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| | US Market | | The major U.S. index futures are pointing to a notably lower opening on Wednesday, as doubts concerning a return to sustainable trend-like growth resurface amid the monetary policy uncertainty. With earnings coming in mixed and ahead of the FOMC decision, sentiment has turned extremely pessimistic. That said, a market positive FOMC statement could allay all doubts and fears and trigger buying interest.
U.S. stocks rebounded on Tuesday, as traders focused on some positive earnings and a better than expected consumer confidence reading. The major averages opened mixed but turned uniformly higher in early trading. The Dow Industrials and the S&P 500 Index held above the unchanged line throughout the session before closing higher. Ignoring a weak start, the Nasdaq Composite turned higher and advanced in the morning only to retreat into negative territory by the mid session. However, the index recovered in late afternoon trading and advanced thereafter before closing up 14.35 points or 0.35 percent at 4,098.
The Dow Industrials ended up 90.68 points or 0.57 percent at 15,929 and the S&P 500 Index closed 10.94 points or 0.61 percent higher at 1,793.
Fourteen of the thirty Dow components closed higher, with Visa (V), Pfizer and General Electric leading the gains. On the other hand, Cisco Systems and DuPont posted notable losses.
Housing, transportation, biotechnology, Gold and financial stocks were among the biggest gainers of the session.
On the economic front, The Commerce Department reported that durable goods orders fell by 4.3 percent month-over-month in December. Excluding transportation, orders were still down 1.6 percent. Shipments of core non-defense capital goods orders, excluding aircraft and parts, used in GDP calculations, fell 0.2 percent. The weakness in the headline durable goods orders was mainly due to declines in orders for vehicles/parts, computers/electronics and metals. However, electric equipment and machinery orders rose.
Meanwhile, the Conference Board reported that its consumer confidence index rose to 80.7 in January from 77.5 in December. The present conditions index rose to 79.1 from 75.3, while the expectations index climbed 2.8 points to 81.8.
With yesterday's rebound, The Dow Industrials has stalled its recent negativity. If the index builds on this momentum, it remains on track to test resistance around 16,015. Other resistances for the index lie around 16,072, 16,120, its 50-day MA (currently at 16,159), 16,229 and its 21-day MA (currently at 16,352). On the downside, the index has support around 15,826, 15,879 and its 100-day MA (currently at 15,766).
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Energy Information is scheduled to release its weekly petroleum status report for the week ended January 24th at 10:30 am ET.
Crude Oil stockpiles rose by 1 million barrels to 351.2 million barrels. Inventories are now in the upper half of the average range for this time of the year.
Gasoline inventories increased by 2.1 million barrels and were well above the upper limit of the average range. Meanwhile, distillate inventories fell by 3.2 million barrels and were well below the lower limit of the average range.
Refinery capacity utilization averaged 90.3 percent over the four weeks ended January 17th compared to 91.8 percent over the four weeks ended January 10th.
The Federal Open Market Committee is scheduled to make its announcement concerning monetary policy at 2 pm 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 | | | AT&T (T) reported fourth quarter adjusted earnings of 53 cents per share on revenues of $33.2 billion, up 1.8 percent. The earnings trailed estimates, while the revenues were ahead of expectations. For 2014, the company expects revenue growth of 2-3 percent and adjusted earnings per share growth in the mid-single digit range.
Yahoo! reported fourth quarter non-GAAP earnings of 46 cents per share on revenues, excluding traffic acquisition costs, of $1.2 billion. The earnings were ahead of estimates and the revenues were in line.
Amgen reported fourth quarter adjusted earnings of $7.60 per share on revenues of $5.01 billion, up 13 percent. For 2014, the company expects revenues in the range of $19.2 billion to $19.6 billion and adjusted earnings of $7.90-$8.20 per share. The results exceeded estimates but the guidance was lukewarm.
Electronic Arts reported third quarter adjusted earnings of 57 cents per share on revenues of $1.57 billion. The earnings exceeded estimates, while the revenues were below estimates. The company raised its 2014 earnings per share guidance above expectations, while it lowered its revenue estimate.
Arthur J. Gallagher reported fourth quarter net earnings of 45 cents per share on revenues of $890.2 million, missing the consensus estimates.
RF Micro Devices reported third quarter earnings above estimates, while its revenues trailed expectations. The company's fourth quarter guidance was weak.
Hutchison Technology reported a first quarter non-GAAP loss of 26 cents per share on net sales of $70.3 million. The company said it expects suspension assembly shipments in the seasonally weak second quarter to be 105 million to 110 million and average selling price to be relatively flat.
ACE reported fourth quarter operating income of $2.39 per share, ahead of estimates.
Teva announced that the FDA has approved its supplemental NDA for three-times-a-week COPAXONE for treating multiple sclerosis.
HanesBrands announced a 50 percent increase in its dividend to 30 cents per share. The company is also scheduled to release its financial results after the close of trading.
Amdocs , AvlonBay , Cabot , CACI International , Callaway Golf , Citrix Systems , Duke Realty (DUKE), Facebook , Flextronics , Lam Research , Las Vegas Sands , Murphy Oil (MUR), Qiagen , Qlogic (QLGC), Qualcomm and Symantec are also among the companies due to release their quarterly results after the close of trading.
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| | European Market | | European markets have given back all their early gains and are currently notably lower, as risk aversion takes hold of the markets. Earlier the markets have climbed, latching onto the positive mood in Asia and the U.S. overnight, with the positive sentiment cemented by a better than expected German consumer sentiment reading.
In corporate news, Novartis reported a drop in its fourth quarter core operating profits, hurt by currency effects, while sales rose 4 percent. The company expects 2014 sales to increase by a low to mid-single-digit percentage in constant currencies. Anglo American reported higher output for the fourth quarter. Copper miner Antofagasta also reported an increase in its Copper output for the year.
On the economic front, German consumer confidence is set to improve for the fifth month in a row in February, according to the results of a survey by market research group GfK. The forward-looking consumer confidence index rose strongly to 8.2 points from an upwardly revised 7.7 points in January, marking the highest since August 2007. Economists had expected a reading of 7.6.
Nationwide reported that its house price index for the U.K. climbed 8.8 percent annually in January, marking the fastest growth since May 2010. Nevertheless, prices are around 4 percent below their 2007 peak. Economists had expected an increase of 8.5 percent.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets advanced, encouraged by the positive close by Wall Street stocks overnight and the alleviation of concerns about slowing growth and the Fed tapering. The Japanese market led the gains in the region, helped by the retreat in the value of the yen.
Japan's Nikkei 225 average opened higher and moved sideways in the morning. After legging up in the mid-session, the index moved sideways once again in the afternoon before closing up 403.75 points or 2.70 percent at 15,384. The market witnessed broad based strength, led by Alps Electric, Sharp, Nitto Boseki, Astellas Pharma, Tokyo Electric Power and Toho Zinc.
Australia's All Ordinaries hovered above the unchanged line throughout the session and ended up 52.60 points or 1.01 percent at 5,241. Healthcare, material and financial stocks drove the gains.
Hong Kong's Hang Seng Index closed at 22,142, up 180.97 points or 0.82 percent, and China's Shanghai Composite Index added 11.40 points or 0.56 percent before closing at 2,050.
Westpac and the Melbourne Institute reported that their leading economic indicators index for Australia rose at a slower pace of 1.06 percent in December compared to 1.12 percent in November.
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| | Currency and Commodities Markets | | Crude Oil futures are receding $0.32 to $97.09 a barrel after rising $1.69 to $97.41 a barrel on Tuesday. An ounce of Gold is currently-trading at 1,265.30, up $14.50 from the previous session's close of $1,250.80. On Tuesday, Gold fell $12.60.
Among currencies, the U.S. dollar is trading at 102.36 yen compared to 102.94 yen it fetched at the close of trading on Tuesday. Against the euro, the dollar is valued at $1.3623 compared to yesterday's $1.3671.
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