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| | US Market | | The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment holding up despite the release of mixed economic data. Global cues are lackluster, with Asian stocks closing mixed, while the European markets are also trading mixed. Earnings news of the day has largely been encouraging. The results of New York area's manufacturing survey showed an unexpected slowdown in manufacturing activity and the data is likely to stir anxiety among traders. Traders may also focus on the results of a homebuilder sentiment due after the markets open.
U.S. stocks rebounded solidly on Monday following two sessions of declines, as encouraging earnings from Citigroup (C) and better than expected retail sales data generated buying interest. The major averages opened higher and moved roughly sideways until late trading. Although some selling emerged in late trading, sending the major averages either towards or below the unchanged line, they recovered to close solidly in positive territory.
The Dow Industrials added 146.49 points or 0.91 percent before closing at 16,173 and the S&P 500 Index ended up 14.92 points or 0.82 percent at 1,831, while the Nasdaq Composite closed at 4,023, up 22.96 points or 0.57 percent.
Twenty-seven of the thirty Dow components advanced, with Visa (V), Nike , Intel , Chevron and Cisco Systems leading the gains.
Energy, Gold and computer hardware stocks were among the best performers of the session, while airline stocks retreated sharply.
On the economic front, The Commerce Department reported that retail sales rose a better than expected 1.1 percent month-over-month in March. Excluding autos and gasoline, retail sales were up 1 percent. Core retail sales, which exclude autos, Gasoline and building materials, climbed 0.8 percent. Motor vehicle/parts sales surged up 3.1 percent and building material sales jumped 1.8 percent. Sales at online retail, sporting goods and department stores also increased, while electronics stores saw a decline.
A separate report showed that business inventories rose 0.4 percent month-over-month in February. Business sales were up a steeper 0.8 percent. Annually, business inventories and sales climbed 1.8 percent and 4.2 percent, respectively. The business inventories to sales ratio rose to 1.31 in February compared to 1.28 in the year-ago period.
Despite yesterday's upside, The Dow Industrials stopped short of breaking above its 50-day MA (currently at 16,182). If the index succeeds in breaking above that levels, it faces additional resistance around 16,252, its 21-day MA (currently at 16,324), 16,373 and 16,451. On the downside, the index is well supported by its 100-day MA (currently at 16,165), 16,106, 16,022 and 15,964. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Consumer prices in the U.S. rose by slightly more than expected in the month of March, according to a report released by the Labor Department, with the growth largely reflecting higher prices for shelter and food.
The Labor Department said its consumer price index rose by 0.2 percent in March after inching up by 0.1 percent in each of the two previous months. Economists had been expecting another 0.1 percent increase.
The core consumer price index, which excludes food and energy prices, also rose by 0.2 percent in March after ticking up by 0.1 percent for three straight months. Core prices had been expected to inch up by 0.1 percent once again.
Business activity for New York manufacturers was roughly flat in the month of April, the Federal Reserve Bank of New York said in a report, with the index of regional manufacturing activity showing an unexpected decrease.
The New York Fed said its general business conditions index dropped to 1.3 in April from 5.6 in March, although a positive reading indicates growth in regional manufacturing activity. The drop surprised economists, who had expected the index to climb to 8.0.
Federal Reserve Chair Janet Yellen will make the opening remarks at the Federal Reserve Bank of Atlanta's 2014 Financial Markets Conference in Stone Mountain, Georgia at 8:45 am ET.
The Federal Reserve is set to release data on the flows of financial instruments into and out of the U.S. at 9 am ET.
The National Association of Realtors is due to release its housing market index for April at 10 am ET. The consensus estimate calls for an increase in the index to 49 in April from 47 in March.
Homebuilder confidence improved by less than expected in March. The housing market index rose 1 point to 47 in March following a 10 point plunge in February. The present sales conditions index roses only 1 point and the index measuring prospective buyer traffic climbed 2 points, while the sales outlook index eased by 1 point.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Coca-Cola reported first quarter adjusted earnings that missed estimates and its revenues exceeded estimates. Johnson & Johnson's first quarter results exceeded estimates and the company raised its guidance for 2014.
Pep Boys reported a fourth quarter loss of 6 cents per share compared to a loss of 27 cents per share last year. Meanwhile, sales fell 6.6 percent to $495.7 million. The results trailed expectations.
Safeway announced that it has completed the distribution of 37.84 million shares of Class B common stock of Blackhawk Networks Holdings to its stockholders. Following the sake, the company said it no longer owns any shares of Class B common stock of Blackhawk.
Merck announced that the FDA has approved its GRASTEK tablet, a treatment for allergic rhiniti induced by grass pollen, for sublingual use.
Whirlpool said its board has approved a 20 percent increase in its quarterly dividend to 75 cents per share. The company also said its board approved a new $500 million share repurchase program.
Infosys reported fourth quarter earnings that beat estimates, while its revenues were shy of estimates. The company also said it expects 7-9 percent revenue growth in dollar terms for the fiscal year ending 2015.
Standard & Poor's announced that S&P SmallCap 600 constituent Umpqua Holdings will replace Scientific Games in the S&P MidCap 400 Index and that Scientific Games will replace Umpqua in the S&P SmallCap 600 Index after the close of trading on April 17th. Umpqua is acquiring Sterling Financial (STSA) in a deal due to be completed on April 18th.
ADTRAN , CSX , Intel , Linear Technology and Yahoo are among the companies due to release their quarterly results after the close of trading.
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| | European Market | | After seeing some volatility in early trading, European stocks are currently mixed, as traders react to the developments in Ukraine and corporate and economic news out of the region.
In corporate news, Swiss cancer drug maker Roche reported a modest drop in first quarter sales, dragged lower by a stronger franc. Switzerland's Nestle reported first quarter sales that were below estimates by most economists, although it expects sales to pick up going forward.
SAB Miller reported a 3 percent increase in full year revenues, as volumes increased. The company also said it is reviewing options for its holding in Tsogo Sun Holdings. Rio Tinto (RIO) reported that its iron ore production rose a less than expected 8 percent year-over-year to 66.4 million tons in its first quarter, hurt by the weather.
On the economic front, a report released by the British Retail Consortium showed that like-for-like sales in the U.K. fell 1.7 percent year-over-year in March, dropping for the second straight month. Economists expected a 1 percent increase for the month.
The U.K. Office for National Statistics reported that U.K. annual consumer price inflation came in at 1.6 percent in March, the lowest level since October 2009 and in line with estimates. On a monthly basis, prices rose 0.2 percent.
A separate report showed that output prices rose 0.5 percent year-over-year and increased 0.2 percent from the previous month. Meanwhile, input prices declined 6.5 percent year-over-year and were down 0.6 percent from February.
The results of a survey by Zew showed that investor sentiment in Germany deteriorated in April. The business sentiment index fell 3.4 points to 43.2, while it was expected at 45. A Eurostat report showed that the trade surplus for the euro area increased to 13.6 billion euros in February from 9.8 billion euros in the year-ago period.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed on a mixed note, with the Chinese, Hong Kong and Indian markets declining, while the Australian, Japanese, New Zealand and Taiwanese markets advanced. Even as the positive close on Wall Street offered some encouragement, traders remained apprehensive about Chinese growth, especially ahead of the Chinese GDP data due tomorrow.
The let up in the strength of the yen benefited The Japanese markets, with the Nikkei 225 Index opening higher and rising sharply in early trading. Thereafter, the average moved sideways till the afternoon. Subsequently, the average gave back some of its gains before closing up 86.65 points or 0.62 percent at 13,997.
Most export stocks advanced and resource stocks also gained ground, while utility, real estate, food, banking and pharma stocks moved to the downside.
Australia's All Ordinaries hovered above the unchanged line throughout the session before closing up 26.70 points or 0.50 percent at 5,380. The market witnessed broad based strength, with financial, consumer staple, material and utility stocks leading the gains.
However, Hong Kong's Hang Seng Index ended at 22,671, down 367.54 points or 1.60 percent, and China's Shanghai Composite Index closed 29.94 points or 1.40 percent lower at 2,102.
On the economic front, the People's Bank of China reported that new loans advanced by Chinese banks rose to 1.05 trillion yuan in March from 644.5 billion yuan in February. The outstanding yuan loans rose 13.9 percent year-over-year. At the same time, M2, the broad money supply, rose at a slower pace of 12.1 percent in March compared to a 13.3 percent increase in February.
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| | Currency and Commodities Markets | | Crude Oil futures are sliding $0.94 to $103.11 a barrel after rising $0.31 to $104.05 a barrel on Monday. Gold futures are currently tumbling $23.800 to $1,303.70 an ounce. On Monday, Gold rose $8.50 to $1,327.50 an ounce.
Among currencies, the U.S. dollar is trading at 101.86 yen compared to the 101.85 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.3805 compared to yesterday's $1.3821.
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