S&P futures are higher this morning. Positive earnings beats from CSCO and WMT are helping to move the futures higher. China is likely to retaliate on Trump’s executive order which bans foreign telcomm sales in the U.S. Asian stocks ended mostly positive as they digest the telcom news. European markets are higher this morning as well.
S&P’s Overnight High 286.60 Low 284.10 % Change higher by 0.42%
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Oil prices are higher this morning. Oil prices continue to rise amid tensions in the Middle East and concerns of supply disruptions. OPEC and its allies will gather in Saudi Arabia this weekend. Iran will not be part of this meeting as they are thought to be behind the drone attacks on the Saudi pipelines and also thought to be responsible for the sabotage on 2 tanker ships The U.S. Energy Information Administration reported on Wednesday that crude inventories rose 5.2 million barrels last week, beating expectations for a drop of 800,000 barrels.
WTI is at $62.45 a barrel, Brent Crude is at $72.03 a barrel.
For news on oil type in .OIL or “OPEC” into NewsWare.
President Trump continues to add pressure to the trade discussions with China. Yesterday, he signed an executive order to ban telecommunications purchases from “foreign adversaries.” This was a direct shot at China’ leading telcomm manufacture Huawei. Treasury Secretary Steven Mnuchin said negotiators would “most likely” meet again in Beijing to continue trade talks in the near future. However, China’s Commerce Ministry said this morning that it doesn’t have any knowledge about a U.S. plan to visit Beijing to continue trade talks. Fed Speak: At 12:00 pm E, Minneapolis Federal Reserve Bank President Neel Kashkari will be giving a speech on interest rates, monetary policy and the economy. Fed governor Lael Brainard speaks on the economy and monetary policy at a National Tax Association symposium at 12:15 p.m. ET. Economic Reports: At 8:30 am ET Jobless Claims, Housing Start and the Philadelphia Fed Business Outlook survey reports due out.
To access Economic news type .Economic into NewsWare.
Bullish option activity in ABC, BYND & PINS
Bearish option activity in AMC, MAT & ODFL
To access news related to options type .OPTIONS into NewsWare
WMT P/SGN Beat on EPS and Revenue, market is brushing of currency & tariff issues.
BBY .REC UBS lowered its price target to $52 from $57.
M .REC Goldman upgraded to Neutral from sell, but lowered price target to $21 from $23.
IOVA P/SGN Offered first evidence of clinically meaningful durability for TIL therapy.
ZLAB P/SGN Announced China NMPA acceptance of ETX2514SUL clinical trial application.
OTLK .REC Oppenheimer initiates coverage with an Outperform and a $12 price target.
WMT .ERN CFO says currency to negatively affect Q2 sales by about $1B
CSCO .REC Jefferies raises its price target to $62 from $55.
JPM P/SGN EU fines 5 banks 1.2b for manipulation of Forex trading.
AAPL .REC Wedbush feels tariffs are unlikely to affect Iphone sales.
AMZN P/SGN Trading higher on Buffet’s SEC filing showing a news position in the stock.
SPY .Rumor China is likely to respond to Trumps foreign telcomm ban in a significant way.
HOME .MA Reports indicate Kohls is considering a deal to buy the company.
MAR .MA Rumor that the owners of the Ritz Carlton in NY are entertaining offers.
MBIO Hots.Fly Received orphan drug designation from the FDA
Upcoming Earnings Releases and Expected move:
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