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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 Wednesday, with sentiment bringing to fore the extreme nervousness among traders. Although a majority of market participants and analysts widely expect the central bank to remove the word 'patience' from the statement, any hawkish message relayed by the statement could lead to some selling. Guidance released by some blue chip companies have been disconcerting and oil prices have taken a hit due to twin concerns of supply glut and the dollar's strength.
U.S. stocks ended Tuesday's session on a mixed note, as nervous traders preferred to either stay on sidelines or lighten their holdings. The major averages opened lower and fell further till the afternoon. After recouping some of their losses over the course of the afternoon, the averages ended on a mixed note.
The Dow Industrials ended down 128.34 points or 0.71 percent at 17,849 and the S&P 500 Index closed 6.91 points or 0.33 percent lower at 2,974, while the Nasdaq ended at 4,937, up 7.93 points or 0.16 percent.
Twenty-five of the thirty Dow components closed lower, while the remaining five stocks advanced.
DuPont (DD) fell 3.1 percent and was the biggest decliner among the Dow components, while Caterpillar (CAT), Visa (V), McDonald's (MCD), 3M Co. (MMM) and Merck (MRK) also saw notable losses.
Among the sectors, basic material and gold stocks fell the most, while airline stocks gained ground in the session.
On the economic front, the Commerce Department reported that housing start came in at a seasonally adjusted annual rate of 897,000 in January, while the January reading was upwardly revised by 16,000 to 1.081 million units. Single-family starts fell by 104,000 to 593,000, marking the lowest level since last June. With respect to building permits, permits for multi-family buildings were up 18.3 percent, while single family permits declined 6.2 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Energy Information Administration will release the weekly petroleum status report for the week ended March 13th at 10:30 am ET.
Crude oil stockpiles increased by 4.5 million barrels to 448.9 million barrels in the week ended March 6th. Inventories were at the highest level for this time of year in at least the last 80 years.
Distillate inventories rose by 2.5 million barrels but were in the lower half of the average range. Meanwhile, gasoline inventories edged down by 0.2 million barrels but remained well above the upper limit of the average range.
Refinery capacity utilization averaged 87.6 percent over the four weeks ended March 6th compared to 88.2 percent over the four weeks ended February 27th.
The Federal Open Market Committee will release its post meeting policy statement at 2 pm ET. Simultaneously, the Fed will also release its updated forecasts. Shortly after that at 2:30, Federal Reserve Chair Janet Yellen is due to host a press briefing.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Oracle (ORCL) reported in line adjusted earnings for its third quarter, while its revenues were below estimates.
FedEx (FDX) reported better than expected third quarter earnings, while its revenues were slightly shy of estimates. The earnings outlook for 2015 was lackluster.
General Mills (GIS) reported third quarter adjusted earnings that exceeded estimates, while its revenues were in line. The company reiterated its guidance for 2015.
Adobe Systems (ADBE) reported better than expected first quarter results. However, the company's second quarter guidance was weak.
Quiksilver (ZQK) reported a narrower than expected loss for its first quarter and its revenues exceeded estimates. However, the company lowered its guidance, which was below estimates.
Steel Dynamics (STLD) pre-announced first quarter adjusted earnings of 12-16 cents per share, below the 22 cents per share consensus estimate. The company attributed the predicament to lower steel shipments caused by inventory overhang and hesitant customer buying.
Cintas (CTAS), CLARCOR (CLC), Guess? (GES), Herman Miller (MLHR), Jabil Circuit (JBL), Shoe Carnival (SCVL) and Williams-Sonoma (WSM) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened higher but have turned mixed since then. The U.K. market is advancing moderately, while the French and German markets are down modestly. Trepidation ahead of the FOMC decision is keeping nerves taut.
In corporate news, Spanish retailer Inditex reported higher earnings and revenues for the full year 2014.
On the economic front, a report released by the U.K. Office for National Statistics showed that jobless claims fell by 31,000 in February from the previous month, while economists expected a drop of 30,000. The unemployment rate calculated based on the ILO standards was at 5.7 percent in the three months ended January, more than the 5.6 percent expected by economists.
The minutes of the Bank of England's March monetary policy meeting showed that the decision to keep interest rates and the size of the asset purchase program unchanged was unanimous.
Meanwhile, Eurostat reported that the euro area's trade surplus came in at 7.9 billion euros compared to a surplus of 0.1 billion euros in the year-ago period.
A separate report showed that construction output in the euro area rose 1.9 percent month-over-month in January, bigger than the 0.2 percent increase in December. Annually, construction output climbed 3 percent, reversing the 2.7 percent drop in December.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets closed on a mixed note, as the Australian, Indonesian, New Zealand, Singaporean and South Korean markets retreated, while the Japanese, Chinese, Taiwanese, Hong Kong, and Malaysian markets advanced.
Although nervousness about the FOMC decision was serving to stifle the mood in some of the markets, the Japanese market advanced on the yen's weakness and the Chinese market rallied for the sixth straight session to reach a new multi-year high.
Japan's Nikkei 225 average, which traded on a lackluster note, moving in and out of positive territory till late trading, recovered thereafter to finish 107.48 points or 0.55 percent higher at 19,545. Export, resource and financial stocks were among the biggest gainers of the session.
China's Shanghai Composite Index benefited from weak home prices data, which rekindled stimulus hopes, and added 74.45 points or 2.13 percent before closing at a near 7-year high of 3,577. Hong Kong's Hang Seng Index ended at 24,127, up 225.51 points or 0.94 percent.
Meanwhile, Australia's All Ordinaries languished below the unchanged line for the better part of the session before ending down 3 points or 0.05 percent at 5,808. Utility, real estate, consumer, energy and financial stocks came under selling pressure, while healthcare, material, industrial, IT and telecom stocks gained ground.
On the economic front, a government report showed that new home prices in China fell at a faster pace in February. On a monthly basis, house prices were lower in 66 out of the 70 cities surveyed.
A report released by Japan's Ministry of Finance showed that the nation's trade deficit narrowed to 424.60 billion yen in February from 1.179.1 billion yen in January. Economists expected a wider deficit of986.6 billion. Exports rose a better than expected 2.4 percent, while imports fell 3.6 percent.
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| | Currency and Commodities Markets | | Crude oil futures are sliding $1.29 to $42.17 a barrel after slipping $0.42 to $43.46 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,146.60, down $1.60 from the previous session's close of $1,148.20. On Tuesday, gold shed $5.
On the currency front, the U.S. dollar is trading at 121.17 yen compared to the 121.37 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0604 compared to yesterday's $1.0597.
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