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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 marginally higher opening on Wednesday, with sentiment evenly poised as traders digest the prepared text of Federal Reserve Chair Janet Yellen's Congressional testimony. Yellen sounded upbeat about the economy's prospects and hinted that if the economy evolves as the central bank expects, a rate hike could be in the offing this year. This has strengthened the dollar, which in turn has weakened commodities. Earnings news has been largely positive. The Greek Parliamentary vote is also awaited by traders. With the markets trading up for four straight sessions, profit taking could set in, as rate hike worries return.
U.S. stocks advanced on Tuesday, as positive earnings and retail sales data that calmed fears of an early rate hike triggered buying, helping the major averaged close higher for the fourth straight session. The major averages opened on a nervous note but moved steadily higher until late trading before consolidating.
The Dow Industrials ended up 75.90 points or 0.42 percent at 18,054, the S&P 500 Index ended at 2,109, up 9.35 points or 0.45 percent, and the Nasdaq Composite closed 33.38 points or 0.66 percent higher at 5,105.
Twenty-one of the thirty Dow components closed higher for the session, while the remaining nine stocks declined. Chevron (CVX), Goldman Sachs (GS), JP Morgan Chase (JPM), Coca-Cola (KO) and UnitedHealth (UNH) were among the biggest gainers of the session.
On the economic front, the Commerce Department reported that retail sales fell 0.3 percent month-over-month in June, dropping for the first time since February. Excluding autos, retail sales edged down 0.1 percent. Auto sales were 1.1 percent lower.
Core retail sales, which exclude autos, gasoline and building materials, used for calculating GDP were down 0.1 percent. The declines were broad based, with furniture/house furnishings, building/garden equipment, grocery stores, clothing/accessories, department stores and non-store retailers all seeing weakness.
A Labor Department report showed that export prices eased 0.2 percent month-over-month in June, belying expectations for a 0.1 percent increase. At the same time, import prices edged down 0.1 percent compared to expectations for a 0.1 percent increase. Excluding petroleum, import prices were down 0.2 percent.
Business inventories at the end of May were up 0.3 percent compared to the previous month, according to a separate report released by the Commerce Department. Economists had estimated a 0.2 percent increase. Business sales climbed 0.4 percent. The business inventories to sales ratio came in at 1.36 compared to 1.30 in May of 2014. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Business conditions for New York manufacturers have improved slightly in the month of July, according to a report released by the Federal Reserve Bank of New York.
The New York Fed said its general business conditions index climbed to a positive 3.9 in July from a negative 2.0 in June, with a positive reading indicating growth in regional manufacturing activity.
With energy prices showing another significant increase, the Labor Department released a report showing that U.S. producer prices rose by slightly more than expected in the month of June.
The Labor Department said its producer price index rose by 0.4 percent in June following a 0.5 percent increase in May. Economists had expected prices to climb by 0.3 percent.
Excluding food and energy prices, core producer prices increased by 0.3 percent in June after edging up by 0.1 percent in the previous month. Core prices had been expected to show another 0.1 percent uptick.
The Federal Reserve is due to release its industrial production report for June at 9:15 am ET. Economists expect a 0.2 percent month-over-month increase in industrial output for the month and capacity utilization of 78.2 percent.
Industrial production fell 0.2 percent month-over-month in May, belying expectations for a 0.2 percent increase. The previous month's output was also revised to show a 0.5 percent drop.
Manufacturing output was down 0.2 percent and mining output fell 0.3 percent, while production by utilities improved 0.2 percent. In the manufacturing sector, non-durable goods production declined 0.7 percent. Capacity utilization edged down 0.2 points to 78.1 percent.
Yellen will present the semi-annual monetary report to the House Financial Services Committee in Washington at 10 am ET. The Energy Information Administration will release its petroleum status report for the week ended July 10th at 10:30 am ET.
Crude oil stockpiles rose by 0.4 million barrels to 465.8 million barrels in the week ended July 3rd. Inventories were near levels not seen for this time of year in at least the last 80 years.
Gasoline inventories increased by 1.2 million barrels and were in the upper half of the average range. Distillate stockpiles climbed by 1.6 million barrels and were in the middle of the average range for this time of the year.
Refinery capacity utilization averaged 94.2 percent over the four weeks ended June 3rd, unchanged from the four weeks ended June 26th.
Cleveland Fed President Loretta Mester is set to speak and give an interview on the economic outlook in Columbus, Ohio, at 12:25 pm ET.
The Fed is due to release its Beige Book report, which consists of anecdotal evidence of conditions in the 12 Federal Reserve districts, at 2 pm ET. The report is usually released two weeks ahead of the next Federal Open Market Committee meeting.
San Francisco Fed President John Williams will deliver an outlook speech in Mesa, Arizona, at 3 pm ET. Williams will also participate in a panel discussing economic trends in Phoenix, Arizona, at 6 pm 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 banks, Bank of America (BAC) and BlackRock (BLK) reported better than expected second quarter results. PNC Financial's (PNC) second quarter earnings also exceeded estimates. USB (USB) reported in line second quarter earnings and revenues.
Delta Air Lines (DAL) reported better than expected second quarter earnings and its revenues were about in line with estimates.
Yum Brands! (YUM) reported above-consensus second quarter adjusted earnings, while its revenues were below expectations, as its China division continued to see weakness. However, the company reconfirmed its full year guidance of at least 10% earnings per share growth.
CSX (CSX) reported better than expected second quarter earnings, while its revenues declined year-over-year and missed the consensus estimate.
Adtran (ADTN) reported a decline in its second quarter earnings and revenues, although they were ahead of expectations.
Mead Johnson (MJN) downwardly revised its 2015 guidance based on preliminary second quarter results. The company lowered its 2015 sales growth guidance to 0-2 percent on a constant dollar basis from 7 percent and reduced its non-GAAP earnings per share guidance to $3.63-$3.78 from $3.90-$4. Citing declines in China-based manufactured products and lower Hong Kong cross border sales, the company said it now expects a 3 percent drop in second quarter constant dollar sales.
Celgene (CELG) announced an agreement to acquire Receptos (RCPT), a developer of therapies for treating immune and metabolic diseases, for $232 per share in cash or a total of $7.2 billion, net of the cash acquired. The deal is expected to close in 2015. Celgene also announced preliminary second quarter results, forecasting revenues of $2.28 billion and adjusted earnings of $1.23 per share. For 2015, the company expects adjusted earnings of $4.75-$4.85 per share, up from its previous target of $4.60-$4.75 per share, while it reaffirmed its net product sales guidance of $9 billion to $9.5 billion. Celgene also raised its 2020 long-term financial targets.
Standard & Poor's announced that PayPal (PYPL) will replace eBay (EBAY) in the S&P 100 Index and Noble Corp. (NE) in the S&P 500 Index, effective after the close of trading on July 17th. EBay is planning to spin-off PayPal in a transaction expected to be completed around that date. Noble Corp. (NE) will replace HMS Holdings in the S&P MidCap 400 Index and HMS will replace Swift Energy (SFY) in the S&P SmallCap 600 Index.
Intel (INTC), Netflix (NFLX) and Kinder Morgan (KMI) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks started on a lackluster note and saw steep losses in early trading, as the Greek Parliament is set to vote on the conditional agreement that includes several tough austerity measures. However, stocks have pared their losses since then and are currently modestly higher
Even as Greece faces a tall order, the International Monetary Fund suggested that Greek debt could only be made sustainable through relief measures that go far beyond what Europe is considering thus far.
According to the IMF, there are several options to bring Greek finances under control, including providing debt relief through maturity extension with grace periods of 30 years. Other options include explicit annual transfers to the Greek budget or deep upfront haircuts.
In corporate news, Dutch semiconductor equipment maker ASML reported better than expected second quarter earnings, and its third quarter revenue forecast was also positive.
U.K. luxury retailer Burberry reported higher first quarter retail sales, backed up by strong performances in Europe, the Middle East, India and Africa.
On the economic front, a report released by the U.K. Office for National Statistics showed that the number of people seeking jobless claims rose by 7,000 month-over-month in June, belying expectations for a decline of 9,000. The jobless rate for the three months ended in May calculated based on the ILO standards came in at 5.6 percent, little changed from the three months ended February.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most major Asian markets advanced, encouraged by the positive lead from Wall Street overnight. A slew of positive economic data also served to firm up the risk appetite. However, the Chinese market extended its losses and the Hong Kong and Indonesian market also came under selling pressure.
Japanese stocks saw moderate gains, as the yen stayed weak amid an unchanged stance from the Bank of Japan. The Nikkei 225 Index opened higher and moved roughly sideways for the rest of the session before ending up 78 points or 0.38 percent at 20,463.
Export stocks saw mixed sentiment, while financial and retail stocks found buying interest. On the other hand, chemical companies, tire makers, miners, steel companies, and electric machinery makers came under selling pressure.
Australia's All Ordinaries Index hovered in positive territory throughout the session before ending 57.10 points or 1.03 percent higher at 5,691.
The market witnessed broad based strength, with energy and consumer staple stocks leading the way higher. Energy stocks took advantage of the rebound by oil prices despite the deal between Iran and Western nations, which paves the way for the lifting of sanctions on Iranian oil exports.
Meanwhile, China's Shanghai Composite Index plunged 118.78 points or 3.03 percent to 3,806, as positive domestic second quarter GDP data triggered fears that further stimulus injection may not be forthcoming. Hong Kong's Hang Seng Index ended at 25,056, down 65.15 points or 0.26 percent.
On the economic front, a report released by the National Bureau of Statistics showed that Chinese GDP rose a better than expected 7 percent year-over-year in the second quarter, with the growth unchanged from the first quarter. Economists estimated 6.8 percent growth for the quarter.
Separate reports showed that Chinese industrial production grew a better than expected 6.8 percent in June, faster than May's 6.1 percent growth, and Chinese retail sales grew 10.6 percent, exceeding the 10.3 percent growth forecast by economists.
The Bank of Japan decided to keep its record monetary stimulus unchanged despite downgrading its outlook for both inflation and economic growth. The Policy Board of the central bank governed by Haruhiko Kuroda decided by an 8-1 majority vote to maintain its target of raising the monetary base at an annual pace of about 80 trillion yen.
While stating that the economy is expected to continue recovering moderately, the bank trimmed its inflation forecasts for 2015 and 2016 by 0.1 percentage points each to 0.7 percent and 1.9 percent, respectively. The bank also lowered its GDP forecast for 2015 to 1.7 percent from 2 percent but left the growth forecasts for 2016 and 2017 at 1.5 percent and 0.2 percent, respectively.
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The results of a survey by Westpac Bank and the Melbourne Institute showed that an index measuring confidence among Australian consumers fell 3.2 percent month-over-month in July to a 7-month low of 92.2.
An Australian Bureau of Statistics report showed that new motor vehicle sales in Australia rebounded by 3.8 percent month-over-month in June following a 1 percent drop in May. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.48 to $52.56 a barrel after advancing $0.84 to $53.04 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,150.10, down $3.40 from the previous session's close of $1,153.50. On Tuesday, gold fell $1.90.
On the currency front, the U.S. dollar is trading at 123.78 yen compared to the 123.40 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0979 compared to yesterday's $1.1009.
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