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Candle Lighting Time for Albany, NY:
Friday, July 20, 2018 8:09 pm

Financial updates

finance-markets16By Benjamin J. Chuckrow
Friday, July 20, 2018 – Stock index futures are indicating a lower open Friday. The Dow is losing 0.3%, while the S&P 500 is down 0.1% in pre-market action. The Nasdaq 100 is trading 0.2% above fair value on the GLOBEX in sympathy with better than expected second-quarter earnings in the Tech sector.

The major averages are poised to decline amid lingering concerns over the global trade dispute. In an interview with CNBC, President Trump stated he’s willing to levy tariffs on all 505.5 billion of Chinese imports if leaders in Beijing are unwilling to give certain trade concessions. Yesterday, the president suggested the Fed’s plan to continue to gradually increase interest rates could negatively impact the economic recovery. There are no economic updates scheduled for Friday.

In earnings news, Microsoft is adding 3.4% to $107.90 after the tech giant topped earnings estimates and revealed strong sales in its cloud unit. Meanwhile, Honeywell is climbing 2.4% to $151.02 after the conglomerate bested profit forecasts and raised its forward guidance.

European bourses are lower near mid-session. The Euro STOXX 600 is off 0.3% with automakers leading the decline. Meanwhile the U.K.’s FTSE 100 is off 0.2% as a stronger British pound is weighing on exporters. In Asia overnight, China’s Shanghai Composite recovered early session losses to close 2% higher.

Treasuries are little changed with the yield on the benchmark 10-year note up one basis point to 2.85%. In commodities, WTI crude is rising 0.5 % to $69.81/barrel. COMEX gold is adding 0.1% to $1224.90/ounce after reaching its one-year low on Thursday.

This information was prepared by or obtained from sources that Wells Fargo Advisors believes to be reliable, but its accuracy is not guaranteed. The report herein is not a complete analysis of every material fact in respect to any company, industry or security. The opinions expressed here reflect the judgment of the authors as of the date of the report and are subject to change without notice. Any market prices are only indications of market values and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Contact your Financial Advisor for additional information.

Benjamin J. Chuckrow

Senior Vice President – Branch Manager
Wells Fargo Advisors, LLC

37 Henry Street, Suite 201
Saratoga Springs, NY 12866
518-581-5049, 1-800-581-5196
Fax 518-581-5055  Cell 518-316-3848


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