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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 higher opening on Tuesday, with sentiment suggesting modest strength heading into the open. The mood across the Atlantic is precarious despite the release of private sector activity data from the euro area, which showed an improvement in activity levels to the highest level in about 4 years. Meanwhile, the manufacturing sector in China moved into contraction zone, a separate report showed. The mixed economic data could create some indecision among traders in the domestic markets.
With the dollar trending lower, commodity prices have extended their rally and this could offer support to the markets. The domestic markets may also stay tuned to economic data on new home sales and house prices. Meanwhile, St Louis Federal Reserve Bank President James Bullard, who took part in a panel with ECB Vice President Vitor Constancio discussing monetary policy in London, stated that zero interest rate is no longer appropriate for the U.S. economy, although any increase would be only small, keeping the monetary policy extremely accommodative.
U.S. stocks took divergent routes for much of the session on Monday before closing modestly lower. The weak performance came amid reaction to a weaker dollar, soft existing home sales data and developments regarding the Greek debt crisis. The major averages opened on a mixed note. The Dow Industrials and the S&P 500 Index hovered above the unchanged line for much of the session before pulling back in late trading.
The Dow Industrials ended down 11.61 points or 0.06 percent at 18,116 and the S&P 500 Index closed 3.68 points or 0.17 percent lower at 2,104. Meanwhile, the Nasdaq Composite languished below the unchanged line for the better part of the session before ending down 15.44 points or 0.31 percent at 5,011.
Eighteen of the thirty Dow components closed lower, while the remaining twelve stocks advanced. Home Depot (HD), JP Morgan Chase (JPM), Chevron (CVX) and Boeing (BA) were among the worst decliners of the session, while Apple (AAPL), IBM (IBM), McDonald's (MCD), Pfizer (PFE) and Exxon Mobil (XOM) helped limit the Dow's losses with handsome gains.
Among the sectors, transportation, biotechnology and semiconductor stocks declined notably, while gold stocks gained some ground.
On the economic front, the National Association of Realtors reported that existing home sales came in at a seasonally adjusted annual rate of 4.88 million units in February, while economists expected a bigger improvement to 4.940 million units. Annually, existing home sales were up 4.7 percent. Single family starts climbed 1.4 percent month-over-month and condominium sales were unchanged. Inventories measured in terms of months of supply were unchanged at 4.6 months. The median price of an existing home was up 2.5 percent month-over-month to $202,600.
Meanwhile, the Chicago Federal Reserve national activity index unexpectedly declined to -0.11 in February from 0.13 in January.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Consumer prices in the U.S. rose in line with economist estimates in the month of February, according to a report released by the Labor Department, with the increase partly reflecting a rebound in energy prices.
The Labor Department said its consumer price index edged up by 0.2 percent in February after tumbling by 0.7 percent in January. The modest increase by the index matched the consensus estimate. Core consumer prices, which exclude food and energy prices, also rose by 0.2 percent for the second consecutive month. Economists had expected core prices to inch up by 0.1 percent.
The Federal Housing Finance Agency is due to release its housing market index for January at 9 am ET. The consensus estimate calls for a 0.5 percent month-over-month increase in the house price index following a 0.8 percent increase in December.
Markit will release the flash estimate of its U.S. manufacturing index for March at 9:45 am ET, with economists expecting an increase in the index to 54.7 from 54.3 in February.
The Richmond Federal Reserve is scheduled to release its manufacturing index for March at 10 am ET. Economists expect the index to increase to 2 from 0 in February.
Also at 10 am ET, the Commerce Department is set to release its new home sales data for February. Economists expect new home sales to come in at a seasonally adjusted annual rate of 462,000 compared to a 481,000 unit rate in January.
New home sales came in at a seasonally adjusted annual rate of 481,000 units in January compared to an upwardly revised annual rate of 482,000 for December. Economists had expected a steeper drop to 471,000. Inventories of new home sales rose to 218,000, marking the highest rate since March 2010.
The Treasury Department is set to announce the results of its auction of 2-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 | |
Career Education (CECO) announced that its CFO Reid Simpson will leave the company on March 31st, 2015 to take up outside opportunities. The company announced the appointment of David Rawden of AlixPartners as CFO on an interim basis.
Chesapeake Energy (CHK) announced measures to counter the impact of lower commodity prices, including a reduction to its 2015 capital budget by $500 million from its previous budget to $3.5 to $4.0 billion. The company also said it is planning to reduce the number of rigs it operates by 55 percent. The company also lowered its 2015 production target.
Pitney Bowes (PBI) recommended that its shareholders reject a mini-tender offer by TRC Capital to buy up to 4 million shares or 2 percent of its outstanding shares at $22.15 per share in cash. |
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| | European Markets |
After opening lower, European stocks have recovered and are currently trading modestly higher, as traders digest domestic private sector activity data.
In corporate news, Wolseley reported a sharp decline in first-half pre-tax profits, mainly hurt by an impairment charge. However, trading profit from ongoing businesses increased, as revenues benefited from decent market conditions in the U.S.
Swedish apparel retailer Hennes & Mauritz said its first-quarter profits increased from the prior year, supported by growth in sales. The retailer said it made a very good start to 2015 and that sales so far in the current quarter grew 9 percent in local currencies.
On the economic front, the results of a survey by Markit showed that private sector activity in the eurozone accelerated more than expected in March, with the composite PMI rising 0.8 points to 54.3. The manufacturing PMI rose a more than expected 0.9 points to 51.9 and the service sector PMI climbed to 54.3 in March from 53.7 in February.
A report released by U.K.'s Office for National Statistics showed annual consumer price inflation stagnated in February compared to expectations for a 0.1 percent increase. Annual core inflation slowed to 1.2 percent from 1.4 percent.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
The Asian markets closed on a mixed note, with the negative close on Wall Street and weak manufacturing data out of China weighing on sentiment. The Japanese, New Zealand, Taiwanese and Hong Kong markets declined, while the Australian, Chinese, Indian, Indonesian, South Korean, Singaporean and Malaysian markets ended higher.
The Japanese market retreated as the yen was firmer, with the Nikkei 225 average spending the better part of the session below the unchanged line before ending down 40.91 points or 0.21 percent at 19,714, slightly off its multi-year highs.
Hong Kong's Hang Seng Index ended down 94.91 points or 0.39 percent at 24,400, while China's Shanghai Composite Index ended at 3,691, up 3.68 points or 0.10 percent.
The Chinese market made a late-day recovery on hopes that data showing an unexpected contraction in manufacturing activity would strengthen the case of additional easing.
Australia's All Ordinaries hovered in positive territory throughout the session before ending 13.50 points or 0.23 percent higher at 5,935.
A majority of stocks found buying interest, with material, real estate, consumer staple and healthcare stocks leading the way higher. On the other hand, IT and financial stocks underperformed.
On the economic front, preliminary results of HSBC and Markit's Chinese manufacturing sector survey showed that the manufacturing index slid into contraction territory. The manufacturing PMI fell to 49.2 in March from 50.7 in February, while economists expected a more modest drop to 50.5.
Meanwhile, the Conference Board's leading economic indicators index for China rose 1.5 percent month-over-month in February following a 0.5 percent increase in January.
The manufacturing survey for Japan conducted jointly by Markit and the JMMA showed that manufacturing activity slowed in March. The manufacturing PMI for Japan fell to 50.4 in March from 51.6 in February, dropping to the lowest reading since October 2014
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| | Currency and Commodities Markets |
Crude oil futures a rising $0.39 to $47.84 a barrel after climbing $0.88 to $47.45 a barrel on Monday. Meanwhile, an ounce of gold is currently trading at $1,190.10, up $2.40 from the previous session's close of $1,187.70. On Monday, gold rose $3.10.
On the currency front, the U.S. dollar is trading at 119.50 yen compared to the 119.73 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0972 compared to yesterday's $1.0946.
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