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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 as the monetary policy course appears increasingly uncertain. The dollar is firmer on rate hike expectations and commodities continue to languish. With earnings presenting a mixed picture, the markets could focus on a regional manufacturing and consumer sentiment data, both due after the markets open. Bond yields are easing. The mood across the Atlantic is also tentative.
U.S. stocks ended a lackluster session on Thursday mixed, as softer than excepted but still robust GDP growth, mixed earnings and the extended sell-off in commodities impacted sentiment.
The major averages opened lower and fell sharply in early trading but showed a notable recovery not long after the start of trading.
The Dow Industrials traded close to the unchanged line for the rest of the session and ended down 5.41 points or 0.03 percent at 17,746 and the S&P 500 Index also nervously flirted with the unchanged line in the afternoon before ending up 0.06 points at 2,109.
Meanwhile, the Nasdaq Composite recovered strongly and hovered in positive territory for the rest of the session. The index ended 17.05 points or 0.33 percent higher at 5,129.
Among the thirty Dow components, sixteen stocks ended higher, while the remaining fourteen stocks retreated. United Technologies (UTX), Microsoft (MSFT), McDonald's (MCD) and Caterpillar (CAT) were among the biggest gainers of the session, while Procter & Gamble (PG) tumbled over 4 percent in reaction to its quarterly results.
Among the sectors, gold, oil and brokerage stocks moved to the downside, while computer hardware stocks found some buying interest.
On the economic front, the Commerce Department reported that second quarter GDP rose 2.3 percent sequentially in the second quarter following an upwardly revised 0.6 percent increase in the first quarter. The first quarter GDP was earlier reported to have declined by 0.2 percent. Historical revisions revealed that GDP growth for the period from 2011 through 2014 was revised down to 2.1 percent from 2.4 percent.
In the second quarter, personal spending rose a better than expected 2.9 percent, with consumption of goods boosting spending. At the same time, gross private investment was weak, showing just 0.3 percent growth. Inventories deducted 0.08 percentage points from growth, while net exports added 0.13 percentage points to growth.
Meanwhile, the Labor Department reported that jobless claims rose to 267,000 in the week ended July 25th from an unrevised reading of 255,000 in the previous week. Economists had expected claims to climb to 272,000. The four-week average fell to 274,750 from 278,500. Continuing claims calculated with a week's lag rose by 46,000 to 2.262 million. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Labor Department is set to release its employment cost index for the second quarter at 8:30 am ET. Economists expect the index to have risen 0.6 percent sequentially compared to the 0.7 percent increase in the first quarter.
MNI Indicators is scheduled to release the results of its Chicago business survey at 9:45 am ET. Economists expect the business barometer to have increased to 50 in July from 49.4 in June.
Activity in the region contracted in June, although at a slower rate. The business barometer increased to 49.4 from 46.2 but remained below 50. The employment index slipped to its lowest levels since November 2009 and the order backlogs index declined to its lowest level since September 2009. On the other hand, the new orders index showed a notable increase, climbing back above 50.
The University of Michigan is due to release the results of its final U.S. consumer sentiment survey for July. The consensus estimate calls for an upward revision to 94.1 from the flash estimate of 93.3. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Amgen (AMGN) reported second quarter earnings and revenues that bettered estimates and it also raised its full year earnings and revenue guidance.
Electronic Arts (EA) reported better than expected first quarter results but issued weak second quarter guidance. Notwithstanding the company lifting its full year guidance, it was still below estimates.
LinkedIn (LNKD) reported better than expected second quarter results and raised its earnings per share guidance for the full year.
Exxon Mobil (XOM) reported below-consensus earnings for its second quarter, while its revenues were above estimates.
Seagate's (STX) fourth quarter results exceeded estimates. Tyco International (TYC) reported better than expected second quarter results, while its revenues were shy of estimates. The company's full year guidance was positive, although its fourth quarter guidance was weak.
Synaptics (SYNA) reported below-consensus results for its fourth quarter and issued weak revenue guidance for the first quarter.
Broadcom's (BRCM) second quarter results trailed expectations and its third quarter revenue guidance was weak. Western Union (WU) reported better than expected second quarter results and the company's full year guidance was in line.
Hanesbrands (HBI) reported in line second quarter earnings per share, while its revenues were shy of estimates. The company lowered its full year earnings per share guidance slightly.
Fluor (FLR) reported below-consensus results for its second quarter and also lowered its full year earnings per share guidance.
YRC Worldwide (YRCW) reported better than expected second quarter earnings, although its revenues missed expectations.
Ingram Micro's (IM) second quarter adjusted net income beat estimates, while its revenues were below expectations. The company's third quarter guidance was lackluster.
Expedia (EXPE) reported better than expected second quarter adjusted earnings per share and in line revenues. The company also raised its dividend by 33 percent.
KLA-Tencor (KLAC) reported fourth quarter results that exceeded estimates. ResMed (RMD) reported above-consensus earnings and revenues for its fourth quarter.
First Energy (FE) reported better than expected second quarter results and reaffirmed its full year operating earnings per share guidance that is in line. However, the company's third quarter operating earnings per share guidance is weak.
Liberty Global (LBTYA) announced that it has acquired 138.7 million shares of ITV, increasing its stake in the U.K. commercial broadcaster to 398.5 million shares or about 9.9 percent. |
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| | European Markets | | European stocks opened higher but have been seeing volatility since then, as traders digest domestic earnings and economic news.
In corporate news, French banking giant BNP Paribas reversed to a profit in its second quarter and also reported revenue growth. Airbus reported a modest increase in its first half core operating profit and revenues and affirmed its full year forecast.
Meanwhile, hurt by charges, Lloyds reported first half profits that trailed estimates. IAG, which owns British Airways, reported strong profit growth for its first half.
Arcelor Mittal (MT) reported higher profits for its second quarter, although it warned on weakness in emerging markets. BG Group, which has agreed to be bought by Shell (RDS), reported better than expected second quarter results on strong production growth. Carrefour reported a decline in its first half profits, though the drop was less than feared.
On the economic front, the flash estimate released by Eurostat showed that annual inflation in the euro zone was positive for the third straight month in July. The annual inflation rate was 0.2 percent, the same as in June and in line with expectations.
A separate report showed that the jobless rate for the eurozone came in at 11.1 percent in June, slightly ahead of the 11 percent rate expected by economists.
A report released by the German Federal Statistical Office showed that retail sales fell a seasonally and calendar adjusted 2.3 percent month-over-month in June compared to a 0.4 percent increase in May. Economists had expected a 0.3 percent increase for the month. However, the annual growth of 5.1 percent exceeded expectations.
The results of a survey by GfK showed that its U.K. consumer confidence index weakened to 4 in July from 7 in June. Economists expected a more modest drop to 5. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced despite the lackluster lead from Wall Street overnight, although the Chinese and Singaporean markets fell sharply.
The Japanese market rose amid the yen's weakness, as the currency reacted to some weak domestic data. After staying below the unchanged line for much of the session in the morning, the Nikkei 225 Index moved steadily higher in the afternoon. The index ended up 62.41 points or 0.30 percent at 20,585.
Export and financial stocks ended mostly higher. Meanwhile, paper, steel, mining, food, heavy machinery, retail, marine transportation and telecom stocks moved to the downside.
Australia's All Ordinaries Index hovered above the unchanged line throughout the session before ending up 28.60 points or 0.51 percent at 5,682.
Most sectors advanced, led by healthcare, IT and real estate stocks. On the other hand, the resource space came under selling pressure.
Hong Kong's Hang Seng Index ended at 24,636, up 138.30 points or 0.56 percent. Meanwhile, the Chinese market continued its volatile ride, with the Shanghai Composite Index ending down 42.04 points or 1.13 percent at 3,664.
On the economic front, a slew of data released from Japan was lackluster. A Ministry of Internal Affairs and Communication report showed that annual core consumer price inflation came in at 0.1 percent in June, the same as in May. Economists expected a 0 percent rate.
A separate report showed that the jobless rate in Japan rose to 3.4 percent in June from 3.3 percent in May. A third report showed that household spending fell 2 percent year-over-year in June compared to the 1.9 percent growth expected by economists. Average consumption spending per household was down 1.4 percent.
Japan's housing starts grew at an accelerated pace and construction orders rebounded in June, data from the Ministry of Land, Infrastructure, Transport and Tourism showed.
The Australian Bureau of Statistics reported that producer prices in Australia rose 0.3 percent sequentially in the second quarter compared to the 0.5 percent increase in the first quarter. Annually, producer prices were up 1.1 percent, faster than the 0.7 percent increase in the first quarter.
A report released by the Reserve Bank of Australia showed that private sector credit in Australia rose 5.9 percent year-over-year in June, below the 6 percent rate expected by economists and the 6.2 percent rate in May. |
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| | Currency and Commodities Markets | | Crude oil futures are receding $0.34 to $48.18 a barrel after sliding $0.27 to $48.52 a barrel on Thursday. An ounce of gold is trading currently $1,083.80, down $4.90 from the previous session's close of $1,088.70. On Thursday, gold fell $4.60.
On the currency front, the U.S. dollar is trading at 123.98 yen compared to the 124.14 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0943 compared to yesterday's $1.0932. |
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