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| | US Market | | The major U.S. index futures are pointing to a mixed opening on Wednesday, with sentiment reflecting apprehensive mood of the markets after yesterday's Fed-induced rally. Meanwhile, global cues are positive as Asian stocks rallied on the back of strong Chinese trade data, while the European averages are also capitalizing on the data and some strong domestic earnings. The domestic markets could also choose to remain cautious ahead of tomorrow's jobless claims and retail sales reports.
U.S. stocks advanced on Tuesday amid Congressional testimony by new Fed Chair Janet Yellen, who stated her intention to maintain continuity with the policies of her predecessor Ben Bernanke. The major averages opened slightly higher and advanced steadily until late trading before consolidating their gains. The Dow Industrials ended up 192.98 points or 1.22 percent at 15,995, the S&P 500 Index closed 19.91 points or 1.11 percent higher at 1,820 and the Nasdaq Composite closed at 4,191, up 42.87 points or 1.03 percent.
Twenty-nine of the thirty Dow components advanced in the session, with Boeing , Goldman Sachs, Johnson & Johnson, AT&T, NIKE , General Electric and Chevron advancing notably in the session.
Resource, transportation, biotechnology, financial, semiconductor, utility and computer hardware stocks were among the best performers of the session.
On the economic front, The Commerce Department reported that wholesale inventories edged up 0.3 percent month-over-month in December and climbed 4 percent from a year ago. Wholesale sales rose 0.5 percent from the previous month and were up 5.8 percent year-over-year. The wholesale inventories to sales ratio came in at 1.17 compared to 1.19 in the year-ago period.
After convincingly breaking above its 100-day MA currently at 15,805 yesterday, The Dow Industrials also moved above its 21-day MA currently at 15,971 . Immediate resistances for the index lie around 16,067, its 50-day MA currently at 16,094 , 16,176, 16,254 and 16,295. On the downside, the index has support around its 21-day MA, 15,912, 15,845, its 100-day MA and 15,752. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Energy Information Administration is due to release its petroleum status report for the week ended February 7th at 10:30 am ET.
Crude Oil stockpiles edged up by 0.4 million barrels to 358.1 million barrels in the week ended January 31st. Inventories remained in the upper half of the average range.
Gasoline stockpiles increased by 0.5 million barrels and were well above the upper limit of the average range. Meanwhile, distillate inventories fell by 2.4 million barrels and were well below the lower limit of the average range.
Refinery capacity utilization averaged 87.7 percent over the four weeks ended January 31st compared to 89.2 percent over the four weeks ended January 24th.
The Treasury Department is set to announce the results of its auction of 10-year notes at 1 pm ET. The Treasury will also release its monthly budgetary report for January at 2 pm ET. Economists expect the budget to reveal a deficit of $30.8 billion compared to a surplus of $53.2 billion in December. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Telecom reported fourth quarter earnings of 11 cents per share on revenues of $400 million. The results were about in line.
Protective Life reported fourth quarter operating earnings of $1.43 per share, exceeding expectations.
Procter & Gamble lowered its 2014 sales and core earnings per share growth guidance to account for the currency effect following recent policy announcements by the Venezuelan government. While confirming its organic sales growth forecast of 3-4 percent, the company lowered its core earnings per share growth forecast to 3-5 percent from 5-7 percent.
Packaging Corp of America reported fourth quarter adjusted earnings of $1.04 per share on net sales of $1.26 billion. The results exceeded estimates. For the first quarter, the company expects earnings of $1 to $1.05 per share, ahead of the 92 cents per share consensus estimate.
Intuit said it expects a shift of tax revenue as well as GAAP and non-GAAP earnings per share from its second fiscal quarter to the third fiscal quarter, as the IRS did not begin accepting tax returns until January 31st. At the same time, the company reiterated its full year guidance. For the second quarter, the company now expects non-GAAP earnings of 1-2 cents per share on revenues of $775 million to $780 million.
ViaSat's third quarter results trailed expectations. Western Union also reported fourth quarter earnings and results that trailed expectations, while the company's 2014 earnings guidance was in line.
Charles River reported fourth quarter adjusted earnings of 73 cents per share on revenues of $289.23 million. The earnings exceeded expectations but the revenues were just shy of estimates. For 2014, the company expects adjusted earnings of $3 to $3.10 per share on sales growth of 3-5 percent. The earnings guidance was lukewarm, while the revenue guidance was in line.
Timken announced that it has filed a Form 10 registration statement with the SEC for the proposed spin-off of its steel business, which is to be named TimkenSteel, into an independently traded public company. TimkenSteel is due to be listed on the NYSE under the ticker symbol TMST.
Vornado said its fourth quarter results will include a non-cash impairment of 82 cents per share towards its investment in Toys "R" Us. This is in addition to the previously announced net loss of 66 cents per share for its 32.6 percent stake in the company.
Atmos Energy said it has priced its public offering of 8 million shares at $44 per share to yield gross proceeds of $352 million. Shutterfly said its board approved a $100 million increase to its ongoing stock buyback program.
Sigma-Aldrich announced a 7 percent increase in its quarterly dividend to 23 cents per share. Curtiss-Wright said its board approved a 30 percent increase in its dividend to 13 cents per share. The company also said its board approved the reinstitution of stock repurchase program.
Applied Materials , Avis Budget, CBS , Cheesecake Factory , Cisco Systems , Ctrip.com , DDR , Fidelity National , MetLife, NetApp , Netease.com , NVIDIA , SunPower and Whole Foods are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | European stocks opened higher and have been advancing since then amid the release of some domestic earnings. The positive Chinese trade data is also supporting sentiment.
In corporate news, brewer Heineken reported a marginal increase in its 2013 revenue but stated that it would return to revenue growth in 2014, helped by the performance of emerging markets. Total reported a decline in its fourth quarter profits, hurt by a drop in margins.
French banking giant Societe Generale reversed to a profit in its fourth quarter and also announced an increase in its dividend. Meanwhile, aluminum maker Norsk Hydro reversed to a loss in its fourth quarter, although its adjusted earnings beat estimates.
On the economic front, eurozone industrial production rose 0.5 percent year-over, year in December, slower than the 1.8 percent increase forecast by economists. In November, industrial output had risen 2.8 percent. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed higher, encouraged by the positive close on Wall Street overnight. The assurance that U.S. monetary policy will continue to be accommodative and positive Chinese trade data helped to perk up risk appetite.
Opening after Tuesday's public holiday, the Japanese market advanced amid a weaker yen, which was impacted by the increase in risk appetite. The Nikkei 225 average opened higher and held above the unchanged line throughout the session before closing up 81.72 points or 0.56 percent at 14,800. Export stocks moved to the upside, lending support to the index.
Australia's All Ordinaries also opened higher and moved roughly sideways until late morning trading. Thereafter, the average advanced steadily, helped by the Chinese trade data that showed a ballooning surplus. The index closed at the day's high of 5,320, up 52.50 points or 1 percent. Energy, financial and material stocks advanced notably in the session, while healthcare stocks came under selling pressure.
Hong Kong's Hang Seng Index closed at 22,286, up 322.81 points or 1.47 percent, and China's Shanghai Composite Index ended 6.28 points or 0.30 percent higher at 2,110.
On the economic front, data from the General Administration of Customs showed that the Chinese trade surplus rose to $31.9 billion in January from $25.6 billion in December. Exports rose 10.6 percent year-over-year in January compared to the 0.1 percent uptick in December. Imports climbed 10 percent.
Japan's Cabinet Office reported that core machinery orders in Japan fell 15.7 percent month-over-month in December, much steeper than the 4 percent drop expected by economists.
A report released by Japan's Ministry of Economy, Trade and Industry showed that an index measuring tertiary industry activity in Japan eased 0.4 percent month-over-month in December compared to expectations for a 0.3 percent drop expected by economists.
Consumer confidence in Australia receded in February, according to the results of a survey by Westpac. The consumer confidence index fell to 100.2 from 103.3 in January. |
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.76 to $100.70 a barrel after slipping $0.12 to $99.94 a barrel on Tuesday. An ounce of Gold is trading at $1,290.50, up $0.70 from the previous session's close of $1,289.80. On Tuesday, Gold added $15.10.
Among currencies, the U.S. dollar is trading at 102.27 yen compared to the 102.63 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3576 compared to yesterday's $1.3638.
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