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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 higher opening on Wednesday, with risk appetite improving following indications from the European Central Bank that Greece may be on the verge of clinching a deal to avert its debt crisis. The European averages are rallying in reaction to the hopes. Greece is required to vet a deal put forward by its international creditors later in the day. The dollar is higher and the commodities are mostly weaker, with crude oil down over a $1 a barrel, on the back of strong private payrolls data.
U.S. stocks meandered to a lower close on Tuesday, as the dollar retreated and bond yields rose amid the release of fairly buoyant monthly U.S. auto sales but disappointing factory orders data.
The major averages opened lower but clawed back their losses over the course of the morning. After rising above the unchanged line by the mid-session and staying in the green until late trading, the averages retreated before ending modestly lower.
The Dow Industrials ended down 28.43 points or 0.16 percent at 18,012, the S&P 500 Index closed 2.13 points or 0.10 percent lower at 2,110 and the Nasdaq Composite ended at 5,077, down 6.40 points or 0.13 percent.
Among the sectors, utility and semiconductor stocks were among the worst performers of the session, while oil service and gold stocks gained ground.
Nineteen of the thirty Dow components retreated, while the remaining eleven stocks advanced. Intel (INTC), Merck (MRK) and UnitedHealth (UNH) retreated sharply, while Boeing (BA) rose notably.
On the economic front, a Commerce Department report showed that factory orders edged down 0.4 percent month-over-month in April, a steeper drop than the 0.1 percent decline estimated by economists.
Separately, monthly auto sales came in at a seasonally adjusted annual rate of 17.8 million units in May, ahead of the 17 million units expected by economists. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | After reporting slowing private sector job growth over the past several months, payroll processor ADP released a report showing that the pace of job growth re-accelerated in the month of May.
ADP said the private sector added 201,000 jobs in May following a downwardly revised increase of 165,000 jobs in April. Economists had expected an increase of about 200,000 jobs compared to the addition of 169,000 jobs originally reported for the previous month.
With the value of exports rising and the value of imports falling, the Commerce Department released a report showing that the U.S. trade deficit narrowed by even more than expected in the month of April.
The report said the trade deficit narrowed to $40.9 billion in April from a revised $50.6 billion in March. Economists had expected the deficit to drop to $44.0 billion from the $51.4 billion originally reported for the previous month.
Markit is due to release the final reading of the service sector survey for May at 9:45 am ET. The consensus estimate calls for a decline in the service sector PMI to 56.5 from 57.4 in April.
The Institute for Supply Management will release the results of its national service sector survey at 10 am ET. Economists expect the non-manufacturing PMI to edge down to 57.2 in May.
Growth in service sector activity accelerated in April. The non-manufacturing index rose to 57.8 in April from 56.5 in March. Economists had expected the index to have remained unchanged. The new orders and order backlogs indexes remained strong at 59.2 and 54.5 percent, respectively.
The Energy Information Administration is due to release its weekly petroleum status report for the week ended May 29th at 10:30 am ET.
Crude oil stockpiles fell by 2.8 million barrels to 479.4 million barrels in the week ended May 22nd. 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 3.3 million barrels but were near the upper limit of the average range. However, distillate stockpiles rose by 1.1 million barrels yet were in the lower half of the average range for this time of the year.
Refinery capacity utilization averaged 92.6 percent over the four weeks ended May 22nd compared to 92 percent over the four weeks ended May 15th.
The Federal Reserve is scheduled to release its Beige Book report at 2 pm ET. The report consists of anecdotal evidence of economic conditions in the 12 Federal Reserve districts.
Chicago Fed President Charles Evans is due to speak to the banking symposium in Chicago at 2:15 pm ET. St Louis Fed President James Bullard will also attend a press briefing in St. Louis at 4 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 | | | Groupon (GRPN) announced the appointment of Rich Williams as its COO to oversee its global business and operations. Additionally, the company announced the departure of its CFO Jason Child and will be replaced in the post on an interim basis by Brian Kayman, the company's VP of Tax and Treasury.
Wendy's Co. (WEN) said its Board of Directors has authorized a new $1.4 billion share repurchase program. To reflect the share repurchase, the company cut its adjusted earnings per share guidance.
Brown-Forman (BFB, BFA) reported in line earnings per share and its revenues missed estimate. The company's 2016 earnings per share guidance was in line.
Guess?, Inc. (GES) reported better than expected first quarter earnings, although its revenues trailed estimates. The company raised its full year guidance, which is above the consensus estimate.
NCS Building Systems (NCS) reported an adjusted loss for the second quarter that was wider than expected. Sales for the quarter were roughly in line with estimates.
ABM Industries (ABM) reported better than expected second quarter adjusted earnings, although its revenues are slightly shy of estimates. The company reaffirmed its full year adjusted earnings guidance, which was in line. |
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| | European Markets | | European stocks are saw volatility in early trading, as traders awaited word on a deal to settle Greece's debt crisis and the outcome of the European Central Bank meeting. Following the release of the monetary policy statement, the averages are rallying sharply.
The European Central Bank left its key interest rates unchanged at a record low for a seventh consecutive session amid expectations that Greece and creditors will reach a deal later in the day, providing some relief from days of uncertainty.
The Governing Council, led by ECB President Mario Draghi, held the refinancing rate at a record low 0.05 percent, following its meeting in Frankfurt, in line with economists' expectations.
In corporate news Ryanair reported a 16.5 percent increase in traffic, with the load factor rising 7 percentage points year-over-year to 92 percent.
On the economic front, the OECD lowered its global growth forecast for 2015 substantially and also reduced its forecast for 2014 slightly. Highlighting the weak growth in the first quarter, the Paris-based organization said the global growth outlook is marred by a sustained trend of low investment and low demand.
Eurostat released its retail sales report for the eurozone, showing a 0.7 percent month-over-month increase in April compared to the 0.6 percent growth estimated by economists. However, the annual growth of 2.2 percent exceeded estimates.
A separate report showed that the jobless rate for the euro area slipped 0.1 points to 11.1 percent in April, belying expectations for an unchanged reading.
Markit's survey showed that private sector growth in the euro area slowed in May, with a PMI score of 53.6, down from 53.9 in April but up from the flash estimate of 53.4. The service sector PMI was also upwardly revised to 53.8 from 53.3, although it was down from the April reading of 54.1.
Meanwhile, Markit and the CIPS released the results of their service sector survey for the U.K., showing a PMI reading of 56.5 in May compared to 59.5 in April. Economists expected a more modest decline to 59.2.
A report released by the Nationwide Building Society showed that U.K. house prices rose 4.6 percent year-over-year in May compared to the 5.2 percent growth in April, marking the slowest increase since August 2013. The monthly growth also trailed expectations.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended Wednesday's session mostly lower, although the Malaysian and Hong Kong markets posted moderate gains. The negative lead from Wall Street overnight, the Greek debt crisis and apprehension ahead of U.S. jobs data weighed down on the markets.
The Japanese market succumbed to the yen's strength, as the dollar broke below the 124-yen level. The Nikkei 225 Index languished below the unchanged line throughout the session before ending down 69.68 points or 0.34 percent at 20,474.
Packaged food, real estate, pharma and utility stocks moved to the downside, while export and construction stocks saw mixed sentiment.
Australian stocks retreated sharply despite the release of better than expected GDP data and oil's gains overnight. Australia's All Ordinaries opened little changed and declined steeply in early trading. Thereafter, the average moved steadily lower before ending down 51.60 points or 0.91 percent at 5,588.
The market witnessed broad based weakness, with consumer, energy, financial, healthcare and utility stocks seeing marked weakness. Meanwhile, material stocks saw modest strength.
China's Shanghai Composite Index stalled its recent rally and ended 0.55 points or 0.01 percent lower at 4,910, while Hong Kong's Hang Seng Index added 190.75 points or 0.69 percent before ending at 27,658.
On the economic front, the Australian Bureau of Statistics reported that the Australian economy expanded 2.3 percent year-over-year and 0.9 percent sequentially in the first quarter. Economists expected a 2.1 percent annual gain and a 0.7 percent sequential increase.
Meanwhile, data released by the Australian Bureau of Statistics showed that the Australian service sector continued to contract, with a PMI score of 49.6 for May, down from 49.7 in April.
Revised estimates released by Markit and HSBC showed that the Chinese service sector expanded at a faster rate in May. The service sector PMI jumped to 53.5 in May from 52.9 in April. The composite index that combines the activity in the manufacturing and non-manufacturing sectors edged down 0.1 points to 51.2.
The results of a survey by the JMMA and Markit showed that service sector activity in Japan picked up pace in May. The service sector PMI rose to 51.5 from 51.3 in April. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $1.20 to $60.06 a barrel after rallying $1.06 to $61.26 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,188.90, down $5.50 from the previous session's close of $1,194.40. On Tuesday, gold rose $5.70.
On the currency front, the U.S. dollar is trading at 124.62 yen compared to the 124.11 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1120 compared to yesterday's $1.1151.
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