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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a higher opening on Friday, with sentiment suggesting modest optimism even as traders remain wary of the recent run up of the markets. The extended weekend coming up on account of Monday’s public holiday could discourage traders from building on their positions. Lackluster earnings report from HP could impact the mood towards the tech space and the clinching factor that could determine the market mood could be the new home sales report due shortly after the markets open.
U.S. stocks extended their gains on Thursday, thanks to fairly robust economic data and retail earnings reports.
The major U.S. averages started the session mixed, with the Dow Industrials and the S&P 500 Index opening lower, while the Nasdaq Composite started higher. However, stocks moved uniformly higher in early trading and advanced steadily until early afternoon trading. Thereafter, the averages consolidated before closing higher for the session.
The Dow Industrials ended up 10.02 points or 0.06 percent at 16,543 and the S&P 500 Index closed 4.46 points or 0.24 percent higher at 1,893, while the Nasdaq Composite closed at 4,154, up 22.80 points or 0.55 percent.
Eighteen of the thirty Dow components closed higher, with Nike (NKE), Home Depot (HD), JP Morgan Chase (JPM) and UnitedHealth (UNH) leading the gains.
Airline, biotechnology, housing and brokerage stocks were among the best performers of the session.
On the economic front, the Labor Department reported that jobless claims rose to 326,000 in the week ended May 17th from 324,000 in the previous week. At the same time, the four-week moving average fell to 322,000 from 323,500. Continuing claims calculated with a week’s lag also fell by 13,000 to 2.653 million.
Markit released flash estimates of its U.S. manufacturing index for May, which showed an increase in the manufacturing index to 56.2 from 55.4 in April.
Meanwhile, the National Association of Realtors reported that existing home sales came in at a seasonally adjusted annual rate of 4.65 million units in April compared with a 4.59 million unit rate in March. Both single family home and condos/co-ops sales were higher for the month.
Inventories measured in absolute terms rose by 330,000, and months of supply rose to 5.9 months from 5.1 months, marking the highest level since August 2012. First time buyers accounted for just 29 percent of the total sales. The median price of an existing home was up 5.2 percent year-over-year to $201,700.
A report released by the Conference Board showed that its leading economic indicators index rose 0.4 percent month-over-month in April following a 1 percent increase in March. The board attributed the upside to improving financial and housing market conditions. The lagging economic indicators index rose 0.2 percent and the coincident economic indicators index was up a more modest 0.1 percent.
Yesterday, the Dow Industrials was ably supported by its 21-day MA (currently at 16,524). With the extended weekend looming ahead, some moderation in buoyancy could be witnessed, and in that eventuality, the index could languish around its 21-day MA. If the level gives way, the other support levels to watch for are 16,442, its 50-day MA (currently at 16,411) and its 100-day MA (currently at 16,289). On the upside, the index has resistance around 16,568, 16,641 and 16,719. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Hewlwett-Packard (HPQ) reported second quarter earnings that were in line with estimates, while its revenues were shy of estimates. The company also revealed plans to shed 16,000 more jobs. The company raised the low end of its full-year earnings guidance, with the revised guidance in line with expectations.
Among retailers, Gap (GPS) reported better than expected first quarter results and issued in line earnings guidance for 2014. Meanwhile, Aeropostale (ARO) reported an adjusted first quarter loss that was narrower than estimates. The company’s second quarter guidance was weak.
Brocade (BRCD) announced in line second quarter earnings and revenues that beat estimates. The company also said its board approved the initiation of a quarterly dividend, starting with a $0.035 per share dividend to be paid in the third quarter.
F5 Networks (FFIV) announced that it has acquired privately held cloud-based security services provider Defense.Net. The company did not reveal the terms of the deal.
Compuware (CPWR) reported better than expected fourth quarter earnings, while its revenues were below estimates. The company’s 2015 earnings guidance was positive, while its revenue guidance trailed expectations.
Marvell Technology (MRVL) reported first quarter earnings and revenues that were ahead of estimates and issued upbeat guidance for its second quarter.
Mentor Graphics’ (MENT) first quarter results were ahead of expectations, while its full year guidance was below estimates.
GameStop (GME) reported first quarter earnings that exceeded expectations, while its revenues were slightly shy of estimates. The company’s full year earnings guidance was lukewarm.
Nordson’s (NDSN) second quarter results exceeded estimates and its third quarter guidance was in line. |
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| | European Market | | European stocks showed some volatility in early trading and are currently trading mixed, as traders digest some domestic economic data
In corporate news, General Electric (GE) said at the request of the French government, it has agreed to extend the deadline by three weeks for its $16.9 billion bid to acquire the energy assets of French speed-train maker Alstom.
On the economic front, German business confidence waned in May, according to the results of the business confidence survey by IfO. The business confidence index declined to 110.4 in May from 111.2 in April, while economists expected a reading of 115.4. The current conditions index slipped 0.5 points to 114.8 and the expectations index declined 1.1 points to 106.2.
Revised estimates released by Destatis showed that the German economy grew at an unrevised sequential pace of 0.8 percent and 2.3 percent year-over-year in the first quarter. This represents a pick up from the 0.4 percent quarter-over-quarter and 1.4 percent year-over-year growth in the fourth quarter.
U.S. Economic Reports
The Commerce Department is scheduled to release its new home sales report for April at 10 am ET. The consensus estimate calls for new home sales to increase to a seasonally adjusted annual rate of 420,000.
New home sales came in at a seasonally adjusted annual rate of 384,000 units in March compared to 449,000 in February. Sales fell in the Midwest, South and West. Inventories measured in terms of months of supply rose to 6 months from 5 months in February, reaching the highest reading since October 2011. The median price of a new home rose 12.6 percent year-over-year. |
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed higher, with the positive close on Wall Street overnight offering some support, although the gains were limited. The Indian market advanced notably, as the Modi euphoria continued, while the Malaysian market bucked the uptrend.
The Japanese market extended its gains, with the Nikkei 225 average moving higher in early trading before going about a consolidation move. The index closed up 124.38 points or 0.87 percent at 14,462. Export stocks ended mostly higher, while some defensive stocks moved to the downside.
Australia’s All Ordinaries hovered above the unchanged line throughout the session before closing up 12.20 points or 022 percent at 5,470. Most sectors advanced, with the exception of material and consumer discretionary stocks.
Hong Kong’s Hang Seng Index ended at 22,966, up 12.10 points or 0.05 percent, and China’ Shanghai Composite Index added 13.28 points or 0.66 percent before closing at 2,035.
On the economic front, the Conference Board’ leading economic indicators index for China rose 0.9 percent month-over-month in April following a 1.1 percent increase in March. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.36 to $104.10 a barrel after receding $0.33 to $103.74 a barrel on Thursday. Meanwhile, gold futures are currently slipping $4.70 to $1,290.30 an ounce. In the previous session, gold climbed $6.90 to $1,295 an ounce.
Among currencies, the U.S. dollar is trading at 101.88 yen compared to the 101.74 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3630 compared to yesterday’s $1.3656. |
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