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| | US Market | The major U.S. index futures are pointing to a mixed opening on Wednesday, with sentiment turning apprehensive after yesterday's rebound. An economic report released earlier in the day showed that job growth in the private sector came in more than expected in December. The impending release of the FOMC minutes may make traders cautious in the wake of the strong jobs data. European stocks are currently weaker despite some strong domestic data.
U.S. stocks rebounded on bargain hunting on Tuesday, with global economic data lending support. The major averages opened higher and advanced steadily in early trading before moving roughly sideways until late trading. After seeing momentary weakness, the averages advanced steadily again before closing higher.
The Dow Industrials ended up 105.84 points or 0.64 percent at 16,531 and the S&P 500 Index closed 11.11 points or 0.61 percent higher at 1,838, while the Nasdaq Composite Index ended at 4,153, up 39.50 points or 0.96 percent.
Twenty-six of the thirty Dow components closed higher, with Boeing , Cisco , IBM , UnitedHealth , Johnson & Johnson , Verizon and Exxon Mobil leading the gains. On the other hand, DuPont and JP Morgan Chase declined sharply.
Computer hardware, Oil and Biotechnology stocks were among the best performers of the session.
On the economic front, The Commerce Department reported that the U.S. trade deficit narrowed to $34.3 billion in November from $39.3 billion in October, marking the smallest deficit since October of 2009. Exports rose to a record, while imports fell by 1.4%, dragged lower by petroleum imports.
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In an upbeat sign for the U.S. labor market, payroll processor ADP released a report on showing that private sector employment increased by more than expected in the month of December.
ADP said the private sector added 238,000 jobs in December following an upwardly revised increase of 229,000 jobs in November. Economists had expected an increase of about 200,000 jobs compared to the addition of 215,000 jobs originally reported for the previous month.
The Energy Information Administration is due to release its weekly petroleum status report for the week ended January 3rd at 10:30 am ET.
Crude Oil stockpiles fell by 7 million barrels in the week ended December 27th. Notwithstanding the decline, inventories were above the upper limit of the average range. Meanwhile, gasoline inventories increased by 0.8 million barrels and were in the upper half of the range.
Distillate stockpiles added 5 million barrels yet were below the lower limit of the average range. Refinery capacity utilization averaged 92.3 percent over the four weeks ended December 27th compared to 92.3 percent over the four weeks ended December 20th.
The Federal Reserve is set to release the minutes of its December 18th FOMC meeting at 2 pm ET.
The Federal Reserve will also release its consumer credit report for November at 3 pm ET. Economists expect outstanding consumer credit to have increased by $14.2 billion in November compared to an $18.2 billion increase in October.
In October, outstanding consumer credit rose by $18.1 billion, with revolving credit tied to credit cards moving up $4.3 billion, while non-revolving credit tied to auto loans climbed $13.8 billion.
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Micron Technology reported first quarter non-GAAP earnings of 77 cents per share compared to 29 cents per share in the year-ago period. Revenues rose 42 percent year-over-year to $4.04 billion. The results exceeded estimates.
Apollo Education Group reported first quarter adjusted earnings of $1.04 per share on revenues of $856.3 million. The earnings exceeded estimates, while the revenues were shy of estimates. The company raised its 2014 revenue guidance, which surrounded the consensus estimate.
SiriusXM said it ended 2013 with 25.56 million subscribers, with net subscriber additions at 1.66 million, exceeding its recent guidance of 1.6 million net additions. The company said it expects to meet or exceed all other guidance it has provided for 2013. The company reiterated its 2014 revenue guidance of over $4 billion.
ConocoPhillips (COP) said its fourth quarter production was impacted by significant weather related downtime in several operational areas. Accordingly, the company expects fourth quarter production from continuing operations to be about 1,475 Mboed. However, the company maintained its 2014 production from continuing operations guidance at 1,600 Mboed.
Pericom announced the appointment of James Boyd as its CFO.
WellPoint (WLP) announced an agreement to sell its online contact lens retail subsidiary 1-800 CONTACTS to private equity firm Thomas H. Lee Partners. The company has also entered into an asset purchase agreement for glasses.com and its virtual try-on technology with Luxottica. WellPoint said it expects to record an impairment charge in the range of 52-57 cents per share in the fourth quarter of 2013 and the deals are expected to close in the first quarter of 2014.
Bed Bath & Beyond , Global Payment (GPN), Ruby Tuesday , Texas Industries and WD-40 are among the companies due to release their quarterly results after the close of trading.
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| | European Market | |
European stocks saw some volatility in early trading and are currently-trading modestly lower.
In corporate news, Akzo Nobel said the economic environment continues to be challenging and said its 2013 adjusted operating income is unlikely to exceed 908 million euros. Grocery retailer Sainsbury said its like-for-like sales edged up 0.2 percent year-over-year in the December quarter. The company also indicated that Christmas trading was tough.
On the economic front, a report released by the German Federal Statistical Office showed that exports rose 0.3 percent month-over-month in November, the fourth straight month of growth. At the same time, imports fell 1.1 percent. The trade surplus rose to a seasonally adjusted 17.8 billion euros from 16.7 billion in October.
A government report showed that German factory orders rose 2.1 percent month-over-month in November, exceeding estimates.
Eurostat reported that the euro area's unemployment rate held steady at 12.1 percent in November. At the same time, retail sales climbed 1.4 percent month-over-month in November, the biggest increase since November 2001.
The British Retail Consortium reported that shop prices in the U.K. fell 0.8 percent year-over-year in December following a 0.3 percent drop in November. Economists expected a more modest 0.4 percent drop.
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Most Asian markets advanced, tracking the positive cues from Wall Street overnight. The yen's weakness sent Japanese stocks higher, while the Hong Kong and Singaporean markets also advanced notably.
Japan's Nikkei 225 average opened higher and rose sharply in early trading before advancing steadily. The index closed up 307.08 points or 1.94 percent at 16,122. A majority of index components advanced, with Meidensha leading the gains with an over 15 percent rally.
Meanwhile, Australian All Ordinaries rose sharply in early trading only to give back its gains by early afternoon trading. Thereafter, the average flitted in and out of positive territory before closing down 0.10 points at 5,319. Material and financial stocks came under selling pressure, while energy and consumer staple stocks gained ground.
Hong Kong's Hang Seng Index closed at 22,997, up 283.81 points or 1.25 percent. On the other hand, China's Shanghai Composite Index fell 2.98 points or 0.15 percent before closing at 2,044.
On the economic front, a report released by the Australian Industry Group showed that its index measuring activity in the construction sector fell to 50.8 in December from 55.2 in November.
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| | Currency and Commodities Markets |
Crude Oil futures are climbing $0.15 to $93.82 a barrel after rising $0.24 to $93.67 a barrel on Tuesday. Meanwhile, an ounce of Gold is trading at $1,221.20, down $8.40 from the previous session's close of $1,229.60. On Tuesday, Gold fell $8.40.
Among currencies, the U.S. dollar is trading at 104.79 yen compared to the 105.40 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3596 compared to yesterday's $1.3616.
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