US Markets- S&P 500 Futures -31 points
- US 10-Year 2.42%
- Oil $62.50
- VIX 18.60
- Dollar Index 97.26
International Markets
- Japan Nikkei -0.72%
- China Shanghai -1.21%
- Hong Kong HSI Closed
- South Korea Kospi -1.38%
- UK FTSE -0.13%
- German DAX -0.77%
USA/China
Equity markets around the globe are trading lower this morning as trade concerns continue to roil the equity markets. But worry not, because as President Trump issues tariffs, the Chinese are allowing the value of yuan to weaken. It would seem that the yuan is running to 7.
Oil
Oil prices are on the rise up over 1% despite the fears of global a trade war. I guess the oil market at this point is not too concerned about this trade war. However, should oil break support at $61.50 it could lead to a decline to $57.80.
STOCK MARKET
S&P 500 (SPY)
The stock market is facing losses on May 13, and 2,836 continues to be the line in the sand for the S&P 500. As long as that level holds thing should be ok. If the index falls below that support, they could ugly quickly. Let’s hope we stay above 2,836.
Uber/Tesla (UBER/TSLA)
Uber (NYSE:UBER) is falling again today, and its valuation is now $70 billion. What’s the bet here? Autonomous driving? Tesla (NASDAQ:TSLA) has a market value of about $40 billion.Either Tesla is too cheap, or Uber is way too expensive.
Semis (SMH)
Chip stocks will be one group to suffer today on trade concerns. $106.25 is the next significant level to watch for in the SMH.
Micron (MU)
Micron Technology Inc (NASDAQ:MU) is trading near its lows at roughly $38 today, and again this one looks as if it may be heading towards $36.
Nvidia (NVDA)
NVIDIA Corporation (NASDAQ:NVDA) is trading lower, and again I continue to think this one is heading towards $150.
Boeing (BA)
Boeing Co (NYSE:BA) is flirting with its lows from last, and a drop below $345 pushes the stock even lower towards $320.
Caterpillar (CAT)
Caterpillar (NYSE:CAT) is facing stiff resistance at $132 and the stock could fall to $125.
United Technologies (UTX)
United Technologies (NYSE:UTX) is facing stiff resistance at $137.50 and the stock is facing a decline to $130.
