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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 still fluid despite domestic data released thus far coming in stronger than expected. The New York region's manufacturing activity expanded at a notably faster pace than had been expected and jobless claims fell to a 7-year low. That said, earnings news has been mixed, with Cisco reporting strong results, while retailers, spearheaded by Wal-Mart had reported disappointing results. With more data on the pipeline, the market mood could swing either way, although valuation concerns could render the mood cautions.
U.S. stocks retreated on Wednesday amid a lack of meaningful catalysts, as valuation worries weighed on the markets. The major averages opened modestly lower and moved roughly sideways until mid-afternoon trading. Thereafter, the indexes pulled back sharply before closing moderately lower.
The Dow Industrials ended down 101.47 points or 0.61 percent at 16,614, the S&P 500 Index closed 8.92 points or 0.47 percent lower at 1,889 and the Nasdaq Composite Index closed at 4,101, down 29.54 points or 0.72 percent.
Twenty-five of the thirty Dow components closed lower, while the remaining five stocks advanced. Disney , Home Depot , IBM , Nike and UnitedHealth declined notably, while Merck saw solid gains.
Financial, airline, retail and housing stocks were among the worst performers of the session, while Gold stocks gained ground.
On the economic front, the Labor Department reported that producer prices rose 0.6 percent month-over-month in April. The core reading was up 0.5 percent. The readings came in much higher than economists' estimates. The annual increase in the headline index was 2.1 percent, the biggest increase since March 2012. Food prices surged up 2.7 percent month-over-month.
With The Dow Industrials pulling back from its all-time closing high, the relative strength index has declined to 55.7. If the raft of data due for the day offers hopes of a sustainable recovery, the index could attempt to reclaim its record. Otherwise, the index could extend its pullback toward a near-term support around 16,645. Further down, the index also has support around 16,572 and 16,528. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | With prices for gasoline, shelter, and food all rising, the Labor Department released a report showing that U.S. consumer prices increased in line with economist estimates in the month of April.
The Labor Department said its consumer price index rose by 0.3 percent in April after edging up by 0.2 percent in March. Economists had expected consumer prices to rise by about 0.3 percent. Core consumer prices, which exclude food and energy prices, edged up by 0.2 percent, matching the increase seen in the previous month. Core prices had been expected to tick up by 0.1 percent.
First-time claims for U.S. unemployment benefits showed a notable decrease in the week ended May 10th, according to a report released by the Labor Department, with initial jobless claims falling to a seven-year low.
The Labor Department said initial jobless claims fell to 297,000, a decrease of 24,000 from the previous week's revised level of 321,000. Economists had been expecting initial jobless claims to inch up to 320,000 from the 319,000 originally reported for the previous week. With the drop, jobless claims fell to their lowest level since hitting a matching number in the week ended May 12, 2007
Business conditions for New York manufacturers have improved significantly in the month of May, according to a report released by the Federal Reserve Bank of New York, with the index of regional manufacturing activity reaching its highest level in nearly four years.
The New York Fed said its general business conditions index jumped to 19.0 in May from 1.3 in April, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to climb to a reading of 5.0.
New York Federal Reserve Bank President William Dudley will make the opening remarks at the small business credit conference in New York at 8:30 am ET.
At 9 am ET, the Treasury International Capital is due to release data that track the flows of financial instruments into and out of the U.S.
The Federal Reserve is scheduled to release its industrial production report for April at 9:15 am ET. The consensus estimate calls for flat industrial production for the month, while capacity utilization is expected to remain unchanged at 79.2 percent.
Industrial production rose 0.7 percent month-over-month in March, ahead of expectations. Manufacturing output, accounting for roughly 75 percent of total production, climbed 0.5 percent, mining output was up 1.5 percent and utility output rose 1 percent. Production of consumer goods moved up 0.7 percent and business equipment output advanced 0.5 percent, while vehicle and machinery output declined month-over-month.
The Philadelphia Federal Reserve is scheduled to release the results of its regional manufacturing survey at 10 am ET. The general business conditions index based on the survey is expected to slip to 14.3 in May from 16.6 in April.
In April, the index of current activity rose to 16.6 from 9 in March, reaching the highest reading since September 2013. The new orders index rose 9 points to 14.8 and the shipments index climbed 17 points to 22.7. The employment indexes also improved from the previous month. Meanwhile, the 6-month outlook index slipped to 22.6 from 35.4.
Also at 10 am ET, the National Association of Home Builders is due to release the results of its homebuilder confidence survey. The housing market index based on the survey is expected to increase to 49 in May from 47 in April.
The housing market index rose 1 point to 47 in April, while it was expected to rise to 49. The current sales conditions index and the index measuring prospective buyer traffic remained unchanged at 51 and 32, respectively. At the same time, the index measuring sales expectations rose 4 points to 57. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Cisco Systems reported third quarter non-GAAP earnings of 51 cents per share on revenues of $11.5 billion. The results exceeded estimates. The company also provided upbeat fourth quarter guidance.
Wal-Mart reported first quarter results that trailed estimates and its guidance for the second quarter was also sub par. Kohl's first quarter results missed expectations but it confirmed its guidance for the full year.
CA Technologies reported better than expected fourth quarter results, while it issued weak guidance for its fiscal year 2015.
Agilent Technologies (A) reported second quarter non-GAAP net income of 72 cents per share on revenues of $1.73 billion. The earnings trailed estimates, while the revenues were in line. For the full year, the company expects non-GAAP earnings of $2.96 to $3.16 per share on revenues of $6.90 billion to $7.10 billion. The guidance was also in line.
NetEase.com reported first quarter earnings that missed expectations, while its revenues were ahead of estimates.
AIG announced that it has completed the sale of its 100 percent interest in International Lease Finance Corp. to AerCap for $3 billion in cash and 97.56 million newly issued AerCap common shares.
United Online announced the appointment of Edward Zinser as its CFO, effective May 19th, replacing interim CFO Michelle Stalick.
Applied Materials , Autodesk , Dillard's (DDS), J.C. Penney , Nordstrom and ViaSat are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | European stocks are seeing tentativeness, as traders digest domestic earnings news and GDP reports from the region. Traders also remain cautious ahead of the onslaught of data from the U.S.
In corporate news, U.K. insurer Aviva reported a 13 percent increase in new businesses in the first quarter. Deutsche Post reported first quarter earnings that trailed estimates.
Merck KGaA reported higher profits for its first quarter, benefiting from cost cuts, while French conglomerate Vivendi also reported better than expected first quarter earnings.
On the economic front, preliminary estimates released by Eurostat showed that the eurozone economy grew at a less than estimated pace in the first quarter. First quarter GDP grew 0.2 percent quarter-over-quarter compared to the 0.4 percent expansion expected by economists. Germany, the largest economy in the region, saw a doubling of GDP growth, while France unexpectedly stagnated.
Final estimates released by Eurostat showed that inflation in the euro area quickened to 0.7 percent in April from 0.5 percent in March.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended on a mixed note, as the weak performance on Wall Street overnight triggered some concerns that were partly offset by positive economic data from the region. The Japanese market retreated on the yen's strength, and the Chinese market declined notably on fears of a hard landing.
Japan's Nikkei 225 average languished below the unchanged line throughout the session before closing down 107.55 points or 0.75 percent at 14,298. Sentiment was hurt by some weak earnings announcements. Export stocks moved mostly to the downside, while real estate, telecom, utility and banking stocks saw some strength.
Australia's All Ordinaries, which spent the better part of the session modestly below the unchanged line, recovered in late trading. The index ended up 14.30 points or 0.26 percent at 5,490. Most sector stocks saw modest gains, with the exception of material and consumer discretionary stocks.
The Hong Seng Index of Hong Kong ended at 22,731, up 148.09 points or 0.66 percent, while China's Shanghai Composite Index closed 22.94 points or 1.12 percent lower at 2,025.
On the economic front, preliminary estimates released by Japan's Cabinet Office showed that Japanese first quarter GDP rose 5.9 percent year-over-year, ahead of expectations for a 4.2 percent increase. The annualized quarterly GDP expansion of 1.5 percent was also ahead of the 1 percent rate expected by economists.
Meanwhile, a separate government report showed that a reading on Japanese consumer confidence slipped to 37 in April from 37.5 in March, while economists expected a reading of 36.7.
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| | Currency and Commodities Markets | | Crude Oil futures are receding $0.19 to $102.18 a barrel after climbing $0.67 to $102.37 a barrel on Wednesday.
The previous session's strength came amid the release of the weekly petroleum status report, which showed that Crude oil stockpiles increased by 0.9 million barrels to 398.5 million barrels in the week ended May 9th. Inventories remained above the average range for this time of the year.
Distillate stockpiles eased by 1.1 million barrels and were below the lower limit of the average range. Additionally, Gasoline inventories dropped by 0.8 million barrels and were in the middle of the average range. Refinery capacity utilization averaged 90.2 percent over the four weeks ended May 9th compared to 90.3 percent over the four weeks ended May 2nd.
Gold futures, which rose $11.10 to $1,305.90 an ounce in the previous session, are currently slipping $12.30 to $1,293.60 an ounce.
Among currencies, the U.S. dollar is trading at 101.88 yen compared to the 101.90 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.3669 compared to yesterday's $1.3715.
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