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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a higher opening on Thursday, with the stimulatory action initiated by the European Central Bank providing upward thrust to the markets across the region. The action has instilled confidence in the minds of traders that the global economy will not be allowed to fail. Domestically, the jobless claims report released earlier in the day also came roughly in line with expectations. That said, traders may be wary, given the impending release of the non-farm payrolls report on Friday.
U.S. stocks resumed their climb on Wednesday, as a positive service sector reading encouraged the markets. After seeing weakness in early trading on the back of a trio of disappointing reports, the major averages moved into positive territory by late morning trading following the release of the Institute for Supply Management's non-manufacturing data. Thereafter, the averages hovered in positive territory before closing modestly higher.
The Dow Industrials ended up 15.19 points or 0.09 percent at 16,738 and the S&P 500 Index closed 3.64 points or 0.19 percent higher at 1,928, while the Nasdaq Composite ended at 4,252, up 17.56 points or 0.41 percent.
Sixteen of the thirty Dow components closed higher, while the remaining fourteen stocks declined. Travelers (TRV) and McDonald's (MCD) were among the best performers of the session, while General Electric (GE) declined notably.
While most of the major sectors ended the day showing only modest moves, biotechnology and brokerage stocks saw significant strength.
On the economic front, ADP reported that the U.S. private sector added a less than expected 179,000 jobs in May. Additionally, April's reading was also downwardly revised by 5,000. The service-providing sector added 150,000 jobs compared to the 29,000 jobs added by the goods-producing sector.
The Commerce Department reported a wider than expected trade deficit of $47.2 billion in April, bigger than the upwardly revised deficit of $44.2 billion in March. This marked the biggest deficit since April 2012. Imports rose 1.2 percent month-over-month, with petroleum and food imports accounting for much of the upside. Meanwhile, exports fell 0.2 percent.
The Institute for Supply Management released the results of its service sector survey, which showed that activity in the sector grew at a faster pace in May. The service sector purchasing managers' index rose 1.1 points to 56.3, the highest since August. Out of the 18 industries surveyed, 17 reported growth. The new orders index rose 2.3 points to 60.5 and the order backlogs index climbed 5 points to 54. The employment index also rose to 52.4 from 51.3.
Meanwhile, revised estimates released by Markit also showed buoyancy in the service sector. The service sector business activity index was up 3.4 points from the previous month at 58.1, although it was downwardly revised from the mid-month reading of 58.4.
The Dow rebounded yesterday, courtesy of the positive data on the service sector, but settled shy of its all time closing high. With trading activity expected to be muted ahead of Friday's non-farm payrolls report, consolidation may be in the offing. The index has strong support around 16,716, 16,572, 16,634, its 21-day MA (currently at 16,596) and its 50-day MA (currently at 16,484). On the upside, the index has resistance around 16,754. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | While the U.S. Labor Department released a report on Thursday showing a modest rebound in initial jobless claims in the week ended May 31st, the four-week moving average still fell to its lowest level in about seven years.
The report said initial jobless claims rose to 312,000, an increase of 8,000 from the previous week's revised level of 304,000. Economists had expected claims to climb to 310,000 from the 300,000 originally reported for the previous week.
Meanwhile, the Labor Department said the less volatile four-week moving average dipped to 310,250, a decrease of 2,250 from the previous week's revised average of 312,500. With the decrease, the four-week moving average fell to its lowest level since hitting 307,500 in the week ended June 2, 2007.
The Treasury Department is set to make announcements concerning next week's auctions of 3-year and 10-year notes and 30-year bonds at 11 am ET.
Minneapolis Federal Reserve Bank President Narayana Kocherlakota will speak on low real interest rates at Boston College at 1:30 am 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 | | | PVH Corp. (PVH) reported first quarter non-GAAP earnings of $1.47 per share on non-GAAP revenues of $1.964 billion. The results were shy of estimates. For 2014, the company now projects non-GAAP earnings of $7.30-$7.40 per share on revenues of $8.5 billion. Meanwhile, for the second quarter, the company expects non-GAAP earnings of $1.40-$1.45 per share on revenues of about $2 billion. The earnings guidance was weak.
Rockwell (ROK) said its board has authorized the company to spend up to an additional $1 billion to repurchase shares in addition to the $1 billion authorization approved on June 8th, 2012.
Agilent (A) announced a change to its already published second quarter GAAP net income to $139 million or 41 cents per share from $150 million or 45 cents per share due to an out-of-period adjustment for tax expense. The company clarified that there is no change to the already announced non-GAAP net income of 72 cents per share.
Cometch Telecom (CMTL), Cooper Companies (COO), Diamond Foods (DMND), Men's Wearhouse (MW), and VeriFone (PAY) are among the companies due to release their quarterly results after the close of trading.
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| | European Market | | After opening little changed, European stocks retreated sharply but have recouped some of their losses since then. The major averages in the region are currently mixed, with the upcoming rate decisions serving to keep sentiment subdued.
As widely expected, the European Central Bank reduced its base rate to 0.10 percent from 0.25 percent, while the deposit rate was lowered to -0.10 percent from 0 percent. At the same time, the Bank of England maintained status quo position with respect to its interest rate as well as the size of its asset purchase facility.
In corporate news, German chemical company announced a deal to buy Spotless Group for 940 million euros. Remy Cointreau reported a decline in its full year earnings, hurt by softness in China. That said, the company expects sales and profit growth for the current year.
EasyJet reported a rise in its traffic and load factor in May, while Dutch financial giant ING said it plans to sell shares of its European insurance subsidiary NN Group before the end of the year.
In economic news, German Federal Statistical Office reported that German factory orders rose a better than expected 3.1 percent month-over-month in April.
French statistical office INSEE also released a report showing an unemployment rate of 10.1 percent in the first quarter, the same rate as in the previous quarter.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed mixed, as traders preferred to stay on the sidelines ahead of the ECB meeting and the monthly U.S. jobs report. The Australian, Hong Kong and South Korean markets moved to the downside, while most of the remaining major markets in the region advanced.
The Japanese market experienced some volatility during the session before closing slightly higher. The Nikkei 225 average held mostly above the unchanged line in the morning before declining in the afternoon. However, the index staged a recovery in late trading before closing up 11.41 points or 0.08 percent at 15,079. Most export stocks advanced, while defensive stocks lost ground.
Meanwhile, Australia's All Ordinaries spent the better part of the session below the unchanged line before closing down 7.10 points or 0.13 percent at 5,420. Most sectors declined, while modest strength visible among material, energy and industrial stocks helped to mitigate some of the weakness.
Hong Kong's Hang Seng Index ended 42.05 points or 0.18 percent lower at 23,110, but China's Shanghai Composite advanced 16.04 points or 0.79 percent before closing at 2,041.
On the economic front, a report released by HSBC and Markit Economics showed that the private sector in China moved into expansion territory in May. The composite purchasing managers' index came in at 50.2, up from April's 49.5. The service sector purchasing managers' index fell to 50.7 from 51.4.
The Australian Bureau of Statistics reported that Australia's trade balance turned to a deficit of A$122 million in April from a surplus of A$902 million in March.
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| | Currency and Commodities Markets | | Crude oil futures are receding $0.36 to $102.28 a barrel after edging up $0.02 to $102.64 a barrel on Wednesday.
The previous session's lackluster performance came amid the release of the weekly petroleum status report, which showed that crude oil stockpiles decreased by 3.4 million barrels to 389.5 million barrels in the week ended May 30th. Inventories were near the upper limit of the average range for this time of the year.
Meanwhile, distillate stockpiles rose by 2 million barrels yet were below the lower limit of the average range. Additionally, gasoline inventories increased by 0.2 million barrels and were in the middle of the average range.
Refinery capacity utilization averaged 89.5 percent over the four weeks ended May 30th compared to 89.4 percent over the four weeks ended May 16th.
Gold futures, which edged down $0.20 to $1,244.30 an ounce in the previous session, are currently slipping $0.10 to $1,244.20 an ounce.
Among currencies, the U.S. dollar is trading at 102.59 yen compared to the 102.75 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.3566 compared to yesterday's $1.3599.
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