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| | US Market | The major U.S. index futures are pointing to a narrowly mixed opening on Tuesday, with sentiment suggesting that stocks may once again go about in a directionless manner amid a lack of trading cues. Asian stocks had a mixed outing, while the European markets are seeing a mixed trend. With the Ukrainian crisis still simmering, the markets are unlikely to take a firm foot forward, especially amid more signs of a slowdown in Chinese growth.
U.S. stocks closed on the downside on Monday amid global worries triggered by weak Chinese trade data. The major averages opened lower and moved rough sideways in early trading before pulling back sharply in late morning trading. Although the averages trimmed their losses over the remainder of the session, they closed modestly lower.
The Dow Industrials fell 34.04 points or 0.21 percent to 16,419, while the S&P 500 Index closed 0.87 points or 0.05 percent lower at 1,877 and the Nasdaq Composite ended down 1.77 points or 0.04 percent at 4,335.
Twenty-two of the thirty Dow components closed lower, while the remaining eight stocks advanced. Boeing was the worst performer among the Dow components with a drop of 1.28 percent.
Housing stocks declined sharply in the session, while most of the other major sectors ended the day show only modest moves.
The Dow Industrials is still in the neutral zone, with the 14-day relative strength index currently at 64. Immediate support for the index lies around 16,365. Further down, the index may also be supported at the 16,264 and 16,202 levels as well as its 50-day MA (currently at 16,172) and 100-day MA (currently at 15,991). On the upside, the index has resistance around the 16,401, 16,536 and 16,582 levels.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
The Commerce Department is scheduled to release its wholesale inventories report for January at 10 am ET. Economists expect wholesales inventories to have increased by 0.4 percent month-over-month in January.
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.
The Treasury will announce the results of its auction of 3-year notes at 1 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 | |
United Natural Foods reported second quarter earnings of 56 cents per share on net sales of $1.65 billion, up 13.9 percent year-over-year. The earnings were in line and the revenues were ahead of estimates. The company updated its 2014 guidance and now expects earnings of $2.45-$2.51 per share on revenues of $6.70 billion to $6.78 billion. The earnings guidance trailed estimates, while the revenue guidance was in line.
Casey's General reported third quarter earnings of 38 cents per share on revenues of $1.791 billion. The results trailed expectations.
Novavax reported a fourth quarter net loss of 7 cents per share compared to a loss of 6 cents per share last year. However, revenues rose 92 percent to $8.7 million.
Qualcomm announced the promotion of its VP Derek Aberle to the post of president of the company.
Diamond Foods , NCI Building Systems (NCS), Shanda Games (GAME) and VeriFone (PAY) 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 but have turned mixed since then. The French CAC 40 Index and the U.K.'s FTSE 100 Index are trading lower, while the German DAX Index is holding above the unchanged line.
In corporate news, re-insurer Hannover Re reported strong fourth quarter profit growth and reaffirmed its profit outlook for 2014. Dutch supermarket chain Ahold has agreed to acquire SPAR's business in the Czech Republic for an enterprise value of 5.245 billion Czech korunas.
On the economic front, the German Federal Statistical Office reported that German exports rose 2.2 percent month-over-month in January, exceeding expectations for a 1.5 percent increase. Imports were up 4.1 percent, also above expectations for a 1.4 percent increase. The faster rate of growth in imports reduced the trade surplus to 17.2 billion euros from 18.3 billion euros in December.
Data released by the U.K. Office for National Statistics showed that U.K. industrial output rose 0.1 percent month-over-month in January, slower than the 0.2 percent increase expected by economists. However, manufacturing output rose at a faster than estimated 0.4 percent rate.
Retail sales in the U.K. grew at a significantly slower pace in February, according to the results of a survey by the British Retail Consortium and KPMG. Total retail sales increased 0.7 percent year-over-year in February, which was notably weaker than the 5.4 percent increase seen in January.
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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 on a mixed note, although caution was the underlying sentiment in most markets. The Australian, New Zealand and Indian markets retreated, while the rest of the markets advanced.
Japan's Nikkei 225 average held mostly above the unchanged line amid a monetary policy announcement by the Bank of Japan. The index closed 103.97 points or 0.69 percent higher at 15,224. Real estate, construction and most export stocks advanced, while electric machinery makers and resource stocks moved to the downside.
Australia's All Ordinaries, which spent the better part of the morning below the unchanged line, recovered in late afternoon trading. However, the index pulled back once again in late trading before closing down 1.50 points or 0.03 percent at 5,429.
Hong Kong's Hang Seng Index ended 4.68 points or 0.02 percent higher at 22,270, and China's Shanghai Composite Index closed at 2,001, up 2.09 points or 0.02 percent.
On the economic front, the Bank of Japan's Monetary Policy Board led by Governor Haruhiko Kuroda unanimously decided to leave the size of its monetary easing unchanged. The bank refrained from initiating additional easing ahead of the planned sales tax hike in April that could have a negative impact on the moderate recovery that has taken root. Meanwhile, the BoJ downgraded its view on exports but upgraded its assessment of industrial production and investment.
The results of a survey by National Australia Bank showed that business confidence in Australia receded in February. The business confidence index fell to 0 in January from 5 in December. The business conditions index eased to 7 from 9.
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| | Currency and Commodities Markets |
Crude oil futures are edging up $0.05 to $101.17 a barrel after sliding $1.46 to $101.12 a barrel on Monday. Gold futures are climbing $9.30 to $1,350.80 an ounce. In the previous session, Gold rose $3.30 to $1,341.50 an ounce.
Among currencies, the U.S. dollar is trading at 103.29 Yen compared to the 103.27 Yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.3856 compared to yesterday's $1.3877.
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