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| | US Market | | The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment expected to improve on the back of some bargain hunting related buying. Notwithstanding the lack of any major domestic economic catalysts, firmer sentiment prevails, as traders set out to seek bargains in the oversold markets. Some corporate news and factory orders data due shortly after the markets open may offer some guidance to traders. Meanwhile, global cues are mostly negative, with Asian stocks dipping sharply, while the European markets are also witnessing lackluster sentiment.
U.S. stocks ended Monday's session notably lower, as global economic uncertainties continued to haunt investors after separate reports showed that Chinese service sector expanded at a slower rate and U.S. manufacturing growth slowed notably. The major averages opened little changed and declined steadily throughout the session before ending down over 2 percent each.
The Dow Industrials ended down 326.05 points or 2.08 percent at 15,373, the S&P 500 Index closed 40.70 points or 2.28 percent lower at 1,742 and the Nasdaq Composite Index ended at 3,997, down 106.92 points or 2.61 percent.
Twenty-nine of the thirty Dow components closed lower, although Pfizer bucked the downtrend with a moderate gain. American Express , Disney , General Electric , Goldman Sachs , 3M Co. , Microsoft , NIKE , AT&T (T), United Technologies , Verizon and Wal-Mart were among the worst decliners of the session.
Transportation, biotechnology, financial, retail, housing, resource, semiconductor, computer hardware and most other sectors ended the session notably lower.
The results of the Institute for Supply Management's manufacturing survey showed that the growth in manufacturing sector slowed notably in January. The manufacturing purchasing managers' index fell 5.3 points to 56.5, the weakest performance since May 2013. The weakness was blamed primarily on the weather. The employment index fell 3.5 points to 52.3, the order backlogs index slipped 2 points to 48, suggesting contraction, and the new orders index slumped 13.2 points to 51.2. Of the 18 industries surveyed, 11 sectors saw growth, while 7 sectors experienced contraction.
Meanwhile, The Commerce Department reported that construction spending edged up 0.1 percent month-over-month in December. Private residential construction spending climbed 2.6 percent, while private non-residential construction spending was down 0.7 percent. Public construction spending fell 2.3 percent.
The Dow Industrials plunged yesterday, breaking below its 200-day MA (currently at 15,470). After stopping just short of the neck level (currently at 15,334) of a triple top pattern formed in mid-2013, the index settled at 15,373. The 14-relative strength index of The Dow Industrials has dropped to 26, suggesting a retreat into oversold territory.
In the event of support emerging from the oversold levels, the index may bounce back to retest its 200-day MA. Outside of that level, the index has resistance around 15,560 and 15,666. On the downside the index has support around the neckline of the triple top formation and the 15,250 level.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Richmond Federal Reserve Bank President Jeffrey Lacker will speak on the economic outlook in Winchester, Virginia at 8:30 am ET. Chicago Federal Reserve Bank President Charles Evans is due to speech on monetary challenges for 2014 in Detroit at 12:30 pm ET.
The Commerce Department is scheduled to release its factory orders report for December at 10 am ET. The consensus estimates call for a 1.8 percent drop in orders for the month.
Factory orders rose 1.8 percent month-over-month in November following a 0.5 percent drop in October. Excluding transportation, orders were up 0.6 percent. Shipments and unfilled orders were up 1 percent each and inventories edged up slightly.
Meanwhile, durable goods orders, which account for the bulk of factory 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, which are 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.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Yum! Brands reported fourth quarter adjusted earnings of 86 cents per share on revenues of $4.18 billion. The earnings exceeded estimates, while the revenues were shy of expectations. The company reaffirmed its 2014 earnings per share growth guidance of 20 percent.
Take-two Interactive reported third quarter adjusted earnings of $1.70 per share on adjusted revenues of $767.7 million. The results were ahead of estimates. The company issued weak fourth quarter guidance, while it raised its guidance for the full year.
Anadarko Petroleum reported fourth quarter adjusted earnings of 74 cents per share on revenues of $3.34 billion. The results trailed expectations.
Edwards Lifesciences reported fourth quarter non-GAAP earnings of 91 cents per share on net sales of $536 million. For 2014, the company expects adjusted earnings of $3 per share on revenues of $2.05 billion to $2.25 billion. The results exceeded estimates, while the full year earnings guidance was weak.
Hartford Financial reported fourth quarter core earnings of 94 cents per share on revenues of $6.1 billion. The results exceeded estimates. Principal Financial Group (PFG) reported fourth quarter operating earnings of 96 cents per share on operating revenues of $2.74 billion. The results exceeded estimates.
SWS Group (SWS) said its board has formed a special committee to review Hilltop's (HTH) unsolicited acquisition proposal to buy all outstanding common stock of SWS that Hilltop does not already own for $7 per share in 50 percent cash and 50 percent Hilltop's stock.
Brown Shoe announced the appointment of Diane Sullivan as its CEO, effective February 2nd, 2014.
D&B reported fourth quarter core earnings of $2.75 per share on revenues of $476.7 million. The company also announced a 10 percent increase in its quarterly dividend to 44 cents per share. The earnings missed estimates, while the revenues were ahead of estimates.
Kilroy Realty reported fourth quarter funds from operations of 67 cents per share on revenues from continuing operations of $120.6 million. The results exceeded estimates.
Suncor Energy said its board approved an increase in its quarterly dividend to 23 cents per share from 20 cents per share. Thermo Fisher Scientific said it has completed its acquisition of Life Technologies for $76.12 per share or about $13.6 billion, plus the assumption of $1.5 billion in net debt.
Ameriprise Financial, Baidu.com , C.H. Robinson , DeVry , Equity Residential , Genworth Financial , Gilead Sciences (GILD), Hain Celestial , Jack Henry , RenaissanceRe , Spansion and Unum Group are among the companies due to release their quarterly results after the close of trading.
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| | European Market | | European stocks opened lower amid the precipitation of risk aversion in the global markets. The negativity came despite the release of positive financial results by blue chips such as UBS , BP , BG Group and Munich Re. With the U.S. index futures pointing to a strong start on Wall Street, stocks in Europe pared some of their losses and are currently-trading mixed.
In corporate news, UBS reported fourth quarter earnings that were ahead of estimates. German reinsurer Munich Re reported better than expected fourth quarter profits and also lifted its dividend.
BP's fourth quarter adjusted earnings were ahead of estimates despite declining year-over. BG Group, which issued a profit warning last week, reported fourth quarter earnings that were roughly in line with estimates.
Wind energy company Vestas reported a profit for its fourth quarter that came in above most estimates. The company also announced plans to sell 20.4 million of its shares through a private placement. Chipmaker ARM Holdings reported higher pre-tax profits and revenues for its fourth quarter.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets retreated sharply, with some major averages in the region entering into correction territory, as growth concerns overwhelmed the markets. The Japanese market wilted under the onslaught of the yen's strength, while the Hong Kong market, which opened after the Lunar New Year holiday, also succumbed to intense selling pressure.
Japan's Nikkei 225 average opened notably lower and moved roughly sideways in the morning. The index retreated steadily in the afternoon before closing down 610.66 points or 4.18 percent at 14,009. Most sectors experienced weakness, with all but 2 of the index components declining in the session.
Australia's All Ordinaries languished notably below the unchanged line before closing down 87.80 points or 1.69 percent at 5,114. The market witnessed an across-the-board sell-off, with consumer staple, energy, healthcare, material and financial stocks coming under intense selling pressure.
Hong Kong's Hang Seng Index ended at 21,398, down 637.65 points or 2.89 percent.
On the economic front, the Reserve Bank of Australia announced its decision to hold interest rates unchanged at the end of its 2-day monetary policy board meeting.
Governor Glenn Stevens said in a statement that the bank's monetary policy "is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target."
The bank is of the view that based on present indications, the most prudent course is likely to be a period of stability in interest rates. The Australian dollar firmed up in the aftermath of the decision.
Data released by the Bank of Japan showed that the monetary base in Japan surged up 51.9 percent year-over-year in January, faster than the 46.6 percent jump in December.
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.38 to $96.81 a barrel after slipping $1.06 to $96.43 a barrel on Monday. Gold futures are currently slipping $8.90 to $1,251 an ounce. In the previous session, Gold climbed $20.10 to $1,259.90 an ounce.
Among currencies, the U.S. dollar is trading at 101.41 yen compared to the 100.98 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.3517 compared to yesterday's $1.3525.
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