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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 reflecting nervousness triggered by strong non-farm payroll gains for May. The May report also showed revisions to the previous two months' numbers that had a net positive effect. Wage growth also firmed up but the jobless rate edged up. In reaction to the report, bond yields have moved higher and the dollar has strengthened. Commodities are retreating, although oil is holding up. The strong report could reignite rate hike worries, and along with the Greek concerns could exert downward pressure on markets.
U.S. stocks came under pressure on Thursday, as risk aversion led to a sell-off. The still unresolved Greek debt crisis and uncertainty concerning domestic monetary policy and the economic outlook weighed on the markets.
The major averages opened lower after the release of a fairly in line jobless claims report. Although the averages recouped the losses by late morning trading, a fresh wave of selling emerged, sending the major averages steadily lower for the rest of the session.
The Dow Industrials ended down 170.69 points or 0.94 percent at 17,906, the S&P 500 Index slid 18.23 points or 0.86 percent before closing at 2,096 and the Nasdaq Composite ended at 5,059, down 40.11 points or 0.79 percent.
Twenty-nine of the thirty Dow components retreated, with Verizon (VZ), Merck (MRK), Home Depot (HD), DuPont (DD), Cisco Systems (CSCO) and American Express (AXP) posting the biggest losses of the session.
Among the sectors, resource, biotechnology, semiconductor, computer hardware and housing stocks were among the worst performers on the day.
On the economic front, the Labor Department reported that jobless claims fell by 8,000 to 276,000 in the week ended May 30th, while economists had expected a reading of 278,000. However, the four-week average rose to 274,750 compared to 272,000 in the previous week. Continuing claims, calculated with a week's lag, fell by 30,000 to 2.196 million in the week ended May 23rd, the lowest since November of 2000.
The Labor Department also downwardly revised its first quarter non-farm productivity data to show a 3.1 percent sequential drop compared to a 2.1 percent decline in the fourth quarter. Unit labor costs were up 6.7 percent, resulting in an annual rate of growth of 1.8 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Employment in the U.S. increased by much more than anticipated in the month of May, according to a report released by the Labor Department. The report said non-farm payroll employment jumped by 280,000 jobs in May compared to economist estimates for an increase of about 225,000 jobs.
While the increase in employment in April was downwardly revised to 221,000 jobs from 223,000 jobs, the employment growth in March was upwardly revised to 119,000 jobs from 85,000 jobs.
With these revisions, the Labor Department said employment gains in March and April combined were 32,000 more than previously reported. However, the report also showed that the unemployment rate inched up to 5.5 percent in May from a nearly seven-year low of 5.4 percent in April.
The increase came as a surprise to economists, who had expected the unemployment rate to remain unchanged, but the uptick primarily reflected an increase in the size of the labor force.
New York Federal Reserve Bank President William Dudley is due to speak to the Economic Club of Minnesota at 12:30 pm ET.
The Federal Reserve is set to release its consumer credit report for April at 3 pm ET. Economists expect outstanding consumer credit to increase by $16.5 billion compared to a $20.5 billion increase in March.
The increase in outstanding consumer credit in March was due to a $16.62 billion jump in non-revolving credit linked to auto loans. Revolving credit tied to credit card also rose $4.3 billion. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Gap (GPS) reported a 1 percent drop in comparable store sales for May and net sales for the month were also down to $1.25 billion from $1.27 billion in the year-ago period.
Diamond Foods (DMND) reported better than expected third quarter adjusted earnings, while its revenues were below estimates. The company forecast full year earnings towards the high end of its earlier estimate.
VeriFone (PAY) reported second quarter adjusted earnings and revenues that beat estimates. The company narrowed its full year revenue guidance and raised its earnings per share guidance.
Zumiez (ZUMZ) reported below consensus earnings and revenues for its first quarter and the company's second quarter guidance was weak.
Cooper Companies' (COO) second quarter results trailed expectations and the company lowered its full year revenue guidance, which was below estimates. The company's adjusted earnings per share guidance was also weak.
Comtech Telecom (CMTL) reported better than expected third quarter earnings, while its sales declined to $71.6 million from $88.9 million. The company updated its 2015 guidance, which was below the consensus estimate.
Analogic (ALOG) reported better than expected third quarter results.
Thor Industries' (THO) third quarter income from continuing operations missed the consensus estimate, while its revenues were in line.
Standard & Poor's announced that Manhattan Associates (MANH) will replace Life Time Fitness (LTM) in the S&P MidCap 400 Index and Supernus Pharma (SUPN) will replace Manhattan Associates in the S&P SmallCap 600 Index after the close of trading on June 10th. |
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| | European Markets | | European stocks are down for a second straight day, as risk aversion has intensified after Greece deferred its loan repayment due to the IMF and said it would bundle all four payments for the month into one installment of about $1.7 billion, which will now be paid on June 30th.
In corporate news, Vodafone (VOD) confirmed that it is in early stages of discussions with Liberty Global (LBTYA) regarding a possible exchange of assets and not about a combination of both companies.
Air Berlin reported a 5.3 percent year-over-year drop in traffic for May and a 7.4 percent decline in capacity. Meanwhile, load factor improved 1.8 percentage points to 81.3 percent.
On the economic front, data released by the German Federal Statistical Office showed that factory orders rose 1.4 percent month-over-month in April, faster than the 1.1 percent increase in March and the 0.5 percent growth forecast by economists.
Meanwhile, the Bundesbank raised its German economic growth outlook as the economy returned to a growth path from the cyclical lull in the middle of last year. Real GDP is forecast to grow 1.7 percent this year, faster than an earlier estimate of 1 percent. For next year, GDP growth is expected to be 1.8 percent instead of 1.6 percent.
The results of a quarterly survey by the Bank of England and the GfK showed that inflation expectations for the year ahead rose from a more than 13-year low. Inflation is expected to reach 2.2 percent over the coming year compared with the 1.9 percent estimated in February.
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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 mixed amid nervousness ahead of the U.S. non-farm payrolls data. The Chinese, Indonesian, Malaysian and New Zealand markets advanced, while most other markets in the region retreated.
Japan's Nikkei languished below the unchanged line throughout the session before ending down 27.29 points or 0.13 percent at 20,461. Electric and gas utilities, telecom, marine transportation and financial stocks retreated sharply, while export stocks saw mixed sentiment. The yen was modestly lower against the dollar in the Asian session.
Australia's All Ordinaries experienced some volatility till the mid-session before retreating decisively into negative territory. The index ended down 4.80 points or 0.09 percent at 5,507, but off the day's low of 5,480. Energy, financial, IT, material and utility stocks came under selling pressure, while consumer, healthcare, industrial, real estate and telecom stocks found some strength.
Hong Kong's Hang Seng Index ended at 27,260, down 291.73 points or 1.06 percent, while China's Shanghai Composite Index rallied 75.99 points or 1.54 percent before ending at 5,023. During intraday trading, the index broke above a psychological resistance of 5,000 for the first time in more than 7 years.
On the economic front, a report released by the Australian Industry Group showed that the construction sector in Australia continued to contract, with a PMI score of 47.8 in May compared to 47 in April.
Preliminary estimates released by the Cabinet Office showed that its leading economic indicators index for Japan rose 1.2 points to 107.2 in April. The coincident index and the lagging index were up 1.9 points and 2.6 points to 111.1 and 121.4, respectively.
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.31 to $58.31 a barrel after declining $1.64 to $58 a barrel on Thursday. An ounce of gold is trading at $1,167.20, down $8 from the previous session's close of $1,175.20. On Thursday, gold fell $9.70.
On the currency front, the U.S. dollar is trading at 125.70 yen compared to the 124.36 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1079 compared to yesterday's $1.1238.
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