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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 notably lower opening on Thursday, with the negative mood exacerbated by fears of a hit to global growth. After Greece, the Middle East is back on the radar, with Yemen being the epicenter of the strife in the region. Saudi Arabia and a few regional allies have begun air strikes against the Houthi rebels in Yemen, who recently overthrew the nation's president last month.
The geopolitical crisis has sent safe havens soaring and risk assets plummeting. A report showing a bigger than expected drop in jobless claims is having little impact on the markets. The markets across the Atlantic are also experiencing a steep sell-off, while crude oil prices are rallying.
U.S. stocks declined notably on Wednesday, weighed down by weak domestic durable goods orders data and oil's steep climb in the wake of the dollar's weakness and geopolitical tensions in the Middle East.
After opening slightly higher, the averages nervously moved around the unchanged line in early trading. However, the averages declined steadily throughout the remainder of the session, closing notably lower. In the process, the Dow Industrials moved into the red for the year.
The Dow Industrials slumped 292.60 points or 1.62 percent before closing at 17,719 and the S&P 500 Index ended down 30.45 points or 1.46 percent at 2,061, while the Nasdaq Composite fell a steeper 118.21 points or 2.37 percent before settling at 4,877.
Twenty-eight of the thirty Dow components declined in the session, with tech giants Apple (AAPL), Microsoft (MSFT) and Intel (INTC) among the worst hit. On the other hand, Chevron (CVX) rose 1.41 percent.
Among the sectors, transportation, biotechnology, semiconductor and brokerage stocks fell sharply, while energy stocks gained ground.
On the economic front, the Commerce Department reported that durable goods orders fell 1.4 percent month-over-month in February, belying expectations for a 0.7 percent increase. Excluding transportation, orders were down 0.4 percent, while economists expected a 0.3 percent gain. Transportation orders were down 3.5 percent. Non-defense capital goods orders, excluding aircrafts and parts, were down 1.4 percent, with the category falling for each of past 6 months. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | After reporting a modest uptick in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report showing that initial jobless claims pulled back by more than expected in the week ended March 21st.
The report said initial jobless claims fell to 282,000, a decrease of 9,000 from the previous week's unrevised level of 291,000. Economists had expected jobless claims to edge down to 290,000.
Atlanta Federal Reserve Bank President Dennis Lockhart will discuss monetary policy and the economic outlook in Detroit at 9 am ET.
Markit is scheduled to release flash estimate of its U.S. service sector purchasing managers' index for March at 9:45 am ET. The consensus estimate calls for an unchanged reading at 57 for the month.
The Kansas City Federal Reserve is due to release its manufacturing index for March at 11 am ET. Economists expect a reading of 0 compared to 1 in February.
The Treasury Department is set to announce the results of its auction of seven-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 | | | PVH Corp.'s (PVH) fourth quarter adjusted earnings exceeded estimates but its revenues were shy of estimates. The company's first quarter and full year guidance was weak.
Pacific Sunwear (PSUN) reported an adjusted fourth quarter loss that was narrower than analysts had expected. Revenues also exceeded estimates. However, the company's first quarter guidance was weak.
SanDisk (SNDK) cut its first quarter and full year revenue estimate, citing certain product qualification delays, lower than expected sales of enterprise products and lower pricing in some areas of the business.
Red Hat (RHT) reported better than expected fourth quarter adjusted earnings and revenues. The company also said its board approved a $500 million stock buyback program.
Accenture (ACN) reported better than expected second quarter results and raised its full year revenue growth guidance and narrowed its earnings guidance range.
H.B. Fuller (FUL) reported adjusted earnings and revenues that trailed expectations. The company's 2015 earnings guidance was above estimates, while revenues are expected to trail current consensus estimate.
Worthington's (WOR) third quarter adjusted earnings were in line, while its revenues missed expectations.
Photronics (PLAB) announced the promotion of Dr. Peter Kirlin to CEO, effective May 4th, 2015, while the current CEO Constantine Macricostas will join the company's board as Executive Chairman.
AAR Corp. (AIR), Oxford Industries (OXM) and Progressive Software (PRGS) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened lower and are still languishing in the red. The geopolitical tensions triggered by the developments in Yemen have served to aggravate the risk aversion in the markets.
In corporate news, low-cost airline easyJet said it now expects its first-half pre-tax results to be better than what it had previously anticipated due to the movement of exchange rates in the second quarter.
Announcing its new strategic business plan, Adidas said it plans to increase revenues at a high-single-digit rate on average per year on a currency-neutral basis until 2020. The company's net income is expected to grow at a considerably higher rate than the top line and is projected to expand by around 15% on average in each of the next five years.
On the economic front, revised estimates released by French statistical office INSEE showed that French fourth quarter GDP growth was confirmed at 0.1 percent following the 0.3 percent increase in the third quarter.
A Labor Ministry report showed that the number of unemployed people in France rose by 12,800 or 0.4 percent in January.
The results of a forward looking consumer confidence survey by the GfK Institute showed that German consumer climate is set to improve in April. The consumer climate index rose to 10 in April from 9.7 in March, while it was expected to improve to 9.8. All the sub-indicators, whose values pertain to March, showed improvement.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets retreated in reaction to the sell-off on Wall Street overnight. Meanwhile, the Chinese and Singaporean markets bucked the downtrend.
The Japanese market retreated, stung by the negative Wall Street lead and the strengthening of the yen. The Nikkei 225 average opened lower and fell sharply in early trading before moving steadily lower till the mid-session. Thereafter, it was more of a consolidation move around the lower levels. The index ended down 275.08 points or 1.39 percent at 19,471. A majority of stocks declined in the session, led by export stocks.
Australia's All Ordinaries also languished below the unchanged line throughout the session before ending 87.40 points or 1.47 percent lower at 5,850. All sectors, with the exception of energy stocks, came under selling pressure, with financial, healthcare and real estate stocks among the worst hit.
Hong Kong's Hang Seng Index ended at 24,497, down 31.15 points or 0.13 percent, while China's Shanghai Composite advanced 21.37 points or 0.58 percent before closing at 3,682.
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| | Currency and Commodities Markets | | Crude oil futures are rallying $1.88 to $51.09 a barrel after jumping $1.70 to $49.21 a barrel on Wednesday.
The previous session's rally came amid the dollar's weakness and the release of the petroleum status report, which showed that crude oil stockpiles increased by 8.2 million barrels to 466.7 million barrels in the week ended March 20th. Inventories were at the highest level for this time of year in at least the last 80 years.
Distillate inventories were unchanged, remaining in the lower half of the average range. Meanwhile, gasoline inventories fell by 2 million barrels but remained well above the upper limit of the average range.
Refinery capacity utilization averaged 87.9 percent over the four weeks ended March 20th compared to 87.5 percent over the four weeks ended March 3rd.
Gold futures, which rose $5.60 to $1,197 an ounce in the previous session, are currently climbing $13.10 to $1,210.10 an ounce.
Among currencies, the U.S. dollar is trading at 118.72 yen compared to the 119.49 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.100 compared to yesterday's $1.0970.
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