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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | | The major U.S. index futures are pointing to a lower opening on Thursday, with stocks poised for a pullback after yesterday's rally. The rally triggered by receding rate hike fears in the wake of the FOMC statement may be losing steam. Consequently, the dollar has moved back to the upside and crude oil prices are tumbling. Earnings news has largely been positive, while guidance is a cause of concern. The results of a regional survey on business activity and a Fed speech could also guide the markets in today's session.
A positive reaction to the Fed statement lifted U.S. stocks on Wednesday, sending the major averages notably higher. After languishing nervously below the unchanged line till late trading, the averages rallied sharply following the release of the Fed's post-meeting monetary policy statement. Consolidating their gains, the averages ended notably higher.
The Dow jumped 227.11 points or 1.3 percent to 18,076.19, the Nasdaq advanced 45.39 points or 0.9 percent to 4,982.83 and the S&P 500 surged up 25.14 points or 1.2 percent to 2,099.42.
Among the sectors, utility, resource, housing and computer hardware stocks were among the best performers of the session.
Twenty-eight of the thirty Dow components closed higher and one stock ended unchanged, while Wal-Mart (WMT) fell modestly. Exxon Mobil (XOM), UnitedHealth Group (UNH), AT&T (T), Chevron (CVX), Merck (MRK) and Caterpillar (CAT) advanced notably in the session.
In the FOMC statement, the Fed changed its economic assessment by stating that economic growth has moderated somewhat. The commentary on the labor market, household spending, business fixed investment and the housing market was maintained intact. Export growth was qualified as having weakened. The central bank's view on inflation was largely unchanged.
After removing the term "patient" with respect to its approach towards rate hikes, the committee explicitly stated the federal funds rate is unlikely to be raised at the April meeting. The Fed also removed the phrase indicating it could raise rates "sooner than anticipated," stating that it would raise rates only when it sees further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. The central bank also cautioned that the change in the forward guidance does not indicate that the timing of the initial increase has been decided yet.
Issuing its updated forecasts, the FOMC lowered forecasts for GDP growth in 2015 to 2.3-2.7 percent from 2.6-3 percent. The unemployment rate forecast was also nudged down to 5-5.2 percent from 5.2-5.3 percent. The consumer price inflation forecast was lowered to 0.6-0.8 percent from 1-1.6 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | First-time claims for U.S. unemployment benefits saw a modest increase in the week ended March 14th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims inched up to 291,000, an increase of 1,000 from the previous week's revised level of 290,000. Economists had expected jobless claims to rise to 293,000 from the 289,000 originally reported for the previous week.
The Commerce Department is set to release its current account balance data for the fourth quarter at 8:30 am ET. Economists expect the deficit to widen to $105 billion from $100.3 billion.
Federal Reserve Governor Daniel Tarullo is due to testify before the Senate Banking Committee on banking regulation with FDIC Chair Martin Gruenberg at 10 am ET.
The Philadelphia Federal Reserve is scheduled to release the results of its business outlook survey at 10 am ET. Economists expect the index to increase to 7 in March from 5.2 in February.
The pace of growth in regional manufacturing activity slowed in February. The diffusion index of business activity eased to 5.2 from 6.3 in January. The 6-month outlook index also fell to 29.7. The new orders index slipped 3.1 points to 5.4, while the unfilled orders index rose to 7.3 from -8.6 and the employment index climbed to 3.8 from -2.
At 10 am ET, the Conference Board is due to release its leading economic indicators index for February. The consensus estimate calls for a 0.3 percent month-over-month increase for the month.
The leading economic indicators index for the U.S. rose 0.2 percent month-over-month in January, softer than the 0.3 percent increase expected by economists. The yield spread, consumer expectations and credit indicators all contributed positively to the index, while stock prices and news orders served as drags.
The Treasury Department is set to make announcements concerning next week's auctions of 2-year, 5-year and 7-year notes at 1 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 | | | Cintas (CTAS) reported better than expected third quarter earnings, while its revenues were in line. The company raised its 2015 adjusted earnings guidance while narrowing its revenue guidance.
Jabil Circuit's (JBL) second quarter results exceeded estimates, and the company issued upbeat guidance for 2015. Lennar's (LEN) first quarter results were also better than expected.
Williams-Sonoma (WSM) reported in line fourth quarter earnings, while its revenues were shy of estimates. The guidance for the first quarter and the full year was weak.
CLARCOR (CLC) also reported in-line first quarter earnings on weaker than expected revenues. However, the company's 2015 guidance was positive.
Herman Miller (MLHR) reported better than expected third quarter results, but its fourth quarter earnings guidance was below estimates.
Guess (GES) reported fourth quarter earnings that were ahead of expectations, while its revenues were shy of estimates. The guidance for the full year was weak.
Starbucks (SBUX) announced an agreement with Chinese food and beverage producer Tingyi to expand the distribution of Starbucks ready-to-drink products throughout mainland China.
Nike (NKE) and Ctrip.com (CTRP) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened on a mixed note, with the French and the German markets opening lower, while the U.K. market opened higher, as budget optimism and an upbeat economic outlook offered support. With the averages of the former two markets seeing some volatility, the markets in the region are currently mixed.
In corporate news, Germany's Heidelberg said it expects 2015 earnings and sales to increase due to strength in its core market and also announced a 25 percent increase in its dividend.
U.K.'s Next reported higher profits and sales in 2014 and raised its dividend but was cautious on its outlook. Fraport confirmed its guidance for a 2-3 percent increase in passenger traffic.
On the economic front, the Swiss National Bank left its monetary policy unchanged as widely expected by economists. The SNB maintained the target range for the three-month libor unchanged at between -1.25 percent and -0.25 percent.
The interest rate on sight deposits with the SNB remained at -0.75 percent and the exemption thresholds remain unchanged, the bank said in a statement.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Fed's dovish stance fueled a rally across most of the Asian markets, although the Japanese market bucked the uptrend, as the yen strengthened .
Australia's All Ordinaries opened higher and advanced sharply in early trading and steadily thereafter. The index ended up 104.50 points or 1.80 percent at 5,913. The market witnessed broad based strength.
China's Shanghai Composite Index ended 4.97 points or 0.14 percent higher at 3,582 and Hong Kong's Hang Seng Index closed at 3,582, up 4.97 points or 0.14 percent.
Meanwhile, the Japanese Nikkei 225 average languished below the unchanged line throughout the session before ending down 67.92 points or 0.35 percent at 19l, 477.
A majority of stocks declined in the session, with export and financial stocks leading the slide. On the other hand, real estate stocks gained some ground.
On the economic front, a report released by Statistics New Zealand showed that the nation's economy expanded 0.8 percent sequentially in the third quarter, in line with estimates. However, the growth represented a slowdown from the 1 percent expansion in the previous quarter.
Japan's Ministry of Economy, Trade and Industry reported that its index measuring all industry activity in Japan rose 1.9 percent month-over-month in January, reversing the 0.1 percent drop in December. The industrial output and tertiary activity indexes rose 3.8 percent and 1.9 percent, respectively.
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| | Currency and Commodities Markets | | The most actively traded May futures are slipping $1.62 to $45.03 a barrel. The April futures, which rallied $1.20 to settle Wednesday's session at $44.66 a barrel, are currently down $1.69 to $42.97.
The previous session's gain came amid the Fed decision and the release of the petroleum status report, which showed that crude oil stockpiles increased by 9.6 million barrels to 458.5 million barrels in the week ended March 13th. Inventories were at the highest level for this time of year in at least the last 80 years.
Distillate inventories rose by 0.4 million barrels but were in the lower half of the average range. Meanwhile, gasoline inventories fell by 4.5 million barrels but remained well above the upper limit of the average range.
Refinery capacity utilization averaged 87.5 percent over the four weeks ended March 13th compared to 87.6 percent over the four weeks ended March 6th.
Gold futures, which rose $3.10 to $1,151.30 an ounce in the previous session, are currently climbing $8.20 to $1,159.50 an ounce.
Among currencies, the U.S. dollar is trading at 120.89 yen compared to the 120.11 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0662 compared to yesterday's $1.08064.
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