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| | US Market | | The major U.S. index futures are pointing to a higher opening on Friday, with sentiment likely to get a lift from the non-farm payrolls report, which showed strong job gains for March, although the pace of hiring was slightly less than anticipated. However, compensating for the softness, there were upward revisions to the previous two months' job gains as well. The jobless rate calculated based on the household survey remained unchanged, belying expectations for a small slippage. Notwithstanding the broader strength relayed by the data, the overbought levels of the markets may stifle some of the optimism.
U.S. stocks retreated on Thursday amid the release of mixed economic data and fears concerning overbought levels. The major averages opened higher despite two separate reports showing a bigger than expected rebound in jobless claims and a widening of the trade deficit. However, the averages retreated into negative territory in early trading and declined steadily until the afternoon. Thereafter, the averages pared their losses yet still closed lower.
The Dow Industrials ended down 0.45 points or less than a tenth of a percent at 16,573, while the S&P 500 Index closed 2.13 points or 0.11 percent lower at 1,889 and the Nasdaq Composite Index ended at 4,238, down 38.72 points or 0.91 percent.
Seventeen of the thirty Dow components closed higher, with Intel leading the gains with a 2.01 percent rally.
Biotechnology, retail and brokerage stocks came under selling pressure, while oil and natural gas stocks advanced.
On the economic front, the Labor Department reported that jobless claims rose to 326,000 in the week ended March 29th from 310,000 in the previous week. The four-week average remained almost unchanged at 320,000. Continuing claims calculated with a week's lag rose by 22,000 in the week ended March 22nd.
The Commerce Department reported that the trade deficit widened to $42.3 billion in February from $39.3 billion in January. Exports fell by 1.1 percent month-over-month, dropping to the lowest levels since September, as demand from Asia and Latin America tapered. Meanwhile, imports were up by 0.4 percent despite a decline in petroleum imports. The unexpectedly wider trade deficit poses downside risk to first quarter GDP, with analysts expect sub-2 percent growth for the quarter.
The results of the Institute for Supply Management's service sector survey for March showed that the non-manufacturing index rose to 53.1 from 51.6 in February. Nevertheless, the increase was less than expected. The new orders index rose roughly 2 points to 53.4, while the order backlogs index eased 0.5 points. The employment index rose 6.1 points to 53.6. Of the 18 industries surveyed, 13 reported growth.
The Dow Industrials is still in a indecisive mood, as reflected by the doji candlestick formation yesterday. Once some decisive catalysts emerge, the index could make a decisive move in either direction, and the non-farm payrolls report could give just the impetus needed. The index is still in overbought territory, as indicated by its 14-day relative strength index, which is currently at 74. On the upside, the index now has resistance around 16,596, and the on the downside, it has support around 16,518, 16,462 and 16,406. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | While the Labor Department released a report showing that U.S. employment increased by slightly less than expected in the month of March, the report also showed upward revisions to the job growth in the two previous months. The Labor Department said non-farm payroll employment rose by 192,000 jobs in March compared to economist estimates for an increase of about 200,000 jobs.
The report also showed that employment in January and February increased by 144,000 jobs and 197,000 jobs, respectively, reflecting a net upward revision of 37,000. Despite the continued job growth, the unemployment rate held unchanged at 6.7 percent in March. Economists had expected the unemployment rate to dip to 6.6 percent
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Global Payments (GPN) reported third quarter cash earnings of 96 cents per share, up 10 percent year-over-year, and revenues of $616.5 million, up 7 percent. The earnings were ahead of estimates, while the revenues missed estimates.
While Global Payments raised its 2014 cash earnings estimate to $4.06-$4.11 per share, it maintained its revenue guidance at $2.51 billion to $2.56 billion. The earnings guidance was in line, but the revenue guidance was lukewarm.
Micron Technology reported second quarter non-GAAP earnings of 85 cents per share on revenues of $4.11 billion. The results exceeded estimates.
CarMax reported a decline in its fourth quarter, as correction to its accounting related to cancellation reserves for extended service plan and guaranteed asset protection products reduced earnings by 8 cents per share. Revenues missed estimates. The company also said its board approved a $1 billion expansion of the company's share repurchase program.
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| | European Market | | After yesterday's mixed showing, European stocks opened higher and have been holding up, although amid some volatility.
In corporate news, TNT announced that its CFO Bernard Bot has decided to step down. The company said it has begun searching for a replacement.
Fresenius Medical , the dialysis care unit of German healthcare company Fresenius, announced its long-term financial target for 2020, expecting revenues of $28 billion and earnings growth in the high single digits.
Low-cost airline easyJet reported growth in passengers and load factor for the month of March despite the movement of Easter into April from March last year.
On the economic front, German factory order growth accelerated more than expected in February on robust domestic demand, according to data released by the German Federal Statistical Office. Factory orders advanced 0.6 percent month-over-month, faster than the 0.2 percent growth forecast by economists.
Markit Economics reported that its seasonally adjusted purchasing managers' index for the construction sector in Germany fell to 52.5 in March from 53.6 in February. Nevertheless, the sector has been in expansion mode for the past 11 month.
A report published by the Lloyds Banking Group showed that its Halifax house price index unexpectedly fell 1.1 percent month-over-month in March, partly offsetting the 2.5 percent increase seen in February. Prices were expected to increase by 0.6 percent.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets scrambled to a mixed close ahead of the release of the U.S. non-farm payrolls report. With no significant economic and corporate catalysts to drive performance, traders chose to remain guarded.
Japan's Nikkei 225 average languished mostly below the unchanged before closing down 8.11 points or 0.05 percent at 15,064. Export stocks ended mostly higher and resource stocks also saw some strength.
After spending much of the morning below the unchanged line, Australia's All Ordinaries advanced steadily in the afternoon, ending the session up 12.90 points or 0.24 percent at 5,429. Most sectors moved to the upside, with material and healthcare seeing particular strength, while telecom stocks came under selling pressure.
Hong Kong's Hang Seng Index ended at 22,510, down 55 points or 0.24 percent, while China's Shanghai Composite Index rose 15.13 points or 0.74 percent to 2,059.
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.77 to $101.06 a barrel after moving up $0.67 to $100.29 a barrel on Thursday. Gold futures are currently climbing $11.80 to $1,296.40 an ounce. In the previous session, gold fell $6.20 to $1,284.60 an ounce.
Among currencies, the U.S. dollar is trading at 103.93 yen compared to the 103.79 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3697 compared to yesterday's $1.3720.
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