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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 roughly flat open on Wednesday, with sentiment suggesting nervousness amid uncertainties concerning the monetary policy and economic outlook. Durable goods orders data released earlier in the day revealed weakness, which could add weight to expectations that the Fed may be benevolent when it comes to its decision concerning monetary policy. Meanwhile, the crisis in Greece looks far from settled, as it is required to submit a list of proposal to its creditors. The uncertainty could weigh down on the averages, although some buying may materialize on bargain hunting following the declines of the past two sessions.
U.S. stocks declined yet again on Tuesday, as strong domestic new home sales data reignited fears concerning monetary policy normalization and mixed global private sector activity data created indecision.
The major averages opened mixed, with the Dow Industrials and the S&P 500 Index trading on a lackluster note throughout the morning. After early weakness, the Nasdaq Composite hovered in positive territory for much of the morning. Thereafter, the averages declined steadily before closing lower.
The Dow Industrials ended down 104.90 points or 0.58 percent at 18,011 and the S&P 500 Index closed 12.92 points or 0.61 percent lower at 2,092, while the Nasdaq Composite closed at 4,995, down 16.25 points or 0.32 percent.
Twenty-four of the thirty Dow components declined in the session, with Chevron (CVX), Cisco (CSCO), Pfizer (PFE) and Intel (INTC) seeing notable losses.
Among the sectors, utility, computer hardware, banking and semiconductor stocks came under significant selling pressure.
On the economic front, the Federal Housing Finance Agency reported that house prices rose 0.3 percent month-over-month in January following a revised 0.7 percent increase in December.
Markit's flash estimate for the U.S. showed that growth in manufacturing activity accelerated more than expected in March. The preliminary manufacturing PMI rose to 55.3 in March from 54.3 in February.
The Labor Department's consumer price inflation report showed that consumer prices rose 0.2 percent month-over-month in February, in line with estimates and reversing some of the 0.7 percent drop in January. This marked the first increase in consumer prices since October of 2014. Energy prices were up 1 percent, with gasoline prices rebounding by 2.4 percent. Annually, consumer prices were down 0.1 percent. Core consumer prices were up 0.2 percent month-over-month and 1.7 percent higher than a year ago.
The Commerce Department reported that new home sales rose sharply to a seasonally adjusted annual rate of 539,000 in February from an upwardly revised rate of 500,000 in January. Economists had expected a decline to 462,000. Inventories measured in terms of months of sales fell to 4.7 months from 5.1 months in January. The median price of new home sales fell 4.8 percent month-over-month to $275,500.
The Richmond Federal Reserve's manufacturing survey showed that its manufacturing index fell to -8 in March from 0 in February. Economists expected a reading of 2. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | With orders for transportation equipment showing a notable pullback, the Commerce Department released a report showing that new orders for U.S. manufactured durable goods unexpectedly decreased in the month of February.
The report said durable goods orders fell by 1.4 percent in February following a downwardly revised 2.0 percent increase in January. The drop in orders came as a surprise to economists, who had expected orders to climb by 0.7 percent compared to the 2.8 percent jump that had been reported for the previous month.
Excluding a 3.5 percent drop in transportation orders, durable goods orders still fell by 0.4 percent in February after sliding by 0.7 percent in January. Ex-transportation orders had been expected to rise by 0.3 percent.
The Energy Information Administration will release its weekly petroleum status report for the week ended March 20th at 10:30 am ET.
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.
The Treasury Department is scheduled to release the results of its auction of 5-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 | | | Christopher & Banks (CBK) reported a fourth quarter loss that was wider than expectations, while its revenues were ahead of estimates. The company's first quarter and full year guidance was weak.
Sonic (SONC) reported better than expected second quarter results.
Merck (MRK) announced that its board has authorized additional purchases of up to $10 billion worth of the company's common stock.
Lexmark (LXK) announced a deal to buy Kofax for $11 per share or for an enterprise value of $1 billion, net of cash acquired.
AutoZone's (AZO) board announced the buyback of an additional $750 million of its common stock.
Novavax (NVAX) announced that it would offer $175 million of its shares in an underwritten public offering.
Newell Rubbermaid (NWL) announced an agreement to sell Endicia, a developer of global online shipping solutions, to Stamps.com for $215 million. The unit proposed to be sold generated adjusted sales of $59 million for 2014.
H.B. Fuller (FUL), Pacific Sunwear (PSUN), PVH (PVH), Red Hat (RHT) and Worthington (WOR) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened notably lower but have recouped some of their losses since then. However, the major averages in the region currently remain in the red.
Meanwhile, Athens needs to come up with a list of its own reforms by early next week to get fresh aid from its creditors and avoid a messy default. Government spokesman Gabriel Sakellaridis told Mega TV yesterday that the detailed reform proposals would be delivered by Monday at the latest. Greece will run out of money by April 20 without any release of funds.
In corporate news, water utility United Utilities said its current trading was in line with the group's expectations for the year ending March 31. The company expects a modest increase in underlying operating profit for 2014/15, and sees revenue slightly higher than last year. Airbus announced that it would sell about 1.38 million shares or a 15 percent stake in Dassault Aviation.
On the economic front, the Ifo Institute's business Climate index for Germany climbed to 107.9 in March from 106.8 in February, rising for the fifth straight session. It was forecast to rise to 107.3. The current conditions index improved to 112 from 111.3 in the prior month, matching expectations.
French business confidence weakened in March but remained close to its long-term average, according to the results of a survey by statistical office Insee. The business confidence index fell to 99 from 100 in February. It was forecast to remain unchanged at 100.
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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 once again, with the Chinese, Indian, Indonesian, New Zealand and Taiwanese markets declining, while the rest of the markets advanced. The negative close on Wall Street and hazy economic outlook served to keep sentiment subdued.
The Japanese market moved about in a lackluster manner even though the yen was subdued. The Nikkei 225 average, which traded amid trepidation till the mid-session, fell sharply in late afternoon trading. After paring its losses in late trading, the index closed up 32.75 points or 0.17 percent at 19,746.
Resource, telecom, real estate and retail stocks were among the best performers, while export stocks saw mixed sentiment.
Australia's All Ordinaries rallied sharply in early trading only to give back its gains by late trading. Although the index traded below the unchanged line for much of the remainder of the session, it moved higher in the final few minutes of trading, closing up 2.60 points or 0.04 percent at 5,937.
Consumer discretionary, financial and utility stocks gained ground, while consumer staple, energy, healthcare, IT and real estate stocks came under selling pressure.
Hong Kong's Hang Seng Index ended at 24,528, up 128.63 points or 0.53 percent, while China's Shanghai Composite Index snapped an 10-session winning streak on some disappointing earnings and ended 30.68 points or 0.83 percent lower at 3,661.
On the economic front, a report released by the Bank of Japan showed that corporate goods service prices rose 3.3 percent year-over-year in February, in line with estimates. On a monthly basis, prices were up 0.1 percent.
The Reserve Bank of Australia said in its Financial Stability Review report that the divergence between Australia's rising prices and falling rents in the property market has widened further. The central bank is of view that the recent decline in mortgage interest rates can be expected to further boost demand for housing, though it will also make it easier for existing borrowers to service their debts. |
| | Currency and Commodities Markets | | Crude oil futures are rising $0.32 to $47.83 a barrel after edging up $0.06 to $47.51 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,196.10, up $4.70 from the previous session's close of $1,191.40. On Tuesday, gold rose $3.70. On the currency front, the U.S. dollar is trading at 119.34 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 $1.0995 compared to yesterday's $1.0597.
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