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The Dow Jones Industrial Average has barely budged. In today's Morning Movers, we... 
•...explain the market's resilience to trade-war concerns;
•...highlight Tesla's (TSLA) 3% pre-open slide;
•...and review earnings from Hasbro (HAS) and Halliburton (HAL).

A Sleepy Monday

Yawn. It's a sleepy morning for the markets as the major indexes refuse to budge.

S&P 500 futures have gained 0.25 point, while Dow Jones Industrial Average futures have dipped 2 points--also known as little changed. Only Nasdaq Composite futures are moving this morning, off 0.2%.

It's not that there isn't plenty going on. The G20 meeting closed with a statement warning about the potential impact of tariffs on global economic growth, while President Donald Trump took to Twitter to warn Iran, "'NEVER, EVER THREATEN THE UNITED STATES AGAIN." The latter has oil trading higher, but otherwise, there's little impact.

The market isn't falling, but neither is it really rising. One strategist likened the S&P 500's upward trajectory to "trudging through mud." So what will it take to get the market really moving? The Sevens Reports' Tom Essaye argues that strong earnings and economic growth aren't enough to propel the market higher. It will also need clarity on trade, and steepening yield curve caused by a rising 10-year yield, and a weaker dollar. The President is trying to take care of the the dollar, and with it, the yield curve. But tariffs could steal be a deal breaker. "Regarding risks, the market is too complacent on trade," writes Essaye. "I’m not saying there can’t be positive resolution, but real risks of continued tariffs and a slowing of growth remain."

But we're not seeing it yet. Evercore ISI's Dennis DeBusschere notes that 86% of the companies reporting earnings so far have topped estimates, and earnings growth alone would suggest a 6% rise in the market this quarter, all else being equal. "Investors continue to expect the trade war to have little impact on risk premiums and that is unlikely to change until it becomes clear that escalating tariffs are leading to a material slowdown in global economic growth," DeBusschere says.

And we're still waiting.


Earnings & News 
Halliburton (HAL) is down 1.2% to $44.67 after reporting second-quarter earnings. The energy services company earned 58 cents a share on revenue of $6.15 billion. Analysts were looking for earnings of 59 cents on revenue of $6.12 billion.

Hasbro (HAS) is up 11.8% to $105 after reporting second-quarter earnings. The toy maker earned 48 cents a share on revenue of $904.5 million. Analysts were looking for earnings of 33 cents on revenue of $839.29 million.

Netgear (NTGR) is down 2.1% to $74.20 after reporting second-quarter earnings. The home security firm earned 57 cents a share on revenue of $366.8 million. Analysts were looking fo earnings of 51 cents on revenue of $350.6 million. For the third quarter, it sees revenues of $380 million to $395 million, below the $396.81 million consensus estimates.

Papa John's International (PZZA) is down 4.6% to $49.20 after its board adopted a poison pill to prevent its founder from gaining control of the company.

Tesla (TSLA) is down 3.2% to $303.45 after The Wall Street Journal reported that the auto maker is asking suppliers for refunds as it tries to turn a profit.  —Teresa Rivas 
Upgrades & Downgrades

BJ'S Wholesale Club (BJ) is up 1.5% to $26.29 after it was initiated with positive ratings at several firms, including Bank of America Merrill Lynch, Citi, Stifel, and Instinet.

Cleveland-Cliffs (CLF) is up 5.7% to $10.53 after JPMorgan upgraded it to Overweight.

Philip Morris International (PM) is down 0.9% to $83.52 after Societe Generale downgraded it to Hold.

RegenexBio (RGNX) is down 4.8% to $72.95 after Bank of America Merrill Lynch downgraded it to Neutral. —T.R.
 Morning Movers: Tesla Tumbles, Hasbro Climbs, Halliburton

The Dow Jones Industrial Average has barely budged.


