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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 Friday, with sentiment holding up despite the uncertainty surrounding the domestic economic outlook. Notwithstanding the Greek crisis precipitating and the eurozone hurtling towards disaster on account of it, European stocks are advancing. The dollar is firmer and commodities are mostly lower. The yield on the 10-benchmark U.S. Treasury bond is moving to the downside. Given the gains of the past three sessions and the Greek overhang, the markets could go about in a lackluster manner, although volatility cannot be ruled in the quadruple witching session.
U.S. stocks advanced for the third straight session on Thursday amid the release of data supporting the view that accommodative policy should continue.
The major averages opened higher and advanced steadily till the mid-session before consolidating those gains for the rest of the session. The Dow Industrials ended up 180.10 points or 1 percent at 18,116, the S&P 500 Index added 20.80 points or 0.99 percent before closing at 2,121 and the Nasdaq Composite closed 68.07 points or 1.34 percent higher at an all-time closing high of 5,133.
All thirty Dow components closed higher for the session, with Disney (DIS), Johnson & Johnson (JNJ), 3M Co. (MMM) and Travelers (TRV) leading the gains.
Among the sectors, transportation, biotechnology, utility, retail, semiconductor and gold stocks advanced notably, while oil service stocks came under selling pressure.
On the economic front, data released by the Labor Department showed that jobless claims fell by 12,000 to a 1-month low of 267,000 in the week ended June 13th. Economists expected jobless claims to decline to 275,000 from 279,000 in the previous week. The four-week average fell to 276,750 from 278,750. Continuing claims calculated with a week's lag declined by 50,000 to 2.222 million in the week ended June 6th.
Consumer prices rose strongly in May, although the increase was slightly less than expected, according to another report released by the Labor Department. Consumer prices were up 0.4 percent month-over-month in May, slightly less than the 0.5 percent increase expected by economists but faster than the 0.1 percent increase in April. Food prices were unchanged, while energy prices jumped 4.3 percent, reversing the 1.3 percent drop in the previous month. Excluding food and energy, prices edged up by 0.1 compared to the 0.2 percent increase expected by economists.
A Commerce Department report showed that the U.S. current account deficit narrowed to $113.3 billion from $113.5 billion in the fourth quarter, belying expectations for a deficit of $116.5 billion.
The results of the Philadelphia Federal Reserve's business activity survey showed that the diffusion index of business activity rose 9 points to 15.2 in July, reaching the highest reading since December 2014. The new orders index climbed 11 points to 15.2 and the shipments index was up 13 points to 14.3. On the other hand, the number of employees index slipped 3 points to 3.8.
The Conference Board reported that its leading economic indicators index for the U.S. rose 0.7 percent month-over-month in May, the same pace of growth seen in the previous month. Residential construction and consumer expectations contributed positively to the index, while industrial production and manufacturing new orders presented a more mixed picture. The coincident economic indicators index was up a more modest 0.1 percent compared to a 0.2 percent increase by the lagging economic indicators index. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | San Francisco Federal Reserve Bank President John Williams is due to speak on policy in San Francisco at 11:40 am ET. Cleveland Fed President Loretta Mester will speak at a housing conference in Pittsburgh at 12:15 am 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 | | | CarMax (KMX) reported first quarter earnings that were in line and operating revenues that missed estimates.
Red Hat (RHT) reported better than expected adjusted earnings and revenues for its first quarter.
Smith & Wesson (SWHC) reported better than expected fourth quarter adjusted earnings from continuing operations and revenues. However, the company's first quarter and full year 2016 guidance was weak.
Finisar (FNSR) reported in line fourth quarter adjusted earnings and its revenues were about in line with estimates. The company's first quarter guidance was also in line.
L Brands (LB) announced a new $250 million stock buyback program.
Healthways (HWAY) cut its 2015 guidance, citing lower than expected revenue from a single plan health plan contract, slower than expected business development and implementation of Dr. Ornish's program for reversing heart disease and slower than expected business development of its BlueZones project. The new revenue guidance of $770 million to $785 million is below the consensus estimate.
Microchip Technology (MCHP) announced that it has received anti-trust clearance for its impending acquisition of Micrel (MCRL). The company expects the deal to be completed in the third quarter of 2015. |
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| | European Markets | | European stocks opened higher and have rallied further, despite no headway being made on the Greek debt crisis.
A meeting of finance ministers yesterday made no breakthrough. Euro group president Jeroen Dijsselbloem told a news conference "too little progress" had been made in bailout negotiations between Greece and the institutions, pushing the debt-laden country a step closer to default and an exit from the euro zone. Euro zone leaders are set to hold an emergency summit on Monday to discuss the issue again.
On the economic front, data released by the German Federal Statistical Office showed that German producer prices fell 1.3 percent year-over-year in May, slower than the 1.5 percent drop in April. Economists, however, expected a more modest 1.1 percent drop. On a monthly basis, wholesale prices were unchanged following a 0.1 percent increase in April.
Eurostat reported that the current account surplus of the euro area rose to 22.3 billion euros in April from 18 billion euros in March.
Public sector borrowing in the U.K. declined year-over-year in May, according to a report released by the U.K. Office for National Statistics. Public sector net borrowing, excluding interventions, fell to 10.1 billion pounds from 12.3 billion, while economists expected it to be 10.3 billion pounds.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed mostly higher, drawing inspiration from Wall Street, although the Chinese market experienced a steep sell-off.
Japanese stocks advanced as the yen weakened in Asian trading. The Nikkei 225 Index hovered in positive territory throughout the session before ending up 183.42 points or 0.92 percent at 20,174.
A majority of stocks gained ground, led by export stocks. On the other hand, beverage, pharma, electric utilities and insurance stocks came under selling pressure.
After rising sharply in early trading, Australia's All Ordinaries Index began moving sideways before ending up 68.80 points or 1.25 percent at 5,592.
The market witnessed broad based strength, with real estate, industrial, energy, financial and healthcare stocks leading the gains.
Hong Kong's Hang Seng Index ended at 26,761, up 65.87 points or 0.25 percent, while China's Shanghai Composite plunged 306.99 points or 6.42 percent before ending at a 1-month low of 4,478. The index ended with a whopping 13.32 percent weekly loss.
Liquidity concerns and fears of a bubble burst in the stock market weighed heavily on the Chinese market.
On the economic front, the Bank of Japan left its massive stimulus program as well as its upbeat economic view unchanged following the conclusion of its 2-day meeting. The bank also announced plans to reduce monetary policy meetings to 8 a year from the current 14, beginning in 2016.
The BoJ's policy board governed by Haruhiko Kuroda decided by an 8-1 majority vote to maintain its target of raising the monetary base at an annual pace of about 80 trillion yen.
A revised report released by Japan's Cabinet Office showed that its leading economic indicators index for Japan came in at 106.4 in April, down from the preliminary estimate of 107.2, but up from 105.2 in March.
Meanwhile, Japan's Ministry of Economy, Trade and Industry showed that all industry activity in Japan rebounded in April, although the pace of growth was less than anticipated. The all industry activity index rose 0.1 percent month-over-month following a 1.4 percent drop in March, while economists expected a 0.2 percent increase.
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.74 to $59.71 a barrel after advancing $0.53 to $61.17 a barrel on Thursday. An ounce of gold is trading at $1,202.40, up $0.40 from the previous session's close of $1,202. On Thursday, gold jumped $25.20.
On the currency front, the U.S. dollar is trading at 123.12 yen compared to the 122.96 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1303 compared to yesterday's $1.1359.
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