S&P futures are trading lower this morning. Weak economic data out of China and Germany was the catalyst that inverted the yield curve this morning. Futures have been dropping steadily for the past 3 hours. Asian stocks finished the day mostly higher due to the delay of tariff news. The Shanghai rose 0.42. European markets are seeing significant selling pressure again this morning. Macy’s released disappointing results this morning and lowered is the guidance on the year.
S&P’s Overnight High 292.37 Low 290.85 % Change lower by 1.32
Oil prices are trading lower this morning. Economic data out of China and Germany indicates a slowdown in growth. China’s Industrial output eased to 4.8% in July, forecasts were looking for an expansion of 6%. Germany’s GDP declined by 0.1% in the 2nd quarter. The America Petroleum Institute has estimated a surprise crude oil build of 3.7 million barrels for the week ending 8-8-2019. Later this morning the official data for the U.S. Energy Information Administration will release their data on oil stockpiles.
WTI is at $56.61 a barrel, Brent Crude is at $60.87 a barrel.
For news on oil type in .OIL or “OPEC” into NewsWare.
The yield on the 10yr treasury note fell below the yield on the 2yr note early this morning. An inverted yield curve is a sign of weakness ahead for equity markets. China’s industrial production is slowing and Germany’s 10yr bund yield drops to a new all-time low of -0.63 after the release of it 2nd quarter GDP data. These are simply indicators that the global economy is in a reset mode. Yesterday’s announcement that certain tariffs are being delayed till Dec was met with a positive reaction by the equity markets. While this news is considered to increases the chances of a U.S. China trade agreement, it is still highly unlikely that a deal will be made anytime soon. China’s Trade representatives have confirmed that they are still planning to travel to the U.S, in September for talks.
08:30 am ET Import Export Prices
10:00 am ET Atlanta Fed Business Inflation Expectations.
10:30 am ET EIA Petroleum Status Report
To access Economic news type .Economic into NewsWare.
Bullish option activity in AGN, FLR & GDX
Bearish option activity in CGC, DB & YPF
To access news related to options type .OPTIONS into NewsWare
Sector Update: Headlines to Note
AAP .REC Citi lowers its price target to $156 from $182.
HD .ERN Wells Fargo raises its price target to $230 from $215 a week before HD releases eps.
DDS .ERN Wedbush cut price target to $56 from $62 a day before DDS releases earnings.
FDA / Drug Markets
PHAS P/SGN Released mins of discussion with FDA, FDA was positive on clinical dev plan.
FATE P/SGN Received a Patent on cellular immunotherapies,
MRK .FDA MRK & AZN said Paola-1 for ovarian cancer met primary endpoints.
BA .MA Deliveries at 11 year-low. In 2019, BA has delivered 258 planes, 417 last year.
WMT .ERN To release earnings on Thur, Straddle sees move of $4.75. Puts continue to be active.
GS .REC Bank stocks are falling are yield curve inverts.
FB P/SGN Head of FTC says he is willing to break up big tech firms if needed.
FB P/SGN Said to have hired contractors to transcribe user audio recordings.
APPL .GOV FAA bans Macbook Pro laptops from flights due to a fire hazard.
SPY P/SGN Inversion of the yield curve is spooking the markets this morning.
OSTK P/SGN CEO releases a bizarre tale of espionage message after the close yesterday.
M P/SGN Missed on EPS and revenue. Lowered guidance.
Upcoming Earnings Data and Options Volume Analysis
|Symbol||Company Name||Earn Date||a/p||Last||Chnge||Stradl pct||$ Move||last rptd qtr earn srprse %||Total Call / Put Ratio||Date||Call Volum||Put Volum||vol Call / Put Ratio||Call Open Int||Put Open Int||OI Call / Put Ratio|
|A||AGILENT TECHNOLOGIES, INC.||20190814||pm||67.65||1.02||5.77||3.90||(1.39)||0.28||8/17||339||785||0.43||14790||8767||1.69|
|CACI||CACI INTERNATIONAL INC||20190814||pm||211.04||1.80||5.78||12.19||16.96||0.94||8/17||71||88||0.81||782||540||1.45|
|CSCO||CISCO SYSTEMS INCORPORATED||20190814||pm||52.75||1.21||4.41||2.33||1.30||2.66||8/17||23784||8756||2.72||104246||70945||1.47|
|ELP||COMPANIA PARANAENSE DE ENERGIA COPEL||20190814||pm||12.96||0.21||0.00||0.00||0.00||4.31||8/17||0||0||1.00||60||53||1.13|
|HOLI||HOLLYSYS AUTOMATION TECHNOLOGIES, LIMITED||20190814||pm||16.26||0.17||10.06||1.64||17.95||1.80||8/17||12||20||0.60||380||42||9.05|
|PUMP||PROPETRO HOLDING CORP||20190814||pm||12.19||-0.02||6.24||0.76||(46.97)||3.70||8/17||23||13||1.77||773||105||7.36|
|SBS||COMPANHIA banco SAO PAULO||20190814||pm||14.43||0.02||3.11||0.45||(10.71)||0.20||8/17||1||0||1.00||193||221||0.87|
|BABA||ALIBABA GROUP HOLDING LTD – ADR||20190815||am||164.27||4.96||4.75||7.81||21.90||2.79||8/17||58830||22233||2.65||160390||#####||1.16|
|CSIQ||CANADIAN SOLAR INC||20190815||am||21.86||0.58||8.69||1.90||34.09||18.18||8/17||760||33||23.03||4628||2977||1.55|
|MSG||MADISON SQUARE GARDEN CO||20190815||am||290.69||3.48||3.33||9.69||7.25||1.27||8/17||19||22||0.86||2939||1546||1.90|
|AMAT||APPLIED MATERIALS, INC.||20190815||pm||48.06||1.60||4.95||2.38||6.06||0.91||8/17||5139||4684||1.10||26328||25845||1.02|
|BGG||BRIGGS & STRATTON CORPORATION||20190815||pm||8.69||0.02||0.00||0.00||(48.48)||5.88||8/17||10||0||1.00||485||135||3.59|
|CRMT||AMERICA’S CAR-MART, INC.||20190815||pm||91.15||3.30||10.05||9.16||13.56||0.73||8/17||11||60||0.18||50||117||0.43|
|PAGS||PAGSEGURO DIGITAL LTD||20190815||pm||46.80||1.96||10.76||5.04||8.00||0.99||8/17||2266||2630||0.86||11736||13376||0.88|
|VIAV||VIAVI SOLUTIONS INC||20190815||pm||14.38||0.28||7.21||1.04||0.00||3.62||8/17||33||15||2.20||1819||176||10.34|
|ZTO||ZTO EXPRESS (CAYMAN) INC||20190815||pm||19.04||0.10||5.14||0.98||(5.26)||1.26||8/17||10||4||2.50||1934||5298||0.37|
|DE||DEERE & COMPANY||20190816||am||147.17||0.12||4.89||7.20||(1.68)||0.67||8/17||1952||2592||0.75||24071||23906||1.01|
|GGAL||GRUPO FINANCIERO GALICIA SA||20190816||pm||17.23||0.48||6.95||1.20||120.27||0.43||8/17||15||72||0.21||14253||4711||3.03|
|MSGN||MSG NETWORKS INC||20190821||am||18.23||0.02||9.26||1.69||7.46||0.21||8/24||0||61||0.00||2301||6980||0.33|
*Information displayed above is for informational purposes only. Trading involves the risk of capital and we are not making any predictions on future events or movements in equity prices. All investors are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is not indicative of future price action.