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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 Tuesday, with sentiment reflecting the uneasiness of traders as economic uncertainties loom. Recent domestic economic indicators sent conflicting signals concerning the domestic economic recovery. Europe is also sending panic signals, with the Greek saga refusing to come to a happy ending. Greece and its international creditors are at loggerheads regarding a probable deal to settle the debt crisis of the nation. The markets could take comfort from buoyant auto sales, although some traders may prefer to stay on the sidelines ahead of some key data releases over the next few sessions. The dollar is seeing weakness, as the euro strengthened in the wake of stronger than expected inflation data.
U.S. stocks rebounded on Monday after a 2-session retreat, buoyed by M&A news and mostly positive economic data. The major averages opened higher but experienced volatility in early trading, as traders digested mixed personal income and spending data. After briefly dipping below the unchanged line in late morning trading, the averages recovered in early afternoon trading and rose steadily before going about a consolidation move. Although the averages pared back some of their gains in late trading, they closed modestly higher.
The Dow Industrials ended up 29.69 points or 0.16 percent at 18,040, the S&P 500 Index closed 4.34 points or 0.21 percent higher at 2,112 and the Nasdaq Composite ended at 5,083, up 12.90 points or 0.25 percent.
Sixteen of the thirty Dow components advanced in the session, while the remaining fourteen stocks retreated. DuPont (DD), Goldman Sachs (GS) and Microsoft (MSFT) were among the biggest gainers of the session, while Intel (INTC) fell sharply in reaction to the announcement of its agreement to buy Altera (ALTR).
Among the sectors, transportation stocks moved mostly to the upside, while most of the other major sectors showed only modest moves.
On the economic front, the Institute for Supply Management's survey showed that manufacturing activity expanded for the 29th consecutive month. The manufacturing PMI rose to 52.8 in May from 51.5 in April, while economists expected a more modest improvement to 51.8. Of the 18 manufacturing industries, 14 reported growth. The new orders index rose 2.3 points to 55.8 and the employment index increased 3.4 points to 51.7, while the production index slipped 1.5 points to 54.5.
Markit's survey showed that its U.S. manufacturing PMI edged down 0.1 points to 54 in May, while economists expected a reading of 53.8.
The Commerce Department reported that personal income rose 0.4 percent month-over-month in April, with real personal disposable income rising by 0.3 percent. Meanwhile, personal spending remained unchanged in real and nominal terms. The core price consumption expenditure index rose 0.1 percent month-over-month, although the annual rate slowed to 1.2 percent from 1.3 percent in March. The savings rate rose 0.4 percentage points to 5.6 percent.
Another Commerce Department report showed that construction spending jumped 2.2 percent month-over-month in April, ahead of the 0.7 percent increase expected by economists. Spending on private construction rose 1.8 percent, with residential construction spending adding 0.6 percent and non-residential construction spending climbing 3.1 percent. Public construction spending was up 3.3 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | U.S. automakers are scheduled to release monthly auto sales data for May. Economists expect auto sales to come in at a seasonally adjusted annual rate of 17 million units, up from 16.5 million units in the previous month.
The Commerce Department is set to release its factory orders report for April at 10 am ET. The consensus estimate calls for a 0.1 percent drop in factory orders for the month.
In March, factory orders rose 2.1 percent month-over-month following a 0.1 percent drop in the previous month.
Meanwhile, durable goods orders, accounting for the bulk of factory orders, fell 0.5 percent month-over-month in April following an upwardly revised 5.1 percent increase in March. The headline number was dragged down by transportation orders, which fell 2.5 percent. Excluding transportation, orders were up 0.5 percent. Non-defense capital goods orders, excluding aircraft and parts, were up 1 percent.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Dollar General reported first quarter earnings that beat estimates, while its revenues missed estimates. The company's 2015 guidance was weak.
Medtronic reported better than expected fourth quarter earnings and the company's full year earnings per share guidance was lackluster.
PVH reported better than expected first quarter results and raised its full year guidance, with the new revenue guidance above the consensus estimate and the earnings guidance in line. However, the company's second quarter guidance was weak.
E * TRADE announced the departure of its CFO Matthew Audette at the end of July to accept a role with another company. The company also said company veteran Michael Pizzi will assume the role of CFO, effective June 16th.
Wolverine Worldwide announced the appointment of Michael Stomant to the position of CFO, effective June 15th, 2015. Stomant will replace Donald Grimes, who is pursuing an outside corporate opportunity.
Zions Bancorp. announced a corporate restructuring along with several expense and revenue initiatives to improve profitability. These efforts include consolidation of seven bank charters into a single legal charter and creating a Chief Banking Officer position. The company expects to achieve gross pre-tax cost savings of $120 million annually from operational expense initiatives by 2017. Simultaneously, the company announced some management changes. |
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| | European Markets | | After opening higher, European stocks have reversed course and moved moderately lower in early trading. However, since late morning trading, the averages have recouped their losses and are currently mixed.
In corporate news, the U.K.'s Wolseley reported higher revenues and earnings for its third quarter and added that it expects its full year trading profit for ongoing businesses to be in line with the consensus estimate.
Tobacco firms, including British American Tobacco, have said they would appeal the Quebec Supreme Court's order to pay a total of C$15.6 billion in moral and punitive damages.
On the economic front, flash inflation data released by Eurostat showed that annual harmonized index of consumer price inflation came in at 0.3 percent in May, more than the 0.2 percent rate expected by economists.
A report released by the German Federal Labor Agency showed that the number of unemployed people fell by 6,000 in May, while economists had expected a drop of 10,000. The jobless rate came in at 6.4 percent, the same rate as in April.
The results of a survey by Markit/CIPS showed that the U.K. construction purchasing managers' index rose to 55.9 in May from 54.2 in April, while economists had expected a more modest improvement to 55.
The Bank of England reported that mortgage approvals in the U.K. rose to a 14-month high in April, with approvals coming in at 68,076 compared to 61,945 in March.
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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 mostly lower, although the Chinese market extended its rally and the New Zealand markets showed some strength. The Australian, Indian, Singaporean and South Korean markets moved sharply lower despite the positive lead from Wall Street overnight.
After holding above the unchanged line till the mid-session, Japan's Nikkei 225 Index pulled back steeply but recouped some of the losses over the remainder of the session. The index ended down 26.68 points or 0.13 percent at 20,543.
Financial stocks saw notable weakness. Export stocks also came under selling pressure, while utility, food, pharma and telecom stocks gained ground.
Australian stocks ended lower amid the Reserve Bank of Australia's decision to keep interest rates unchanged. Australia's All Ordinaries opened on a nervous note and declined steadily throughout the session before ending down 94.10 points or 1.64 percent at 5,640.
The market witnessed broad based weakness, with material, industrial, energy and financial stocks leading the slide.
Hong Kong's Hang Seng Index lost 130.44 points or 0.47 percent before ending at 27,467. Despite see-sawing throughout much of the session, China's Shanghai Composite Index ended up 81.79 points or 1.69 percent at 4,911.
On the economic front, policymakers at the Reserve Bank of Australia kept the key interest rate at a record low 2 percent after lowering it by a quarter-point last month, as they observed that the current stance is appropriate.
Meanwhile, the Reserve Bank of India lowered its key interest rates for the third time this year to cushion investment and reinforce growth and suggested that it intends to wait for data that clarify uncertainty on the economic outlook before acting again.
A report released by the Australian Bureau of Statistics showed that the country's current account balance showed a deficit of A$10.8 billion in the first quarter compared to a deficit of A$10.239 billion in the fourth quarter.
Data released by the Bank of Japan showed that the monetary base in Japan surged up 35.6 percent year-over-year in May following a 35.2 percent increase in April. On an adjusted base, the monetary base was up a steeper 42.1 percent.
The Japanese Ministry of Health, Labor and Welfare reported that total earnings rose 0.9 percent year-over-year in April after remaining unchanged in the previous month, with the increase the biggest thus far this year.
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.31 to $60.51 a barrel after dipping $0.10 to $60.20 a barrel on Monday. Meanwhile, an ounce of gold is trading at $1,190.50, up $1.90 from the previous session's close of $1,188.70. On Monday, gold fell $1.10.
On the currency front, the U.S. dollar is trading at 124.72 yen compared to the 124.77 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1038 compared to yesterday's $1.0927.
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