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| | US Market | | The major U.S. index futures are pointing to a lower opening on Friday, with sentiment reflecting weakness amid the release of disappointing earnings by JP Morgan. Moreover, negative sentiment has blanketed the global markets amid valuation concerns. The domestic markets may also react to a consumer sentiment reading due to be released shortly after the markets open.
U.S. stocks retreated sharply on Thursday, as traders used weak Chinese trade data to take profits on recent gains. The major averages opened lower despite the jobless claims report showing a bigger than expected drop in claims. The averages pulled back steadily before closing substantially lower.
The Dow Industrials slumped 266.96 points or 1.62 percent before closing at a 1-month low of 16,170 and the S&P 500 Index ended down 39.10 points or 2.09 percent at 1,833, its lowest closing level since February 19th, while the Nasdaq Composite closed 129.79 points or 3.10 percent lower at a more than two-month low of 4,054.
Twenty-eight of the thirty Dow components closed lower, with American Express , Disney , JP Morgan Chase , Visa, Microsoft and Boeing retreating sharply in the session. On the other hand, McDonald's rose 1.1 percent.
Biotechnology, semiconductor, computer hardware, financial, retail, transportation, commodity and housing stocks were among the worst hit.
On the economic front, the Labor Department reported that jobless claims fell to 300,000 in the week ended April 5th from 322,000 in the previous week, marking the lowest level since May 2007. The four-week average fell to 316,000 from 321,000. Continuing claims calculated with a week's lag fell by 62,000 to the lowest level since January 2008.
Meanwhile, a separate report showed that import prices were up 0.6 percent month-over-month in March, while export prices were up 0.8 percent.
Valuation concerns drove markets lower yesterday, with The Dow declining sharply towards oversold territory. However, the index was well supported by its 50-day MA and 100-day MA currently at 16,169 and 16,162, respectively. The 14-day relative strength index is now currently at 44.96, signaling weakening of the momentum and a move towards the oversold zone. The 50 and 100-day moving averages may continue to serve as support levels. Further below, the index also has support around the 16,107, 16,065 and 16,001 levels. On the upside, the index has resistance around 16,228, 16,292 and its 21-day MA currently at 16,323. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Producer prices in the U.S. rose by much more than expected in the month of March, according to a report released by the Labor Department.
The Labor Department said its producer price index for final demand advanced by 0.5 percent in March after edging down by 0.1 percent in February. Economists had been expecting the index to tick up by 0.1 percent.
Core producer prices, which exclude food and energy, also rose by 0.6 percent in March following a 0.2 percent drop in the previous month. Core prices had been expected to rise by 0.2 percent.
Reuters and the University of Michigan are due to release the results of their preliminary consumer sentiment survey at 9:55 am ET. The consensus estimate call for an increase in the index to 81 in April from 80 in March. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | JP Morgan Chase reported first quarter results that missed estimates. However, Wells Fargo's first quarter results are better than expected.
Gap reported net sales of $1.51 billion for the five-week period ended April 5th. Comparable store sales declined 6 percent compared to a 1 percent drop last year. At the same time, the company affirmed its full year earnings guidance of $2.90-$2.95 per share, which is below estimates.
Safeway announced that it has received a request for additional information and documents from the Federal Trade Commission in connection with its previously announced merger with Alberstons.
H&R Block announced a deal to divest its bank to BofI Federal Bank, the banking unit of BofI Holding Inc . The company said it expects the deal to dilute its annual earnings by 7-9 cents per share on an ongoing basis beginning in fiscal year 2015.
Arthur J. Gallagher announced that it has priced its offering of 19 million shares of its common stock at $43.25 per share.
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| | European Market | | European stocks opened notably lower and have been moving roughly sideways since then. The negative lead from Wall Street was too overwhelmingly depressing for the domestic markets to ignore.
On the economic front, the German Federal Statistical Office reported that EU harmonized annual inflation in Germany slowed to 0.9 percent in March, in line with the flash estimate. On a monthly basis, the index rose 0.3 percent. A separate report showed that wholesale prices fell 1.7 percent year-over-year in March following a 1.8 percent drop in February.
The Bank of France said the French current account deficit narrowed to 1.4 billion euros in February from the 3.7 billion euro deficit reported for January, with the smaller current account deficit attributed to a smaller trade deficit.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most of the major Asian markets retreated, with The Japanese market leading the slide, although the Indonesian market rebounded from yesterday's steep sell-off. The negative mood on Wall Street overnight pervaded into Asia, sapping the risk appetite of traders.
The Japanese market wilted from the yen's strength. The Nikkei 225 Index opened sharply lower and moved roughly sideways for the rest of the session. The index ended down 340.07 points or 2.38 percent at 13,960. A majority of stocks retreated in the session, with Fast Retailing posting the steepest loss of the session. Other notable decliners include Olympus, Yamato Holdings, Tokyo Electron and Chugai Pharma.
Australia's All Ordinaries also languished below the unchanged line throughout the session before ending down 54 points or 0.99 percent at 5,424. The market witnessed broad based weakness, with consumer staple, healthcare, material and financial stocks leading the slide.
Hong Kong's Hang Seng Index ended at 23,004, down 183.32 points or 0.79 percent, and China's Shanghai Composite Index closed 3.76 points or 0.18 percent lower at 2,131.
On the economic front, the Bank of Japan reported that its index measuring corporate goods prices was unchanged in March. Economists estimated a 0.1 percent increase for the month. The annual increase of 1.7 percent was in line with estimates.
Data released by the Chinese National Bureau of Statistics showed that consumer price inflation picked up in March, while producer price inflation continued to be negative. Annual consumer price inflation came in at 2.4 percent, up from the 2 percent pace in February. On a monthly basis, consumer prices slid 0.5 percent, marking the first drop in 4 months. At the same time, producer prices fell 2.3 percent year-over-year, in line with estimates. |
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| | Currency and Commodities Markets | | Crude Oil futures are slipping $0.10 to $103.30 a barrel after moving down $0.20 to $103.40 a barrel on Thursday. Gold futures are currently edging up $0.20 to $1,320.70 an ounce. In the previous session, Gold rose $14.60 to $1,320.50 an ounce.
Among currencies, the U.S. dollar is trading at 101.59 yen compared to the 101.53 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3870 compared to yesterday's $1.3886.
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