S&P futures are trading flat to higher this morning. The major indexing are in a tight trading range this morning. China announced the lifting of tariffs on 16 categories earlier this morning. The market will be watching the release of the PPI data this morning as a key measurement of the health of the U.S. economy. Overnight in Asia, the markets were higher, China’s markets were down 0.41%. Stocks in the European markets continue to move higher as they wait on news from the ECB on a EuroZone stimulus plan.
S&P’s Overnight High 298.66 Low 297.77 % Change higher by 0.11
Oil prices are higher this morning. Key events surrounding oil prices include John Bolton’s resignation, Talks of pending OPEC production cuts and Stockpile figures. Oil price traded lower yesterday on the announcement of National Security Advisor resigned. Bolton, a foreign policy hawk, often took a hard line on any discussion with Iran. His resignation is seen as a bearish factor for oil. The oil market is closely listening to the discussion at the OPEC conference in Abu Dhabi, additional production cuts are being discussed. This morning, OPEC announced a cut to its 2019 oil demand forecast by a reported 80,000 barrels a day and downgraded its projections for global growth. The American Petroleum Institute has reported a drop in U.S. inventories by 7.2 million barrels last week, Later this morning the Energy Information Administration will be reporting the official stockpile figures.
WTI is at $58.08 a barrel, Brent Crude is at $63.07 a barrel.
For news on oil type in .OIL or “OPEC” into NewsWare.
Earlier this morning, China announced plans to exempt 16 categories for products from the 1st round of tariffs. The move is seen as a positive step ahead of next month’s trade talks. Markets are speculating that the U.S. will respond with a similar tariff exemption later this month. The ECB announcement is expected tomorrow on their monetary policy. The ECB is said to be considering a 10 to 20 basis point rate cut and a bond-buying program as a quantitative easing tool. The European markets seem to be anticipating a scenario where they get both.
At 08:30 am ET Producer Price Index (FD)
At 10:00 am ET Atlanta Fed Business Inflation & Wholesale Trade figures
At 10:30 am ET Official oil stockpile figures from the EIA.
The Quite Period ahead of next weeks fed meeting has begun.
To access Economic news type .Economic into NewsWare.
Bullish option activity in LB, ROKU & T
Bearish option activity in DG, LOPE & NVS
To access news related to options type .OPTIONS into NewsWare
Sector Update: Headlines to Note
PLAY .ERN Stock down over 15% this morning after lowering the FY19 forecast.
KR .ERN Earnings are expected to be released on Wen morning, a $1.95 move is expected.
RH .REC JPM raises its price target to $180 from $156.
FDA / Drug Markets
BCYC .REC Goldman upgrades the stock to Buy from neutral with a $14 price target.
LXRX .REC Citi says settlement with Sanofi removes overhang.
RDY P/SGN Announced the launch of Fosaprepitant for Injection in the U.S.
AAPL P/SGN Announced low-cost Apple streaming service $4.99/mo
AAPL .REC Morgan Stanley calls Apple a top pick after the announcement of Apple TV.
FB P/SGN Said to be applying for a swiss payment services license for its digital currency.
AMZN P/SGN FTC is in the early stages of an investigation into AMZN marketplace practices.
SPY P/SGN Trump calls Fed officials “Boneheads” He wants to see interest rates cut to zero.
BAC P/SGN Saudi Aramco is said to pick BofA for top IPO role.
ORCL .ERN Straddle is priced for a $3.30 move when earnings are announced tomorrow afternoon.
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