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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 higher opening on Friday, with the mood suggesting that stocks may claw back some of their recent losses. Bargain hunting could offer support to the markets even as traders keenly await two manufacturing and a consumer sentiment readings due for the day, while a Fed speech focusing on monetary policy could also create some ripples in the markets. Oil prices are holding up and the dollar is mostly higher. Among global data points, a report on the Chinese manufacturing sector offered some consolation, as it crept into expansion territory, while the U.K. manufacturing sector grew at a slower pace.
U.S. stocks declined on Thursday, dragged down by weak earnings even as economic data was mostly positive and crude oil prices rallied. The major averages opened lower and declined steadily throughout the session before ending notably lower.
The Dow Industrials fell 195.01 points or 1.08 percent before ending at 17,841 and the S&P 500 Index closed 21.34 points or 1.01 percent lower at 2,086, while the Nasdaq Composite ended at 4,941, up 82.22 points or 1.64 percent.
Twenty-seven of the thirty Dow components closed lower, with Apple (AAPL), Boeing (BA), Home Depot (HD), IBM (IBM), Travelers (TRV), UnitedHealth (UNH) and Visa (V) leading the slide.
Among the sectors, biotechnology, gold, brokerage, transportation, utility, basic material, retail and housing stocks were among the worst performers of the session.
On the economic front, the Labor Department reported that jobless claims fell to 262,000 in the week ended April 25th from 296,000 in the previous week. The four-week average eased to 283,750 from 285,000 in the previous week. Continuing claims calculated with a week's lag fell by 74,000 to 2.253 million in the week ended April 18th.
A separate report from the Labor Department showed that the employment cost index rose 0.7 percent sequentially in the first quarter compared to the 0.5 percent increase in the fourth quarter.
The results of MNI Indicators' business activity survey showed that the Chicago business barometer rose to 52.3 in April from 46.3 in March, thus moving into expansion territory. Economists expected a more modest improvement to 50. The new orders index rose 12.8 points to 55.1, the highest reading since January.
A Commerce Department report showed that personal income was unchanged in April compared to the previous month, while economists had expected a 0.2 percent increase. At the same time, consumer spending climbed 0.4 percent, slightly softer than the 0.5 percent increase expected by economists.
Spending on services was up 0.2 percent and spending on goods climbed 1 percent after three straight months of declines. The price consumption expenditure index climbed 0.3 percent year-over-year and the corresponding core reading was up 1.4 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Automakers are scheduled to release their monthly sales results for April. Economists expect total vehicle sales to come in at a seasonally adjusted annual rate of 16.9 million units compared to a 17.2 million rate in March.
Markit is scheduled to release its final U.S. manufacturing index for April at 9:45 am ET. Economists expect the index to be upwardly revised to 54.5 from the flash estimate of 54.2 but down 55.7 in March.
The Institute for Supply Management is set to release the results of its national manufacturing survey at 10 am ET. The consensus estimate calls for the ISM's manufacturing index to increase to 52 in April from 51.5 in March.
Manufacturing growth slowed in March. The manufacturing index fell to 51.5 in March from 52.9 in February, dropping to the lowest level since May 2013. The new orders index fell 0.7 points to 51.8, the order backlogs index slipped 2 points to 49.5 and the employment index declined 1.4 points to 50. Out of the 18 industries surveyed, only 10 saw growth in March compared to 12 in February.
The University of Michigan is scheduled to release the final results of its U.S. consumer sentiment survey for April at 10 am ET. Economists expect the index to be upwardly revised to 96 from the mid-month reading of 95.9, up from 93.0 in March.
The Commerce Department is due to release its construction spending report for March at 10 am ET. Economists expect construction spending to have increased 0.4 percent month-over-month in March.
Construction spending eased 0.1 percent month-over-month in February, while the previous month's spending was downwardly revised to show a drop of 1.7 percent. Residential construction spending dipped by 0.2 percent.
San Francisco Federal Reserve Bank President John Williams will speak on monetary policy at Chapman University in Orange, California at 3:25 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 | | | Visa (V) reported better than expected second quarter results and reaffirmed its revenue growth guidance for 2015. However, the company lowered its earnings per share growth guidance.
Chevron's (CVX) first quarter earnings as well as sales and other operating revenues topped Wall Street view despite falling from the year-ago quarter. The company attributed its first quarter earnings decline to sharply lower oil prices, which reduced revenue and earnings in its upstream business. Chevron said it is responding to the current price environment by capturing cost reductions.
JDSU (JDSU) reported forecast-beating results for its third quarter but issued weak fourth quarter guidance.
LinkedIn's (KNKD) first quarter results were above expectations, the company provided 2015 guidance that is below the consensus estimate.
DreamWorks (DWA) reported better than expected results for its first quarter. Western Union's (WU) first quarter results exceeded estimates and it reaffirmed its 2015 guidance.
CVS (CVS) reported better than expected first quarter results and raised the low end of its full year guidance.
AIG (AIG) reported better than expected first quarter earnings. The company also announced that it will buy back $3.5 billion worth of shares.
YRC Worldwide (YRCW) reported a wider than expected loss for its first quarter and its revenues trailed expectations.
Fluor Corp. (FLR) reported first quarter results that missed estimates but it maintained its 2015 earnings per share guidance.
First Solar (FSLR) reported a wider than expected loss for its first quarter and its revenues missed estimates. Meanwhile, the company's second quarter guidance was positive.
Qlogic (QLGC) reported better than expected fourth quarter earnings, while its revenues missed expectations.
Skyworks Solutions (SWKS) reported better than expected first quarter results and issued upbeat guidance for the second quarter. Brooks Automation's (BRKS) quarterly results also exceeded estimates. |
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| | European Markets | | The U.K. market opened unchanged but rose sharply in early trading. After pulling back immediately after, the FTSE 100 Index slowly recouped its losses and is currently higher. Most markets in the region are closed for the Labor Day Holiday.
In corporate news, Lloyds Banking Group reported better than expected first quarter earnings, although on a reported basis, it posted a loss on the sale of TSB to Banco de Sabadell.
Aer Lingus reported a loss for its first quarter, while Rentokil reported higher revenues for its first quarter and said it is on track to meet its full year revenue guidance.
On the economic front, the results of the Markit/CIPS manufacturing survey for the U.K. showed that growth in manufacturing activity slowed in April. The manufacturing PMI slipped 2.1 points to 51.9.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets that were open for trading ended higher, although the gains were less than convincing. Most markets in the region remained closed on account of the May Day holiday.
Traders pondered over some positive economic data released from the U.S. overnight and fairly encouraging Chinese manufacturing activity data even as the negative lead from Wall Street applied some downward pressure on the markets.
Japan's Nikkei 225 average languished below the unchanged line for the better part of the session before recovering in late-day trading and closing up 11.62 points or 0.06 percent at 19,532.
Export stocks saw mixed sentiment even as the yen retreated from its New York session's highs. Home improvement company TOTO rallied 7.94 percent and led the index's gains.
Australia's All Ordinaries Index saw some weakness in early trading but managed to climb above the unchanged line in late morning trading. Thereafter, the index hovered above the unchanged line before ending up 25.10 points or 0.43 percent at 5,799.
Energy and material stocks advanced strongly, while financial stocks also saw some strength.
On the economic front, official data released by the National Bureau of Statistics reported that China's manufacturing PMI remained unchanged at 50.1 in April, ahead of the consensus estimate of 50. Meanwhile, the non-manufacturing PMI slipped to 53.4 from 53.7.
A report released by the Japanese Ministry of Internal Affairs and Communications showed that consumer prices rose 2.3 percent year-over-year in March, exceeding the 2.2 percent increase expected by economists. Core inflation came in at 2.2 percent, also above the 2 percent rate expected by economists.
A separate report showed that the unemployment rate for Japan came in at 3.4 percent in March, smaller than the 3.5 percent rate expected by economists.
Another report showed that average Japanese household spending fell 10.6 percent year-over-year, not as steep as the 11.8 percent drop expected by economists. The average monthly income per household eased 0.3 percent and the average consumption expenditure per household declined 11 percent.
Revised report released by Markit/JMMA showed that manufacturing activity in Japan contracted in April for the first time since July 2014, dragged lower by weakness in new orders. The headline manufacturing PMI slipped 0.4 points to 49.9 in April, although it represented an upward revision from the flash estimate of 49.7. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.17 to $59.46 a barrel after jumping $1.05 to $59.63 a barrel on Thursday. Gold futures, which plunged $27.60 to $1,182.40 an ounce in the previous session, are currently sliding $5.30 to $1,177.10 an ounce.
Among currencies, the U.S. dollar is trading at 119.79 yen compared to the 119.38 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1270 compared to yesterday's $1.1224.
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