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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 Friday, with sentiment reflecting caution as the Greek euphoria fades and traders focus on domestic economic data and their implication for monetary policy. The consumer price inflation data came in line with expectations and housing starts for June were buoyant. Tech earnings could give some boost even as monetary policy concerns weigh down. Meanwhile, Parliaments of Germany, Australia and Latvia have given the nod for the Greek bailout negotiations.
U.S. stocks resumed their advance on Thursday amid a positive reaction to the developments in Greece and domestic economic data and earnings. The major averages opened higher and moved roughly sideways in the morning. In late afternoon, the indexes moved steadily higher before closing firmly positive.
The Dow Industrials added 70.08 points or 0.39 percent before ending at 18,120, the S&P 500 Index closed 16.89 points or 0.80 percent higher at 2,124 and the Nasdaq Composite ended up 64.24 points or 1.26 percent at 5,163.
Twenty-six of the thirty Dow components closed higher for the session, while the remaining four stocks retreated. Apple (AAPL), Boeing (BA), Disney (DIS), General Electric (GE), IBM (IBM), Microsoft (MSFT), Merck (MRK) and Verizon (VZ) were among the best performers of the session, while McDonald's (MCD) moved to the downside.
Among the sectors, utility, biotechnology, retail and financial stocks found significant buying interest, while gold stocks came under selling pressure.
On the economic front, the Labor Department reported that jobless claims fell to 281,000 in the week ended July 11th from a downwardly revised 296,000 in the previous week. The four-week average still rose to 282,500 from 279,250. Continuing claims calculated with a week's lag fell 112,000 to 2.215 million in the week ended July 4th.
The results of the National Association of Home Builders' housing market survey showed builder confidence at a nearly ten-year high in July. The housing market index based on the survey came in at 60 in July, unchanged from the upwardly revised reading for June. The reading was the highest since November 2005. The future sales conditions index and the present sales index climbed 2 points and 1 point to 66 and 71, respectively, while the index measuring prospective buyer traffic fell 1 point to 43.
Meanwhile, the Philadelphia Federal Reserve's diffusion index of business activity fell 10 points to 5.7 in July. Economists expected a score of 12. The new orders index slipped 8 points to 7.1, the shipments index declined 10 points to 4.4 and the unfilled orders index also fell 10 points to -6.3. The number of employees index was down 4 points to -0.4. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Partly reflecting another notable increase in energy prices, the Labor Department released a report showing that U.S. consumer prices rose in line with economist estimates in the month of June.
The Labor Department said its consumer price index climbed by 0.3 percent in June following a 0.4 percent increase in May. The continued increase in prices matched economist estimates.
Excluding food and energy prices, core consumer prices still rose by 0.2 percent in June after inching up by 0.1 percent in the previous month. The uptick in core prices also came in line with expectations.
In another upbeat sign for the housing market, the Commerce Department released a report showing significant increases in both housing starts and building permits in the month of June.
The report said housing starts jumped 9.8 percent to an annual rate of 1.174 million in June from the revised May estimate of 1.069 million. Economists had expected housing starts to climb to a rate of 1.125 million from the 1.036 million originally reported for the previous month.
Building permits, an indicator of future housing demand, also surged up 7.4 percent to an annual rate of 1.343 million in June from the revised May rate of 1.125 million.
The University of Michigan is set to release the preliminary results of its U.S. consumer sentiment survey for July at 10 am ET. Economists expect the consumer sentiment index for the month to edge down to 96 from 96.1 in June.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Google (GOOG) reported better than expected second quarter adjusted earnings and its revenues rose 11 percent year-over-year.
General Electric (GE) reported higher industrial profits for the second quarter and offered upbeat outlook for 2015. Honeywell's (HON) second quarter results exceeded estimates and its 2015 guidance was in line.
AMD (AMD) reported an adjusted loss for the second quarter that widened from the year-ago period but was in line with estimates. The company's revenues missed expectations. AMD forecast third quarter revenue growth of 6 percent quarter-over-quarter, plus or minus 3 percent.
Schlumberger (SLB) reported better than expected second quarter results.
Mattel (MAT) reported a profit of 1 cent per share on an adjusted basis in its second quarter, belying expectations for a loss. Revenues slipped 7 percent year-over-year and missed the consensus estimate.
Cintas (CTAS) reported fourth quarter adjusted earnings and revenues that missed estimates. However, the company issues in line earnings guidance for fiscal 2016 and lukewarm revenue guidance.
ConocoPhillips (COP) announced a 1-cent per share increase in its quarterly dividend to 74 cents per share. The company also said it intends to reduce future deepwater exploration spending, with the most notable reductions in the operated Gulf of Mexico program.
Allscripts (MDRX) announced preliminary second quarter results, foreacsting revenues of $350 million to $353 million and non-GAAP earnings of 12 cents per share. The preliminary results were ahead of expectations.
J.M. Smucker (SJM) announced an increase in its quarterly dividend to 67 cents per share from 64 cents per share. |
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| | European Markets | | After opening higher, the European markets have given back their gains, as the seven-session rally loses steam. The recent gains have been built on the positive developments on the Greek debt crisis. The major averages in the region are currently mixed.
The European Commission is expected to announce the technicalities of the 7 billion euro bridge financing to Greece, which would help the nation repay its arrears to the IMF and the repayments to the ECB. The German Parliament voted in favor of the negotiations on the Greek bailout proposals.
In corporate news, Swedish telecom equipment maker Ericsson (ERIC) reported second quarter earnings that fell year-over-year and came in shy of estimates, even as sales growth and exceeded estimates.
White goods company Electrolux reported better than expected second quarter results. The company also reiterated its commitment to complete the purchase of General Electric's appliance business before the end of the year.
On the economic front, Eurostat reported that construction output in the euro area rose 0.3 percent year-over-year in May, reversing some of the 1.1 percent drop in April. Construction output climbed 0.3 percent month-over-month.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended higher, encouraged by the positive cues from Wall Street overnight and a strong rally by the Chinese market. The Indonesian, Malaysian and Singaporean markets were closed for public holidays.
A weaker yen continued to support the Japanese market, with stocks rising for the fourth straight day. The Nikkei 225 Index held below the unchanged line throughout the session, although amid volatility, before ending up 50.80 points or 0.25 percent at 20,651.
Financial stocks rose notably and export stocks were mixed. Meanwhile, chemical, paper, energy, pharma, mining and telecom stocks saw weakness.
Australia's All Ordinaries Index also experienced volatility, moving back and forth across the unchanged line in a narrow range before ending up 2.70 points or 0.05 percent at 5,653.
Consumer, energy, industrial, IT, material and utility stocks were among the gainers, while telecom, real estate, financial and healthcare stocks lost ground.
On the economic front, a report released by the Conference Board showed that its leading economic index for Australia rose 0.2 percent month-over-month in May, reversing the 0.3 percent drop in April.
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.47 to $50.44 a barrel after sliding $0.50 to $50.91 a barrel on Thursday. An ounce of gold is trading at $1137.50, down $6.30 from the previous session's close of $1,143.90. On Thursday, gold fell $3.50.
On the currency front, the U.S. dollar is trading at 124.11 yen compared to the 124.15 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0865 compared to yesterday's $1.0875.
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