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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 sentiment suggesting that a reversal may be on the cards. The mood across the Atlantic is buoyant, as bargain hunters pick up stocks beaten down in the recent sell-off. The dollar is weakening, with the decline against the yen the starkest after comments by the Bank of Japan Governor Haruhiko Kuroda drove the yen higher. The dollar weakness is also supporting commodities. Bond yields are surging amid supply glut. Meanwhile, the Chinese central bank lowered its growth and inflation forecast for China. Bargain hunting could offer support to the domestic markets, although some key data releases of the next two days could keep sentiment subdued.
U.S. stocks went about in a lackluster manner on Tuesday amid continuing anxiety concerning the U.S. monetary policy outlook and Greece. A lack of major domestic catalysts also contributed to the choppy trading.
The major averages opened slightly higher but lost ground in early trading. After languishing below the unchanged line till early afternoon trading, the Dow Industrials and the S&P 500 Index recovered and hovered in positive territory for much of the reminder of the session before a brief reversal in late trading. The Nasdaq Composite spent the better part of the session below the unchanged line before ending modestly lower.
The Dow Industrials ended down 2.51 points or 0.01 percent at 17,764, down for the fourth straight session and now lower for the year. The Nasdaq Composite also slipped 7.76 points or 0.15 percent before closing at 5,014, while the S&P 500 Index ended up 0.87 percent or 0.84 percent at 2,080.
Fifteen of the 30 Dow components declined and one stock ended unchanged, while the remaining fourteen stocks gained ground. Procter & Gamble (PG) was the lone standout performer among the Dow components, advancing 1.53 percent.
Among the sectors, airline and biotechnology were among the worst performers of the session.
On the economic front, the Commerce Department reported that wholesale inventories rose 0.4 percent month-over-month in April, slightly ahead of the 0.3 percent growth expected by economists. Annually, inventories were 4.5 percent higher.
At the same time, wholesale sales were up 1.6 percent month-over-month but were down 3.3 percent from last year. The wholesale inventories to sales ratio came in at 1.29 compared to the 1.19 in the year-ago period. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Energy Information Administration is scheduled to release its weekly petroleum status report for the week ended June 5th at 10:30 am ET.
Crude oil stockpiles fell by 1.9 million barrels to 477.4 million barrels in the week ended May 29th. Despite the drop, inventories were near levels not seen for this time of the year in at least the last 80 years.
Gasoline inventories fell by 0.3 million barrels but were well above the upper limit of the average range. Meanwhile, distillate stockpiles rose by 3.5 million barrels and were in the middle of the average range for this time of the year.
Refinery capacity utilization averaged 92.6 percent over the four weeks ended May 29th compared to 92.6 percent over the four weeks ended May 22nd.
The Treasury's monthly budgetary statement is due to be released at 2 pm ET. Economists expect a budget deficit of $97 billion in May compared to a surplus of $156.7 billion in the previous month.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | HCC Insurance (HCC) announced an agreement to be acquired by Tokio Marine in a $7.5 billion all cash deal. The deal is expected to close in the fourth quarter of 2015.
Target (TGT) announced a 7.7 percent increase in its quarterly dividend as well as an expansion in its share repurchase program to $10 billion from the current $5 billion.
Prudential Financial (PRU) announced that its board has authorized the repurchase of up to $1 billion of its common stock.
Regeneron (REGN) and Sanofi (SNY) said a panel of the U.S. Food and Drug Administration recommended the approval of the investigational therapy Praluent (alirocumab) Injection to treat hypercholesterolemia
Oxford Industries (OXM) reported above-consensus first quarter adjusted earnings, while its revenues missed expectations. The company raised its full year earnings and revenue guidance.
Sigma Designs (SIGM) reported better than expected first quarter results and said it is committed to sustaining this positive momentum.
Scripps Networks (SNI) said it intends to make a public tender offer to purchase 100 percent of TVN, Poland's premier multi-platform media company. The company noted that the offer would be made on completion of Scripps' previously announced purchase of a majority ownership in TVN from ITI and Canal + Group.
Standard & Poor's announced that S&P MidCap 400 constituent Qorvo (QRVO) will replace Lorillard (LO) in the S&P 500 Index and Wisdom Tree (WETF) will replace Qorvo (QRVO) in the S&P MidCap 400 Index. |
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| | European Markets | | European stocks opened lower but have recouped their losses over the course of the morning and are currently higher. This follows four straight sessions of declines.
In corporate news, U.K. department store operator Sainsbury said same store sales fell 2.1 percent year-over-year in the 12 weeks ended June 6th, marking six straight quarters of decline. The decrease came amid falling food prices and competitive pressure.
Panasonic agreed to acquire the diabetes devices business of German conglomerate Bayer AG for 1.02 billion euros or $1.16 billion. Spanish retailer Inditex reported strong growth in first quarter earnings.
On the economic front, the U.K. Office for National Statistics reported that industrial output rose a better than expected 0.4 percent month-over-month in April, pushing the annual rate to 1.2 percent.
However, the manufacturing sector unexpectedly contracted, with output declining 0.4 percent, belying expectations for a 0.1 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 closed on a mixed note, with the Japanese, Chinese, Hong Kong, New Zealand and South Korean markets retreating, while the Australian, Indian, Indonesian, Malaysian, Singaporean and Taiwanese markets moved to the upside.
The Japanese market ended lower, as the yen rallied on comments by Bank of Japan Governor Haruhiko Kuroda suggesting that further yen weakness is unlikely. The Nikkei 225 Index opened higher and held above the unchanged line until late trading before paring its gains. After seeing some volatility in late trading, the index ended down 49.94 points or 0.25 percent at 20,046, declining for the fourth straight session.
Retail, resource, financial, export and chemical s stocks ended mostly lower, but food, pharmaceutical, utility and telecom stocks gained ground in the session.
China's Shanghai Composite Index ended at 5,106, down 7.50 points or 0.15 percent, with the decision by MSCI to defer the inclusion of mainland listed A-shares in its emerging market index partly responsible for the weakness. Hong Kong's Hang Seng Index fell 301.88 points or 1.12 percent before ending at 26,615.
Meanwhile, Australia's All Ordinaries ended a volatile session modestly higher. After see-sawing throughout the session, the index closed 6.30 points or 0.11 percent higher at 5,486.
Energy stocks rallied sharply, while consumer staple, IT, material, real estate and financial stocks also found buying interest. On the other hand, telecom, utility, industrial, healthcare and consumer discretionary stocks retreated.
On the economic front, the People's Bank of China downwardly revised its economic growth and consumer inflation forecasts for 2015. The bank expects the economy to grow by 7 percent year-over-year, down from the 7.1 percent growth estimated earlier. The annual consumer price inflation estimate for the year was lowered to 1.4 percent from 2.2 percent.
A report released by Japan's Cabinet Office showed that core machinery orders rose 3.8 percent month-over-month in April, belying expectations for a 1.8 percent drop. Annually, core machinery orders unexpectedly climbed by 3 percent.
Data released by the Bank of Japan showed that producer prices rose 0.3 percent month-over-month in May following a 0.1 percent increase in April and above the 0.2 percent increase expected by economists.
The results of a survey by Westpac Bank and the Melbourne Institute showed that confidence among Australian consumers plunged 6.9 percent to 95.3 in June following a 6.4 percent rise in May. |
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| | Currency and Commodities Markets | | Crude oil futures are jumping $1.49 to $61.63 a barrel after rallying $2 to $60.14 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,191.10, up $13.50 from the previous session's close of $1,177.60. On Tuesday, gold rose $4.
On the currency front, the U.S. dollar is trading at 122.76 yen compared to the 124.34 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1291 compared to yesterday's $1.1283.
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