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| | US Market | The major U.S. index futures are pointing to a higher opening on Friday following the release of the non-farm payrolls data. The jobs report showed anemic pace of job gains, although the jobless rate unexpectedly fell due to the shrinkage of the size of the labor force. Some nervousness may be evident in early trading in reaction to the numbers, given the questionable nature of recovery in the labor market.
The Fed's focus on the job market to gauge the economy's tenacity could give today's numbers two facets. If the markets perceive the data to be weak enough to delay stimulus withdrawal, we could see a build up in momentum, else if the job market weakness trigger worries concerning economic weakness, selling could materialize. Alcoa's below-consensus earnings could also generate some weakness.
U.S. stocks traded on a lackluster note on Thursday, as traders opted to offload positions amid apprehension concerning the non-farm payrolls report. The major averages opened higher after a report showed that jobless claims fell more than expected. However, the averages retreated into negative territory by late morning trading. Thereafter, the averages languished below the unchanged line till late trading before closing mixed.
The Dow Industrials ended down 17.98 points or 0.11 percent at 16,445 and the Nasdaq Composite Index ended at 4,156, down 9.42 points or 0.23 percent, while the S&P 500 Index closed 0.64 points or 0.03 percent higher at 1,838.
Seventeen of the thirty Dow components closed lower and 2 stocks ended unchanged, while the remaining 11 stocks advanced.
Semiconductor, computer hardware and Gold stocks came under selling pressure, while transportation and Biotechnology stocks gained ground.
On the economic front, jobless claims fell to 330,000 in the week ended January 4th from 345,000 in the previous week. The four-week average declined to 349,000 from 359,000. Continuing claims reported with a one-week lag rose to 2.85 million from 2.82 million.
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Employment in the U.S. increased by much less than expected in the month of December, according to a report released by the Labor Department on Friday. The report said non-farm payroll employment edged up by 74,000 jobs in December following an upwardly revised increase of 241,000 jobs in November.
Economists had been expecting employment to increase by about 200,000 jobs compared to the addition of 203,000 jobs originally reported for the previous month. Despite the weaker than expected job growth, the unemployment rate dropped to 6.7 percent in December from 7.0 percent in November. While the drop in the unemployment rate came as a surprise to economists, the decline was largely due to a decrease in the size of the civilian labor force.
The Commerce Department is set to release its wholesale inventories report for November at 10 am ET. The consensus estimates call for a 0.5 percent month-over-month increase in wholesale inventories for the month.
Wholesale inventories rose a better than expected 1.4 percent month-over-month in October. Annually, inventories were up 3.3 percent. Meanwhile, wholesale sales climbed 1 percent month-over-month and were up 6.4 percent year-over-year. The wholesale inventories to sales ratio came in at 1.18 in October compared to 1.22 in the year-ago period.
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PC and chip makers could react to the results of Gartner's quarterly PC shipments survey. Gartner said global PC shipments fell 6.9 percent year-over-year to 82.6 million units in 2013, marking the seventh consecutive quarter of declines. Hewlett-Packard was pushed to the second position by Lenovo, which had an 18.1 percent share of the market compared to the former's 16.4 percent. Dell's share was 7.8 percent.
Alcoa reported fourth quarter adjusted earnings of 4 cents per share on sales of $5.59 billion, down from the year-ago quarter's $5.90 billion. The earnings missed estimates, while the revenues were ahead of expectations.
Progress Software reported fourth quarter adjusted earnings and revenues that exceeded estimates. However, the company's first quarter and full year guidance was weak.
Amgen announced that its CFO Jonathan Peacock is leaving, effective January 10th, 2014, to pursue broader career opportunities. The company announced the appointment of company veteran Michael Kelly as acting CFO.
Pacific Sunwear said its fourth quarter comparable store sales were flat on a continuing basis, excluding online sales. Citing soft holiday sales trends, the company lowered its fourth quarter loss from continuing operations guidance to 18-21 cents per share, while the revenue guidance was reduced to $211 million to $214 million.
Gap announced 1 percent year-over-year comparable store sales growth for the November and December holiday shopping season. The company raised its full year earnings guidance to the high end of its previously announced guidance range of $2.57-$2.65 per share.
NCI Building Systems announced that it has priced its previously announced underwritten public offering of its common stock at $18 per share.
Chevron said in its interim update that it expects its fourth quarter results to be comparable with that of the third quarter, as it expects sequentially lower upstream, while downstream earnings are estimated to be higher.
Meritage Homes (MTH) said it expects fourth quarter home closing gross margin to increase by 400-425 basis points year-over-year. Separately, the company said it has commenced an underwritten public offering of 2.20 million shares.
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| | European Market |
European stocks opened higher and traded roughly sideways till early afternoon trading, as traders reacted to some mixed economic data. Subsequently, the averages advanced notably only to lose some of the momentum following the release of U.S. non-farm payrolls report.
On the economic front, the Office for National Statistics reported that U.K. industrial production remained unchanged in November compared with the previous month. Economists had forecast a 0.4 percent increase in November. Manufacturing output was also steady. Meanwhile, French statistical office INSEE reported that French industrial output rose a better than expected 1.5 percent year-over-year in November.
The French economy probably expanded 0.5 percent in the fourth quarter of 2013 compared to the previous quarter, the third estimate released by Bank of France showed. The latest estimate is unrevised from the previous forecast by the central bank. In the third quarter, the GDP contracted 0.1 percent.
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The Asian markets ended on a mixed note, with the Australian, Chinese, Malaysian, Singaporean and South Korean markets closing lower, while the rest of the major markets in the region advanced. The underlying mood remained cautious, tracking the uncertain sentiment on Wall Street overnight.
The Japanese market closed modestly higher, as the yen traded on a flattish note. Japan's Nikkei 225 average languished below the unchanged line for the better part of the session before recovering in the final few minutes of trading. The index closed 31.73 points or 0.20 percent higher at 15,912.
Export stocks came under selling pressure, with Sony, Trend Micro and Fanuc leading the slide. On the other hand, pharma, chemical, construction and financial stocks moved to the upside.
Australia's All Ordinaries traded below the unchanged line throughout the session before closing down 11.20 points or 0.21 percent at 5,316. Energy and material stocks declined, dragging the index lower.
Hong Kong's Hang Seng Index closed at 22,846, up 58.92 points or 0.26 percent, while China's Shanghai Composite Index ended 14.32 points or 0.71 percent lower at 2,013.
On the economic front, revised estimates released by Japan's Cabinet Office showed that its leading index for Japan rose notably in November, in line with the preliminary estimate. The leading index advanced to 110.8 in November from 109.8 in October
Data released by the General Administration of Customs of China showed the nation's trade balance showed a surplus of $25.6 billion in December, down from $33.8 billion in November and below the $32.15 billion surplus forecast. Exports grew 4.3 percent year-on-year in December, slower than the 5 percent expansion forecast by economists. The pace of growth decelerated sharply from November's 12.7 percent increase. Meanwhile, import growth accelerated to 8.3 percent.
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| | Currency and Commodities Markets |
Crude Oil futures are rising $1.17 to $92.83 a barrel after sliding $0.67 to $91.66 a barrel on Thursday. Gold futures are currently moving up $2.70 to $1,232.10 an ounce. In the previous session, Gold rose $3.90 to 1,229.40 an ounce.
Among currencies, the U.S. dollar is trading at 104.52 yen compared to the 104.82 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3648 compared to yesterday's $1.3608.
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