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| | US Market | | The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment suggesting that stocks may open higher, building on their previous session's gains. Prepared remarks released ahead of Fed Chair Janet Yellen's testimony before the House Financial Services Committee showed that the Fed under the new Chair would maintain continuity with former Chairman Ben Bernanke's policies. Traders may focus further on her comments to gain additional clarity on the central bank's view on the economy and the monetary policy required to keep the economic growth ticking at a trend-like pace. Meanwhile, global cues are encouraging as well, with Asian stocks advancing, while the European markets are also moving to the upside.
U.S. stocks managed to end a lackluster session mostly higher on Monday, as trading was characterized by a lack of direction amid the absence of any major trading catalysts. The major averages opened lower but turned mixed immediately after, with The Dow Industrials and the S&P 500 Index languishing mostly in the red until late trading. Subsequently, The Dow showed volatility, moving back and forth across the unchanged line before closing up 7.71 points or 0.05 percent at 15,802.
The S&P 500 Index held above the unchanged line in late trading before closing up 2.82 points or 0.16 percent at 1,800. The Nasdaq Composite hovered in positive territory for much of the session, closing close to the day's high by virtue of its 22.31 points or 0.54 percent advance to 4,148.
Seventeen of the thirty Dow components closed higher and one stock was unchanged, while the remaining twelve stocks retreated. American Express , Johnson & Johnson , Coca-Cola , Travelers and Disney advanced notably in the session, while UnitedHealth , McDonald's and Exxon Mobil declined sharply.
Among sectors, gold, transportation and Biotechnology stocks were among the best performers of the session.
The Dow Industrials settled just at its 100-day of MA (currently at 15,802) on Monday. It would require a meaningful catalyst for the index to convincingly break above this level. If it does, it could face resistance around the 15,871 and 15,961 levels. Downside support for the index lies around 15,747, 15,615 and 15,449 levels. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Federal Reserve Chair Janet Yellen's monetary policy testimony will be released at 8:30 am ET. Yellen is scheduled to testify before the House Financial Services committee in Washington at 10 am ET.
Philadelphia Federal Reserve Bank President Charles Plosser is scheduled to speak on the economic outlook in Newark, Delaware at 9 am ET.
The Commerce Department is scheduled to release its wholesale inventories report at 10 am ET. Economists expect wholesale inventories to have increased by 0.6 percent month-over-month in December.
In November, wholesale inventories rose 0.5 percent month-over-month, rendering the annual growth at 3.3 percent. Wholesale sales climbed 1 percent month-over-month and were 5.5 percent higher than a year ago. The wholesale inventories to sales ratio came in at 1.17 compared to 1.20 in the year ago period.
The Treasury will announce the results of its auction of 3-year notes at 1 pm ET.
Richmond Federal Reserve Bank President Jeffrey Lacker is due to speak on financial stability at Stanford University at 8 pm ET. Dallas Federal Reserve Bank President Richard Fisher is scheduled to speak on the economic outlook in Dallas at 8:10 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 | | | Urban Outfitters' announced fourth quarter net sales of $906 million, up 6 percent year-over-year but lower than the $925.73 million consensus estimate. The company also noted that its comparable retail segment sales rose 1 percent.
Waster Connection reported better than expected fourth quarter results but issued weak revenue guidance for 2014.
Forward Air reported fourth quarter net income of 50 cents per share on operating revenues of $181.1 million, up 16.5 percent. The results were below expectations. For the first quarter, the company expects earnings of 36-40 cents per share on 19-23 percent revenue growth. The earnings guidance was weak, while the revenue guidance was above expectations. The company also revealed board authorization for the repurchase of up to 2 million shares and a 20 percent increase in its quarterly dividend to 12 cents per share.
Pioneer Natural Resources reported fourth quarter adjusted earnings of $1 per share on revenues and other income of $970.78 million. The results exceeded estimates. For the first quarter, the company expects production to average 166 MBOEPD to 171 MBOEPD.
Owens & Minor reported fourth quarter adjusted earnings of 52 cents per share on revenues of $2.32 billion. The earnings exceeded estimates, while the revenues were shy of estimates. For 2014, the company expects adjusted earnings of $1.95-$2.05 per share on revenues growth up to 2 percent. The earnings guidance was in line. The company also announced that its board approved a 4.2 percent increase in its quarterly dividend to 25 cents per share and a 3-year $100 million stock repurchase program.
WebMD announced preliminary fourth quarter results, expecting net income of 23-25 cents per share on revenues of $145.5 million to $146.5 million. For 2014, the company expects net income of $27 million to $39 million on revenues of $545 million to $575 million. The guidance was above estimates.
Amkor reported fourth quarter adjusted earnings that beat estimates, while its revenues were shy of estimates. The company's first quarter guidance was weak.
Atmos Energy (ATO) said it plans to make a public offering of 8 million shares of its common stock. The company said it intends to use the net proceeds to repay short-term debt.
Wausau Paper (WPP) reported a fourth quarter adjusted loss from continuing operations of 15 cents per share on net sales of $91.1 million. The results trailed estimates. The company reaffirmed its fourth quarter 2014 guidance of $20 million to $24 million EBITDA, while it lowered the low-end of its 2014 EBITDA guidance by $5 million to $60 million but retained the high end at $70 million.
Avon Products (AVP) announced an agreement through which KORRES has granted the company exclusive rights to manufacture and market KORRES product in Latin America.
CVS Caremark's fourth quarter profit improved from the year-ago quarter. Net revenues for quarter increased 4.6 percent and topped analysts' estimate. The company currently sees first quarter adjusted earnings above Street view and backed its adjusted earnings forecast for fiscal 2014.
Sprint (S) is reported a fourth quarter net loss that narrowed from the year-ago quarter. Operating revenue increased from the same period last year. EBITDA for the quarter improved nearly 40 percent year-over-year. Sprint said it ended the year with 53.9 million Sprint platform subscribers, after adding 58,000 postpaid subscribers, 322,000 prepaid subscribers and 302,000 wholesale and affiliate subscribers in the quarter.
Charles River , Packaging Corp. (PKG), Protective Life , Time Warner Tcom , TripAdvisor , ViaSat and Western Union are among the companies due to report their quarterly results after the close of trading.
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| | European Market | | European stocks opened higher and are continuing to trade in positive territory as traders digest a slew of domestic earnings. Risk appetite is on the rise, as the markets expect Yellen's testimony to reveal a dovish approach towards monetary policy.
In corporate news, navigation device maker TomTom reported lower earnings and revenues for its fourth quarter and forecast lower profits and revenues for 2014. Michelin also reported lower results for 2013 but reaffirmed its 2015 goals and raised its dividend.
The U.K.'s Barclays (BCS) announced plans to eliminate 12,000 jobs. British tour operator Thomas Cook reported a narrower loss for its first quarter amid asset disposal envisaged as part of its 3-year restructuring program.
On the economic front, BRC's retail sales monitor showed that retail sales in the U.K. rose 5.4 percent year-over-year in January. Sales at stores that were open for more than a year were up 3.9 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 higher, encouraged by the recovery on Wall Street overnight. The Japanese market remained closed for a public holiday.
Australia's All Ordinaries advanced steadily until the mid-session before moving sideways in the afternoon. The index closed up 30.80 points or 0.59 percent at 5,267. Financial stocks advanced strongly, while most other sectors witnessed modest strength.
Hong Kong's Hang Seng Index closed at 21,963, up 383.72 points or 1.78 percent, and China's Shanghai Composite closed 17.60 points or 0.84 percent higher at 2,104.
On the economic front, a report released by National Australia Bank showed that business confidence improved further in January. The business confidence index rose to 8 from 6 in December. The business conditions index also improved to 4.
A report released by the Australian Bureau of Statistics showed that house prices in Australia rose 3.4 percent sequentially in the fourth quarter. Economists expected a more modest 3 percent increase. Annually, house prices were up 9.3 percent, exceeding expectations.
A separate report showed that the number of home loan approvals in Australia fell 1.9 percent month-over-month in December, missing expectations for a 0.7 percent increase.
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| | Currency and Commodities Markets | | Crude Oil futures are edging up $0.28 to $100.34 after adding $0.18 to $100.06 a barrel on Monday. Gold futures are currently moving up $8.70 to $1,283.40 an ounce. In the previous session, Gold rose $11.80 to $1,274.80 an ounce.
Among currencies, the U.S. dollar is trading at 102.54 yen compared to the 102.26 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.3667 compared to yesterday's $1.3646.
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