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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 mixed opening on Tuesday, with sentiment suggesting nervousness as the markets await for fresh cues. Earnings news has been largely positive, although there were disappointments as well. IBM's (IBM) quarterly revenue performance was lackluster and United Technologies lowered its full year earnings guidance. With economic catalysts literally absent and the Greek concerns abating, the markets may see directionless trading.
U.S. stocks ended Monday's session slightly higher, as Greek debt worries continued to abate and earnings stayed supportive. The optimism was subdued due to rate hike fears and the commodity rout they triggered.
The major averages opened higher but retreated in early trading and were seen languishing below the unchanged line for an hour. Subsequently, the averages recovered and moved above the unchanged line and remained mostly positive. Nevertheless, selling that occurred in late trading led to the averages trimming most of their gains, yet they closed marginally higher.
The Dow Industrials ended up 13.96 points or 0.08 percent at 18,100, the S&P 500 Index closed 1.64 points or 0.08 percent higher at 2,128 and the Nasdaq Composite ended at 5,219, up 8.72 points or 0.17 percent.
Notwithstanding the Dow's advance, the breadth was tilted slightly in favor of decliners, with sixteen of the thirty Dow components retreating, while the remaining fourteen stocks ended higher.
Apple , Visa and Verizon were among the biggest gainers of the session, while Exxon Mobil, UnitedHealth, Intel, Home Depot and Caterpillar moved notably to the downside.
Gold stocks tumbled notably, while the rest of the resource space and airline stocks also came under selling pressure. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | IBM reported second quarter adjusted earnings that exceeded estimates, while its revenues fell year-over-year and missed expectations. The company maintained its 2015 operating earnings per share guidance.
Verizon's second quarter earnings bettered expectations, while revenues were slightly shy of estimates.
United Technologies reported second quarter adjusted earnings that beat estimates but net sales trailed estimates. The company lowered its full year earnings guidance.
Bank of New York Mellon reported better than expected second quarter results. Harley-Davidson's second quarter results also exceeded estimates.
Travelers Companies' second quarter earnings were ahead of estimates, while its revenues were shy of estimates.
Rambus reported in line second quarter adjusted earnings, while its revenues missed estimates. The company's third quarter revenue guidance was weak.
Sanmina reported better than expected third quarter results and issued upbeat earnings and revenue guidance for the fourth quarter.
Steel Dynamics reported in line second quarter earnings and better than expected net sales. The company also said it expects improved financial results for the second half of the year, premised on an expected reduction in steel import volume and sustained lower scrap costs.
Brown & Brown said its board approved the repurchase of an additional $400 million of its common stock after reporting higher earnings and revenues for the second quarter. However, the revenues were shy of estimates.
Fidelity National Financial announced a 10.5 percent increase in its quarterly cash dividend to 21 cents per share.
Apple, Chipotle Mexican Grill, FMC Technologies, Forward Air, Fulton Financial, GoPro, Illumina, Intuitive Surgical, Linear Technology, Microsoft, Packaging Corp. of America, Vmware and Yahoo! are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are experiencing some weakness following nine sessions of gains. The averages opened higher but retreated sharply in early trading and are currently slightly lower. Traders are reacting to some domestic earnings and the developments on the Greek debt crisis.
In corporate news, Novartis reported a decline in its second quarter earnings, weighed down by a stronger dollar and softness at its eye care business.
German software giant SAP reported strong sales growth, ahead of estimates by most analysts. However, the company's operating profit margin declined on rising costs.
Dutch paints company Akzo Nobel reported higher adjusted operating profit and sales, with the company stating that it is confident of its performance for the full year. Norsk Hydro also reported strong quarterly earnings.
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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 higher, capitalizing on the positive lead from Wall Street overnight. The Indonesian market remained closed for a public holiday.
The Japanese market, which opened after Monday's holiday, advanced strongly, propped up by a weaker yen. The Nikkei 225 Index opened higher and moved sideways till late afternoon trading. The index legged up further before ending up 191.05 points or 0.93 percent at 20.842.
Yen-sensitive export stocks ended mostly higher, while energy, food, specialty chemical, real estate, insurance and construction stocks moved to the downside.
Australia's All Ordinaries Index hovered in positive throughout the session before ending 19.50 points or 0.34 percent higher at 5,689. The market witnessed broad based strength, although material stocks came under selling pressure.
China's Shanghai Composite Index ended at 4,018, up 25.56 points or 0.64 percent, and Hong Kong's Hang Seng Index added 131.62 points or 0.52 percent before ending at 25,537.
On the economic front, the minutes of the Bank of Japan's June Monetary Policy Board showed that the central bank is of the view that the domestic economic recovery is expected to continue. While falling energy prices are expected to keep inflation flat, the board observed that inflation expectations are rising from a longer-term perspective.
At the meeting, the bank decided to hold its benchmark lending rate steady at 0.10 percent and also to maintain its target of raising the monetary base at an annual pace of about 80 trillion yen.
Revised estimates released by Japan's Cabinet Office showed that the leading economic indicators index for Japan fell 0.2 points to 106.2 in May, in line with the preliminary estimate. The coincident index was revised downward to 109 in May.
Meanwhile, the minutes of the Reserve Bank of Australia's July meeting revealed that policymakers think the current monetary policy stance is appropriate. The board termed the future course of monetary policy as data dependent.
The official cash rate of the central bank was maintained at 2 percent for the second month in the July meeting. The bank anticipates weakness in the Australian dollar, given weak commodity prices.
A Chinese Commerce Ministry report showed that foreign direct investment in China rose 0.7 percent year-over-year in June. For the first six months of the year, foreign direct investment was up 8.3 percent. |
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| | Currency and Commodities Markets | | Crude oil futures are adding $0.15 to $50.30 a barrel after sliding $0.74 to $50.15 a barrel a barrel on Monday. The most actively traded September futures are currently up $0.15 at $50.59 a barrel.
Meanwhile, an ounce of gold is currently at $1,102.10, down $4.70 from the previous session's close of $1,106.80. On Monday, gold plunged $25.10, declining for an eighth straight session to a 5-year low.
On the currency front, the U.S. dollar is trading at 124.36 yen compared to the 124.27 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0859 compared to yesterday's $1.0825.
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