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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment suggesting modest optimism. Earlier in the day, S&P/Case-Shiller's house price index was released, showing strong increase in house prices in February. Meanwhile, a 2-day FOMC meeting gets underway, which could introduce some caution among traders. Earnings news continues to be mixed. Traders may also react to the U.S. consumer confidence data due shortly after the markets open. European stocks are solidly higher, helped by positive corporate news and fairly robust economic data.
U.S. stocks closed Monday's session mostly to the upside, as deal news offered some encouragement to traders. The major averages opened higher and hovered above the unchanged line until pulling back into negative territory by the early afternoon. After moving below the unchanged line till late afternoon trading, the averages recovered going into the close. The Dow Industrials ended up 87.28 points or 0.53 percent at 16,449 and the S&P 500 Index closed at 1,869, up 6.03 points or 0.32 percent. Meanwhile, the Nasdaq Composite slipped back into the red in the final few minutes of trading before closing down 1.16 points or 0.03 percent at 4,074.
Twenty-two of the thirty Dow components closed higher, with Pfizer, Procter & Gamble, Travelers, AT&T (T), Johnson & Johnson and IBM leading the gains. On the other hand, Boeing , Goldman Sachs , Merck and Nike declined sharply.
Pharmaceutical and tobacco stocks saw considerable strength on the day, while gold, Oil service, financial and airline stocks came under pressure.
On the economic front, the National Association of Realtors reported that pending home sales jumped a better than expected 3.4 percent month-over-month in March. Pending home sales rose notably in the South and West and were up modestly in the Northeast, while pending sales were down in the Midwest.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The FOMC meeting gets underway today, with the post-meeting policy statement scheduled to be released at 2 pm ET on Wednesday.
The S&P/Case-Shiller house price index for February is scheduled to be released at 9 am ET. Economists expect the house price index to have increased by a seasonally adjusted 0.7 percent month-over-month following a 0.8 percent increase in January.
At 10 am ET, the Conference Board is due to release its consumer confidence index for April. The consensus estimate calls for an increase in the index to 83 from 82.3 in March.
The consumer confidence index rose to 82.3 in March from 78.3 in February, reaching the highest level since January 2008. The expectations index rose by 7 points, while the present situation index edged down by 0.6 points.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Boston Scientific's first quarter results trailed estimates. The company raised its 2014 earnings guidance.
Nokia reported a wider loss for its first quarter on an IFRS basis, while its sales declined year-over-year. The company announced the appointment of Rajeev Suri as its CEO, effective May 1st. The company also said it would reinstate its dividend payment and also announced a special dividend of 0.26 euros per share for 2014.
Jacob's Engineering reported second quarter results that trailed estimates. The company also lowered its outlook for 2014 below the consensus estimate.
Bristol-Myers Squibb reported first quarter earnings that beat estimates, while its revenues were below estimates. The company raised its full year earnings guidance.
Crane reported first quarter earnings that met estimates, while its revenues were below expectations. The company reaffirmed its earnings outlook for the full year.
STMicroelectronics reported a first quarter adjusted loss of 1 cent per share, narrower than the 3 cents per share loss estimated by analysts. The company's revenues were in line. The company also announced the promotion of Jean-Marc Chery to the role of COO.
General Dynamics announced that the U.S. Navy awarded its General Dynamics Electric Boat unit a multi-year contract valued at $17.6 billion for the construction of 10 additional submarines.
Salesforce.com announced a deal to buy privately held JasperSoft, a provider of embedded business intelligence and reporting software, for $185 million. The company expects the deal to be neutral to its non-GAAP earnings for 2014.
CLARCOR said it has agreed to buy the filtration business of Stanadyne for about $325 million. The company expects the deal to close within the next two weeks.
Ameriprise Financial said its board approved an additional $2.5 billion stock buyback program. The company also announced a 12 percent increase in its quarterly dividend to 58 cents per share. Separately, the company reported better than expected first quarter results.
H&R Block said its total U.S. revenues through April 18th rose year-over-year despite a 3.6 percent decline in tax returns prepared.
Hartford Financial reported better than expected first quarter core earnings.
Big 5 Sports , C.H. Robinson, Cloud Peak Energy, Cray, Dreamworks Animation, eBay, Express Scripts, Genworth Financial, Marriott ,Owens-Illinois ,Renaissance Re ,RF Micro Devices ,Riverbed Technology ,Seagate Technology, Hanover Insurance, Twitter and U.S. Steel (X) are among the companies due to release their quarterly results after the close of trading.
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| | European Market | | After a strong start, European stocks pared some of their gains but have moved back to the upside since then, as traders digest a slew of domestic earnings and economic data.
In corporate news, Swedish engineering giant ABB reported a decline in its first quarter profits, which also trailed estimates by most analysts. Infineon reported better than expected second quarter results and also said it now expects full year revenues and margins at the top end of its forecast.
Sanofi's first quarter earnings trailed expectations. BP reported first quarter profits that declined year-over-year but were ahead of estimates. The company also announced an increase in its dividend. Deutsche Bank reported better than expected first quarter profits.
On the economic front, a report released by the GfK Group showed that German consumer confidence is expected to remain stable in May. The organization's forward looking consumer confidence index is expected to come in at 8.5 in May, unchanged from the April and March readings and in line with estimates.
Meanwhile, French statistical agency INSEE reported that its consumer confidence index fell 3 points to 85 in April, while economists expected an unchanged reading. The receding confidence reflected a weak perception among households regarding their future financial situation.
The U.K.'s first quarter GDP rose 0.8 percent quarter-over-quarter, according to a report released by the U.K. Office for National Statistics. The increase represents a modest acceleration from the 0.7 percent growth recorded for the fourth quarter of 2013, although it was slower than the 0.9 percent growth expected by economists.
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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, with the Japanese, Australian, and South Korean markets retreating, while the rest of the major markets advanced. Even as the positive close on Wall Street offered encouragement, nervousness was perceptible as geopolitical risks and economic uncertainties persist.
With the yen remaining firm, Japan's Nikkei 225 Index opened lower and moved roughly sideways for the rest of the session. The index ended down 141.03 points or 0.98 percent at 14,288. Export stocks came under pressure, while construction, retail and telecom stocks bucked the downtrend.
After seeing strength in early trading, Australia's All Ordinaries pulled back below the unchanged line in late morning trading. The average declined steadily before consolidating in late trading. The index fell 49.20 points or 0.89 percent before closing at 5,467. The market witnessed a broad based sell-off, with material, financial, consumer staple and energy stocks seeing notable weakness.
Meanwhile, Hong Kong's Hang Seng Index closed at 22,454, up 321.36 points or 1.45 percent, and China's Shanghai Composite Index ended 16.85 points or 0.84 percent higher at 2,020.
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| | Currency and Commodities Markets | | Crude Oil futures are climbing $0.52 to $101.36 a barrel after rising $0.24 to $100.84 a barrel on Monday. Meanwhile, Gold futures are sliding $8.90 to $1,290.10 an ounce. On Monday, Gold dipped $1.80 to $1,299 an ounce.
Among currencies, the U.S. dollar is trading at 102.71 yen compared to the 102.49 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.3817 compared to yesterday's $1.3851.
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