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| | US Market | The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment reflecting an improvement in mood among traders following the declines of the previous three sessions. Setting up the positive sentiment has been some data released from Germany, which instilled confidence in the global economy's resilience. Domestically, a report released earlier today showed that the trade deficit narrowed roughly in line with expectations. That said, the momentum has to pick up adequately enough to weather apprehensions concerning some key labor market statistics due to be released over the next three sessions for the markets to effect a turnaround.
U.S. stocks declined for the third straight session on Monday amid apprehension following the release of soft economic data. The major averages opened higher but experienced volatility in early trading in the wake of the release of the Institute for Supply Management's non-manufacturing reading. Thereafter, the averages remained mostly below the unchanged line before closing lower.
The Dow Industrials ended down 44.89 points or 0.27 percent at 16,425 and the S&P 500 Index closed 4.60 points or 0.25 percent lower at 1,827, while the Nasdaq Composite closed at 4,114, down 18.23 points or 0.44 percent.
Nineteen of the thirty Dow components closed lower, with Caterpillar , DuPont , Home Depot , Intel and Microsoft leading the declines.
Transportation and housing stocks were among the worst performers of the session.
On the economic front, the Institute for Supply Management's survey showed that its non-manufacturing index unexpectedly fell to 53 in December from 53.9 in November. The new orders index fell 7 points to 49.4, the weakest since May 2009, and the order backlogs index declined 3 points to 46. Additionally, the export orders index moved down 6.5 points to 51.5, the lowest level since July. Meanwhile, the employment index rose 3.3 points. Of the 18 industries surveyed, only 8 saw growth.
At the same time, factory orders rose a better than expected 1.8 percent month-over-month in November.
The Dow Industrials retreated further on Monday. The absence of any major economic and corporate catalysts makes the average susceptible for a further pullback. In the eventuality of the sell-off continuing, the index could test support around yesterday's low of 16,394. Further downward, the other supports are 16,358 and 16,291. If the recent weakness induces some bargain hunting, the index has resistance around 16,443, 16,476 and 16,535.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
With the value of exports rising and the value of imports falling, The Commerce Department released a report showing that the U.S. trade deficit narrowed by much more than anticipated in the month of November.
The report showed that the trade deficit narrowed to $34.3 billion in November from a revised $39.3 billion in October. Economists had expected the trade deficit to shrink to $39.9 billion from the $40.6 billion originally reported for the previous month.
San Francisco Federal Reserve Bank President John Williams is due to speak on the economy and monetary policy in Phoenix at 2:10 pm ET.
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A. Schulman reported first quarter adjusted net income from continuing operations of 57 cents per share on net sales of $502.7 million, up 10 percent year-over-year. The company raised its 2014 adjusted net income guidance to $2.13-$2.18 per share. The results exceeded estimates and the guidance was positive.
Sonic reported first quarter adjusted net income of 13 cents per share, up 18 percent from last year, on revenues of $126.65 million, up marginally from the year ago period. The earnings were in line, while the revenues were slightly shy of estimates. For 2014, the company expects 14-15 percent adjusted earnings per share growth and positive same store sales in the low single digit range for the system.
Convergys announced a deal to acquire Stream Global Services for $820 million in cash. The company noted that the deal would add 35 cents per share in earnings on an adjusted basis in the first 12 months after close. The deal is expected to close in the first quarter of 2014.
Parkway Properties said it has acquired its co-investor's 70 percent stake in the Bank of America Center located in Orlando, Florida for $52.5 million. The company also announced a deal to buy the JTB Center, an office complex in Jacksonville, Florida for $33.3 million. Additionally, the company announced that it is under contract to sell 2 properties in Houston, Texas and Phoenix, Arizona for an aggregate gross sales price of about $28.2 million. Separately, the company announced an underwritten public offering of 10.50 million shares of its common stock.
Sovran Self Storage announced that its board has approved a 28 percent increase in its quarterly dividend to 68 cents per share, effective with the dividend to be paid on January 27th, 2014.
PVH said it has entered into a license agreement with Axis Golf Pty. under which Axis Golf will market and distribute men's sportswear, golf apparel and related accessories under the IZOD brand in Australia, New Zealand, Fiji and other South Pacific islands. The initial term of the license agreement runs through December 2018.
Apollo Group and Micron Technology are among the companies due to release their quarterly results after the close of trading.
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| | European Market |
After seeing some volatility in early trading, European stocks have moved to the upside, as traders react to some domestic economic data.
On the economic front, a report released by the German Federal Statistical Office showed that the German unemployment rate remained unchanged at 5.2 percent in November, the same rate as in October. The number of unemployed people fell by 0.9 percent month-over-month.
A separate report released by the German Federal Labor Agency showed that the unemployment rate in Germany stayed at 6.9 percent. The number of unemployed individuals fell by 15,000, contrasting expectations for no change.
German retail sales unexpectedly rose 1.5 percent month-over-month in November, according to a report released by the German Federal Statistical Office. In October, retail sales were down 0.8 percent.
Preliminary estimates released by Eurostat showed that euro area inflation slowed to 0.8 percent in December from 0.9 percent in November. The rate was forecast to remain unchanged at 0.9 percent.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
The major Asian markets closed a nervous session on a mixed note, with the Hong Kong, Chinese, Taiwanese and South Korean markets moving to the upside, although on a tentative note, while the rest of the markets declined.
Japan's Nikkei 225 average languished below the unchanged line for the bulk of the session before closing down 94.51 points or 0.59 percent at 15,814. The yen's strength was responsible for much of the weakness.
A majority of the stocks retreated, led by SKY Perfect JSAT, MS&AD Insurance, Nichirei, Tokyo Seikan, Chubu Electric and Nippon Soda.
Australia's All Ordinaries hovered in positive territory for the better part of the session before moving decisively below the unchanged line in late trading. The index ended 8.90 points or 0.17 percent lower at 5,319. Material stocks saw substantial weakness, while most other sector stocks also retreated modestly.
Meanwhile, Hong Kong's Hang Seng Index closed at 22,713, up 28.63 points or 0.13 percent, and China's Shanghai Composite Index ended up 1.61 points or 0.08 percent at 2,047.
On the economic front, a report released by the Australian Bureau of Statistics showed that the nation's trade deficit narrowed to A$118 million in November from A$358 million in October. Economists expected a deficit of A$300 million for the month. Imports were down 1 percent month-over-month, while exports remained almost unchanged.
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| | Currency and Commodities Markets |
Crude Oil futures are rising $0.49 to $93.92 a barrel after slipping $0.53 to $93.43 a barrel on Monday. Gold futures are currently slipping $1.20 to $1,236.80 an ounce. In the previous session, Gold edged down $0.60 to $1,238 an ounce.
Among currencies, the U.S. dollar is trading at 104.42 yen compared to the 104.22 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.3637 compared to yesterday's $1.3629.
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