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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a lower opening on Wednesday, with the uneasiness over valuation accentuated by some soft data released earlier in the day. ADP's survey showed that job gains slowed down in May, although the numbers still reflected that the job market is resiliently holding up. Another report showed that productivity growth was downwardly revised to indicate a steeper decline, while the Commerce Department reported a wider than expected trade deficit for April, which does not bode well for second quarter GDP growth. These sore data points could keep sentiment muted ahead of Friday's non-farm payrolls report.
U.S. stocks retreated on Tuesday amid a lack of any meaningful catalysts. The major averages showed a notable move to the downside at the open but recouped their losses over the course of the session before closing modestly lower.
The Dow Industrials ended down 21.29 points or 0.13 percent at 16,722, the S&P 500 Index fell 0.73 points or 0.04 percent to 1,924 and the Nasdaq Composite closed at 4,234, down 3.12 points or 0.07 percent.
Eighteen of the thirty Dow components closed lower, with Microsoft (MSFT), Nike (NKE), Visa (V) and Verizon (VZ) leading the declines. On the other hand, Intel (INTC) and Goldman Sachs (GS) advanced notably.
The Dow Industrials pulled back yesterday, although it closed well off the lows of the session. If the index extends its slide, it could find support around 16,700, 16,608, its 21-day MA (currently at 16,586), 16,516 and its 50-day MA (currently at 16,475).
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | After reporting a strong post-winter rebound in U.S. private sector employment in April, payroll processor ADP released a report showing that the pace of job growth slowed somewhat in May.
ADP said private sector employment rose by 179,000 jobs in May following a downwardly revised increase of 215,000 jobs in April. Economists had been expecting an increase of about 210,000 jobs compared to the addition of 220,000 jobs originally reported for the previous month.
Reflecting a drop in the value of exports and an increase in the value of imports, the Commerce Department released a report showing that the U.S. trade deficit widened by much more than expected in the month of April.
The report said the trade deficit widened to $47.2 billion in April from a revised $44.2 billion in March. Economists had expected the deficit to edge up to $41.0 billion from the $40.4 billion originally reported for the previous month.
Labor productivity in the U.S. fell by much more than previously estimated in the first quarter, according to a report released by the Labor.
The report said productivity tumbled by a revised 3.2 percent in the first quarter compared to the previously reported 1.7 percent drop. Economists had expected productivity to fall by a revised 2.9 percent.
Meanwhile, the Labor Department said unit labor costs surged up by an upwardly revised 5.7 percent in the first quarter versus the previously reported 4.2 percent jump. Costs had been expected to increase by a revised 5.2 percent.
Markit is scheduled to release the final estimates of its service sector purchasing managers' index at 9:45 am ET.
Shortly after that at 10 am ET, the Institute for Supply Management is due to release the results of its non-manufacturing survey for May. The consensus estimate calls for a small uptick by the non-manufacturing index to 55.5.
The non-manufacturing index rose to 55.2 in April from 53.1 in March, reaching the best reading since August 2013. The new orders index climbed 5 points to 58.2, while the index measuring order backlogs fell 2.5 points to 49 and the employment index slipped 2.3 points to 51.3. Of the 18 industries surveyed, 14 reported growth.
The Energy Information will release its regularly scheduled petroleum status report for the week ended May 30th at 10:30 am ET.
The Federal Reserve is scheduled to release its Beige Book report, which reports on economic conditions across the Federal Reserve districts, at 2 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 | | | TIBCO Software (TIBX) announced preliminary second quarter results, expecting non-GAAP earnings of 12-13 cents per share on revenues of $250 million to $252 million. The company said revenues fell short of expectations, primarily due to lower than expected sales of Spotfire.
ABM Industries (ABM) reported second quarter adjusted net income of 33 cents per share, lower than 36 cents per share last year, while its revenues rose 4.9 percent to $1.23 billion. The earnings were below estimates, while the revenues were in line. The company reaffirmed its 2014 guidance for adjusted net income of $1.58-$1.68 per share.
FuelCell (FCEL) reported a second quarter loss of 7 cents per share, wider than the 4 cents per share loss reported a year ago. Revenues declined to $38.27 million from last year's $42.44 million. The results trailed expectations.
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| | European Market | | After opening lower, European stocks experienced some volatility in early trading but have since then turned mixed, as traders adopt a 'wait and watch' attitude ahead of a monetary policy decision by the European Central Bank.
In corporate news, the U.K.'s Tesco reported a 3.7 percent year-over-year drop in like-for-like sales in the U.K., excluding petrol but including VAT, as the supermarket chain grappled with competition.
Ryanair reported a 4 percent increase in its traffic for May, while its load factor also increased modestly.
On the economic front, Markit Economics reported that the final reading of its Eurozone composite purchasing managers' index for May was downwardly revised by 0.4 points to 53.5 compared to a reading of 54 for April. The service sector purchasing managers' index for the region was also revised lower to 53.2 from 53.5.
Meanwhile, U.K. service sector activity remained at elevated levels in May, according to a survey by Markit and the Chartered Institute for Purchasing and Supply. The corresponding index came in at 58.6 compared to April's 58.7 but slightly higher than the estimated reading of 58.2.
A report released by the British Retail Consortium showed that shop prices in the U.K. fell 1.4 percent year-over-year in May, matching the drop seen in the previous month.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed mostly lower, as the negative lead from Wall Street overnight and apprehensions ahead of key economic events hurt sentiment. However, the Japanese and South Korean markets bucked the downtrend.
The Japanese market extended its gains, as the yen remained mostly subdued. The Nikkei 225 average showed volatility throughout the session before closing up 33.71 points or 0.22 percent at 15,068.
Most export, resource, marine transportation, construction and utility stocks found buying interest. On the other hand, financial, retail and real estate stocks moved to the downside.
Australia's All Ordinaries opened little changed but moved decisively lower in early trading. Thereafter, the index languished below the unchanged line, closing just off the lows of the session at 5,427, down 33.70 points or 0.62 percent.
The market witnessed broad based weakness, with financial, energy, consumer staple and material stocks declining moderately.
Hong Kong's Hang Seng Index ended the day 139.33 points or 0.60 percent lower at 23,152, and China's Shanghai Composite Index slipped 13.47 points or 0.66 percent before closing at 2,025.
On the economic front, the Australian Bureau of Statistics reported that GDP growth in Australia picked up to 1.1 percent in the first quarter from 0.8 percent in the fourth quarter. Economists expected GDP growth of 0.9 percent.
The results of a survey by the AIG showed that its service sector activity gauge for Australia rose almost to the cut-off zone that separates expansion and contraction. The index climbed 1.3 points to 49.9 in May.
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.61 to $103.27 a barrel after rising $0.19 to $102.66 a barrel on Tuesday. An ounce of gold is currently fetching $1,246.80, up $2.30 from the previous session's close of $1,244.50. On Tuesday, gold edged up $0.50.
Among currencies, the U.S. dollar is trading at 102.49 yen compared to the 102.51 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3628 compared to yesterday's $1.3628.
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