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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 slightly lower opening on Thursday, although early activity may remain somewhat subdued following the choppy trading seen in the two previous sessions. Economic data is likely to be in focus on the day, as traders look for signs of a rebound from the weakness seen in the first quarter.
U.S. stocks saw lackluster sentiment for much of Wednesday's session before ending narrowly mixed, as the minutes of the Federal Reserve's latest monetary policy meeting relayed a mixed message.
The major averages opened little changed but retreated in early trading. After recovering in late morning trading, the averages spent much of the mid-session below the unchanged line. The averages saw a spike following the release of the Fed minutes, which suggested that the central bank is in no hurry to raise interest rates in the near term.
After giving back their gains in late trading, the averages closed mixed. The Dow Industrials ended down 26.99 points or 0.15 percent at 18,285, snapping a 4-session winning streak. The S&P 500 Index also closed 1.98 points or 0.09 percent lower at 2,126, while the Nasdaq Composite ended up 1.71 points or 0.03 percent at 5,072.
Eighteen of the thirty Dow components closed higher for the session and one stock ended unchanged, while eleven stocks retreated. DuPont (DD) and JP Morgan Chase (JPM) were among the biggest decliners of the session, while General Electric (GE) rose notably.
Among the sectors, transportation stocks moved to the downside, while biotechnology stocks gained ground.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | While the Labor Department released a report showing a bigger than expected increase in initial jobless claims in the week ended May 16th, the four-week moving average of claims still fell to a new fifteen-year low.
The report said initial jobless claims climbed to 274,000, an increase of 10,000 from the previous week's unrevised level of 264,000. Economists had expected jobless claims to show a more modest increase to about 270,000.
However, the Labor Department also said the less volatile four-week moving average fell to 266,250, hitting its lowest level since April of 2000.
Markit is set to release the results of its preliminary U.S. manufacturing survey at 9:45 am ET. Economists expect the flash PMI to improve slightly to 54.6 in May from 54.2 in April.
The National Association of Realtors is scheduled to release its existing home sales report for April at 10 am ET. Economists expect existing home sales to come in at a seasonally adjusted annual rate of 5.22 million units.
Existing home sales rose a stronger than expected 6.1 percent month-over-month to a seasonally adjusted annual rate of 5.19 million units in March, reaching the highest rate since September 2013. Single-family home sales rose 5.5 percent, while sales of condominiums/co-operatives were up a steeper 11.1 percent. The median price of an existing house was $212,000, up from $201,900 in February.
Also at 10 am ET, the Philadelphia Federal Reserve will release the results of its regional business outlook survey. The diffusion index of business activity based on the survey is expected to come in at 8 in May, higher than the 7.5 in April.
Growth in the region's manufacturing activity accelerated in April. The diffusion index of business activity rose 2.5 points to 7.5, ahead of expectations. However, the inner details were mixed. The new orders index fell 3 points to 0.7 and the shipments index remained negative at -1.8 despite increasing 6 points. On the other hand, the number of employees index rose 8 points to 11.5.
The Conference Board is also due to release its leading economic indicators index for April at 10 am ET. The index is expected to increase 0.3 percent month-over-month in April.
In March, the leading economic indicators index rose 0.2 percent following a 0.1 percent increase in February. The slowing growth of the index has stirred fears of an imminent economic slowdown. Building permits, average working hours and manufacturing new orders have slowed over the past six months.
The Kansas City Fed will release the results of its regional manufacturing survey at 11 am ET. Economists expect the index to improve to -2 in May from -7 in April.
The Treasury Department is scheduled to make announcements concerning next week's auctions of 2-year, 5-year and 7-year notes at 11 am ET.
Fed Vice Chairman Stanley Fischer is scheduled to speak on challenges in the euro area at an ECB forum in Linho Sintra, Portugal, at 1:30 pm ET.
Later at 7 pm ET, San Francisco Fed President John Williams will participate on a panel discussing central bank governance and oversight in Palo Alto, California. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Salesforce.com (CRM) reported better than expected first quarter results and raised its full year guidance.
NetApp (NTAP) reported below-consensus earnings and revenues for its fourth quarter and issued weak guidance for the first quarter. In a regulatory filing, the company also announced plans to trim its workforce by 500 and added that it expects to incur charges amounting to $25 million to $35 million related to the job cuts in the first quarter of 2016.
Synopsys (SNPS) reported better than expected second quarter results but issued weak third quarter guidance. However, the company raised its full year guidance.
A Bloomberg report suggested that CVS Health (CVS) is in advanced talks to acquire pharmacy services provider Omnicare (OCR) in a deal valued at more than $12 billion.
L Brands (LB) reported better than expected first quarter earnings and confirmed its net sales reported earlier. However, the company's second quarter and full year earnings per share guidance was weak.
Williams-Sonoma (WSM) reported better than expected first quarter results but the company's second quarter and full year guidance was lackluster.
Shoe Carnival's (SCVL) first quarter earnings beat estimates, while its revenues missed expectations. The company's full year guidance was weak.
Dominion Resources (D) announced the sale of 2.8 million shares of its common stock through a registered underwritten public offering.
Acxiom (ACXM) announced an agreement to sell its IT infrastructure management business to Charlesbank Capital Partners and M/C Partners for up to $190 million. Releasing its preliminary fourth quarter results, the company said it expects non-GAAP earnings of 24 cents per share on revenues of $257 million.
Discount retailer Dollar Tree (DLTR) may see early weakness after reporting first quarter results that missed estimates and forecasting second quarter and full-year results below current expectations.
On the other hand, shares of Best Buy (BBY) are moving sharply higher in pre-market trading after the consumer electronics retailer reported better than expected first quarter results.
Aeropostale (ARO), Brocade (BRCD), Gap (GPS), Hewlett-Packard (HPQ), Intuit (INTU), Lions Gate Entertainment (LGF), Marvell (MRVL) and Ross Stores (ROST) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are seeing volatility as traders digest mixed private sector activity data and the Greek debt crisis remaining an overhang.
In corporate news, United Utilities reported better than expected full year profits. Deutsche Bank announced a board reshuffle, giving the responsibility for strategy to co-CEO Anshu Jain.
On the economic front, flash estimates released by Markit showed that the composite PMI for the euro area fell 0.5 points to 53.4 in May, while economists expected the index to have remained unchanged at 53.9.
The manufacturing PMI rose 0.3 points to 52.3, belying expectations for a drop to 51.8. At the same time, the services PMI declined to 53.3 from 54.1. The consensus estimate had called for a reading of 53.9.
The U.K. Office for National Statistics reported that U.K. retail sales rose a better than expected 1.2 percent in April compared to the previous month. Economists expected a more modest 0.4 percent increase.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets turned in another mixed performance, as the Chinese and Australian markets moved notably higher, but the Hong Kong, Malaysian, South Korean and Taiwanese markets retreated. The overall mood was lackluster due to the release of lukewarm Chinese manufacturing data.
Australian stocks rebounded from a 3-session slide, as commodity prices picked up. Australia's All Ordinaries opened higher and rose sharply in early trading. Thereafter, the average moved roughly sideways before ending up 49.60 points or 0.88 percent at 5,664.
A majority of stocks advanced, with the exception of real estate stocks. Energy, healthcare, material and industrial stocks were among the biggest gainers.
China's Shanghai Composite Index rallied 83.13 points or 1.87 percent before ending at a new 7-year high of 4,530. The weak domestic manufacturing activity data renewed hopes of further stimulus, triggering another fresh wave of buying.
After opening higher and rising steadily till late afternoon trading, Japan's Nikkei 225 Index gave back its gains by the close. The index saw some volatility in late trading before closing up merely 6.31 points or 0.03 percent at 20,203. The yen, which retreated sharply in New York trading yesterday, began to stabilize in Asian trading.
Financial, telecom, food, retail, real estate and resource stocks gained ground in the session, while export stocks came under selling pressure.
Meanwhile, Hong Kong's Hang Seng Index ended at 27,524, down 61.33 points or 0.22 percent.
On the economic front, the Chinese manufacturing sector contracted for the third straight month in May, according to the results of a survey by Markit and HSBC. The manufacturing PMI rose 0.2 points to 49.1 but came in below the expected reading of 49.3.
A report released by the Melbourne Institute showed that inflation expectations in Australia increased again in May. Inflation expectations rose by 0.2 percentage points to 3.6 percent in May.
Markit's survey showed that manufacturing activity in Japan moved into expansion territory in May, with the corresponding manufacturing PMI rising to 50.9 from 49.9 in April.
Meanwhile, an index measuring all industry activity in Japan fell at a steeper than expected rate in March, according to a report released by Japan's Ministry of Economy, Trade and Industry. The all industry activity index fell 1.3 percent month-over-month, reversing the 0.2 percent increase in February, while economists expected a 0.4 percent drop for the month. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.57 to $59.55 a barrel after rallying $0.99 to $58.98 a barrel on Wednesday.
The previous session's gain came amid the release of the petroleum status report, which showed that crude oil stockpiles fell by 2.7 million barrels to 482.2 million barrels in the week ended May 15th. Despite the drop, inventories were at the highest level for this time of the year in at least the last 80 years.
Gasoline inventories fell by 2.8 million barrels but were above the upper limit of the average range. Distillate stockpiles also declined by 0.5 million barrels and were in the lower half of the average range for this time of the year.
Refinery capacity utilization averaged 92 percent over the four weeks ended May 15th compared to 91.7 percent over the four weeks ended May 8th.
Gold futures, which rose $2 to $1,208.70 an ounce in the previous session, are currently sliding $6.30 to $1,202.40 an ounce.
Among currencies, the U.S. dollar is trading at 121.23 yen compared to the 121.35 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1112 compared to yesterday's $1.1094.
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