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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 flat opening on Tuesday, with the mood still jittery despite the forecast-beating results from JP Morgan. A Commerce Department report released short while ago showed that retail sales rose by less than expected in March, which could be seen as suggesting that the economy is still experiencing a soft patch. The data could be a strong argument against the Fed rushing into a monetary policy normalization schedule. The dollar has given back some ground and base metal prices are seeing weakness, while oil is holding firm. The lack of clarity could lead to directionless trading in the session.
U.S. stocks retreated on Monday, giving back some of their recent gains amid a lack of major directional cues. The major averages opened slightly higher and hovered in positive territory until late afternoon trading. Thereafter, the averages declined steadily before closing moderately lower for the session.
The Dow Industrials ended down 80.61 points or 0.45 percent at 17,977 and the S&P 500 Index closed 9.63 points or 0.46 percent lower at 2,092, while the Nasdaq Composite slid 7.73 points or 0.15 percent before closing at 4,988. Twenty-five of the thirty Dow components closed lower for the session, while five stocks advanced. General Electric retreated 3.09 percent, giving back some of Friday's advance. Johnson & Johnson, Merck, Pfizer, Visa and United Technologies were among the other major decliners of the session.
Among the sectors, energy and utility stocks declined sharply, while banking stocks saw notable strength.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | With a jump in energy prices partly offset by a continued drop in food prices, the Labor Department released a report showing a modest increase in U.S. producer prices in the month of March.
The Labor Department said its producer price index for final demand rose by 0.2 percent in March after falling by 0.5 percent in February. The increase in prices matched economist estimates. Excluding food and energy prices, core producer prices also rose by 0.2 percent in March following a 0.5 percent drop in the previous month. Economists had expected core prices to tick up by 0.1 percent.
After reporting lower U.S. retail sales for three straight months, the Commerce Department released a report showing that sales rebounded in the month of March. The Commerce Department said retail sales climbed by 0.9 percent in March following a revised 0.5 percent decrease in February.
However, economists had been expecting sales to surge up by 1.1 percent compared to the 0.6 percent drop originally reported for the previous month. Excluding a jump in sales by motor vehicle and parts dealers, retail sales rose by 0.4 percent in March after coming in unchanged in February. Ex-auto sales had been expected to rise by 0.6 percent.
The Commerce Department will also release its business inventories report for February at 10 am ET. Economists expect a 0.2 percent month-over-month increase in business inventories.
In January, business inventories remained unchanged compared to the previous month, while business sales fell 2 percent. The business inventories to sales ratio came in at 1.35 in January compared to 1.33 in December.
Minneapolis Federal Reserve Bank President Narayana Kocherlakota is due to speak at a town hall in Winona, Minnesota at 8 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 | | | JP Morgan Chase reported better than expected first quarter results and the company also said its board approved an increase in its quarterly dividend to 44 cents per share from 40 cents per share. Smaller peer Wells Fargo also reported better than expected first quarter results. Johnson & Johnson reported adjusted earnings and revenues that beat estimates. However, the company lowered its 2015 earnings guidance.
Pep Boys reported a wider loss for its fourth quarter, weighed down by higher charges, but sales rose 1.3 percent to $502.4 million. The revenues were shy of estimates.
Norfolk Southern said it expects 2015 first quarter earnings of $1 per share, down 15 percent from the year-ago period, with the company attributing the predicament to lower than expected revenues. The company also said it expects first quarter revenues to drop 5 percent due to weak coal shipments. The guidance was below estimates. Meanwhile, J.B. Hunt reported first quarter earnings that exceeded estimates, while its revenues were shy of estimates
General Motors announced a 20 percent increase in its quarterly dividend to 36 cents per share.
CSX Corp. , Healthcare Services Group, Intel and Linear Technologies 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 experienced some volatility in early trading. Since then, the French CAC 40 Index and the German DAX Index have pulled back sharply, while the U.K.'s FTSE Index is seeing a modest gain.
In domestic corporate news, French luxury goods group LVMH said that its first-quarter revenue rose 16 percent.
Confirming media speculation, Nokia said it is in advanced discussions with French telecom equipment maker Alcatel-Lucent regarding a potential full combination, which would take the form of a public exchange offer by Nokia for Alcatel-Lucent.
On the economic front, data released by Eurostat showed that industrial output in the euro area rose 1.6 percent year-over-year in February, ahead of the 0.8 percent growth expected by economists.
U.K. inflation remained flat in March for the second straight month, as expected by economists, data released by the Office for National Statistics revealed. Inflation remained at zero in March after easing to that level for the first time on record in February. On a monthly basis, the consumer price index gained 0.2 percent, in line with estimates but slower than a 0.3 percent rise in February.
The British Retail Consortium reported that U.K. retail sales rose more than expected in March, as food sales expanded by the most since July 2013, capitalizing on an early Easter this year. Retail sales climbed 3.2 percent year-over-year on a like-for-like basis compared to a more modest 0.5 percent increase expected by economists.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed mixed yet again, with the Australian, Hong Kong, Indonesian and Taiwanese markets retreating, while the other major markets in the region ended higher. The overall mood was one of caution, given the negative mood on Wall Street overnight as well as the impending release of GDP data from China and retail sales data from the U.S.
The Japanese market ended nearly unchanged with a slight positive bias even as the yen strengthened. Japan's Nikkei 225 average languished in negative territory for much of the session before sneaking back above the unchanged line in final few minutes of trading. The index ended up 3.22 points or 0.02 percent at 19,909.
Australia's All Ordinaries traded below the unchanged line throughout the session before ending 11.90 points or 0.20 percent lower at 5,916. Consumer, energy, material, telecom and real estate stocks came under selling pressure, while energy, industrial and healthcare and IT stocks gained ground.
Hong Kong's Hang Seng Index succumbed to selling generated by profit taking following handsome gains in recent sessions. At the close of trading, the index was down 454.85 points or 1.62 percent at 27,562.
Meanwhile, China's Shanghai Composite Index ended at 4,136, up 13.85 points or 0.34 percent, as stimulus hopes firmed up ahead of tomorrow's GDP data.
On the economic front, the results of a survey by the National Australia Bank showed that business conditions and business confidence in Australia improved in March. The business confidence index rose to 3 in March from 0 in February, and the business conditions index climbed 4 points to 6.
Contrary to expectations in some quarters, the Monetary Authority of Singapore announced that it is maintaining its monetary policy unchanged. Some economists had expected further easing by the agency. |
| | Currency and Commodities Markets | | Crude oil futures are climbing $0.45 to $52.36 barrel after rising $0.27 to $51.91 a barrel on Monday. Meanwhile, an ounce of gold is trading at $1,190.30, down $9 from the previous session's close of $1,199.30. On Monday, gold fell $5.30.
On the currency front, the U.S. dollar is trading at 119.66 yen compared to the 120.13 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0622 compared to yesterday's $1.0567.
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