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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 sharply higher opening on Tuesday, with stocks likely to move back to the upside following the sell-off seen in the previous session. Bargain hunting may contribute to early strength on Wall Street.
The markets are also likely to benefit from a rebound by Chinese stocks as well as renewed optimism about Greece reaching an agreement with its creditors. However, disappointing U.S. jobs data may limit the upside for the markets.
After seeing a significant rebound over the course of the trading day on Tuesday, stocks showed a substantial move back to the downside on Wednesday.
The major averages ended the session sharply lower, not far off their worst levels of the day. The Dow tumbled 261.49 points or 1.5 percent to 17,515.42, the Nasdaq plunged 87.70 points or 1.8 percent to 4,909.76 and the S&P 500 plummeted 34.65 points or 1.7 percent to 2,046.69.
The pullback dragged the Dow down to a five-month closing low, while the S&P 500 and the Nasdaq closed at their worst levels since March and April, respectively.
Steel stocks saw substantial weakness throughout the session, reflecting concerns about the outlook for global demand. Biotechnology, oil service, semiconductor, brokerage, electronic storage, and natural gas stocks also moved notably lower, reflecting broad based selling pressure on Wall Street. |
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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 unexpectedly showed another increase in the week ended July 4th, according to a report released by the Labor Department on Thursday, with claims reaching their highest level in over four months.
The Labor Department said initial jobless claims climbed to 297,000, an increase of 15,000 from the previous week's revised level of 282,000.
The increase came as a surprise to economists, who had expected jobless claims to dip to 276,000 from the 281,000 originally reported for the previous week.
With the unexpected increase, jobless claims rose for the third straight week, reaching their highest level since hitting 327,000 in the last week of February.
The Treasury Department is scheduled to announce the results of its auction of $13 billion worth of thirty-year bonds at 1 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 | | | After the close of trading on Wednesday, aluminum giant Alcoa (AA) reported its second quarter results, beating expectations on revenues but missing on earnings.
Maintenance and cleaning products maker WD-40 (WDFC) reported weaker than expected third quarter results and cut its full-year guidance.
Meanwhile, PepsiCo (PEP) reported second quarter results that exceeded analyst estimates. The beverage and snack maker also raised its forecast for the full year.
Walgreens Boots Alliance (WBA) reported better than expected third quarter earnings but on revenues that came in below estimates. The company also raised its full-year guidance and its quarterly dividend.
Barracuda Networks (CUDA), Helen of Troy (HELE), PriceSmart (PSMT) and Voxx International (VOXX) are due to report their quarterly results after the close of today's trading. |
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| | European Markets | | The European markets are seeing considerable strength on the day, reflecting optimism about a deal between Greece and its international creditors after the Mediterranean nation promised to implement pension and tax reforms to win fresh aid.
Greek Prime Minister Alexis Tsipras told European parliament that he would submit a detailed reform plan to the Eurozone on Thursday aimed at resolving the country's debt crisis.
On the economic front, Germany's exports logged unexpected growth in May, data from Destatis revealed. Exports rose 1.7 percent in May from the prior month, confounding expectations for a 0.8 percent drop. It was the fastest growth rate seen so far this year.
Separately, the Bank of England retained its record low key interest rate and the size of the quantitative easing unchanged. The Monetary Policy Committee decided to hold the key bank rate at 0.50 percent and the size of asset purchases at 375 billion pounds at the end of a two-day rate meeting. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian shares reversed early losses to end on a steady note Thursday, as a rebound in the battered Chinese markets offered a sense of relief to investors worried about the broader implications for the global economy.
Commodity prices stabilized after a recent plunge and Greece and its creditors appeared moving closer to reaching a new bailout agreement by Sunday, helping to underpin investor sentiment.
Chinese shares led the pace of regional gains as authorities unveiled fresh support measures and official data showed China's consumer inflation ticked slightly higher in June.
The benchmark Shanghai Composite Index closed up 202.14 points or 5.76 percent at 3,709.33, posting its largest single-day percentage gain since March of 2009 after dropping more than 3 percent at the opening bell.
Hong Kong's Hang Seng Index also closed up 876.23 points or 3.73 percent at 24,392.79 after slumping nearly 6 percent in the previous session.
China's securities regulator banned senior management and investors who own stakes in businesses exceeding 5 percent from selling their shares for next six months in a bid to curb crashing prices.
China's central bank also said it would provide sufficient liquidity to China Securities Finance Corp., the state-backed margin finance company.
Additionally, the China Banking Regulatory Commission said it would encourage banks to support companies' share buybacks by offering them collateralized loans.
Japanese shares rebounded from three-month lows, tracking the surge in Chinese stocks. The benchmark Nikkei 225 Index plunged more than 3 percent in early trading before reversing direction to end the session up 117.86 points or 0.60 percent at 19,855.50.
Fanuc, Panasonic, Sony and Sharp posted strong gains as the safe haven yen weakened against the U.S. dollar for the first time in six sessions.
Australian shares also rebounded from early losses after employment figures beat expectations for a second month. The S&P/ASX 200 Index closed up 1.50 points or 0.03 percent at 5,471.10 after falling as low as 5,383.7 in early deals.
In economic news, China's National Bureau of Statistics said Chinese consumer inflation edged slightly higher in June, while producer prices continued to show deflation for a 40th consecutive month, reflecting continuing slack in the world's second-largest economy.
The consumer price index rose to 1.4 percent year-over-year, up from 1.2 percent in May and exceeding forecasts for a 1.3 percent increase. Producer prices contracted 4.8 percent from a year earlier versus forecasts for a fall of 4.6 percent, which would have been unchanged.
A separate report from the Japanese Cabinet Office said Japan's core machinery orders unexpectedly rose 0.6 percent in May providing fresh evidence of a steady pick-up in capital spending by domestic firms. The headline figure easily beat forecasts for a decline of 0.5 percent.
Australia's jobless rate inched up to 6.0 percent in June from a revised 5.9 percent in May, Australian Bureau of Statistics Labor Force figures showed, coming in better that the 6.1 percent expected by economists. The number of people employed rose by 7,300 to 11.77 million, topping forecasts for a flat reading. |
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| | Currency and Commodities Markets | | Crude oil futures are jumping $1.29 to $52.94 a barrel after sliding $0.68 to $51.65 a barrel on Wednesday. Meanwhile, an ounce of gold is currently-trading at $1,165.20, up $1.70 from the previous session's close of $1,163.50. On Wednesday, gold rose $10.90.
On the currency front, the U.S. dollar is trading at 121.44 yen compared to the 120.71 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1039 compared to yesterday's $1.1077. |
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