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| | US Market | | The major U.S. index futures are pointing to a higher opening on Friday, with early indications suggesting a let up in momentum following yesterday's rally. Asian stocks settled mostly higher, while European stocks are seeing modest strength. The absence of any major trading catalysts could render the mood cautious, especially as the geopolitical uncertainty surrounding Crimea's decision to accede to Russia and the resultant reaction from the Western nations linger.
U.S. stocks rebounded on Thursday amid the release of some positive economic data, as Fed fears receded. The major averages opened lower and saw some weakness in early trading following the release of a report showing a modest rebound in jobless claims. However, the averages recovered thereafter and hovered mostly above the unchanged line for the rest of the session.
The Dow Industrials advanced 108.88 points or 0.67 percent before closing at 16,331, the S&P 500 Index closed 11.24 points or 0.60 percent higher at 1,872, and the Nasdaq Composite closed at 4,319, up 11.68 points or 0.27 percent.
Twenty-five of the thirty Dow components closed higher, while the remaining five stocks declined. JP Morgan Chase and AT&T (T) rallied 3.10 percent and 3.43 percent, respectively. Microsoft ,UnitedHealth ,Visa (V) and IBM also posted notable gains.
Financial and Semiconductor stocks advanced strongly in the session, while housing stocks came under selling pressure.
On the economic front, the Labor Department reported that jobless claims rose to 320,000 in the week ended March 15th from 315,000 in the previous week. The four-week average declined to 327,000 from 331,000 in the previous week. Continuing claims calculated with a week's lag rose by 41,000 to 2.889 million in the week ended March 8th.
The results of the Philadelphia Federal Reserve's manufacturing survey showed that manufacturing activity moved into expansion territory in March. The manufacturing index jumped to 9 in March from -6.3 in February. The new orders index rose to 5.7 from -5.2 and the shipments index jumped 16 points to 5.7. At the same time, the employment index slipped 3 points, although it remained in positive territory. The future general business activity index declined to 35.4 from 40.2.
The National Association of Realtors reported that existing home sales slipped 0.4 percent month-over-month to a seasonally adjusted annual rate of 4.60 million units in February. Existing home sales fell in the Northeast and the Midwest, while sales were up in the South and West. The median price of an existing home rose to $189,000 in February, up 9.1 percent year-over-year. Inventories of existing homes measured in terms of months of supply rose to 5.2 months in February, while in absolute terms, inventories increased to 120,000.
The Conference Board reported that its leading economic indicators index increased 0.5 percent month-over-month in February following a 0.1 percent increase in January. Building permits and the interest rate spread contributed positively to the index, while the average workweek, consumer expectations and rising initial claims for unemployment insurance limited the upside. The coincident economic indicators index was up 0.2 percent, and the lagging economic indicators index climbed 0.3 percent.
The Dow Industrials traded up to a near-term resistance around 16,367 yesterday before pulling back slightly. The level could continue to offer resistance to the index, while additional resistance lies around the 16,455 and 16,533 levels. On the downside, the index has support around its 21-day MA (currently at 16,268), 16,223, its 50-day MA (currently at 16,134) and 100-day MA (currently at 16,060). |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | St Louis Federal Reserve Bank President James Bullard is scheduled to speak on nominal GDP in Washington at 11:45 am ET.
Minneapolis Federal Reserve Bank President Narayana Kocherlakota and Bank of England Executive Director Spencer Dale will be on a panel in Washington at 4:30 pm ET.
Additionally, Federal Reserve Governor Jeremy Stein is due to speak to the International Research Forum on Monetary Policy in Washington at 6:30 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 | | | Nike reported third quarter earnings from continuing operations of 76 cents per share on revenues from continuing operations of $7 billion, up 13 percent. Worldwide future orders for the period from March 2014 through July 2014 totaled $10.9 billion, up 12 percent year-over-year. The results exceeded estimates.
Darden Restaurants reported third quarter earnings that met estimates but sales trailed expectations. The company affirmed its earnings per share growth guidance for 2014
Tiffany reported below consensus results for its fourth quarter and also announced below consensus earnings guidance for the full year. Shanda Games reported fourth quarter earnings that met estimates, while its revenues missed expectations.
Shoe Carnival reported fourth quarter earnings and revenues that trailed expectations and issued weak guidance for the first quarter.
TIBCO Software reported first quarter non-GAAP earnings of 19 cents per share on revenues of $252.9 million. The results exceeded estimates.
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| | European Market | | After starting on a nervous note, European stocks have moved decisively higher.
On the economic front, the U.K. Office for National Statistics reported that public sector net borrowing, excluding interventions, rose to 9.3 billion pounds in February from 6.5 billion pounds in the year ago period.
The current account surplus for the eurozone increased in January, driven by higher surpluses on goods and services, according to data published by the European Central Bank. The current account surplus rose to a seasonally adjusted 25.3 billion euros from a 20 billion euro-surplus in the previous month.
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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 mostly higher, with the positive close on Wall Street overnight generating some buying interest. The Japanese market remained closed for a public holiday, while the New Zealand and Taiwanese markets retreated.
Australia's All Ordinaries opened higher and advanced steadily throughout the session before closing up 41.30 points or 0.78 percent at 5,354. Most sectors advanced, with energy, financial, healthcare and material stocks seeing notable strength.
Hong Kong's Hang Seng Index closed at 21,437, up 254.54 points or 1.20 percent, and China's Shanghai Composite Index ended 54.14 points or 2.72 percent higher at 2,048.
On the economic front, the Conference Board's leading economic indicators index for Australia showed a slowdown in growth in January. The index rose just 0.2 percent month-over-month following an upwardly revised 0.9 percent increase in December. Nevertheless, the reading marked the sixth straight month of growth.
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| | Currency and Commodities Markets | | Crude Oil futures are climbing $0.35 to $99.25 a barrel after receding $0.27 to $98.90 a barrel on Thursday. Gold futures, which fell $10.80 to $1,330.50 an ounce in the previous session, are currently rising $7.50 to $1,338 an ounce.
Among currencies, the U.S. dollar is trading at 102.39 yen compared to the 102.39 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3784 compared to yesterday's $1.3779.
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