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| | US Market | | The major U.S. index futures are pointing to a lower opening on Friday, with sentiment reflecting uneasiness among traders about a probable precipitation of the crisis in Ukraine. Over the weekend, Crimea, an autonomous Ukrainian region, will hold a referendum for deciding on whether it will join Russia or be independent, with no option being provided for the choice of it remaining part of Ukraine. Further precipitation of the crisis there could re-ignite geopolitical concerns, which were put on the backburner for most of last week. The domestic markets may also react to a consumer sentiment data due to be released shortly after the markets open.
The resilience of the markets faltered amid lingering overseas concerns, and consequently, U.S. stocks pulled back sharply on Thursday. The major averages opened higher after the release of a lukewarm retail sales report for February and a report showing an unexpected decline in jobless claims. However, the averages reversed course, falling into negative territory by late morning trading and declining steadily thereafter before ending notably lower.
The Dow Industrials ended down 231.19 points or 1.41 percent at 16,109, the S&P 500 Index closed at 1,846, down 21.86 points or 1.17 percent, and the Nasdaq Composite Index tumbled 62.91 points or 1.46 percent before closing at 4,260.
All thirty of the Dow components closed lower, with American Express , Boeing , Home Depot , Pfizer and Visa leading the declines.
Biotechnology, transportation, energy, retail, housing, semiconductor, financial and computer hardware stocks showed notable moves to the downside, while Gold stocks rallied strongly.
On the economic front, the Commerce Department reported that retail sales rose a better than expected 0.3 percent month-over-month in February. However, January sales were downwardly revised to show a 0.6 percent drop. Excluding autos and gasoline, sales were up 0.3 percent. Core retail sales, which exclude autos, gasoline and building materials, also rose 0.3 percent. Sales of autos, building material, furniture, clothing, sporting goods, department store, online retailers and restaurants all rebounded, while electronic store sales were up slightly.
A separate report showed that business inventories were up 0.4 percent month-over-month in January, while annually, inventories were up 3.9 percent. At the same time, business sales fell 0.9 percent month-over-month but were up in 2.5 percent year-over-year. The business inventories to sales ratio came in at 1.32 compared to 1.30 in the year-ago period.
Meanwhile, the Labor Department reported that initial jobless claims fell to 315,000 in the week ended March 8th from 324,000 in the previous week. The four-week average declined to 331,000 from 337,000. Continuing claims fell to 2.86 million in the week ended March 1st compared to 2.903 million in the preceding week.
The Dow Industrials moved below its 50-day MA currently at 16,159 and its 21-day MA currently at 16,226, which are now likely to serve as resistances. Outside of those levels, the index also has resistance around 16,314, 16,459 and 16,528. On the downside, the index has support around its 100-day MA currently at 16,019, 15,961 and 15,857. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Producer prices in the U.S. unexpectedly showed a modest decrease in the month of February, according to a report released by the Labor Department. The Labor Department said its producer price index for final demand edged down by 0.1 percent in February after rising by 0.2 percent in January. The modest decrease by the index came as a surprise to economists, who had expected prices to creep up by another 0.2 percent
Reuters and the University of Michigan are scheduled to release the results of their preliminary consumer sentiment survey for March at 9:55 am ET. The consensus estimate calls for an increase in the index to 81.8 from 81.6 in February.
Federal Reserve Vice Chair nominee Stanley Fischer is scheduled to speak to the SIEPR conference in Stanford, California at 9:45 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 | | | InterMune announced that it has agreed to sell 7.5 million shares of its common stock at $32.75 per share in an underwritten public offering.
AT&T announced that it has completed the acquisition of pre-paid wireless provider Leap Wireless.
Aeropostale reported a fourth quarter adjusted loss of 35 cents per share on revenues of $670 million, down 16 percent year-over-year. For the first quarter, the company expects a net loss of 70-75 cents per share. The results trailed expectations and the guidance was weak.
Separately, the company said it has signed an agreement with Sycamore Partners for a strategic partnership and $150 million in senior secured credit facilities in exchange for the issue of convertible preferred stock to Sycamore Partners. On an as-converted basis-the stake held by Sycamore will increase to 12.5 percent.
Zumiez reported fourth quarter net income of 89 cents per share, including items with a net impact of a gain of 24 cents per share, on net sales of $226.8 million, up 1.1 percent year-over-year. For the first quarter, the company expects bottom line results in the range of a net loss of 2 cents per share to earnings of 3 cents per share, including a charge of 2 cents per share, on net sales of $156 million to $160 million. The results exceeded estimates, while the guidance was weak.
CheckPoint Systems said it expects to delay the filing of its annual report on Form 10-K beyond the required filing date of March 14th, 2014, as it requires additional time to review matters identified during the preparation of its financial statements.
ANN reported better than expected fourth quarter earnings. The company also announced realignment of its organization, including the elimination of around 100 positions.
Brown Shoe reported fourth quarter earnings that beat estimates, but revenues were below estimates. The company's 2014 guidance was below estimates. Citi Trends reported fourth quarter earnings that were ahead of estimates, but its sales trailed expectations.
Cooper Tire & Rubber reported better than expected fourth quarter results. |
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| | European Market | | European stocks opened lower and moved roughly sideways in the morning amid the uncertainties. In early afternoon trading, the averages fell further and are currently notably lower.
On the economic front, revised estimates published by the German Federal Statistical Office showed that EU harmonized inflation for Germany slowed to 1 percent in February from 1.2 percent in January, unrevised from the preliminary estimate. On a month-over-month basis, the harmonized index of consumer prices rose an unrevised 0.5 percent.
The U.K. Office for National Statistics reported that the U.K.'s visible trade deficit widened to 9.8 billion pounds in January compared to the 8.6 billion pound deficit expected by economists. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets fell across the board, stung by the negative lead from Wall Street, with traders preferring to take profits ahead of the weekend. The yen's strength weighed on Japanese stocks, and the Hong Kong and Australian markets also retreated sharply .Meanwhile, the Indonesian market bucked the downtrend with a notable advance.
Japan's Nikkei 225 average opened notably lower and moved sideways in the morning. Further selling materialized in the afternoon, with the average declining steadily before closing down 488.32 points or 3.30 percent at 14,328, the lowest closing level in a month. All of the Nikkei 225 components moved to the downside, with export stocks leading the slide.
Australia's All Ordinaries languished below the unchanged line throughout the session before ending down 82 points or 1.51 percent at 5,347. The market witnessed broad based sell-off, with material stocks leading the declines.
Hong Kong's Hang Seng Index ended at 21,540, down 216.59 points or 1 percent, and China Shanghai's Composite Index closed 14.77 points or 0.73 percent lower at 2,004.
On the economic front, revised estimates released by Japan's Ministry of Economy, Trade and Industry showed that industrial output rose 10.3 percent year-over-year in January, slower than the 10.6 percent growth initially estimated. On a monthly basis, industrial production rose at a less than initially estimated pace of 3.8 percent.
The minutes of the Bank of Japan's February meeting showed that the members of the monetary policy board were of the view that the risks posed by developments in overseas economies have waned and that the imminent sales tax hike will not upset the economic momentum. At the meeting, the central bank kept its monetary policy unchanged. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.85 to $99.05 a barrel after edging up $0.21 to $98.20 a barrel on Thursday. Gold futures are rising $10.30 to $1,382.70 an ounce. In the previous session, Gold added $1.90 to $1,372.40 an ounce.
Among currencies, the U.S. dollar is trading at 101.28 Yen compared to the 101.84 Yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3882 compared to yesterday's $1.3868.
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