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| | US Market | | The major U.S. index futures are pointing to a slightly higher opening on Friday, with sentiment reflecting modest optimism amid the release of lukewarm economic data and mixed earnings. Housing starts data released earlier today showed a decline in starts roughly in line with estimates, while building permits fell a little more than estimated. The industrial production data was also along the expected lines. Against this backdrop, the markets may go about a consolidation move around current levels.
U.S. stocks had a lackluster outing on Thursday, as traders digested mixed earnings and economic data, before closing mixed. The major averages opened lower, with The Dow Industrials and the S&P 500 Index languishing below the unchanged line throughout the session before closing lower, while the Nasdaq Composite moved back and forth across the unchanged line before closing higher.
The Dow Industrials ended down 64.93 points or 0.39 percent at 16,417 and the S&P 500 Index closed 2.49 points or 0.13 percent lower at 1,846, while the Nasdaq Composite closed at 4,219, up 3.81 points or 0.09 percent.
Nineteen of the twenty Dow components closed lower and one stock ended unchanged, while the remaining ten stocks advanced. Goldman Sachs and UnitedHealth fell 2 percent and 2.78 percent, respectively in reaction to their financial results. Wal-Mart slipped 1.16 percent.
Banking stocks came under selling pressure, while Biotechnology stocks gained ground in the session.
On the economic front, the Labor Department reported that initial jobless claims fell to 326,000 in the week ended January 11th from 328,000 in the previous week. The four-week average fell to 335,000 from 349,000. Meanwhile, continuing claims calculated with a week's lag rose 174,000 to 3.030 million for the week ended January 4th.
The Labor Department's inflation report showed that consumer prices rose 0.3 percent month-over-month in December. Excluding food and energy, consumer prices were up a more modest 0.1 percent, with shelter, clothing and tobacco prices responsible for much of the upside. The annual core inflation rate was 1.7 percent. Energy prices rose 2.1 percent, while food prices were up merely 0.1 percent.
The results of the Philadelphia Federal Reserve's manufacturing survey showed that its manufacturing index rose to 9.4 in January from 6.4 in December. However, the inner details were mixed. The new orders fell 7.8 points to 5.1, the lowest level since May, and the order backlogs index was at -1 despite rising by 5.6 points. The inventories index slumped 35 points to -19.6 and the employment indexes were mixed, with the number of employees index rising 5.6 points to 10, while the average workweek index slipped 10 points to -5.3. The future business activity index fell 14 points to the lowest level since April.
Homebuilder sentiment waned slightly in January, according to the results of a survey by the National Association of Home Builders. The housing market index fell a point to 56 in January. The present sales conditions index and the sales expectations index also edged down slightly and the index measuring prospective buyer traffic declined 3 points to 40, the lowest level since June.
The Dow Industrials is now approaching oversold territory following its recent weakness. The index rebounded off its 21-day MA currently at 16,375 on Thursday and settled above the level. Notwithstanding the catalysts, the index has meaningful support around this level. Further downward, the index also has support around 16,295 and 16,233, while on the upside, the index has resistances around the 16,419, 16,481 and 16,582 levels.
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After reporting a substantial increase in new residential construction in the previous month, The Commerce Department released a report showing a pullback in U.S. housing starts in the month of December. The report said housing starts fell 9.8 percent to an annual rate of 999,000 in December after jumping 23.1 percent to the revised November estimate of 1.107 million.
Economists had expected housing starts to drop to an annual rate of 985,000 from the 1.091 million originally reported for the previous month.
The Commerce Department also said building permits fell 3.0 percent to an annual rate of 986,000 in December from the revised November rate of 1.017 million. Building permits, an indicator of future housing demand, had been expected to show a more modest decrease to a rate of 1.015 million.
Industrial production rose 0.3 percent month-over-month in December, according to a report released by the Federal Reserve. The increase was in line with estimates. The previous month's increase was downwardly revised by 0.1 percentage points to 1 percent..
Reuters and the University of Michigan are scheduled to release the results of their preliminary consumer sentiment survey for January at 9:55 am ET. Economists expect the consumer sentiment index for the month to increase to 83.5 from 82.5 in December.
Richmond Federal Reserve Bank President Jeffrey Lacker will speak on the economic outlook in Richmond at 12:30 pm ET.
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Intel reported fourth quarter earnings of 51 cents per share, higher than 48 cents per share in the year-ago period but below the 52 cents per share consensus estimate. Revenues rose 3 percent to $13.83 billion, ahead of the $13.72 billion consensus estimate. The company now expects revenues of $12.8 billion, plus or minus $500 million for the first quarter, surrounding the consensus estimate of $12.79 billion. The full year revenue guidance for flat revenues was shy of estimates.
American Express reported fourth quarter adjusted earnings of $1.25 per share on net revenues of $8.55 billion, down 5 percent year-over-year. The results were in line.
Morgan Stanley's fourth quarter profit declined from the year-ago quarter and missed analysts' expectation. Net revenues were higher than in the previous year period.
General Electric said its fourth quarter earnings and revenues improved from the year-ago period. Operating earnings per share matched Wall Street view. The company also announced that it is well positioned to achieve its framework for 2014.
UPS guided fourth quarter earnings below Street view and lowered its full-year adjusted earnings forecast. The company also said its U.S. results were negatively impacted by the challenges of the compressed peak season coupled with an unprecedented level of online shopping that included a surge of last-minute orders.
Capital One Financial reported fourth quarter net income of $1.45 per share, up from $1.41 per share last year. Total net revenue fell to $5.54 billion from $5.62 billion. The earnings trailed expectations, while the revenues were ahead of estimates.
Sallie Mae said its fourth quarter core earnings rose to 61 cents per share from 55 cents per share. The earnings trailed expectations. The company said it expects its previously announced separation of its consumer banking and education loan management operations into two distinct businesses to be achieved in the first half of 2014.
Schlumberger announced that the board has approved a 28 percent increase in its quarterly dividend. Separately, the company announced better than expected fourth quarter earnings, while its revenues were shy of estimates.
Devon Energy announced the appointment of Thomas Mitchell as its executive VP and CFO, replacing Jeff Agosta, who is leaving to pursue other interests.
Skyworks reported first quarter non-GAAP earnings of 67 cents per share on revenues of $505.2 million. For the second quarter, the company expects non-GAAP earnings of 58 cents per share on revenue growth of 11 percent. The results exceeded estimates and the guidance was strong.
Con-way said its faces unique challenges in December, especially at its Freight and Menlo Worldwide Logistics, with the issues having a disproportionate impact on the fourth quarter. Accordingly, the company expects earnings for the quarter to be flat at 21 cents per share, below the 39 cents per share consensus estimate.
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| | European Market | |
European stocks opened higher and saw some volatility in early trading. The major averages in the region are currently holding above the unchanged line, as traders react to a warning by Shell and some U.S. data.
In corporate news, Shell said it expects its fourth quarter earnings to be significantly lower than its recent levels of profitability.
The economic reports released from the region showed that U.K. retail sales more than expected in December, while a separate report showed that eurozone's construction output declined for the third straight month in November.
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Most Asian markets retreated, as the tentative performance by Wall Street overnight rendered the mood cautious. The impending release of some key U.S. economic data and the reporting season underway in the U.S. also stifled risk appetite.
Japan's Nikkei 225 average opened lower and languished below the unchanged line until late afternoon trading. Thereafter, the average showed volatility, as it moved back and forth across the unchanged line before closing down 12.74 points or 0.08 percent at 15,734. Technology exporters, chemical, electric utility, insurance and construction stocks moved to the downside, while retail, utility, pharma and real estate stocks advanced.
After languishing below the unchanged line for the bulk of the session, Australia's All Ordinaries cut some of its mid-session losses but still closed 3 points or 0.06 percent lower at 5,316. Most sectors came under selling pressure, although material and energy stocks gained ground and helped to limit the losses by the market.
China's Shanghai Composite Index fell 18.75 points or 0.93 percent before closing at 2,005 amid caution ahead of some key domestic data, including GDP due to be released next Monday. Meanwhile, Hong Kong's Hang Seng Index closed up 146.94 points or 0.64 percent at 23,133.
On the economic front, a report released by Japan's Cabinet Office showed that consumer confidence in Japan unexpectedly deteriorated in December. The consumer sentiment index fell to 41.3 in December from 42.5 in November. Economists expected the index to have risen to 43.
Meanwhile, the Japanese government upwardly revised its assessment of the economy for the first time in four months as the recovery picked up, reflecting improvement in household income and business investment. The government said the economy is recovering at a moderate pace, an upgrade from its previous view that the economy is in the process of recovery at a moderate pace.
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| | Currency and Commodities Markets | |
Crude Oil futures are rising $0.80 to $94.76 a barrel after slipping $0.21 to $93.96 a barrel on Thursday. Gold futures are currently adding $7.60 to $1,247.80 an ounce. In the previous week, Gold rose $1.90 to $1,240.20 an ounce.
Among currencies, the U.S. dollar is trading at 104.23 yen compared to the 104.35 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3576 compared to yesterday's $1.3608.
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