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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment suggesting that the markets may build on their recent momentum, as economic data continues to be supportive. An economic report released earlier in the day showed that durable goods orders rose unexpectedly and there were substantial upward revisions to the March data. The results of a house price survey also came in better than expected, vouching for the strength of recovery in the housing market. The markets may also focus on the results of two separate surveys on service sector and consumer confidence. That said, recent gains may make traders wary of any further upside and introduce caution.
U.S. stocks advanced in the week ended May 23rd following the mixed performance in the previous week. Solid economic data and earnings helped the markets overcome valuation fears, with the S&P 500 Index ending the week at a record high.
Last Monday, the major averages received support from M & A news and ended the session higher. Amid a lack of any major trading cues, uncertainty returned to the markets on Tuesday, sending the averages moderately lower.
The markets rebounded on Wednesday, with the dovish FOMC minutes providing motivation for traders to remain invested in stocks. The averages all ended the session notably higher. The averages extended their gains on Thursday, thanks to fairly positive economic data and retail earnings. Notwithstanding valuation concerns, stocks advanced on Friday, with positive economic data and earnings once again offering encouragement to traders.
For the week ended May 23rd, the Dow Industrials and the S&P 500 Index added 0.70 percent and 1.21 percent, respectively, while the Nasdaq Composite Index jumped 2.33 percent.
The Dow Industrials moved up to a resistance around 16,630 but closed shy of the level. If the level is broken to the upside, the index has another resistance around 16,714. On the downside, the index has support around 16,573, its 21-day MA currently around 16,529, 16,453 and its 50-day MA currently at 16,421.
Among the major sectors, the NYSE Arca Airline Index rallied 3.76 percent for the week, and the Philadelphia Semiconductor Index, the NYSE Arca Broker/Dealer Index and the Philadelphia Housing Sector Index all rose over 2 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The holiday-shortened week has some key data releases that could provide additional clarity regarding the economic outlook. The Commerce Department’s durable goods orders report for April, the results of consumer sentiment surveys by the Conference Board and Reuters and the University of Michigan, the jobless claims report, the National Association of Realtors’ pending home sales index for April, the results of MNI Indicators’ manufacturing survey for the Chicago region and the Commerce Department’s personal income and spending report for April are among the closely tracked reports of the unfolding week.
The results of March house price surveys by the Federal House Finance Agency and S&P/Case-Shiller, the results of Markit’s preliminary U.S. service sector survey for May, the preliminary first quarter GDP report, some Fed speeches, the results of a couple of regional manufacturing surveys and the results of Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
New orders for U.S. manufactured durable goods unexpectedly saw continued growth in the month of April, according to a report released by the Commerce Department on Tuesday, with orders rising for the third consecutive month. The report said durable goods orders increased by 0.8 percent in April after surging up by an upwardly revised 3.6 percent in March.
The continued growth came as a surprise to economists, who had expected orders to drop by 0.7 percent compared to the 2.9 jump that had been reported for the previous month. Excluding an increase in orders for transportation equipment, durable goods orders edged up by a more modest 0.1 percent in April.
The Federal House Finance Agency is scheduled to release the results of its house price survey for March at 9 am ET. The consensus estimate calls for a seasonally adjusted 0.5 percent month-over-month increase in the index following a 0.6 percent increase in February.
The results of S&P/Case-Shiller house price survey for March showed that the 20-city house price index based on the survey rose a better than expected 0.9 percent month-over-month, faster than the 0.7 percent increase expected by economists.
The flash estimate of Markit’s service sector for the U.S. is expected to show an increase in the service sector purchasing managers index to 55.4 in May from 54.2 in April. The report is due at 9:45 am ET.
The Conference Board is scheduled to release the results of its consumer confidence survey at 10 am ET. Economists expect the headline index to increase to 83 in May from 82.3 in April.
The consumer confidence index fell to 82.3 in April from 83.9 in March, with the weakness stemming from a less favorable assessment of current conditions. The present situation index slipped to 78.3 from 82.5, while the expectations index edged up 0.1 points to 84.9.
Also at 10 am ET, the Richmond Federal Reserve is due to release its manufacturing index for May. The index is expected to rise 2 points to 9. Half an hour later, the Dallas Federal Reserve will release the results of its Texas manufacturing survey for May. The index is expected to slip to 9.6 from 11.7 in April
Atlanta Federal Reserve Bank President Dennis Lockhart will speak at Louisiana State University in Baton Rouge at 8:10 pm ET.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Pfizer announced on Monday that it does not intend to make another offer for AstraZeneca after the latter’s board rejected its final merger proposal on May 18th.
AutoZone reported third quarter earnings that beat estimates by a penny and its revenues met expectations.
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| | European Market | | European stocks are currently mixed, with the French CAC 40 Index trading lower amid some volatility, while the German market is advancing after some early weakness. The U.K. market, which was closed yesterday, is playing catch up to yesterday’s gains in the region, with the FTSE 100 Index currently moderately higher.
In corporate news, Lloyds Bank announced that it will offload 25 percent of its stake in TSB through a public offering and also stated that it would sell the remainder of its stake before the end of 2015. |
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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, Malaysian and Taiwanese markets advancing modestly, while the rest of the major markets in the region moved to the downside. The mood was cautious against the backdrop of an intensification of tensions between China and Vietnam even as traders were hoping that the European Central Bank would ease monetary policy further.
Japan’s Nikkei 225 Index opened lower but rose sharply in early trading. After moving roughly sideways for much of the remainder of the session, the index gave back some of its gains yet closed up 34 points or 0.23 percent at 14,637, its highest closing level since April 7th. While the yen’s strength negatively impacted export stocks, construction, resource, financial, real estate, telecom, utility and pharma stocks supported the index.
Australia’s All Ordinaries moved about in a volatile manner, although holding mostly above the unchanged before closing up 0.40 points or 0.01 percent at 5,491. Consumer staple, energy and material stocks saw modest strength, while financial, utility, consumer discretionary and telecom stocks came under selling pressure.
Meanwhile, Hong Kong’s Hang Seng Index ended down 18.88 points or 0.08 percent at 22,944, and China’s Shanghai Composite Index closed at 2,035, down 6.91 points or 0.34 percent.
On the economic front, corporate service prices in Japan were up 3.4 percent year-over-year in April, the Bank of Japan said. This follows the 0.7 percent increase in March. On a monthly basis, corporate service prices jumped 2.4 percent after rising 0.7 percent in the previous month. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.14 to $104.21 a barrel after advancing $2.33 or 2.28 percent to $104.35 a barrel in the week ended May 23rd.
Last Monday, oil rose moderately amid the equity market strength. However, the commodity dipped modestly on Tuesday before rallying close to $1.75-a-barrel on Wednesday in the wake of dollar’s weakness in reaction to the FOMC minutes.
After pulling back modestly on Thursday despite solid economic data, the commodity rebounded moderately on Friday, helped by positive new home sales data.
Gold futures, which fell $1.70 or 0.13 percent to $1,291.70 an ounce last week, are currently sliding $15 to $1,276.70 an ounce.
In the currency market, the dollar finished the week ended May 23rd mostly higher despite the dovish overtone of the Fed minutes. The greenback derived strength from solid domestic data, which helped the currency gain 0.35 percent against the euro to $1.3646 and 0.43 percent against the yen to 101.94 yen.
The U.S. dollar is currently at 101.95 yen and is valued at $1.3640 versus the euro. |
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