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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 higher opening on Thursday, with sentiment suggesting optimism, as the probability of the Greek bailout agreement has now increased. Greek Prime Minister Alexis Tsipras has succeeded in getting the proposals ratified by the Parliament despite opposition from some of his own party members. Additionally, the European Union has reportedly consented to extend bridge financing to the beleaguered nation. Domestic earnings have largely been positive and the jobless claims data also declined roughly in line with expectations. The markets may also react to economic data on regional manufacturing activity and homebuilder sentiment, due shortly after the markets open.
U.S. stocks snapped a four-session advance and ended Wednesday's trading modestly lower, as traders looked ahead to the Greek parliamentary vote and digested domestic economic data on regional manufacturing activity and industrial production.
The major averages opened on a nervous note but moved higher in late morning trading. Although the averages remained above the unchanged line for much of the session, they fell sharply in afternoon trading before recovering to close only slightly lower.
The Dow Industrials ended down 3.41 points or 0.02 percent at 18,050, the S&P 500 Index closed 1.55 points or 0.07 percent lower at 2,107 and the Nasdaq Composite ended at 5,099, down 5.95 points or 0.12 percent.
The breadth among the Dow components was even, with 15 of the 30 Dow components declining, while the remaining 15 advanced. Chevron (CVX) was the biggest decliner of the session, while Apple (AAPL) rose notably.
Among the sectors, resource and housing stocks came under selling pressure, while banking stocks gained ground.
On the economic front, the semi-annual monetary policy testimony by Federal Reserve Chair Janet Yellen emphasized the central bank's view that a rate hike may materialize before the end of the year. However, Yellen said the initial rate hike should not be overemphasized, noting that the subsequent profile of rates is important and is expected to be highly accommodative for quite some time.
The Fed reported that industrial production rose 0.3 percent month-over-month in June, ahead of the 0.2 percent increase expected by economists. Capacity utilization was also higher than expected at 78.4 percent. Manufacturing output was unchanged, but mining output climbed 1 percent. Utilities output also jumped 1.5 percent. Excluding a 3.7 percent drop in motor vehicle output, manufacturing output was up 0.3 percent.
The results of the New York Federal Reserve's manufacturing survey showed that manufacturing activity in the region moved into expansion territory in July. The general business conditions index rose 6 points to 3.9, slightly ahead of the consensus estimate of 3.5. The inner details were mixed, however, as the new orders index was little changed at -3.5 and the shipments index fell 4 points to 7.9. The employment indexes were mostly lackluster, with the number of employees index slipping to 3.19 from 8.65, while the average workweek index rose less than a point to 4.26. The expectations index rose marginally to 27.04 from 25.84.
The Fed's Beige Book showed that all twelve Fed districts reported expanding economic activity from mid-May through June. The degree of improvement in consumer spending varied by district, with low energy prices reported to have boosted spending. Auto sales increased in almost all districts and tourism expanded in most regions. The Beige Book reported moderate growth in non-financial services and positive activity levels in residential and commercial real estate markets.
Additionally, a Labor Department report showed that producer prices for final demand rose a more than expected 0.4 percent month-over-month in June. Annually, producer prices for final demand were down 0.7 percent. Core producer prices for final demand were up 0.3 percent month-over-month, pushing the annual rate of growth up to 0.8 percent. Economists expected a monthly core inflation rate of 0.1 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | After reporting increases in first-time claims for U.S. unemployment benefits in each of the three previous weeks, the Labor Department released a report showing that initial jobless claims pulled back in the week ended July 11th.
The report said initial jobless claims fell to 281,000, a decrease of 15,000 from the previous week's revised level of 296,000. Economists had expected jobless claims to drop to 285,000 from the 297,000 originally reported for the previous week.
The Philadelphia Federal Reserve is due to the release the results of its business outlook survey for July at 10 am ET. Economists expect the diffusion index of business activity to slip to 12 from 15.2 in June. The diffusion index of business activity rose 9 points to 15.2 in June, 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.
Also at 10 am ET, the National Association of Home Builders will release the results of its homebuilder confidence survey for July. The consensus estimate calls for the housing market index to remain steady at 59.
The housing market index rose 5 points to 59 in June. The future sales conditions index was up 6 points to 69, the present sales conditions index climbed 7 points to 65 and the index measuring prospective buyer traffic moved 5 points higher to 44.
Yellen is set to testify before the Senate Banking Committee at 10 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 | | | Among financial firms, Citigrouup's (C) second quarter results exceeded estimates. Goldman Sachs (GS) also reported better than expected second quarter results.
UnitedHealth (UNH) reported second quarter results that were ahead of expectations. eBay (EBAY) reported above-consensus earnings, while its revenues were shy of estimates.
Intel (INTC) reported better than expected second quarter results. The company's third quarter revenue guidance was also positive, and its 2015 revenue guidance, despite being lowered, compares favorably to estimates.
Netflix' (NFLX) second quarter earnings and revenues were ahead of expectations, helped by strong subscriber growth. The company's third quarter earnings guidance was also upbeat.
Kinder Morgan (KMI) announced that it has agreed with Shell (RDS) to purchase a 100 percent equity interest in Elba Liquefaction Co., in which it currently holds a 51 percent stake. The transaction is priced at $630 million.
Separately, Kinder Morgan reported second quarter results that missed expectations but announced a 14 percent increase in its dividend to 49 cents per share.
Cintas (CTAS) announced an agreement to sell its investment in Shred-It International to Stericycle (SRCL) for about $550 million to $600 million before taxes. The deal is expected to close in the fourth quarter of 2015.
Semtech (SMTC) announced an 8 percent worldwide reduction in its workforce in a bid to align operating expenses with business conditions in the wake of weak Korean smart phone demand. The company expects to reduce annualized operating expenses by about $20 million, and on account of the reductions, it expects to record charges of $3.5 million in the second and third quarters of 2016.
AMD (AMD), Cintas, Google (GOOG), Mattel (MAT), MB Financial (MBFI), Resources Connect (RECN) and Schlumberger (SLB) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are reacting positively to the Greek parliamentary vote. The major averages in the region opened higher and have seen further upside since then.
Greek lawmakers approved the tough austerity measures, including tax increases and an increase in the retirement age, needed to secure fresh bailout loans of 86 billion euros. While 229 lawmakers voted 'Yes,' 64 voted 'No' and six abstained.
The focus now shifts to the European Central Bank and other Eurozone members to see if they will release emergency funds to enable Greek banks to reopen and buffer up the country's empty coffers.
In corporate news, French retailer Carrefour reported better than expected earnings before interest and taxes, even as sales slowed due to softness in France and China.
Rio Tinto (RIO) reported higher iron ore production and shipments for the second quarter, although it lowered its iron ore shipments for the year, citing weather-related disruptions.
Hurt by weak commodity prices, Anglo American said it would take a $4 billion impairment charge.
On the economic front, the European Central Bank left its key interest rates unchanged at a record low as its chief Mario Draghi is set to tackle difficult questions on Greece.
The Governing Council, led by ECB President Draghi, held the refinancing rate at a record low 0.05 percent, following its meeting in Frankfurt. The decision was in line with economists' expectations.
European new passenger car registrations climbed for the twenty-second consecutive month in June and at a faster pace, the European Automobile Manufacturers Association said. New car registrations in the euro area grew 14.6 percent to 1.36 million units in June, marking the largest monthly increase since December 2009.
Final estimates released by Eurostat showed that annual inflation came in at an unrevised 0.2 percent in June compared to 0.3 percent in May. Core inflation also slowed to an unrevised 0.8 percent.
A separate report showed that the euro area's trade surplus came in at 18.8 billion euros in May compared to a 14.7 billion euro surplus in the year-ago period, as exports rose 3 percent year-over-year. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets advanced, encouraged by the developments on the Greek debt crisis. The optimism was muted, however, as traders focused on further hurdles for resolution.
The Japanese market rose, as the yen continued to be weaker. The Nikkei 225 Index opened higher and moved sideways for the remainder of the session. The index ended up 136.79 points or 0.67 percent at 20,600.
Most export stocks ended higher for the session, although real estate, marine transportation and some resource and pharma stocks came under selling pressure.
Australia's All Ordinaries Index also hovered above the unchanged line throughout the session before ending up 30.80 points or 0.55 percent at 5,650. Financial and telecom stocks rose sharply, but healthcare and energy stocks lost ground in the session.
China's Shanghai Composite Index added 17.47 points or 0.46 percent before closing at 3,823, rebounding from steep sell-offs in the two previous sessions. Hong Kong's Hang Seng Index ended at 25,163, up 107.02 points or 0.43 percent.
On the economic front, the results of a survey by the Melbourne Institute showed that Australian inflation expectations increased further in July. Inflation expectations rose 0.4 percentage points month-over-month to 3.4 percent in July.
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.23 to $51.64 a barrel after slumping $1.63 to $51.41 a barrel on Wednesday.
The previous session's sell-off came amid the dollar's strength and the release of the weekly petroleum status report, which showed that crude oil stockpiles fell by 4.3 million barrels to 461.4 million barrels in the week ended July 10th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
However, distillate stockpiles climbed by 3.8 million barrels and were in the middle of the average range for this time of the year. Gasoline inventories edged up by 0.1 million barrels and were in the upper half of the average range.
Refinery capacity utilization averaged 94.7 percent over the four weeks ended July 10th compared to 94.2 percent over the four weeks ended June 26th.
Gold futures, which fell $6.10 to $1,147.40 an ounce in the previous session, are currently sliding $5.20 to $1,142.20 an ounce.
Among currencies, the U.S. dollar is trading at 124.16 yen compared to the 123.76 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0862 compared to yesterday's $1.0950.
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