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| | US Market | | The major U.S. index futures are pointing to a higher opening on Friday, with sentiment showing modest improvement, with the third quarter growth being upwardly revised. Also on a positive note, NIKE reported better than expected earnings and some tech earnings released after the markets closed yesterday are also encouraging. That said, strong data and recent gains could position markets on track for some degree of consolidation.
U.S. stocks managed to withstand the profit taking that followed the Fed-induced gains on Thursday, as traders reacted to some innocuous economic data and earnings. The major averages opened lower and fell further in early trading only to recoup their losses over the course of the session. The Dow Industrials moved into positive territory by the mid-session and mostly advanced thereafter before closing up 11.11 points or 0.07 percent at another record closing high of 16,179. Despite trimming its loss, the S&P 500 Index remained mostly below the flat line, ending down 1.05 points or 0.06 percent at 1,810. Meanwhile, the Nasdaq Composite ended at 4,058, down 11.93 points or 0.29 percent.
Even though The Dow closed higher, the breadth among the components, with nineteen stocks closing lower, while the remaining 11 stocks advanced. Microsoft and Wal-Mart declined notably, while Chevron and Disney gained ground.
Gold and housing stocks were among the biggest decliners of the session.
On the economic front, the Labor Department reported that initial jobless claims rose to 379,000 in the week ended December 14th from 369,000 in the previous week, reaching the highest levels since March. Continuing claims rose 94,000 to 2.884 million for the week ended December 7th.
The results of the Philadelphia Federal Reserve's manufacturing survey showed that the manufacturing growth in the region was little changed in December. The business conditions index rose less than expected, coming in at 7 compared to 6.5 in November. The new orders index rose 3.6 points to 15.4 after the 15+point decline in November and the shipments index was up almost 8 points to 13.3. The order backlogs continued to be in negative territory at -5. The employment indexes were mostly positive, with the number of employees index rising to 2.2 from 1.1, while the average workweek index rose to 6.8 from -8.6. Meanwhile, the business activity outlook index fell 1.8 points.
Meanwhile, the National Association of Realtors reported that existing home sales fell to a seasonally adjusted annual rate of 4.90 million units from 5.12 million units. Single-family sales were down 3.8 percent month-over-month and condominium/co-ops sales fell 7.9 percent. Inventories measured in terms of months of supply rose to 5.1 months from 4.9 months. The median sales price of an existing home was down to $196,300 from $197,500. First time homebuyers accounted for 28 percent of total sales, which is well below the trend.
A report released by the Conference Board showed that its leading economic indicators index rose 0.8 percent month-over-month in November following a 0.1 percent increase in October. The board noted that improving labor markets and new orders in manufacturing combined with strong financial indicators were responsible for November's gain. The lagging economic indicators index remained unchanged in November and the coincident economic indicators index rose 0.4 percent.
The markets retained some of the moment they picked up along the way in the wake of the Fed decision, and that is reflected by the fact that The Dow pushed further to a new high. However, there is no denying the fact that the gains could make traders wary of pushing the markets further unless supported by some solid catalysts. In the eventuality of a pullback by the Dow, 16,158, 16,069, 16,006, its 21-day MA of 15,972 and 15,901 could serve as support levels. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | With consumer spending and non-residential fixed investment rising more than estimated just two weeks ago, The Commerce Department released a report on Friday showing an unexpected upward revision to the pace of U.S. economic growth in the third quarter of 2013.
The Commerce Department said gross domestic product increased by 4.1 percent in the third quarter compared to the 3.6 percent growth estimated earlier this month. Economists had expected the pace of GDP growth to be unrevised.
The Atlanta Federal Reserve is scheduled to release the results of its survey on business inflation expectations at 10 am ET. The Kansas City Federal Reserve is due to release its index measuring regional manufacturing activity at 11 am ET. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Nike reported second quarter earnings from continuing operations of 59 cents per share, up 4 percent year-over-year, and revenues climbed 8 percent to $6.4 billion. The earnings exceeded estimated, while the revenues were just about in line. The company also noted that worldwide future orders for its footwear and apparel scheduled for delivery from December 2013 through April 2014 totaled $10.4 billion, up 12 percent year-over-year.
Red Hat reported third quarter non-GAAP earnings of 42 cents per share, up from 29 cents per share last year. Revenues rose 15 percent to $397 million. The results exceeded estimates.
TIBCO reported fourth quarter non-GAAP net income of 42 cents per share, flat with last year. Revenues climbed to $315.5 million from $296.5 million last year. The results were better than expected.
AAR Corp. reported second quarter net income of 50 cents per share, up from 44 cents per share last year. Sales rose to $540.7 million from $512.8 million in the year ago period. Citing fewer aircraft positions in its airlift operations, the company lowered its full year earnings per share guidance to $1.95-$2 per share from $2-$2.05 per share, while revenues are now expected at $2.10 billion to $2.15 billion. The results exceeded estimates, while the guidance was weak.
Jones Group announced an agreement to be taken private by Sycamore Partners for $15 per share in cash or a total of about $1.2 billion. Including net debt, the deal is valued at $2.2 billion.
Expeditors International of Washington announced that its CIO Jeffrey Musser has been elected as president and CEO to succeed Peter Rose, who is due to retire, effective March 1st, 2014.
Peabody Energy said it expects full year 2013 adjusted earnings to be about $60 million to $80 million lower than its original targets due to delays in commissioning and the impact of the now-resolved labor action at the Metropolitan Mine.
Covance said its board has authorized the repurchase of up to $100 million of its outstanding stock.
American Express said it has agreed to settle a lawsuit that dates back to 2006 and challenged its card acceptance agreement. The company also noted that $4 million in costs related to the agreement will be recognized in the fourth quarter.
Swift Transportation said it expects fourth quarter adjusted earnings of 33-36 cents per share compared to its previous expectations of 40 cents per share. The company attributed the downgraded expectations to unfavorable accident claims development, new fleet start-up and integration related costs.
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| | European Market | | After opening higher, European stocks saw volatility, as they moved back and forth across the unchanged line in the morning session. The averages are trading mostly higher.
On the economic front, the results of a consumer confidence survey by GfK showed that its forward looking consumer confidence index for Germany is set to rise to its highest level in more than 6 years in January. The consumer climate index is set to rise to 7.6 in January from 7.4 in December.
French statistical office INSEE reported that its business confidence index for France rose 2 points to 100 in December, while economists had expected a more modest improvement to 99.
Revised estimates released by the U.K. Office for National Statistical Office showed that the economy expanded at an unrevised rate of 0.8 percent sequentially in the third quarter. The second quarter growth was upwardly revised slightly to 0.8 percent. |
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended mixed once again, with the Chinese, Hong Kong, Indonesian, Malaysian and New Zealand markets closing lower, while the rest of the markets advanced. A lack of conviction following the lackluster performance on Wall Street overnight led to some indecision among traders.
Japan's Nikkei 225 average languished below the unchanged line for the better part of the session before closing up 11.20 points or 0.07 percent before closing at 15,870. The yen remained firm amid the Bank of Japan decision to leave interest rates and the monetary base target unchanged.
Australia's All Ordinaries opened higher and advanced sharply in early trading before moving roughly sideways for the rest of the session. The index ended up 59.50 points or 1.14 percent at 5,262. The market witnessed broad based strength, although utility stocks came under pressure. Energy, healthcare and material stocks gained ground in the session.
Hong Kong's Hang Seng Index closed 76.57 points or 0.33 percent lower at 22,812 and China's Shanghai Composite Index fell 43 points or 2.02 percent before closing at 2,085.
On the economic front, the Bank of Japan kept its monetary easing plan unchanged as the economy continued its moderate recovery and consumer prices maintained an upward trend. At the end of a two-day meeting, Governor Haruhiko Kuroda's nine-member Policy Board said it will keep the target of the monetary base expansion at an annual pace of 60-70 trillion yen. The board also said that the economy has been recovering moderately and the year-over-year change in the core consumer price index is now at around 1 percent. |
| | Currency and Commodities Markets | | Crude Oil futures are slipping $0.21 to $98.83 a barrel after rising $0.98 to $99.04 a barrel on Thursday. Gold futures, which declined $41.40 to $1,193.60 an ounce in the previous session, are currently moving down an incremental $1.30 to $1,192.30 an ounce.
Among currencies, the U.S. dollar is trading at 104.63 yen compared to the 104.24 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3635 compared to yesterday's $1.3660. |
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