New York looks to seek respite ahead of Tuesday’s opening bell, pre-market futures higher as stocks take a breather following yesterday’s volatile trading.

Monday saw Wall Street recover from what felt to be another painfully unnerving session as the recuperation of tech-giant, Apple, was offset by developing US-China trade and Brexit concerns.

The benchmark S&P 500 index recorded an early decline, erasing -1.9% of its value before regaining its footing to end +0.19% positive.

The Technology sector led the way with a +1.38% gain, having fallen as much as -1.1% earlier in the session. The early sell-off and recovery of the sector tracked Apple’s (AAPL: +0.66%) movement with the iPhone maker having fallen as much as -3.1% following news of a Chinese court-imposed ban on the sale of certain iPhone models in China.

The Dow Jones ended the day +0.16% higher, while the tech-heavy Nasdaq Composite gained +1.05%.

Market focus will remain largely attuned to global trade developments, after Beijing had confirmed it is still in talks with Washington in an effort to broker a comprehensive trade agreement.

Meanwhile, in today’s economic agenda; PPI figures are set to be released at 8:30am EST, followed by Redbook at 8:55am ET.

In the earnings front; American Eagle Outfitters (AEO) and Dave & Buster’s (PLAY) are due to their financial figures today.


China & Trade: China Moves on US Car Tariff Cut Trump Tweeted About. (Bloomberg)
China is moving toward cutting its trade-war tariffs on imported U.S.-made cars, a step already brandished by President Donald Trump as a concession won during trade talks in Argentina.

Trade: US and China Kick Off a New Round of Trade Talks. (The WSJ)
The U.S. and China started the latest round of trade talks with a phone call involving Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He.

Today’s Economical Announcements

08:30AM – Core PPI (MoM) (Nov) (Previous: 0.5%)
08:30AM – Core PPI (YoY) (Nov) (Previous: 2.6%)
08:30AM – PPI (MoM) (Nov) (Previous: 0.6%)
08:30AM – PPI (YoY) (Nov) (Previous: 2.9%)
08:55AM – Redbook (MoM) (Previous: 0.8%)
08:55AM – Redbook (YoY) (Previous: 7.0%)

Pre-Market Movers & News Related Stocks

DSW (DSW): [EARNINGS] Reported adjusted quarterly profit of 70 cents per share, above the consensus estimate of 51 cents. Revenue beat forecasts.

Ford (F), General Motors (GM), Tesla (TSLA): [NEWS] Auto stocks are rising this morning following reports that China is moving toward cutting its tariffs on US-made cars.

CVS (CVS): [RATING] Rated “outperform” in new coverage at Leerink, noting the increased optimism about benefits stemming from the drug store chain’s acquisition of health insurer Aetna.

Ascena (ASNA): [EARNINGS] Earned an adjusted 6 cents per share for its latest quarter. Revenue above estimates.

Under Armour (UAA): [NEWS] Fired two marketing executives after reviewing their expenses, according to the Wall Street Journal.

Alphabet (GOOGL): [NEWS] Sundar Pichai, the CEO of Alphabet’s Google unit, appears before the House Judiciary Committee on Tuesday, and is expected to address questions about the company’s handling of a data breach, among other matters.

AT&T (T): [UPGRADE] Upgraded to “buy” from “neutral” at Citi, citing an improvement in competitive position and a more measured promotional environment for the wireless services market.

CBS (CBS): [NEWS] Made little progress in finding a permanent successor to ousted CEO Leslie Moonves, according to the Wall Street Journal.

Stitch Fix (SFIX): [NEWS] Said it does not expect subscriber numbers to increase in the holiday quarter.

Intel (INTC): [NEWS] A New York Times article is highlighting Amazon’s push into computer chips, suggesting that the move could pose a threat to the chip giant.

Pfizer (PFE): [DOWNGRADE] Downgraded to “neutral” from “overweight” at J.P. Morgan Securities in a valuation call.




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