All three indexes are eyeing their worst week of 2019
Dow Jones Industrial Average (DJI) futures are headed south for yet another day, with the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) following closely behind, as President Donald Trump's increased tariffs on $200 billion in Chinese goods went into effect early this morning. In addition, Trump tweeted that "there is absolutely no need to rush" a trade deal -- even with Chinese Vice Premier Liu He in town to negotiate -- fueling concerns about a lengthy trade standoff. All three indexes are pacing for their worst weekly plunge since the late-December sell-off.
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5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 1.02 million call contracts traded on Thursday, compared to 716,578 put contracts. The single-session equity put/call ratio rose to 0.70, while the 21-day moving average stayed at 0.61.
- Hotel giant Marriott International Inc (NASDAQ:MAR) is down 3.3% in electronic trading, after the company reported weaker-than-expected revenue for the first quarter. The shares could once again pull back to the supportive 40-day moving average, and will pare their 24.8% year-to-date gain.
- Wynn Resorts, Ltd. (NASDAQ:WYNN) stock is 4.7% lower ahead of the bell, after sharing disappointing revenue. The casino concern has added nearly 38% in 2019 so far, and today could test its 80-day moving average, which contained a pullback in March.
- AMC Entertainment Holdings Inc (NYSE:AMC) is moving lower after reporting a wider-than-expected first-quarter loss and disappointing revenue. Despite remaining hopeful for the rest of 2019, and coming off a record-breaking weekend from “Avengers: Endgame,” AMC has plunged 7% in electronic trading.
Today will bring speeches from Atlanta Fed President Raphael Bostic and New York Fed President John Williams, while the consumer price index (CPI) and Treasury budget are due. The cacophonous earnings week will end on a relatively quiet note, with E.W. Scripps (SSP), and Viacom (VIAB) releasing their quarterly results.
Asian Markets Push Aside Trade Fears
Stocks in China roared higher just as increased U.S. tariffs kicked in, leaving some to wonder if the Chinese government stepped in to bolster markets. Either way, the Shanghai Composite ended with a 3.1% gain, while the Hang Seng added 0.8%. South Korea’s Kospi notched a less impressive 0.3%, and Japan’s Nikkei finished down 0.3%.
European bourses are also gaining today. Outside of the trade drama, investors are considering fresh economic data out of the U.K. and Germany. For the former, first-quarter gross domestic product (GDP) narrowly edged out expectations, while the latter posted much stronger-than-expected export data. As such, the German DAX is leading the way at midday, up 0.8%, followed by France’s CAC 40, up 0.5%, and a 0.4% advance in London’s FTSE 100.