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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 lower opening on Thursday, with sentiment reflecting apprehensions among traders concerning the overbought levels of the markets amid the uncertainties surrounding the domestic economic and monetary policy environment and overseas risks. An economic report released short while ago showed that jobless claims unexpectedly rose. The dollar is firming up despite the lukewarm data and commodities are mostly lower. The domestic markets may also draw inspiration from the pending home sales data due after the markets open and a Fed speech scheduled for the day.
U.S. stocks advanced strongly on Wednesday amid bargain hunting even as the dollar firmed up on rate hike fears, with the Nasdaq Composite closing at a fresh record high. The major averages opened higher and advanced sharply in the afternoon before beginning a steady climb for the rest of the session.
The Dow Industrials added 121.45 points or 0.67 percent before closing at 18,163 and the S&P 500 Index ended up 19.28 points or 0.92 percent at 2,124, while the Nasdaq Composite Index ended at 5,107, up 73.84 points or 1.47 percent.
Twenty-six of the thirty Dow components advanced in the session, while the remaining four stocks retreated. Apple, Goldman Sachs, IBM, Home Depot, Microsoft and Visa were among the biggest gainers of the session.
Among the sectors, transportation, biotechnology, retail, semiconductor, computer hardware and financial stocks saw significant strength on the day. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | After reporting a modest increase in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a showing another uptick in initial jobless claims in the week ended May 23rd.
The report said initial jobless claims edged up to 282,000, an increase of 7,000 from the previous week's revised level of 275,000. The continued increase came as a surprise to economists, who had expected jobless claims to dip to 270,000 from the 274,000 originally reported for the previous week.
The National Association of Realtors is due to release its pending home sales index for April at 10 am ET. The consensus estimates call for a 0.8 percent month-over-month increase in pending home sales in April.
In March, the pending home sales index climbed a better than expected 1.1 percent month-over-month. Pending home sales rose strongly in the South and the West.
The Energy Information Administration will release its weekly petroleum status report for the week ended May 22nd at 11 am ET, a day later than the customary release day due to Monday's holiday.
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.
The Treasury Department is due to announce the results of its auction of 7-year notes at 1 pm ET.
Minneapolis Federal Reserve Bank President Narayana Kocherlakota is scheduled to speak on monetary policy in Helena, Montana, at 2:45 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 | | | Costco reported better than expected third quarter earnings, while its revenues missed estimates. Comparable store sales fell 1 percent, although comparable store sales at its U.S. stores were up 1 percent.
Semtech reported below-consensus adjusted earnings and revenues for its first quarter. The company's earnings and revenue guidance for the second quarter was also weak.
Copart's third quarter earnings beat estimates, but its revenues came in below expectations.
CA Technologies signed an agreement to buy Rally Software (RALY) for $19.50 per share or $480 million, net of cash required.
Deckers Outdoor, Gamestop and Pacific Sunwear are among the companies due to release their quarterly results after the close of trading.
Avago Technologies announced that it has agreed to acquire Broadcom in $37 billion transaction.
Abercrombie & Fitch Co. reported a net loss that widened from the year-ago quarter. Net sales decreased 14 percent and missed the consensus estimate, driven by a comparable sales decline of 8 percent and an adverse effect from changes in foreign currency exchange rates of 6 percent. Meanwhile, the company forecast continued sequential comparable sales improvement into the second quarter and the second half of the fiscal year. |
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| | European Markets | | European stocks opened lower but recouped some of the losses over the course of the morning. The averages are still trading on a mixed note.
Officials from both sides suggest that Greece will remain part of the eurozone and an amicable agreement could be clinched to avoid a default. The outcome of the meeting of G7 nations in Dresden today and tomorrow could shed more light on how Greece's international creditors seek to end the impasse.
In corporate news, Tate & Lyle reported lower profits for its fiscal year and also said it expects flat adjusted earnings and dividends for the current fiscal year.
On the economic front, revised estimates released by the U.K. Office for National Statistics showed that the U.K. GDP rose at an unrevised rate of 0.3 percent in the first quarter, slower than the 0.6 percent increase in the fourth quarter of 2014.
German import prices continued to decline, albeit at a slower rate in April, according to a report released by the German Federal Statistical Office. Imports fell 0.6 percent year-over-year in April compared to expectations for a 0.7 percent drop. In March, import prices were down 1.4 percent. Import prices were up 0.6 percent from the previous month, slower than the 1 percent increase in March. At the same time, annual export price growth quickened to 1.6 percent from 1.4 percent.
The results of a survey by the European Commission showed that economic confidence in the eurozone remained stable in May, belying expectations for a small drop. At the same time, consumer confidence weakened in line with estimates. Industrial confidence improved slightly from depressed levels. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
The Asian markets ended on mixed note, with the Chinese and Hong Kong markets retreating sharply after recent gains, while most other major markets traded on a lackluster note.
After a positive start, Australia's All Ordinaries pulled back in early trading. Although the average cut its losses over the remainder of the session, it ended down 5.50 points or 0.11 percent at 5,718.
Most sectors retreated, led by telecom, material and industrial stocks. At the same time, consumer staple and utility stocks found some strength.
China's Shanghai Composite Index slumped 321.45 points or 6.50 percent before closing at 4,620 and Hong Kong's Hang Seng Index ended 626.90 points or 2.23 percent lower at 27,454. The sell-off was seen as a reaction to announcements by several brokers concerning tightening requirements on margin financing ahead of the IPO flux next week.
Meanwhile, buoyed by a weaker yen, which fell to its lowest level in 12 years against the dollar, Japan's Nikkei 225 Index ended up 67.44 points or 0.33 percent at 20,540. However, the index ended well off its intra-day high of 20,655.
Financial and export stocks were among the biggest gainers of the session, while utility and telecom stocks lost ground.
On the economic front, a report released by Japan's Ministry of Economy, Trade and Industry showed that retail sales rose 5 percent year-over-year in April, missing forecasts for a 5.5 percent increase. On a monthly basis, retail sales increased a less than expected 0.4 percent.
The Australian Bureau of Statistics reported that private capital spending in Australia fell 4.4 percent sequentially in the first quarter, steeper than the 2.2 percent drop forecast by economists. On a year-over-year basis, private capital spending fell by 5.3 percent.
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.16 to $57.35 a barrel after retreating $0.52 to $57.51 a barrel on Wednesday. The most actively traded gold futures for August delivery, which fell $1.30 to $1,186.50 an ounce in the previous session, are currently inching up $0.80 to $1,186.40 an ounce.
Among currencies, the U.S. dollar is trading at 124.27 yen compared to the 123.66 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0878 compared to yesterday's $1.0904. |
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