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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 narrowly mixed opening on Thursday, with sentiment reflecting nervousness of traders amid the mixed earnings news flow. More companies, including Qualcomm, have joined the bandwagon of tech companies reporting weak results. Dow component Caterpillar (CAT) have also turned in a dismal showing in its second quarter. Meanwhile, the jobless claims data for the recent reporting weak was benign. The Greek developments have been encouraging after the embattled nation secured Parliamentary approval for further reform measures. Notwithstanding the positives, earnings woes may dent trader confidence.
Weak tech earnings sapped risk appetite on Wednesday, sending the major averages lower for the second straight session. The major averages opened lower but trimmed their losses with the release of an upbeat existing home sales report. However, the averages turned lower yet again and fell steadily until the afternoon. After some sideways movement and a further retreat in late trading, the averages recouped a small portion of their losses but still closed lower for the session.
The Dow Industrials ended down 68.25 points or 0.38 percent at 17,851 and the S&P 500 Index closed 5.06 points or 0.24 percent lower at 2,114, while the Nasdaq Composite Index underperformed with a decline of 36.35 points or 0.70 percent to 5,172.
Nineteen of the thirty Dow components declined in the session, while eleven stocks advanced. Apple (AAPL) slumped 4.23 percent, Microsoft (MSFT) plunged 3.68 percent and Caterpillar (CAT) lost close to 3 percent. On the other hand, Nike (NKE), JP Morgan Chase (JPM), Boeing (BA) and Home Depot (HD) gained ground.
Among the sectors, oil service, semiconductor and computer hardware stocks came under intense selling pressure, while housing and banking stocks moved to the upside.
On the economic front, the National Association of Realtors reported that existing home sales came in at a seasonally adjusted annual rate of 5.49 million units in June, up 3.2 percent month-over-month. The rate was the highest since February 2007. Economists had expected a 5.40 million-unit rate. Annually, existing home sales were up 9.6 percent.
The median price of an existing home was up 3.3 percent to $236,400. Inventories measured in terms of the months of supply slipped to 5 months in June from 5.1 months in May.
The Federal Housing Finance Agency's house price survey showed that prices were up 0.4 percent month-over-month, in line with expectations. The annual growth accelerated to 5.7 percent from 5.3 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | In an upbeat sign for the job market, the Labor Department released a report showing first-time claims for U.S. unemployment benefits tumbled to their lowest level in over forty years in the week ended July 18th.
The report said initial jobless claims dropped to 255,000, a decrease of 26,000 from the previous week's unrevised level of 281,000. Economists had expected jobless claims to edge down to 279,000.
With the much bigger than expected decrease, jobless claims fell to their lowest level since hitting 233,000 in November of 1973.
The Conference Board is set to release its U.S. leading economic indicators index for June at 10 am ET. The consensus estimate calls for a 0.2 percent month-over-month increase in the index.
The leading economic 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.
The U.S. Treasury Department will make announcements concerning next week's auction of 2-year, 5-year and 7-year notes at 11 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 | | | Qualcomm (QCOM) reported better than expected third quarter adjusted earnings, while its revenues fell year-over-year and were slightly shy of estimates. In response to pressure from Jana Partners, the company announced its decision to eliminate 15 percent of its workforce, implement measures to trim costs by $1.4 billion and contemplate spinning off of its chip business. The company issued weak guidance for the fourth quarter and lowered its guidance for the full year.
Texas Instruments (TXN) reported in line second quarter earnings, but its revenues fell 2 percent and were slightly shy of estimates. The company's third quarter guidance was weak.
Xilinx' (XLNX) first quarter earnings beat estimates, although its revenues trailed expectations. The company said it expects second quarter sales to decline 2-6 percent sequentially.
SanDisk (SNDK) reported better than expected second quarter results. F5 Networks (FFIV) also reported above-consensus results for its third quarter. Logitech's (LOGI) first quarter results also beat expectations and the company reiterated its full year guidance.
American Express (AXP) also reported better than expected earnings, while its revenues were below expectations. Sallie Mae (SLM) reported in line earnings for its second quarter.
Meanwhile, Las Vegas (LVS) reported below-consensus earnings and revenues for its second quarter. While Discover Financial Services' (DFS) second quarter earnings beat estimates, its revenues were below expectations. Ameriprise Financial (AMP) posted strong results for its second quarter.
General Motors' (GM) second quarter profit surged from the year-ago quarter and its adjusted earnings per share topped Wall Street expectations. However, net revenues for the quarter declined and also missed the consensus estimate. The company reaffirmed outlook for improved EBIT-adjusted and EBIT-adjusted margin for 2015.
Fiat Chrysler's (FCAU) subsidiary, New Business Netherlands N.V., to be renamed Ferrari N.V., has filed for a proposed initial public offering of common shares. Ferrari intends to apply to list its common shares on the NYSE.
Southwest Airlines (LUV) reported second quarter earnings that improved from the year-ago quarter and its adjusted earnings per share topped Street view. Total operating revenues for the quarter grew 2.0 percent, but missed the consensus estimate.
Caterpillar's (CAT) second quarter earnings as well as sales and revenues declined from the year-ago quarter. Looking ahead, the company slashed its 2015 sales and revenues outlook and backed its earning guidance.
Amazon (AMZN), AT&T (T), BJ Restaurants (BJRI), CA Technologies (CA), Capital One (COF), E TRADE (ETFC), Flextronics (FLEX), Juniper Networks (JNPR), Maxim Integrated (MXIM), NETGEAR (NTGR), Netsuite (N), Pandora Media (P), PMC-Sierra (PMCS), Starbucks (SBUX), TripAdvisor (TRIP), Visa (V) and Verisign (VRSN) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | After a firm start, the European markets gave back their gains in late morning trading. The averages are currently showing volatility and are seen moving in and out of the positive territory. Traders digest the Greek parliamentary approval of the second set of reform measures and a slew of domestic earnings.
After protracted discussions, the Greek Parliament early Thursday approved the second set of reform measures by a majority vote, with the ruling party as well as opposition members, who back the euro, extending their support.
Parliamentary approval was a necessary precondition for fresh negotiations to begin on a third bailout proposal, which could unlock 86 billion euros in financing to the debt strapped nation. This could help the country replay an installment due to the European Central Bank on August 20th and another to the International Monetary Fund in September.
In corporate news, Credit Suisse (CS) reversed to a profit in the second quarter even as performance by its investment-banking arm was far from enthusing. Unilever (UL) reported better than expected sales growth for its second quarter.
Meanwhile, hurt by weakness at its oil and gas business and a stronger dollar, AAB reported a decline in its second quarter profits.
A strong franc weighed on the first half performance of Roche. Meanwhile, Germany's Daimler reported higher sales and profits for its second quarter. Germany's Software also reported solid second quarter results.
STMicroelectronics (STM) reported drops in second quarter profits and revenues. Syngenta's first half profits also declined, although the drop was less than expected. Brewer SABMiller's first quarter revenues were below estimates by most analysts.
On the economic front, U.K. retail sales declined unexpectedly in June, data from the Office for National Statistics showed. Including automotive fuel, retail sales declined 0.2 percent month-over-month, reversing a 0.3 percent rise in May. This was the first drop in three months. Sales were expected to grow 0.4 percent.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets had a mixed session as traders digested the weak lead from Wall Street overnight and lackluster domestic economic data. The Chinese market steamrolled its way to handsome gains.
Japan's Nikkei 225 Index opened higher and was confined to a rough sideways movement all through the session. The index ended 90.28 points or 0.44 percent higher at 20,684.
Financial, retail, real estate, telecom and most utility stocks advanced. However, energy, construction, technology, chemical, steel, mining and heavy machinery moved to the downside.
China's Shanghai Composite Index rallied 97.88 points or 2.43 percent before ending at 4,124, and Hong Kong's Hang Seng Index closed at 25,399, up 116.23 points or 0.46 percent.
Meanwhile, Australia's All Ordinaries Index moved about in a broad range, although it languished below the unchanged line for the bulk of the session. The index ended down 22.20 points or 0.40 percent at 5,581.
A majority of stocks retreated in the session, led by energy, material, real estate and utility stocks. On the other hand, consumer discretionary and industrial stocks gained some ground in the session.
On the economic front, as forecast by analysts, the Reserve Bank of New Zealand lowered its official cash rate by 25 basis points to 3 percent, marking the second straight rate cut.
The action was attributed to the uncertain global economic outlook, given the developments in Europe and China, a slowdown in domestic growth and the low inflation environment.
A report released by the Japanese Ministry of Finance showed that the nation's trade balance for June showed a deficit of 69.045 billion yen compared to the surplus of 45.8 billion expected by economists. Exports rose 9.5 percent year-over-year, while imports fell 2.9 percent.
The results of a survey by National Australia Bank showed that its business confidence index for Australia rose to 4 in the three months ended in July from 0 in the previous quarter. The reading is consistent with the long-run average for the series. The business conditions index rose 1 percent sequentially in the June quarter.
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.14 to $49.27 a barrel after slumping $1.67 to $49.19 a barrel on Wednesday.
The previous session's sell-off came amid the risk aversion and the release of the weekly petroleum status report, which showed that crude oil stockpiles rose by 2.5 million barrels to 463.9 million barrels in the week ended July 17th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Distillate stockpiles edged up by 0.2 million barrels and were in the middle of the average range for this time of the year. On the other hand, gasoline inventories fell by 1.7 million barrels but remained in the upper half of the average range.
Refinery capacity utilization averaged 95.1 percent over the four weeks ended July 17th compared to 94.7 percent over the four weeks ended July 10th.
Gold futures, which fell $12 to $1,091.50 an ounce in the previous session, are currently climbing $3.50 to $1,095 an ounce.
Among currencies, the U.S. dollar is trading at 124.08 yen compared to the 123.97 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0963 compared to yesterday's $1.0929.
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