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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a lower opening on Friday, with sentiment turning sour after the markets held on resiliently to their gains yesterday. Earnings news has been mixed, although tech earnings continue to be enterprising. With the Ukrainian crisis still unsettled and reports on the service sector and consumer sentiment due, the markets could get some direction. That said, the overbought levels place the markets at the risk of some degree of profit taking.
U.S. stocks latched on to positive earnings released by some blue chip companies and a report showing a strong increase in durable goods orders on Thursday. The major averages opened higher but pared back their gains in early trading and fell into negative territory. However, the averages rebounded shortly after, with the S&P 500 Index and the Nasdaq Composite Index holding mostly above the unchanged line before closing higher. Meanwhile, The Dow Industrials experienced volatility throughout the session before ending flat at 16,502.
The S&P 500 Index closed 3.22 points or 0.17 percent higher at 1,879 and the Nasdaq Composite added 21.37 points or 0.52 percent before closing at 4,148.
Fifteen of the thirty Dow components closed higher and one stock ended unchanged, while the remaining fourteen stocks declined. Caterpillar , Home Depot and Procter & Gamble were among the biggest gainers of the session, while Verizon , AT&T, 3M Co. and NIKE declined notably.
Housing and retail stocks saw considerable strength on the day, while Gold and Oil service stocks lost ground.
On the economic front, The Commerce Department reported that durable goods orders rose a better than expected 2.6 percent month-over-month in March. Excluding transportation, orders were up a robust 2 percent. Non-defense capital goods orders, excluding aircraft and parts, were up 2.2 percent following a 1.1 percent drop in February. Shipments of this category of goods, which are plugged directly into GDP calculation, rose 1 percent.
Meanwhile, a Labor Department report showed that jobless claims rose to 329,000 in the week ended April 19th from 305,000 in the previous week. The four-week average also climbed to 317,000 from 312,000. Meanwhile, continuing claims calculated with a week's lag fell by 61,000 in the week ended April 12th.
Apple rallied Thursday on the company's announcement of a dividend increase and stock split. Nevertheless, the stock is significantly off its all-time high. Yesterday, after Gap opening up, the stock ran up against a resistance around 569 and settled just below that level. If this level gives way on further strength, the stock could target another resistance around 576. On the downside, the index has support around 560, 552, 545, its 100-day MA (currently at 538), its 21-day MA (currently at 532) and its 200-day MA (currently at 513).
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Markit is scheduled to release the flash estimate for its U.S. service sector purchasing managers' index for April at 9:45 am ET. The consensus estimate calls for an increase in the index to 56.2 from 55.5 in March.
At 9:55 am ET, Thomson Reuters and the University of Michigan are due to release final estimates of their consumer sentiment index for April. Economists expect a small downward revision to the mid-month reading to 82.5.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Baidu reported first quarter non-GAAP earnings of $1.24 per share on revenues of $1.528 billion, up 59.1 percent. The earnings exceeded estimates but the revenues were shy of estimates. For the second quarter, the company expects revenues of $1.901 billion to $1.948 billion. The guidance was positive.
Microsoft reported third quarter earnings of 68 cents per share on revenues of $20.40 billion. The results exceeded estimates.
Colgate-Palmolive reported first quarter earnings that were in line and its revenues were ahead of estimates. Aon reported better than expected first quarter earnings. Barnes' first quarter earnings trailed estimates. Ford's first quarter earnings trailed expectations, while its revenues were ahead of estimates. Whirlpool also reported below-consensus earnings, while its revenues exceeded estimates. The company affirmed its 2014 earnings forecast.
Amazon reported first quarter net income of 23 cents per share on net sales of $19.74 billion, up 23 percent year-over-year. The earnings were in line and the revenues exceeded estimates. For the second quarter, the company expects an operating loss of $55 million to $455 million on net sales of $18.1 billion to $19.8 billion. The guidance was in line.
Starbucks reported in line first quarter earnings, while its revenues were shy of estimates. The company's 2014 earnings guidance was in line but the revenue guidance was soft.
Maxim Integrated reported better than expected third quarter results and issued in line guidance for its fourth quarter. NETGEAR's first quarter results were ahead of estimates. Las Vegas Sands also reported better than expected first quarter results.
Altera's first quarter results exceeded estimates and its second quarter revenue guidance was also above estimates. KLA-Tencor also reported better than expected third quarter results but issued weak guidance for the fourth quarter.
Broadcom reported first quarter earnings and revenues that beat estimates. Reinsurance Group of America reported first quarter adjusted earnings that trailed estimates, while its revenues exceeded estimates.
Viasat announced that a federal court jury has awarded the company $283 million in damages in its patent infringement and breach of contract case against Space Systems/Loral.
Lexmark said its board has approved a 6 cent per share increase in its quarterly dividend per share of Class A common stock to 36 cents per share.
Synovus announced that its board has authorized a 1-for-7 stock split of its common stock.
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| | European Market | | European stocks opened lower following yesterday's advance, as traders react to domestic corporate news and take stock of the developments in Ukraine.
In corporate news, Swedish luxury vehicle maker Volvo reported first quarter profits that were broadly in line. French automaker Peugeot reported higher first quarter revenues. WPP's first quarter like-for-like revenue growth was better than expected, while Electrolux also reported better than expected first quarter results.
On the economic front, a report released by the U.K. Office for National Statistics showed that retail sales rose 4.2 percent year-over-year in March, ahead of the expected 3.8 percent increase. Retail sales unexpectedly rose by 0.1 percent from a month ago.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed mixed yet again notwithstanding the resilience of the U.S. markets. Japanese stocks saw a volatile trend, reacting to mixed inflation data, yet closed modestly higher. The Australian and New Zealand markets also advanced, while most other major markets in the region receded.
Japan's Nikkei 225 average saw some weakness in the morning before advancing solidly in late morning trading. After remaining above the unchanged line until late trading, the average showed some indecision but managed to close up 24.27 points or 0.17 percent at 14,429. Export stocks ended mostly higher, and among individual stocks, Fuji Electric and Kawasaki Heavy Industries rallied about 8 percent each.
Australia's All Ordinaries managed to hold above the unchanged line throughout the session before closing up 13.30 points or 0.24 percent at 5,516. Financial, material, healthcare and real estate stocks gained ground, while energy and consumer staple stocks experienced weakness.
Hong Kong's Hang Seng Index ended at 22,224, down 339.27 points or 1.50 percent, and China's Shanghai Composite Index closed 20.51 points or 1 percent lower at 2,037.
On the economic front, core consumer prices in Japan rose 1.3 percent year-over-year in March compared to expectations for a 1.4 percent increase. Core consumer prices in the Tokyo region, considered a leading indicator for the whole of Japan, were up 2.8 percent in April. The spike reflected the impact of the sales tax hike that went into effect this month.
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| | Currency and Commodities Markets | | Crude Oil futures are siding $0.58 to $101.36 a barrel after advancing $0.50 to $101.94 a barrel on Thursday. Meanwhile, Gold futures are currently climbing $10.20 to $1,300.80 an ounce. In the previous session, Gold rose $6 to $1,290.60 an ounce.
Among currencies, the U.S. dollar is trading at 102.04 yen compared to the 102.32 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3842 compared to yesterday's $1.3831.
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