from China
FB Peri.Fly Setting up a new engineering center in London.
AAPL .REC Baird concerned on 30% royalty due to the justice probe
SPY P/SGN House asks Fed Court to enforce action on Trump officials
INTC Rumor Talk yesterday of AAPL to buy a INTC division.
MDSO .MA Dassault to acquire Medidata for $92.25 a share.
Upcoming Earnings Announcements and the expected move.
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