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| | US Market | | The major U.S. index futures are pointing to a higher opening on Wednesday, with sentiment getting a lift from Alcoa's positive earnings and optimistic forecast for aluminum demand. Global cues are positive as well. The earnings optimism could give a lift to the domestic markets ahead of the reporting season, although the FOMC minutes could also impact the direction of markets.
U.S. stocks rebounded on Tuesday, as bargain hunting kicked in despite uncertainty creating indecision in the minds of traders. The major averages opened mixed and continued to show apprehension in early trading. After moving decisively above the unchanged line in late morning trading, the S&P 500 Index and the Nasdaq Composite Index hovered in positive territory throughout the remainder of the session. The Dow Industrials experienced some weakness in late trading but recovered thereafter before ending up 10.27 points or 0.06 percent at 16,256.
The S&P 500 Index closed 6.92 points or 0.38 percent higher at 1,852, and the Nasdaq Composite ended at 4,113, up 33.23 points or 0.81 percent.
Gold, utility, Oil service, retail and Semiconductor stocks were among the best performing sectors of the session.
Seventeen of the thirty Dow components closed higher, with Caterpillar , Intel , McDonald's , Nike , Verizon and Wal-Mart posting strong gains. On the other hand, Boeing , Goldman Sachs and Pfizer declined sharply.
The Dow Industrials bounced between support and resistance levels yesterday and settled in between. Immediate support and resistance levels for the index are at 16,184 and 16,294, respectively. Above the 16,294 level, the index has resistance around its 21-day MA currently at 16,327, 16,373, 16,462 and 16,57. Outside of its immediate support level, the index may be supported by its 50-day and 100-day MA currently at 16,150 and 16,153, respectively and the 16,064 level. |
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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 February at 10 am ET. Economists estimate that wholesale inventories may have risen by 0.6 percent month-over-month.
In January, wholesale sales fell 1.9 percent month-over-month, although inventories were up 3.9 percent year-over-year. At the same time, wholesale inventories edged up 0.6 percent month-over-month and were 3.6 percent higher than a year ago. The wholesale inventories to sales ratio came in at 1.20 compared to 1.21 in the year-ago period.
The Energy Information Administration is due to release its weekly petroleum status report for the week ended April 4th at 10:30 am ET.
Crude Oil stockpiles fell by 2.4 million barrels to 380.1 million barrels in the week ended March 28th. However, inventories remained in the upper half of the average range.
Gasoline stockpiles fell by 1.6 million barrels and were below the lower limit of the average range. Meanwhile, Distillate inventories edged up by 0.6 million barrels yet remained in the lower limit of the average range.
Refinery capacity utilization averaged 86.3 percent over the four weeks ended March 28th compared to 86.2 percent over the four weeks ended March 21st.
The Treasury Department is scheduled to release the results of its 10-year note auction at 1 pm ET.
Additionally, the Federal Reserve is due to release the minutes of its March FOMC meeting at 2 pm ET. At the meeting, the central bank maintained its Fed funds rate at 0-0.25 percent, while it removed the unemployment rate target of 6.5 percent and the inflation objective of not more than half a percentage point above the committee's long-term goal as the criteria for removing monetary policy accommodation. Instead, the committee said it will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation.
Chicago Fed President Charles Evans will speak on Fed communications in Washington at 3:30 pm ET. Federal Reserve Gov Daniel Tarullo is scheduled to deliver a dinner speech in Washington at 7 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 | | | Alcoa reported first quarter adjusted earnings of 9 cents per share on revenues of $5.5 billion. The earnings exceeded estimates, while the revenues were below estimates. The company said it continues to project 7 percent global aluminum demand growth in 2014.
WD-40 reported second quarter earnings of 67 cents per share on net sales of $94.2 million, up from $86.7 million last year. The earnings missed estimates, while the revenues were ahead of estimates. For 2014, the company expects earnings of $2.65-$2.80 per share on net sales of $383 million to $398 million. The guidance was in line.
Constellation Brands reported fourth quarter earnings that beat estimates and the sales were in line with estimates. The guidance was positive.
SAIC reported fourth quarter earnings that beat estimates, while its revenues were below expectations.
PVH Corp. announced that it has become a minority shareholder in the parent company of the Karl Lagerfeld brand. The company did not reveal the terms of the deal.
Apogee Enterprises , Bed Bath & Beyond and Ruby Tuesday are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | European stocks are recovering from a two-session slide, with all three major averages in the region moving moderately higher.
On the economic front, the British Retail Consortium reported that shop prices in the U.K. tumbled 1.7 percent year-over-year in March, steeper than the 1.5 percent drop expected by economists.
Data released by the German Federal Statistical Office showed that German exports fell 1.3 percent month-over-month in February, while imports rose 0.4 percent. The trade surplus declined to a seasonally adjusted 15.7 billion euros in February from 17.3 billion euros in January.
The U.K. Office of National Statistics released the trade balance report for the U.K., showing a narrowing in the trade deficit to 9.1 billion pounds in February from a deficit of 9.5 billion pounds in January. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced, encouraged by the resilience shown by the U.S. markets overnight, although The Japanese market succumbed to weakness generated by a stronger yen.
Australia's All Ordinaries rebounded from a 2-session drop, with Alcoa's better than expected first quarter earnings lending some support. The All Ordinaries hovered above the unchanged line throughout the session before ending up 51.10 points or 0.94 percent at 5,460. The market witnessed broad based strength, with energy, consumer staple, material and financial stocks leading the gains.
Hong Kong's Hang Seng Index ended at 22,843, up 246.20 points or 1.09 percent, and China's Shanghai Composite added 6.95 points or 0.33 percent before closing at 22,843.
Meanwhile, Japan's Nikkei 225 Index opened notably lower and languished below the unchanged line throughout the session. The index closed down 307.19 points or 2.10 percent at 14300.
A majority of stocks declined, with the weakness more evident in export stocks. Casio Computer, NTN, Mitsui OSK Lines and Mitsui Fudosan were among the worst performers of the session. Toyota fell 2.41 percent after it recalled more than 6 million vehicles globally, citing faults in parts such as steering and seats.
On the economic front, the results of a survey by Westpac and the Melbourne Institute showed that consumer confidence in Australia rose slightly in April. The corresponding consumer confidence index edged up 0.3 points to 99.7.
The Australian Bureau of Statistics reported that the total number of home loans issued in Australia was up a seasonally adjusted 2.3 percent month-over-month in February, exceeding expectations for a 1.5 percent increase.
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.06 to $102.62 a barrel after jumping $2.12 to $102.56 a barrel on Tuesday. An ounce of Gold is currently fetching $1,304.30, down $4.80 from the previous session's close of $1,309.10. On Tuesday, Gold added $10.80.
Among currencies, the U.S. dollar is trading at 102.05 yen compared to the 101.81 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3798 compared to yesterday's $1.3797.
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