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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a narrowly mixed opening on Friday, with sentiment reflecting continued apprehension even amid the release of strong data. With anxiety concerning the global economy persisting, traders are viewing the recent market run up with caution. The housing starts data released earlier in the day painted a positive picture of the housing market. Traders may also look ahead to a consumer sentiment report due shortly after the markets open.
U.S. stocks extended their slide on Thursday amid the release of mixed economic data and earnings, as traders scrambled to take profits on recent gains. The major averages opened lower and declined steadily until the afternoon. Thereafter, the averages trimmed part of their losses yet closed notably lower.
The Dow Industrials shed 167.16 points or 1.01 percent before closing at 16,447 and the S&P 500 Index ended down 17.68 points or 0.94 percent at 1,871, while the Nasdaq Composite Index ended 31.33 points or 0.76 percent lower at 4,069.
Twenty-eight of the thirty Dow components closed lower, with Wal-Mart , Goldman Sachs , JP Morgan Chase , Microsoft and Exxon Mobil leading the declines. On the other hand, Cisco Systems rallied 6.01 percent in reaction to its quarterly results.
On the economic front, the results of the New York Federal Reserve's manufacturing survey showed that its business conditions index surged up to 19 in May from 1.3 in April, reaching the highest reading since June 2010. The new orders, order backlog, inventories and employment indexes all improved notably. The 6-month outlook index rose 6 points to its best level since February 2012.
Meanwhile, the Philadelphia Federal Reserve's manufacturing survey showed that activity in the region expanded at a slower rate in May. The diffusion index of business activity eased to 15.4 in May from 16.6 in April. The new orders index and the order backlogs index declined, while the employment index was up a point. Meanwhile, the 6-month outlook index climbed 11 points.
Industrial production in the U.S. fell 0.6 percent month-over-month in April, according to a separate report released by the Federal Reserve. Manufacturing output declined 0.4 percent, dragged down by declines in machinery and computer/electronics output. Vehicle production was up a mere 0.1 percent. Meanwhile, mining production improved from the previous month. Capacity utilization declined 0.7 percentage points to 78.6 percent.
The Labor Department reported that jobless claims declined by 24,000 to 297,000 in the week ended May 10th, hitting a seven-year low. The four-week average slipped to 323,000 from 325,000. Continuing claims calculated with a week's lag declined by 9,000 to 2.6676 million in the week ended May 3rd.
The consumer price inflation report showed that the headline monthly consumer price inflation was at 0.3 percent. The core consumer price index was up 0.2 percent. Annually, the consumer price index and the core consumer price index climbed 2 percent and 1.8 percent, respectively. Higher commodity and rental prices were the drivers behind the rise in consumer prices.
A report from the National Association of Home Builders showed that builder sentiment receded in May. The housing market index fell to 45 in May from 46 in April. The present sales conditions index fell 2 points to 48, while the sales expectations index rose a point and the index measuring prospective buyer traffic climbed 2 points, although remaining depressed at 33.
The Dow Industrials fell to a support around its 50-day MA (currently at 16,402) before rebounding. The index could continue to be supported by the moving average. Outside of that level, the index also has support around 16,357 and its 100-day MA (currently at 15,282). On the upside, the index may face resistance around its 21-day MA (currently at 16,517), 16,535 and 16,578. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Applied Materials reported second quarter results that were in line with estimates. The company's third quarter guidance was also positive. Autodesk also reported better than expected first quarter results and issued upbeat guidance for the second quarter and full year.
J.C. Penney reported an adjusted first quarter loss that was narrower than estimates. The company's revenues exceeded expectations. The company maintained its full-year same store sales growth outlook of mid-single digits.
Luxury retailer Nordstrom reported better than expected first quarter results. The company also said it continues to expect 2014 sales growth of 5.5-7.5 percent and earnings of $3.75-$3.90 per share, surrounding the consensus estimate.
Dillard's (DDS) reported first quarter earnings that exceeded estimates, while its revenues trailed expectations.
Union Pacific announced that its board authorized a 2-for-1 stock split to be distributed in the form of a stock dividend. The company's board also approved an additional $150 million in capital expenditures in 2014, bringing the total capital spending plan to $4.1 billion.
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| | European Market | | European stocks opened lower and have been trading mostly lower since then.
On the economic front, data from the European Automobile Manufacturers Association showed that car sales rose 4.6 percent year-over-year in April, slower than the 10.6 percent increase in March.
Eurostat reported that the euro area's trade surplus rose to 17.1 billion euros in March from 14.2 billion euros in February. Economists expected a smaller surplus of 16 billion euros.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets closed mixed, with the Japanese, Australian, Hong Kong, New Zealand and Singaporean markets declining, while most other major markets advanced. An increase in risk aversion weighed on the markets, with the negative lead from Wall Street overnight stifling any remnant risk appetite in the markets.
The Japanese market wilted under the yen's strength, with the Nikkei 225 average opening lower and declining further in early trading. Thereafter, the average moved roughly sideways before closing down 201.62 points or 1.41 percent at 14,097.
A majority of stocks declined in the session, with Mitsubishi UFJ, Nitto Boseki, Nippon Sheet Glass and Hitachi Zosen leading the slide.
Australia's All Ordinaries languished below the unchanged line throughout the session before ending down 31.30 points or 0.57 percent at 5,459. Most sectors saw weakness, with the exception of defensive real estate and utility stocks.
Hong Kong's Hang Seng Index closed at 22,713, down 17.95 points or 0.08 percent, while China's Shanghai Composite Index edged up 1.53 points or 0.08 percent to 2,027. In India, the Sensex rallied strongly, as election results trickling in showed that the BJP is set to form a government on its own with an absolute majority.
On the economic front, revised estimates released by Japan's Ministry of Economy, Trade and Industry showed that the month-over-month growth in industrial production for March was upwardly revised to 0.7 percent. The March reading represented a rebound from the 2.3 percent drop recorded for February.
Annually, industrial production was up an unadjusted 7.4 percent compared with a 7.0 percent increase in February. |
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.34 to $101.84 a barrel after receding $0.87 to $101.50 a barrel on Thursday. Meanwhile, Gold futures are currently slipping $3.50 at $1,290.10 an ounce. In the previous session, Gold fell $12.30.
Among currencies, the U.S. dollar is trading at 101.57 yen compared to the 101.58 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3703 compared to yesterday's $1.3710.
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