Morning Dose: Market Alert Record Highs, Trade Tensions, and Earnings S…
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Futures are pointing to a modestly higher open, trying to build on yesterday’s record highs for the S&P and Nasdaq. But it feels a bit like the market is holding its breath.
Overnight Headlines
- France President’s comments on U.S. and E.U. trade deal.
- Market cautious amid U.S.-China trade talk uncertainties.
Economic Announcements
Today is filled with key economic data releases:
- 8:30 AM – Advance Economic Indicators
- 9:00 AM – Home Price Data
- 10:00 AM – Consumer Confidence & JOLTS Job Openings Report
Earnings Highlights
Major earnings updates:
- Boeing (BA): Up over 2% with increased production rates for 737 and 787 programs.
- Corning (GLW): Popping more than 5% on beating expectations and raised guidance.
- PayPal (PYPL): Solid beat and increased full-year guidance.
- UnitedHealth (UNH): Down over 3% on missed earnings and lowered guidance.
Top Movers
- Whirlpool (WHR): Down about 15% after poor earnings, revenue miss, and dividend cut.
- Union Pacific (UNP) and Norfolk Southern (NSC): Major acquisition news in the railroad industry.
- Baker Hughes (BKR) and Chart Industries (GTLS): Energy sector M&A news worth $13.6B.
Quick Trade Ideas
For S&P 500 (SPY): Watch support at 636.50 and resistance around 641.50.
For Nasdaq (QQQ): Look at support near 569.80 and resistance around 573.40.
Key Takeaway
Today presents a battleground for traders with strong earnings but also major disappointments. Market awaits key economic data and earnings reactions to set the tone for the week.
Pay close attention to the 10 AM data releases for potential market direction cues.