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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 Thursday, with sentiment reflecting uneasiness following yesterday's advance. With the rate hike itinerary still in doubt and the advance second quarter GDP report showing a smaller than expected rebound in growth, the markets may choose to remain cautious. Meanwhile, the dollar is firmer, as commodities continue to see weakness.
U.S. stocks advanced once again on Wednesday, as the Fed statement relayed optimism concerning the economy. The major averages opened higher and after a short sideways movement in early trading, the averages moved steadily higher till early afternoon trading. After trending sideways, the indexes rose sharply in reaction to the post-meeting policy statement and then consolidated their gains in the last hour of trading.
The Dow Industrials ended up 121.12 points or 0.69 percent at 17,751, the S&P 500 Index rallied 15.32 points or 0.73 percent before ending at 5,112 and the Nasdaq Composite ended at 2,109, up 15.23 points or 0.73 percent.
Twenty-six of the thirty Dow components closed higher and one stock ended unchanged, while the remaining three stocks declined. Boeing (BA), Merck (MRK), Microsoft (MSFT), Verizon (VZ) and Visa (V) were among the best performers of the session.
Among the sectors, transportation, resource, retail, housing and brokerage stocks gained notably. On the other hand, biotechnology stocks retreated on profit taking.
On the economic front, the Fed statement presented an upbeat economic picture but at the same time did not commit to an itinerary for the first rate hike. The central bank's assessment that the economy is expanding moderately was left intact. There was an also upgrade to the central bank's view on the housing market, which was said to be seeing additional improvement. The labor market was said to be seeing continued improvement, with solid job gains and declining unemployment.
Meanwhile, the National Association of Realtors reported that pending home sales fell 1.8 percent month-over-month in June, belying expectations for a 1 percent increase. This compares to a downwardly revised 0.6 percent increase in the previous month. Geographically, the South and the Midwest reported declines, while the West and the Northeast saw small gains. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | First-time claims for U.S. unemployment benefits rebounded in the week ended July 25th, according to a report released by the Labor Department, with claims bouncing off the more than forty-year low set in the previous week.
The report said initial jobless claims climbed to 267,000, an increase of 12,000 from the previous week's unrevised level of 255,000. Economists had expected claims to rise to about 272,000. The previous week's unrevised figure represented the lowest number of initial jobless claims since November of 1973.
Economic activity in the U.S. increased by less than expected in the second quarter, the Commerce Department revealed in a report on Thursday, although the report also showed a notable upward revision to the data for the first quarter.
The Commerce Department said real gross domestic product increased at an annual rate of 2.3 percent in the second quarter compared to expectations for an increase of about 2.6 percent. However, the report also said first quarter GDP rose by an upwardly revised 0.6 percent compared to the 0.2 percent contraction that had been reported.
The Treasury Department is scheduled announce the results of its auction of seven-year notes at 1 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 | | | Facebook (FB) reported better than expected second quarter results. Whole Foods' (WFM) third quarter results trailed estimates and the company's fourth quarter and full year guidance was downbeat.
Fiat Chrysler's (FCAU) second quarter net profit surged 69 percent from the year-ago quarter and its adjusted net profit more than doubled from the prior year period. Meanwhile, net revenues increased 25 percent. The company also revised upwards its full-year guidance.
Cigna (CI) said its second quarter earnings as well as consolidated revenues were higher than in the year-ago quarter.
Procter & Gamble's (PG) fourth quarter earnings declined from the year-ago quarter, while its core earnings per share topped Street view. Net sales decreased nine percent driven by a negative nine percentage point impact from foreign exchange. The company also forecast fiscal 2016 core earnings per share to be slightly below to up mid-single digits.
Boston Properties (BXP) reported better than expected second quarter results and raised the low end of its full year funds from operations per share guidance.
Mariott International (MAR) reported better than expected second quarter earnings, but its revenues missed expectations. While the company issued weak third quarter earnings per share guidance, it raised its full year earnings per share guidance.
O'Reilly (ORLY) reported better than expected second quarter results, while its full year guidance was lackluster.
Western Digital (WDC) reported above-consensus earnings for its fourth quarter, but its sales missed estimates.
Williams Companies (WMB) reported weaker than expected second quarter earnings and revenues and lowered its full year 2015 adjusted EBITDA guidance.
Among insurers, Unum Group (UNM) reported in line second quarter operating earnings per share and better than expected revenues. Meanwhile, Lincoln National (LNC) reported below-consensus operating earnings but its revenues beat estimates.
MetLife (MET) reported better than expected second quarter earnings per share, while its revenues were shy of estimates.
Terex' (TEX) second quarter results exceeded expectations, but the company lowered its guidance for the full year. Manitowoc (MTW) reported below-consensus second quarter results.
Wynn Resorts (WYNN) reported second quarter adjusted earnings and revenues that trailed estimates, hurt by weakness at its Macau and Las Vegas operations.
Baidu.com (BIDU) announced a $1 billion stock buyback program. Rite Aid (RAD) reported a 0.1 percent month-over-month increase in front-end same store sales.
Nasdaq announced that Skyworks Solutions (SWKS) will become a component of the Nasdaq 100 Index prior to the market open on August 3rd.
Amgen (AMGN), Applied Micro (AMCC), Broadcom (BRCM), Cray (CRAY), Deckers Outdoor (DECK), Electronic Arts (ERTS), Expedia (EXPE), Fluor (FLR), Hanesbrand (HBI), Hutchison Technology (HTCH), Ingram Micro (IM), KLA-Tencor (KLAC), LinkedIn (LNKD), Qlogic (QLGC), Western Union (WU) and YRC Worldwide (YRCW) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | After a strong opening, European stocks turned lackluster by late morning trading. Thereafter, the averages climbed sharply, as traders react to a fresh wave of earnings and the Fed announcement. Currently, the three major averages in the region are moderately higher.
In corporate news, Deutsche Bank (DB) reported higher second quarter profits, thanks to a strong performance by its investment-banking arm. Shell (RDS) announced the elimination of 6,500 jobs after reporting a decline in its second quarter profits on the back of falling oil prices. Lufthansa reported higher second quarter profits and sales but warned of a challenging second half.
AstraZeneca (AZN) reported better than expected second quarter earnings on strong drug sales. Sanofi's (SNY) second quarter earnings also rose year-over-year. Alcatel-Lucent (ALU), which is set to be acquired by Nokia (NOK), reported a narrower loss and modest revenue growth for its second quarter. Meanwhile, Nokia reported a profit for its second quarter. German engineering firm Siemens (SI) reported better than expected third quarter earnings, helped by a stronger dollar.
On the economic front, a report released by the German Federal Labor Agency showed that the unemployment rate in Germany remained unchanged at 6.4 percent in July, in line with expectations. The number of unemployed individuals rose by 9,000 month-over-month in July, belying expectations for a drop of 5,000.
Meanwhile, Germany's Federal Statistical Agency also released its June employment report, showing an unchanged unemployed rate of 4.7 percent. The number of unemployed people rose to 1.98 million in June from 1.97 in May.
The results of a survey by the European Commission showed that economic confidence in the eurozone unexpectedly improved, with the corresponding indicator rising to 104 in July from 103.5 in June. The business confidence index also improved more than expected to 0.39. Meanwhile, final estimates revealed that the consumer confidence index weakened to -7.1 in July from -5.6 in June. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended mixed, as the optimism generated by the lack of a clear cut itinerary for a U.S. interest rate hike was offset to some extent by worries concerning China. The Chinese market continued its gyration, keeping in line with its recent up and down performance.
A weaker yen gave a solid lift to the Japanese market, with the Nikkei 225 Index opening higher and rising steadily in the morning. Thereafter, the average saw a consolidation move before ending up 219.92 points or 1.08 percent at 20,523.
Most exporters, financial, utility, telecom and real estate stocks gained ground. Meanwhile, some food stocks and technology stocks such as Panasonic, Sony, Fujitsu, NEC, Canon and Ricoh retreated.
Australia's All Ordinaries Index hovered in positive territory throughout the session, ending 43.50 points or 0.78 percent higher at 5,653. Consumer, material, IT and energy stocks advanced strongly, while real estate and healthcare stocks lost ground.
Meanwhile, China's Shanghai Composite Index ended 83.40 points or 2.20 percent lower at 3,706, and Hong Kong's Hang Seng Index closed at 24,498, down 121.47 points or 0.49 percent.
On the economic front, a report released by the Australian Bureau of Statistics showed that building approvals in Australia fell 8.2 percent month-over-month in June, much steeper than the 1 percent drop expected by economists. Annually, building approvals rose a less than expected 8.6 percent.
A separate report showed that Australian export prices fell 4.4 percent sequentially in the second quarter compared to expectations for a 4 percent drop. Imports prices rose 1.4 percent, softer than the 1.5 percent increase forecast by economists.
Meanwhile, Japan's Ministry of Economy, Trade and Industry reported that industrial production rose 0.8 percent month-over-month in June, ahead of the 0.3 percent increase expected by economists. Annually, industrial output rose 2 percent. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.30 to $49.09 a barrel after jumping $0.81 to $48.79 a barrel on Wednesday.
The previous session's gain came amid the Fed announcement and the release of the weekly petroleum status report, which showed that crude oil stockpiles fell by 4.2 million barrels to 459.70 million barrels in the week ended July 24th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Gasoline inventories fell by 0.4 million barrels but remained in the middle of the average range. On the other hand, distillate stockpiles increased by 2.6 million barrels and were in the middle of the average range for this time of the year.
Refinery capacity utilization averaged 95.2 percent over the four weeks ended July 24th compared to 95.1 percent over the four weeks ended July 17th.
The most actively traded gold futures for December delivery are easing $6.40 to $1,086.20 an ounce. In the previous session, the December futures ended at $1,093.30 an ounce.
Among currencies, the U.S. dollar is trading at 124.31 yen compared to the 123.94 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0949 compared to yesterday's $1.0984.
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