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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 lower opening on Thursday, with sentiment turning sour as the economic news flow continue to be negative. Two domestic reports released earlier in the day were disappointing, as jobless claims unexpectedly rose, while housing starts rebounded by less than expected. With oil prices pulling back, the energy space may see weakness. At the same time, earnings news has been largely encouraging. The results of a regional manufacturing survey and some Fed speeches may also provide directional cues to the markets.
U.S. stocks advanced solidly on Wednesday, as oil prices climbed sharply and the dollar weakened in the wake of some lackluster domestic economic data.
The major averages opened higher and hovered in positive territory throughout the session before closing moderately higher. The Dow Industrials ended up 75.91 points or 0.42 percent at 18,113, the S&P 500 Index closed 10.79 points or 0.51 percent higher at 2,107 and the Nasdaq Composite Index added 33.73 points or 0.68 percent before ending at 5,011.
Twenty-one of the thirty Dow components closed higher, while the remaining nine stocks declined. Intel (INTC) was the biggest gainer among the Dow components with a 4.26 percent jump. Exxon Mobil (XOM), Microsoft (MSFT), Merck (MRK), JP Morgan Chase (JPM), IBM (IBM), Goldman Sachs (GS), Chevron (CVX), Cisco Systems (CSCO) and Caterpillar (CAT) also rose notably in the session, while General Electric (GE), McDonald's (MCD) and UnitedHealth (UNH) came under pressure.
Resource, semiconductor and computer hardware were among the best performers of the session.
On the economic front, the results of the New York Federal Reserve's manufacturing survey for April showed that the sector contracted. The general business conditions index fell to -1.2 from 6.9 in March. The new orders index declined further into negative territory to -6 and the employment index dipped to 9.6, while the order backlogs index moved up to -11.7 from -13.4. Meanwhile, the shipments index climbed to 15.2 from 7.9, and the 6-month outlook index rose 6 points to 37.1.
The Federal Reserve reported that industrial production fell 0.6 percent month-over-month in March, worse than the 0.3 percent drop expected by economists. Utility output slumped 5.9 percent and was responsible for much of the weakness in the headline number. Mining output also declined, while manufacturing output was up 0.1 percent, as motor vehicles/parts production climbed 3.2 percent. Production of machinery and computer/electronics was flat.
On the other hand, homebuilder sentiment improved in April, according to the results of the housing market survey by the National Home Builders Association. The housing market index rose 4 points to 56 in April, exceeding the consensus estimate of 55. The present sales conditions and the sales expectations index improved, while the index measuring prospective buyer traffic remained below the '50' mark at 41 despite increasing from 37 in March. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Commerce Department is scheduled to release its housing starts report for March at 8:30 am ET. Economists expect housing starts to come in at a seasonally adjusted annual rate of 1.040 million units, while permits may have come in at 1.085 million units.
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.
First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended April 11th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims climbed to 294,000, an increase of 12,000 from the previous week's revised level of 282,000. The increase came as a surprise to economists, who had expected jobless claims to edge down to 280,000 from the 281,000 originally reported for the previous week.
While the Commerce Department released a report showing a rebound in new U.S. residential construction in the month of March, housing starts still came in well below economist estimates for the month.
The report said housing starts rose 2.0 percent to an annual rate of 926,000 in March after tumbling 15.3 percent to a rate of 908,000 in February. Economists had been expecting housing starts to jump to a rate of 1.04 million.
The Commerce Department also said building permits, an indicator of future housing demand, fell 5.7 percent to an annual rate of 1.039 million in March from the revised February rate of 1.102 million. Building permits had been expected to edge down to 1.085 million.
Atlanta Federal Reserve Bank President Lockhart is due to speak on the economic outlook and monetary policy in West Palm Beach, Florida at 1 pm ET.
Also at 1 pm ET, Federal Reserve Vice Chairman Stanley Fischer and ECB board member Peter Praet are scheduled to participate in a panel at the IMF in Washington discussing inflation.
Cleveland Fed President Loretta Mester will speak on the economy and monetary policy in New York at 1:10 pm ET, while Boston Fed President Eric Rosengren is scheduled to speak in London at 1:30 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 | | | Netflix (NFLX) reported better than expected first quarter earnings and its revenues were in line. The company added 2.3 million customers domestically and 2.6 million international customers and also said it added 4.9 million streaming subscribers globally, ahead of its estimates. Citing expected content related expenses in Australia and New Zealand, the company issued weak second quarter earnings guidance.
Among major banks, Citigroup (C) reported better than expected earnings, while its revenues were shy of estimates. Goldman Sach's (GS) results topped expectations.
Alliance Data Systems (ADS) reported better than expected first quarter results and raised its 2015 earnings outlook.
BlackRock's (BLK) first quarter earnings exceeded estimates, while its revenues were shy of estimates.
Philip Morris (PM) reported better than expected first quarter results and also raised its earnings per share guidance for 2015.
SanDisk (SNDK) reported first quarter earnings that trailed estimates, while its revenues were ahead of estimates.
Mentor Graphics (MENT) announced that about 110 North American employees have elected to participate in a voluntary retirement program, keeping in line with a previously announced early retirement program and other selective workforce actions initiated in the first quarter of 2016. The actions are expected to affect 4 percent of its worldwide workforce and would results in restructuring expenses of $37 million.
Announcing a series of value enhancing initiatives, Panera Bread (PNRA) said its board has approved an increase its current share repurchase program to $750 million. The company also said it has made progress on its plan to refranchise 50 to 150 cafes in 2015. The company also said it expects to use the proceeds from the refranchising effort to repurchase shares.
Amgen (AMGN) said the FDA has granted approval of Corlanor, an oral medication to reduce the risk of hospitalization for worsening heart failure in patients with chronic heart failure. The company expects the medication to be available to patients in approximately one week.
Kinder Morgan (KMI) announced a 14 percent increase in its first quarter dividend to 48 cents per share.
Callaway Golf (ELY) announced the appointment of Robert Julian as CFO of the company, effective May 11th, 2014, replacing Brad Holiday, who announced his decision to retire in December 2014.
AMD (AMD), Mattel (MAT), Schlumberger (SLB) and American Express (AXP) 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 have been languishing in the red, as the markets pause after the buoyancy seen in recent sessions.
Traders are also reacting to positive car registration data, some domestic corporate news and worries concerning Greece, which is finding itself at loggerheads with Germany over the unlocking of emergency funding.
In corporate news, Unilever reported first quarter underlying sales that exceeded estimates, as price increases in emerging markets boosted performance. U.K. department store Debenhams reported better than expected profits for the first half of the year.
France's Sodexo reported higher profits for the half year and also confirmed its guidance of the fiscal year ending August 31st. Spirits maker Diageo reported lower profits and revenues for the third quarter that missed estimates on broad based weakness. Meanwhile, SABMiller's fourth quarter volumes and sales rose slightly.
On the economic front, new passenger car registrations in the European Union increased for the nineteenth consecutive month in March and at the fastest pace in a year, the European Automobile Manufacturers Association said. New car registrations climbed 10.6 percent year-over-year to 1,604,107 units. In February, sales had risen 7.3 percent.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced, encouraged by the positive close on Wall Street overnight. Stimulus hopes, some positive domestic data and the overnight rally in oil prices also lent support.
After spending the better part of the session below the unchanged line, as the yen remained firm, the Nikkei 225 average recovered in the final few minutes of trading. The index ended up 16.01 points or 0.08 percent at 19,886.
Financial and resource stocks led the Nikkei's advance, while export stocks lost ground in the session.
Meanwhile, Australia's All Ordinaries Index hovered solidly in positive territory throughout the session, drawing inspiration from positive domestic jobs data and the strong rally in oil prices. The index closed 40.30 points or 0.69 percent higher at 5,918.
Energy, consumer discretionary and material stocks rallied strongly, while industrial and healthcare stocks came under selling pressure.
China's Shanghai Composite Index jumped 110.66 points or 2.71 percent before closing at a fresh 7-year high of 4,195. Hong Kong's Hang Seng Index added 120.89 points or 0.44 percent before closing at 27,740.
On the economic front, a report released by the Australian Bureau of Statistics showed that the jobless rate in Australia eased to 6.1 percent in March compared to February's 6.3 percent. The economy added 37,700 jobs in March, ahead of the 15,000 job additions estimated by economists. The bulk of the increase was in the less volatile full time jobs.
A separate report showed that motor vehicle sales in Australia rose 0.5 percent month-over-month in March following a 2.9 percent increase in February. Annually, motor vehicle sales climbed 4.4 percent.
Foreign direct investment into China increased in March from a year ago, according to data released by the Commerce Ministry. In March, foreign direct investment climbed 2.2 percent year-over-year to $12.4 billion, which was much bigger than February's 0.9 percent rise. |
| | Currency and Commodities Markets | | Crude oil futures are sliding $1.06 to $55.33 barrel after jumping $3.10 to $56.39 a barrel on Wednesday.
The previous session's rally came amid optimism concerning demand and the release of the petroleum status report, while showed an increase in crude oil inventories but a drop in gasoline inventories.
The report showed a 1.3 million barrel increase in crude oil stockpiles to 483.7 million barrels in the week ended April 10th. Inventories were at the highest level for this time of year in at least the last 80 years.
Distillate inventories rose by 2 million barrels and were in the middle of the average range. Meanwhile, gasoline inventories fell by 2.1 million barrels but remained well above the upper limit of the average range.
Refinery capacity utilization averaged 90.2 percent over the four weeks ended April 10th compared to 89.2 percent over the four weeks ended April 3rd.
Gold futures, which added $8.70 to $1,201.30 an ounce in the previous session, are currently rising $6.30 to $1,207.60 an ounce.
Among currencies, the U.S. dollar is trading at 119.13 yen compared to the 119.14 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0731 compared to yesterday's $1.0684.
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