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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 Thursday, with sentiment reflecting apprehensions of traders, as global economic uncertainties abound. Greece is yet to clinch a deal and the global economic recovery is still on a slippery ground. Australian retail sales and trade balance came in weak, sending shares in the country lower and the Asian markets had a lackluster session. Greek worries continue to weigh down on the European markets. Meanwhile, the Bank of England kept its monetary policy unchanged.
The in line jobless claims data releases short while ago could quell some of the anxiety, although tomorrow's non-farm payrolls report could send traders to the sidelines. Bond yields continue to shoot higher, reflecting the nervous mood of the markets.
U.S. stocks moved higher on Wednesday on Greek deal hopes and some positive domestic economic reports on the trade deficit, private payrolls and manufacturing activity. The major averages opened higher and held above the unchanged line throughout the session before ending moderately higher.
The Dow Industrials added 64.33 points or 0.21 percent before ending at 18,076, the S&P 500 Index ended up 4.47 points or 0.21 percent at 2,114 and the Nasdaq Composite closed at 5,099, up 22.71 points or 0.45 percent.
Twenty-one of the thirty Dow components closed higher, while the remaining nine stocks retreated. Home Depot (HD), JP Morgan Chase (JPM) and United Technologies (UTX) were among the biggest gainers of the session, while Intel (INTC) retreated sharply.
Among the sectors, transportation and financial stocks gained ground, while utility and gold stocks moved to the downside.
On the economic front, ADP's private payrolls report for May showed a healthy pace of job growth for the month. The private sector added 201,000 jobs in May following the addition of 165,000 jobs in the previous month.
The Institute for Supply Management's service sector survey showed that its non-manufacturing index slipped to 55.7 in May from 57.8 in April, while economists had estimated a mode modest drop to 57.2. The business activity index slipped 2.1 points but still remained solid at 59.5, and the new orders index was at 57.9, down 1.3 points. The employment index fell 1.4 points to 55.3. About 15 non-manufacturing industries reported growth.
Markit's survey showed that its service sector index for the U.S. fell 1.2 points to 56.2 in May, while economists expected a reading of 56.5.
The Commerce Department reported that the U.S. trade deficit narrowed notably to $40.9 billion in April from $50.6 billion in March. Exports rose 1 percent month-over-month, while imports declined 3.3 percent. The real trade deficit narrowly sharply, with exports rising 2.4 percent in real terms, while imports fell 3.4 percent.
The Federal Reserve's Beige Book said overall economic activity in the 12 Fed districts expanded in the period between early April and late May. Manufacturing activity was termed as generally steady or having increased. Many districts reported improving retail sales. Improvement was also observed in commercial and residential real estate activity and construction. The report also noted an uptick in employment levels. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended May 30th, according to a report released by the Labor Department.
The report said initial jobless claims edged down to 276,000, a decrease of 8,000 from the previous week's revised level of 284,000. Economists had expected jobless claims to slip to 278,000 from the 282,000 originally reported for the previous week.
Reflecting a much bigger than previously estimated drop in output, the Labor Department released a report showing that U.S. labor productivity fell by even more than expected in the first quarter of 2015.
The report said productivity tumbled by a revised 3.1 percent in the first quarter compared to the previously reported 1.9 percent decrease. Economists had expected a revised decrease of about 2.9 percent.
Additionally, the Labor Department said unit labor costs jumped by an upwardly revised 6.7 percent in the first quarter versus the previously reported 5.0 percent increase. Costs had been expected to surge up by a revised 6.0 percent.
The Treasury Department is scheduled to make announcements concerning next week's auctions of 3-year and 10-year notes and 30-year bonds at 11 am ET.
Federal Reserve Governor Daniel Tarullo is due to speak to the IIF summit in New York at 12 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 | | | J.M. Smucker (SJM) reported below consensus earnings for the first quarter, while its revenues exceeded estimates.
Costco (COST) reported flat comparable store sales for May compared to the year-ago period. Excluding the impact of gasoline price deflation and foreign exchange, comparable store sales were up 6 percent. Net sales for the month were up 2 percent.
Tech Data (TECD) announced that its board authorized a share repurchase program of up to $100 million.
Comtech Telecom (CMTL), Cooper Companies (COO), Diamond Foods (DMND), UTI Worldwide (UTIW), VeriFone (PAY) and Zumiez (ZUMZ) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened lower and have seen further downside since then amid rising bond yields, reversing some of yesterday's gains.
The much awaited discussions between the Greek officials and its international creditors once again ended in a stalemate, although Greek Prime Minister Alexis Tsipras did suggest that a deal may be close at hand and the country will make a 300 million euro repayment due to the IMF on Friday.
The Bank of England held interest and the size of its asset purchase program unchanged.
In corporate news, the U.K.'s Johnson Matthey reported higher underlying pre-tax profits for the year ended in March, with the profits coming in ahead of expectations. The company also forecast a better performance in the current fiscal year.
EasyJet reported higher traffic and load factor for May, while reports suggest BASF could make an offer for Swiss agri-input firm Syngenta.
On the economic front, a report released by Halifax showed that U.K. house prices edged down 0.1 percent month-over-month in May, dropping for the first time in three months.
U.K. new car registrations increased for the 39th consecutive month in May, according to data released by the Society of Motor Manufacturers and Traders. Car sales rose 2.4 percent year-over-year to 198,706 units in May.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended on a mixed note despite the positive lead from Wall Street overnight. The Japanese, Chinese, New Zealand and Singaporean markets posted lackluster gains, while most other major markets in the region retreated, led by the Australian and Taiwanese markets.
With Greece still chasing a still elusive deal and the U.S. non-farm payrolls due on Friday, traders chose to remain cautious.
The Australian market weakened in reaction to some insipid domestic data and lower commodity prices. The All Ordinaries index saw some indecision in early trading and moved decisively into negative territory immediately after. Subsequently, the index languished below the unchanged line before ending down 77 points or 1.38 percent at 5,511. The market witnessed an across the board sell-off.
Hong Kong's Hang Seng Index also ended down 105.58 points or 0.38 percent at 27,552, while China's Shanghai Composite, which fell as much as 5.5 percent in intraday trading, recouped all those losses and ended the session 37.12 points or 0.76 percent higher at 4,947.
Japan's Nikkei 225 average hovered in positive territory till late trading but lost momentum and retreated. However, the index recovered and ended up 14.68 points or 0.07 percent at 20,488. Construction resource and most export stocks found buying interest, while food, pharma, telecom, utility and retail stocks lost ground.
On the economic front, a report released by the Australian Bureau of Statistics showed that retail sales were unchanged in April compared to the previous month, belying expectations for an increase.
A separate report showed that Australia's trade deficit widened to a record A$3.888 billion in April from a A$1.231 billion deficit in March. Economists expected a deficit of A$2.1 billion for the month. Exports were down 6 percent month-over-month, while imports climbed 4 percent. |
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| | Currency and Commodities Markets | | Crude oil futures are inching up $0.21 to $59.43 a barrel after sliding $1.62 to $59.64 a barrel on Wednesday.
The previous session's retreat came amid the dollar's strength and the release of the petroleum status report, which showed that 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.
Gold futures, which declined $9.50 to $1,184.90 an ounce in the previous session, are currently slipping $5.40 to $1,179.50 an ounce.
Among currencies, the U.S. dollar is trading at 124.27 yen compared to the 124.25 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1296 compared to yesterday's $1.1275.
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