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| | US Market | | The major U.S. index futures are pointing to a lower opening on Thursday, with sentiment reflecting apprehension of traders after yesterday's run up. Short while ago, the Labor Department reported that jobless claims fell by much more than expected. Some of the earnings news of the day has been disappointing. With the overbought concerns persisting, the markets may go about in a lackluster manner in the wake of mixed catalysts.
U.S. stocks extended their gains on Wednesday, as earnings and the FOMC minutes offered hope to the markets. The major averages opened slightly higher and moved roughly sideways until the afternoon. Following the release of the FOMC minutes, the indexes accelerated to the upside before closing notably higher for the session.
The Dow Industrials ended up 181.04 points or 1.11 percent at 16,437, the S&P 500 Index closed 20.22 points or 1.09 percent higher at 1,872 and the Nasdaq Composite closed at 4,184, up 70.91 points or 1.72 percent.
Twenty-six of the Dow components closed higher, with Visa (V), Merck , American Express and Boeing leading the gains. On the other hand, AT&T (T) slid close to 1 percent.
Biotechnology, transportation, basic material, oil, semiconductor, computer hardware, retail and brokerage stocks were among the best performers of the session.
On the economic front, the minutes of the March FOMC meeting showed that the Fed may go slow on monetary policy normalization, contrasting market concerns that rate hikes will soon follow.
The Commerce Department reported that wholesale sales rose 0.7 percent month-over-month in February and climbed 3.1 percent year-over-year. Wholesale inventories were up 0.5 percent month-over-month and 4.5 percent higher than in the year-ago period. The wholesale inventories to sales ratio came in at 1.19 compared to 1.17 in the year-ago period.
The Dow Industrials has broken above its 21-day MA (currently at 16,331) and also rose above a resistance around 16,368, and these two levels are now likely to serve as support levels. Further downward, the index also has support around 16,258, 16,210 and its 50-day and 100-day MAs (currently around 16,160). On the upside, the index has resistance around the 16,467, 16,530 and 16,572 levels. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | First-time claims for U.S. unemployment benefits fell by much more than expected in the week ended April 5th, according to a report released by the Labor Department.
The report said initial jobless claims dropped to 300,000, a decrease of 32,000 from the previous week's revised figure of 332,000. Economists had expected jobless claims to edge down to 320,000 from the 326,000 originally reported for the previous week.
Import prices in the U.S. rose by more than expected in the month of March, the Labor Department revealed in a report, with prices for fuel imports showing another notable increase.
The Labor Department said import prices increased by 0.6 percent in March after climbing by 0.9 percent in February. Economists had expected import prices to tick up by 0.2 percent. Additionally, the report said export prices rose by 0.8 percent in March following a revised 0.7 percent increase in the previous month. Export prices had been expected to creep up by 0.3 percent.
Chicago Fed President Charles Evans is due to participate on a panel discussing central banking after the recession in Washington at 11:50 am ET.
The Treasury is scheduled to announce the results of its auction of 30-year bonds at 1 pm ET. The Treasury will also release its budgetary report for March at 2 pm ET. Economists expect the budgetary balance to reveal a deficit of $132.8 billion for March compared to a deficit of $193.5 billion in the previous month. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | PC makers are in the spotlight after Gartner released the results of its quarterly PC tracker survey. The firm estimates that worldwide PC shipments fell 1.7 percent year-over-year to 76.6 million in the first quarter, with the rate of decline easing. Lenovo's shipments rose 10.9 percent and its share improved 2 percentage points to 16.9 percent, occupying the top slot. HP followed Lenovo with a 16 percent share of the market by virtue of 4.1 percent growth. Dell saw 9 percent growth in shipments and its shipments accounted for 12.5 percent of the total.
Apogee Enterprises reported fourth quarter earnings of 27 cents per share on revenues of $214.4 million. The earnings missed estimates, while the revenues were ahead of estimates. For fiscal year 2015, the company expects earnings of $1.35-$1.50 per share on revenue growth of 15-20 percent. The guidance was weak.
Bed Bath & Beyond reported fourth quarter earnings of $1.60 per share on revenues of $3.203 billion. The earnings were in line, while the revenues missed estimates. For the first quarter, the company is estimating earnings of 92-96 cents per share and it expects mid-single digit percentage growth in earnings per share for all of fiscal year 2014. The guidance was disappointing.
Ruby Tuesday reported a third quarter adjusted loss of 7 cents per share, narrower than the 8 cents per share loss estimated by economists. Revenues slipped to $295.6 million but beat expectations. For the fourth quarter, the company expects same-restaurant sales in a range of plus or minus 1 percent.
Costco (COST) reported that its net sales for March rose 8 percent to $10.43 billion, with the calendar shift of Easter impacting sales by 1-1.5 percent. Comparable store sales rose 5 percent for the month.
Sigma Designs (SIG) reported fourth quarter results that missed estimates.
Fred's (FRED) reported a 1.7 percent drop in its comparable store sales in March compared to a 3 percent decline in the year-ago period. Total sales were up 1 percent. The company attributed the softness to the calendar shift of Easter to April and the unseasonably cool weather.
Chevron said in its interim update that earnings for its first quarter are expected to be lower than in the fourth quarter of 2013 due to adverse foreign exchange effects and selected asset impairments and related charges. Excluding these impacts, the company expects its first quarter results to be comparable with the previous quarter.
LSI Logic (LSI) announced that its shareholders have approved its previously announced merger with Avago Technologies at a special meeting of shareholders. LSI expects the merger to be completed in the first half of 2014.
Rudolph Technologies said it has received a favorable ruling in its ongoing patent infringement suit against Israeli manufacturer Camtek.
Tyco (TYC) announced that it has completed the sale of its remaining interest in its former electrical and metal products business Atkore International to Atkore for $250 million in cash. |
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| | European Market | | European stocks are seeing some volatility amid the release of some positive earnings and mixed economic news. The averages opened higher and held above the unchanged line till late morning trading before retreating. However, after a brief sojourn below the unchanged line the indexes have recovered and are currently modestly higher. The Bank of England maintained its record low interest rates and its quantitative easing against the backdrop of strengthening growth and easing inflationary pressure.
In corporate news, French retailer Carrefour reported first quarter revenues of 19.8 billion euros, down 3.7 percent, but the decline was not as steep as expected. Frankfurt airport operator Fraport reported higher passenger traffic for March and the first quarter. Cairn Energy announced that its deputy CEO Mike Watts and CFO Jann Brown will not seek re-election at its annual general meeting to be held in mid-May.
Vedanta Resources reported higher oil and gas production for its fiscal year ended March 31st. The U.K.'s Marks & Spencer reported a smaller than estimated 0.6 percent decline in like-for-like sales by its non-food general merchandise division in the fourth quarter, while food sales were up 0.1 percent.
On the economic front, a report released by the Royal Institution of Chartered Surveyors showed that the U.K. house price balance rose to 57 percent in March compared to expectations for 44 percent.
French statistical office INSEE reported that French industrial production rose a less than expected 0.1 percent month-over-month in February following an upwardly revised 0.2 percent drop in January. A separate report showed that French consumer prices rose a less than expected 0.4 percent month-over-month in March. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced, led by the Chinese and Hong Kong markets, as stimulus hopes along with the positive lead from Wall Street gave traders enough reason to stay invested in stocks. Nevertheless, the Japanese market ended nearly flat and the Indonesian market slumped.
The Japanese market showed tentativeness as the yen remained elevated. Japan's Nikkei 225 Index opened slightly lower but rebounded and moved higher in early trading. After staying above the unchanged line until late trading, the index retreated and moved back and forth across the unchanged line in a narrow range before closing up 0.43 points at 14,300. Resource stocks moved mostly to the upside, while the export space saw mixed sentiment.
Australia's All Ordinaries hovered in positive territory throughout the session before closing up 17.20 points or 0.32 percent at 5,478. Most sectors advanced, with the exception of material and energy stocks.
Hong Kong's Hang Seng Index closed at 23,187, up 343.79points or 1.51 percent, and China's Shanghai Composite Index ended 29.06 points or 1.38 percent higher at 2,134. Indonesia's Jakarta Composite Index slid over 3 percent amid a weakening of the domestic currency in reaction to the results of preliminary domestic elections.
On the economic front, a report released by Japan's Cabinet Office showed that core machinery orders in Japan fell 8.8 percent month-over-month in February compared to expectations for a 3 percent drop. Annually, core machinery orders rose by a less than expected 0.8 percent.
The Bank of Japan reported that overall bank lending in Japan climbed 2.3 percent year-over-year in February, slower than the 2.4 percent increase in January.
Trade data released by China's General Administration of Customs showed that the nation's exports unexpectedly declined in March. Exports fell 6.6 percent year-over-year and imports moved down 11.3 percent. The faster rate of decline in imports resulted in a bigger than expected trade surplus of $7.7 billion.
The jobless rate in Australia dipped 0.2 percentage points to 5.8 percent in March, according to a report released by the Australian Bureau of Statistics. Economists expected a small increase in the jobless rate to 6.1 percent. The economy added 18,100 jobs in March, bigger than the 2,500 additions expected by economists, with the increase mainly due to a 40,200 spike in part time employment. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.21 to $103.39 a barrel after rising $1.04 to $103.60 a barrel on Wednesday.
The previous session's gain came amid the release of the weekly petroleum status report, which showed that Crude oil inventories rose by 4 million barrels to 384.1 million barrels in the week ended April 4th, remaining in the upper half of the average range.
Distillate stockpiles edged up by 0.2 million barrels but were near the lower limit of the average range. Meanwhile, gasoline inventories fell by 5.2 million barrels and were well below the lower limit of the average range.
Refinery capacity utilization averaged 86.7 percent over the four weeks ended April 4th compared to 86.3 percent over the four weeks ended March 28th.
Gold futures, which slipped $3.20 to $1,305.90 an ounce in the previous session, are currently climbing $16.80 to $1,322.70 ounce.
Among currencies, the U.S. dollar is trading at 101.85 yen compared to the 102 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3859 compared to yesterday's $1.3855. |
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