| | | | | | | | | |
| | US Market | | The major U.S. index futures are pointing to a higher opening on Wednesday, with sentiment suggesting modest strength as traders look ahead anxiously to the FOMC announcement. Global cues are mixed, with Asian stocks closing mixed, while the European markets are also seeing mixed sentiment. Earnings news of the day has mostly been negative, with FedEx and General Mills disappointing to the downside, with the weakness blamed on adverse weather conditions. Sentiment over the course of the session may largely hinge on what the Fed has to say in terms of its economic and monetary policy outlook.
U.S. stocks extended their gains on Tuesday amid easing geopolitical concerns and evidence of economic growth holding up in the world's largest economy. The major averages opened higher following the release of fairly positive housing starts data as well as a statement from Russian President Vladimir Putin suggesting that he is not looking to splinter Ukraine. After rising further in early trading, the averages showed a consolidation move for the rest of the session.
The Dow ended up 88.97 points or 0.55 percent at 16,336, the S&P 500 Index closed 13.42 points or 0.72 percent higher at 1,872 and the Nasdaq Composite Index ended at 4,333, up 53.36 points or 1.25 percent.
Twenty-seven of the thirty Dow components closed higher, with Chevron , Pfizer , UnitedHealth and Wal-Mart leading the gains. On the other hand, Boeing retreated sharply.
Biotechnology, computer hardware, semiconductor, financial, airline and energy stocks saw notable strength, while Gold stocks moved to the downside.
On the economic front, The Commerce Department reported that housing starts came in at a seasonally adjusted annual rate of 907,000 in February compared to 909,000 in the previous month, with unseasonably severe winter weather keeping starts subdued. At the same time, building permits, considered an indicator of future activity, jumped 7.7 percent month-over-month to 1.018 million.
A Labor Department report showed that consumer prices rose 0.1 percent month-over-month in February, with the annual rate at 1.1 percent. Core consumer prices rose 0.1 percent on a monthly basis and 1.6 percent annually. Food prices rose 0.4 percent month-over-month, the biggest increase in more than 2 years, while energy prices declined 0.5 percent.
The Dow moved further away from a key support around its 21-day MA (currently at 16,250). Immediate support for the index is now around the 16,295 level, and a break below this level could leave the index vulnerable around further supports around its 21-day MA, the 16,197 level, its 50-day MA (currently at 16,142) and its 100-day MA (currently at 16,043). On the upside, the index has resistance around the 16,373, 16,455 and 16,538 levels. |
| | No platform or data fees with no trade minimums | | Trade free for 60 days + get up to $600 cash. Join TD Ameritrade 
|
| | 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 report on the U.S. current account deficit for the fourth quarter at 8:30 am ET. Economists expect a current account deficit of $88.1 billion for the quarter compared to a deficit of $94.8 billion for the third quarter.
The Energy Information Administration is due to release its weekly petroleum status report at 10:30 am ET.
Crude Oil stockpiles rose by 6.2 million barrels to 370 million barrels in the week ended March 7th. Inventories were in the upper half of the average range.
Meanwhile, Gasoline inventories declined by 5.2 million barrels but were near the upper limit of the average range. Distillate stockpiles edged down 0.5 million barrels and remained below the lower limit of the average range.
Refinery capacity utilization averaged 87 percent over the four weeks ended March 7th compared to 87.3 percent over the four weeks ended February 28th.
Following the conclusion of a 1-day meeting, the FOMC is scheduled to release its post meeting policy statement at 2 pm ET. Janet Yellen is scheduled to hold her first press conference as Fed Chair at about 2:30 pm ET. |
| | Retired Talk Show Host Reveals Shocking Secret | | "Almost anyone can collect income checks from the government," he says. "And it's all tax-free." Read More |
| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Oracle reported third quarter non-GAAP earnings of 68 cents per share on revenues of $9.3 billion. The results trailed expectations. New software licenses and cloud software subscriptions rose 4 percent to $2.4 billion, and software license updates and product support revenues climbed 5 percent to $4.6 billion.
Adobe Systems reported first quarter non-GAAP earnings of 30 cents per share on revenues of $1 billion. The results were ahead of estimates. For 2014, the company continues to expect adjusted earnings of $1.10 per share and sequentially flat revenues. The guidance was weak.
FedEx reported third quarter earnings and revenues that missed estimates and the company's full year guidance was weak.
Pacific Sunwear reported a fourth quarter non-GAAP loss from continuing '-ooperations of 17 cents per share on net sales from continuing operations of $218.6 million, with comparable store sales rising 2 percent. The results exceeded estimates. For the first quarter, the company expects a non-GAAP loss from continuing operations of 12-17 cents per share on revenues of $169 million to $174 million, with comparable store sales growth of 1-4 percent. The bottom line guidance trailed expectations, while the revenue forecast was above estimates.
KB Home reported better than expected first quarter results.
General Mills reported below consensus results for its third quarter but reaffirmed its earnings forecast for the full year that is in line with estimates. The company's fourth quarter earnings guidance trailed expectations. |
| | No platform or data fees with no trade minimums | | Trade free for 60 days + get up to $600 cash. Join TD Ameritrade
|
| | European Market | | After trading mostly below the unchanged line in the morning, European stocks have taken divergent routes and are currently mixed. The French CAC 40 Index and the German DAX Index are rising modestly, while the U.K.'s FTSE 100 Index is continuing to languish in the red.
In corporate news, Spanish retailer Inditex reported profits and sales for 2013 that came in line with estimates. The U.K.'s Smiths Group reported a decline in its pre-tax profits for its first half, hurt by an adverse currency impact and pricing pressure.
On the economic front, a report released by the U.K. Office for National Statistics showed that the number of unemployed individuals in the U.K. fell by 63,000 in the three months ended in January, with the jobless rate slipping to 7.2 percent from 7.4 percent in the three months ended in October. The number of people claiming jobseeker's allowance fell by 34,600 month-over-month in February.
Eurostat reported that hourly labor costs in the euro area rose 1.4 percent year-over-year in the fourth quarter following a 1.1 percent increase in the third quarter. A separate report showed that construction output climbed 1.5 percent month-over-month in January, faster than the 1.3 percent increase in December.
|
| | 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, with the Japanese, Australian, New Zealand, Indian and Indonesian markets closing higher, while the Chinese, Hong Kong, Malaysian, Singaporean, Taiwanese and South Korean markets retreated.
The lackluster risk sentiment weakened the yen, sending Japanese export stocks higher. Japan's Nikkei 225 average opened higher and held above the unchanged line till the mid-session. After moving lower and trading below the unchanged line till late afternoon trading, the index recovered and closed up 51.25 points or 0.36 percent at 14,463.
Apart from export stocks, pharma, retail and real estate also gained ground, while construction, utility and resource stocks came under selling pressure.
Australia's All Ordinaries ignored some early weakness and held mostly above the unchanged line for the rest of the session. The index ended up 12.80 points or 0.24 percent at 5,373.
Most sectors saw modest strength, led by consumer and financial stocks, although material, telecom and real estate stocks moved to the downside.
Meanwhile, Hong Kong's Hang Seng Index closed at 21,569, down 14.81 points or 0.07 percent, and China's Shanghai Composite Index closed 3.46 points or 0.17 percent lower at 2,022.
On the economic front, a report released by Japan's Ministry of Finance showed that the nation's trade deficit narrowed to 800.4 billion yen in February from 2.792 trillion yen in January. Economists expected a deficit of 600.9 billion yen.
A separate report released by Japan's Ministry of Economy, Trade and Industry showed that its all industry activity index rose 1 percent month-over-month in January, reversing the 0.3 percent drop in December. Economists expected a 1.1 percent increase for the month.
Revised estimates released by Japan's Cabinet Office showed that its leading economic indicators index for Japan rose to an upwardly revised reading of 113.1 in January from 111.9 in December.
Australia's leading economic index decreased sharply in February, signaling a deterioration of economic momentum heading into mid-2014, according to the results of a survey published by Westpac and the Melbourne Institute. The leading economic index dropped to -0.19 percent in February from 0.53 percent in December, which was revised up from 0.46 percent.
|
| | The gun debate reveals game-changing technology | | And provides proof that we could be at the exact tipping point to deliver monster-sized gains.
Read more... |
| | Currency and Commodities Markets | | Crude Oil futures are rising $0.24 to $99.12 a barrel after advancing $1.62 to $99.70 a barrel on Tuesday. An ounce of Gold is trading at $1,343.80, down $15.20 from the previous session's close of $1,359. On Tuesday, Gold retreated $13.90.
Among currencies, the U.S. dollar is trading at 101.56 yen compared to the 101.44 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3923 compared to yesterday's $1.3934.
|
| | | | | | | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
No comments:
Post a Comment