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| | US Market | | The major U.S. index futures are pointing to a lower opening on Tuesday, with sentiment suggesting a small let up in the momentum, as traders express discomfort over the overbought levels of the markets amid the economic uncertainties. Mixed results reported by Home Depot have generated muted reaction towards the stock in pre-market trading. The results of two separate house price surveys released short while ago showed bigger than expected increases in house prices in December. Meanwhile, traders may also react to the results of Conference Board's consumer confidence reading. European stocks are retreating amid the release of some mixed domestic earnings.
U.S. stocks advanced solidly on Monday amid deal optimism, with the S&P 500 Index closing near its record high. The major averages opened higher and advanced steadily until early afternoon trading. Thereafter, the averages gave back some ground but sill closed notably higher.
The Dow Industrials ended up 103.84 points or 0.64 percent at 16,207, the S&P 500 Index closed 11.36 points or 0.62 percent higher at 1,848 and the Nasdaq Composite ended at 4,293, up 29.56 points or 0.69 percent.
Twenty-one of the thirty Dow components closed higher, with UnitedHealth , Exxon Mobil , Pfizer and NIKE advancing solidly in the session. On the other hand, Verizon and AT&T (T) declined notably.
The Dow Industrials was supported by its 50-day MA (currently at 16,114), as it hit the level and bounced off. The index has strong support at the 16,155 level and its 50-day MA. Further down, it also has support around 16,037, 15,906 and its 21-day and 100-day MA (both currently at 15,865). On the upside, the index has resistance around 16,258, 16,314, 16,410 and 16,479.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Federal House Finance Agency 's house price index for December rose a better than expected 0.8 percent month-over-month. Economists estimated house price growth of 0.3 percent for the month.
The S&P Case-Shiller house's price index also rose a better than expected 0.8 percent month-over-month. The annual growth came roughly in line with expectations at 13.3 percent, a deceleration from the 13.7 percent pace in November.
The Conference Board is scheduled to release the results of its consumer confidence survey at 10 am ET. Economists expect the consumer confidence index to edge down to 80.1 in February from 80.7 in January.
The consumer confidence index rose to 80.7 in January from 77.5 in December. The present conditions index rose to 79.1 from 75.3, while the expectations index climbed 2.8 points to 81.8.
The Richmond Federal Reserve's manufacturing index for the region due at 10 am ET is expected to come in at 3 for February compared to 12 in January.
Federal Reserve Governor Daniel Tarullo is scheduled to speak to the NABE in Arlington, Virginia at 10:10 am 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 | | | Home Depot reported better than expected fourth quarter results, while its revenues were shy of estimates. The company also announced an increase in dividend, although forecasting 2014 earnings below estimates.
Toll Brothers reported better than expected first quarter earnings, while its revenues were about in line with estimates.
SINA reported fourth quarter non-GAAP earnings of47 cents per ADS on non-GAAP revenues of $192.33 million. For the first quarter, the company expects non-GAAP revenues of $162 million to $167 million. The results exceeded estimates and the guidance was positive. Meanwhile, reports suggest that the company is planning a U.S. IPO for its Weibo unit in the second half of the year.
EOG Resources reported fourth quarter earnings and revenues that beat estimates. Vornado reported fourth quarter adjusted funds from operations of $1.33 per share on revenues of $673.31 million. The results exceeded estimates.
ONEOK reported fourth quarter earnings of 43 cents per share, including charges of 11 cents per share, compared to 53 cents per share in the year ago period. Revenues rose to $4.14 billion from $3.66 billion last year. The earnings trailed expectations but revenues were ahead of estimates.
Tenet Healthcare reported fourth quarter adjusted income from continuing operations of 43 cents per share on net operating revenues of $3.89 billion, up 66.7 percent. The results exceeded estimates, but the company's full year 2014 guidance was weak.
Boyd Corp. announced an agreement to purchase the Asian and European die-cut business of Brady Corp.
Tractor Supply (TSCO) said its board has authorized a $1 billion stock buyback program.
Big 5 Sports , CB&I (CBI), Dreamworks Animation , First Solar , Forest Oil , Nordson , Papa John's , Range Resources , RR Donnelley & Sons , Shanda Games and Weatherford 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 and are continuing to see weakness as traders digest some domestic earnings and data amid worries concerning China.
In corporate news, German healthcare company Fresenius reported a 12 percent increase in its 2013 profit and also announced an increase in its dividend. However, the company issued soft guidance.
Vivendi's full-year adjusted earnings and sales fell and were also below expectations by some analysts. German chemical company BASF reported better than expected fourth quarter earnings and also sees a higher profit in 2014.
On the economic front, revised estimates released by the German Federal Statistical Office showed that the German economy expanded 0.4 percent sequentially in the fourth quarter, faster than the 0.3 percent increase in the third quarter. The growth was in line with the initial estimates.
French statistical office INSEE released the results of a survey showing that French business confidence remained unchanged as expected in February. The business sentiment index came in at 100 for the third consecutive month.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets had another mixed close, as Chinese liquidity worries haunted traders even as a weaker yen lifted the Japanese market and the South Korean market benefited from news of government reforms to boost growth.
Japan's Nikkei 225 average opened higher and advanced in the morning before moving sideways in the afternoon. The index closed up 213.92 points or 1.44 percent at 15,052. A majority of stocks advanced in the session, led by export stocks, with only some real estate, electric utility and retail stocks coming under pressure.
Meanwhile, Australia's All Ordinaries got off to a strong start but turned lower over the course of the session before closing down 6.10 points or 0.11 percent at 5,444. Energy and material stocks declined notably, while healthcare stocks gained ground.
Hong Kong's Hang Seng closed at 22,317, down 71.36 points or 0.32 percent at 22,317, and China's Shanghai Composite Index plunged 42.47 points or 2.04 percent before closing at 2,034.
On the economic data, the Bank of Japan said its index measuring corporate service prices in Japan rose 0.8 percent year-over-year in January, below expectations for 1.2 percent growth.
The Conference Board reported that its leading index measuring economic activity in China rose 1.2 percent in January following a 0.8 percent increase in December. The coincident index rose at a slower pace of 0.2 percent following a 1.5 percent jump in December. |
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| | Currency and Commodities Markets | | Crude Oil futures are sliding $1.19 to $101.63 a barrel after advancing $0.62 to $102.82 a barrel on Monday. Gold futures are currently slipping $1.10 to $1,336.40 an ounce. In the previous session, Gold added $14.40 to $1,338 an ounce.
Among currencies, the U.S. dollar is trading at 102.26 yen compared to the 102.51 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.3753 compared to yesterday's $1.3735.
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