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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a mixed opening on Thursday, with sentiment suggesting nervousness among traders as they digest mixed catalysts. Earnings news of the day has been mixed and economic data released ahead of the market open has also turned out to be mixed. While personal spending and income rose more than expected, jobless claims for the recent reporting week rose more than expected, triggering fears concerning tomorrow's non-farm payrolls report. The Labor Day holiday across most major global markets could render activity light. The manufacturing data due after the markets open may also dictate market mood to some extent.
U.S. stocks extended their gains on Wednesday amid the release of mixed earnings and economic data and the FOMC announcement. The major averages opened lower after the release of two separate reports showing slower than expected first quarter growth and bigger than expected jobs gains. The Dow Industrials and the S&P 500 Index recovered by late morning trading following the release of a positive regional manufacturing reading and moved decisively above the unchanged by the afternoon. Meanwhile, the Nasdaq Composite continued to languish below the unchanged line until late trading.
The Dow Industrials ended up 45.47points or 0.27 percent at 16,581 and the S&P 500 Index closed 5.62 points or 0.30 percent higher at 1,834. The Nasdaq Composite rose above the flat line in late trading and closed at 4,115, up 11.01 points or 0.27 percent.
Seventeen of the thirty Dow components closed higher, while the remaining thirteen stocks declined. Goldman Sachs , 3M Co. and Exxon Mobil advanced strongly in the session, while Pfizer slid 1.51 percent.
Brokerage and Biotechnology stocks were among the best performers of the session, while computer hardware stocks came under pressure.
On the economic front, advance estimates released by The Commerce Department showed that U.S. first quarter GDP growth slowed notably to 0.1 percent. Gross private investment served as a drag, as its fell 6.1 percent, with spending on equipment and residential construction showing marked weakness. Net trade also deducted from growth, as exports fell 7.6 percent and imports fell a more modest 1.4 percent. However, consumer spending growth was strong at 3 percent.
Meanwhile, a survey by payroll processor ADP showed that the private sector added a better than expected 220, 000 jobs in April following the addition of 209,000 jobs in March. The service sector added 197,000 jobs and the goods producing sector gained 24,000 jobs.
MNI Indicators released the results of its manufacturing survey for the Chicago region, which showed a notable increase in the business barometer to 63 in April from 57 in March, marking the best reading since October 2013.
The post-meeting policy statement released by the Federal Reserve did not offer any surprises. The central bank qualified growth as having picked up after the slowdown in the winter. The statement also suggested that household spending is rising rapidly. Contrary to its assessment in March, the central bank noted that business fixed investment has edged down. As expected, The Fed trimmed the size of its quantitative easing by another $10 billion. There was no dissension and no revisions were made to the central bank's forward guidance.
The Dow Industrials has climbed to a record closing high on Wednesday by virtue of its recent advance. If a resistance around 16,603 is violated to the upside, the index could attempt to take out the 16,645 level. On the downside, the index has support around 16,540, 16,503, 16,451, its 21-day MA (currently at 16,400), its 50-day MA (currently at 16,327), 16,266 and its 100-day MA (currently at 16,214). |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Automakers are scheduled to release their monthly sales statistics for April. Economists expect vehicles sales to come in at a seasonally adjusted annual rate of 16.2 million units compared to 16.4 million units in March.
Offsetting some of the optimism about the labor market generated by yesterday's ADP report, the Labor Department released a report on Thursday showing an unexpected increase in initial jobless claims in the week ended April 26th.
The report said initial jobless claims climbed to 344,000, an increase of 14,000 from the previous week's revised level of 330,000. The increase came as a surprise to economists, who had expected jobless claims to dip to 320,000 from the 329,000 originally reported for the previous week.
Personal income and spending in the U.S. both rose by more than expected in the month of March, according to a report released by the Commerce Department. The report said personal income increased by 0.5 percent in March after rising by an upwardly revised 0.4 percent in February.
Economists had expected income to rise by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month. Additionally, The Commerce Department said personal spending surged up by 0.9 percent in March following an upwardly revised 0.5 percent increase in February. Spending had been expected to increase by about 0.6 percent compared to the 0.3 percent growth originally reported for the previous month.
Federal Reserve Janet Yellen is scheduled to speak to the Independent Community Bankers of America in Washington, also at 8:30 am ET.
Markit is due to release its final estimates for the U.S. manufacturing index for April at 9:45 am ET. The consensus estimate calls for a small upward revision to its preliminary estimate to 55.8.
The Institute for Supply Management will release the results of its national manufacturing survey at 10 am ET. Economists expect the manufacturing purchasing managers' index to come in at 54.3 compared to 53.7 in March.
The manufacturing index rose to 53.7 in March from 53.2 in February. The new orders index edged up by 0.6 points to 55.1, the production index jumped 7.7 points to 55.9 and the order backlogs index climbed 5.5 points. On the other hand, the employment index slipped 1.2 points to 51.1. Of the 18 industries surveyed, 14 reported growth.
Around the same time, The Commerce Department is due to release its construction spending report for March. Economists expect a 0.6 percent month-over-month increase in construction spending.
Construction spending edged up 0.1 percent month-over-month in February. Private non-residential construction spending climbed 1.2 percent, offsetting a 0.8 percent drop in spending on private residential construction. Meanwhile, public construction spending was up 0.1 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 | | | Western Digital reported better than expected third quarter results, while it issued weak earnings and revenue guidance for its fourth quarter.
Emulex reported third quarter non-GAAP earnings of 15 cents per share on net revenues of $109.7 million. The earnings were in line, the company issued weak guidance for its fourth quarter.
Weight Watchers reported better than expected first quarter results and raised its earnings guidance for 2014.
Among insurers, MetLife (MET) reported first quarter earnings and revenues that trailed expectations, while Lincoln National's first quarter results were also below estimates.
Starwood Hotels (HOT) announced that its CFO Vasant Prabhu has left the company to join NBC Universal as its CFO. The company also announced the appointment of company veteran Alan Schnaid as its new CFO on an interim basis.
Providing an update to its strategic initiatives, Aeropostale (ARO) said it plans to exit mall-based locations by the end of 2014 and will eliminate 100 positions. The company also said it is striving to restructure the brand to focus on faster growing sales channels. The company also reaffirmed its first quarter non-GAAP loss guidance of 70-75 cents per share.
JDSU reported below-consensus results for its third quarter and provided weak fourth quarter guidance. Meanwhile, Fidelity National Financial reported better than expected first quarter results. Flextronics reported fourth quarter results that were ahead of estimates and its first quarter guidance was in line.
Crocs reported first quarter non-GAAP earnings of 14 cents per share on revenues of $312.4 million. The earnings trailed expectations. The company's second quarter guidance was also weak. Terex's (TEX) first quarter results were below estimates.
Jack Henry & Associates reported third quarter earnings that came in line, while its revenues trailed expectations.
Arkansas Best announced that it has renamed itself ArcBest and adopted ARCB as its new ticker symbol.
Akamai Technologies , BJ Restaurants , Expedia , Fluor , Hutchinson Technologies , Kraft Foods , LinkedIn , Manitowoc , PMC-Sierra , Qlogic (QLGC), Western Union , Wynn Resorts and XL Group are among the companies due to release their quarterly results after the close of trading.
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| | European Market | | The U.K. market, the lone major market that is open in the region, opened higher and has seen further upside since then.
In corporate news, BG Group reported lower profits for its first quarter, as its output declined. U.K. bank Lloyds reported higher pre-tax profits for its first quarter, as margins improved. Reckitt Benckiser dropped out of the race to buy Merck's consumer health unit, leaving Bayer as the sole contender for the unit.
Meanwhile, pay TV operator BskyB reported a decline in its third quarter profits, hurt by competitive pressure.
On the economic front, the results of Nationwide's house price survey showed that U.K. house prices rose 10.9 percent year-over-year in April, the fastest increase since the middle of 2007.
The results of a survey by Markit Economics and the Chartered Institute of Purchase & Supply showed that manufacturing activity in the U.K. quickened in April. The purchasing managers' index rose 1.5 points to 57.3, ahead of the consensus estimate of 55.4.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets that were open for trading closed on a mixed note, although trading activity was light as most markets were closed for May Day holidays. Soft Chinese manufacturing data impacted sentiment even as the positive close on Wall Street offered some comfort. The Australian and the New Zealand markets retreated moderately, while The Japanese markets ended notably higher, with the yen's weakness fueling the upside.
The Nikkei 225 average opened higher and advanced amid volatility before closing the session up 181.02 points or 1.27 percent at a 1-week high of 14,485. Export stocks led the rally, while defensive utility, retail, real state and food stocks moved to the downside. After the markets closed, Sony said it expects a wider loss for its fiscal year ended March, hurt by charges.
Meanwhile, Australia's All Ordinaries ignored modest strength in early trading and declined steadily throughout the session, ending down 40.40 points or 0.74 percent at 5,430. The market witnessed broad based weakness, with material stocks leading the slide.
On the economic front, Chinese manufacturing activity rose at a slightly slower than expected rate in April, according to data released by the Chinese National Bureau of Statistics. The manufacturing purchasing managers' index rose 0.1 points to 50.4, although it came in below the reading of 50.5 expected by economists.
The results of a survey by the Australian Industry Group showed that the manufacturing sector in Australia moved further into contraction territory in April. The manufacturing index fell to a 9-month low of 44.8.
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| | Currency and Commodities Markets | | Crude Oil futures are falling $0.96 to $98.78 a barrel after tumbling $1.54 to $99.74 a barrel on Wednesday.
The previous session's weakness came amid the release of the weekly petroleum status report, which showed that Crude oil stockpiles rose by 1.7 million barrels to 399.4 million barrels in the week ended April 25th. Inventories remained above the average range for this time of the year.
Distillate stockpiles increased by 1.9 million barrels but were below the lower limit of the average range. Additionally, Gasoline inventories rose by 1.6 million barrels yet were in the lower half of the average range.
Refinery capacity utilization averaged 89.6 percent over the four weeks ended April 25th compared to 88.8 percent over the four weeks ended April 18th.
Gold futures, which edged down $0.40 to $1,295.90 an ounce in the previous session, are sliding $14 to $1,281.90 an ounce.
On the currency front, the U.S. dollar is trading at 102.33 yen compared to the 102.24 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.3874 compared to yesterday's $1.3867.
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