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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 Tuesday, with sentiment hurt by the continued sell-off in the commodity space and some lackluster retail earnings. With housing starts for July coming in stronger than expected, the dollar has gained ground, exerting downward pressure on commodities. Stocks across the Atlantic are also trading lower. The pound, however, is seeing a bounce on data showing a pick up in inflation. Meanwhile, in Asia, stocks fell across the board, as the Chinese market plummeted. China worries and rate hike concerns could continue to be headwinds for the markets.
U.S. stocks ended Monday's session moderately higher, as traders reacted to mixed domestic economic data, easing yuan worries and the continued sell-off in commodities. The major averages opened lower, as commodities continued to fall and regional manufacturing data was disappointing. However, the averages recovered by late morning trading and advanced steadily before ending with moderate gains.
The Dow Industrials ended up 67.78 points or 0.39 percent at 17,545, the S&P 500 Index added 10.90 points or 0.52 percent before closing at 2,102 and the Nasdaq Composite closed at 5,092, up 43.46 points or 0.86 percent.
Twenty-three of the thirty Dow components closed higher and one stock ended unchanged, while the remaining six stocks retreated. Apple, Disney, Johnson & Johnson, McDonald's and United Technologies gained the most, while Chevron shed close to 2 percent.
Among the sectors, gold, airline, biotechnology, housing and semiconductor stocks saw significant strength on the day.
The results of the New York Federal Reserve's Empire State manufacturing survey showed that manufacturing activity in the region unexpectedly contracted in August. The general business conditions index fell to -14.9 in August from 3.86 in July, while economists expected a slight increase to 4.75. This was the lowest reading since April 2009. The new orders index slid to -15.70, the weakest reading since November 2010.
The order backlogs index was at -4.5 and the shipments index fell to -13.79 from 7.99, hitting the lowest level since March 2009. The number of employees index and the average workweek index fell to 1.8 and -1.8, respectively. However, the futures general business conditions index rose 7 points to 33.6.
The results of the homebuilder confidence survey carried out by the National Association of Home Builders showed that the housing market index rose 1 point to 61 in August, in line with expectations and marking the highest since late 2005. The future sales conditions index and the current sales conditions index were at an elevated 70 and 66, respectively. The index measuring prospective buyer traffic rose 2 points but remained relatively low at 45. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Commerce Department reported that housing starts came in at a seasonally adjusted annual rate of 1.206 million units, up 10.1 percent from an upwardly revised rate of 1.204 million units. Economists expected housing starts to come in at a rate of 1.180 million units.
Meanwhile building permits for the month came in at 1.119 million units, down 16.3 percent from the 1.337 million unit rate in June and below the consensus estimate of 1.230 million units.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Wal-Mart reported below-consensus earnings for its second quarter, while its revenues exceeded estimates. The company issued below-consensus earnings per share guidance for its third quarter and lowered its full year earnings per share guidance below the consensus estimate.
Home Depot reported in line second quarter adjusted earnings, while its revenues missed estimates. The company raised its full year sales and earnings per share growth guidance.
Urban Outfitters reported better than expected second quarter results, while its revenues missed expectations.
Agilent Technologies reported third quarter adjusted earnings from continuing operations and revenues that beat estimates. The company lowered its full year adjusted earnings and revenue guidance.
BB&T announced an agreement to buy National Penn Bancshares for $1.8 billion in cash and stock, with 70 percent to be paid in BB&T common shares and 30 percent in cash.
Analog Devices, DeVry, La-Z-Boy, SINA and Weibo are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened lower and saw some volatility in early trading. The major averages in the region are currently moderately lower, in line with the general negativity across the markets.
In corporate news, Shell received approval to conduct exploratory drilling activities into potential oil-bearing zones in the Burger Prospect off the coast of Alaska. Persimmon reported higher first-half profits.
On the economic front, inflation data released by the U.K. Office of National Statistics showed that annual consumer price inflation was 0.1 percent in July compared to the unchanged reading expected by economists. Inflation turned negative for the time since 1960 in April. The core inflation rate accelerated to a 5-month high of 1.2 percent from 0.8 percent. On a monthly basis, consumer prices fell 0.2 percent compared to the 0.3 percent drop expected by economists.
The producer price inflation report showed that output prices fell 0.1 percent month-over-month in July, in line with expectations. Annually, output prices declined 1.6 percent, steeper than the 1.5 percent drop expected by economists. At the same time, input prices fell a less than expected 0.9 percent compared to the previous month and declined 12.4 percent year-over-year, smaller than the 13.1 percent drop expected by economists.
A separate report showed that house prices in the U.K. rose 5.7 percent year-over-year in June, faster than the 5.6 percent rate in May.
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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 lower, dragged down by a sell-off in China and a bomb blast in Thailand. In the process, stocks largely ignored the positive lead from Wall Street overnight.
The Chinese market tumbled amid growth worries, with the drop coming despite the stabilization of the yuan. The People's Bank of China set the mid-point of the dollar-yuan exchange rate slightly higher, although the yuan still weakened.
The Japanese market opened higher and stayed afloat till the mid-session. However, the Nikkei 225 Index subsequently retreated and languished in negative territory before ending down 65.79 points or 0.32 percent at 20,555.
Food, utility and retail stocks came under selling pressure. Export and resource stocks saw mixed sentiment, while construction, financial, textile and chemical stocks gained ground.
Australia's All Ordinaries Index, which moved back and forth across the unchanged line in a narrow range till the mid-session, retreated steadily in late trading. The index ended 59.20 points or 1.10 percent lower at 5,309.
Consumer discretionary, energy and financial stocks fell sharply, while IT stocks rallied strongly and telecom stocks also saw modest strength.
China's Shanghai Composite Index slumped 245.50 points or 6.15 percent before ending at 3,748, and Hong Kong's Hang Seng Index ended at 23,475, down 339.68 points or 1.43 percent.
Thailand's SET Index fell about 3 percent after a bomb blast rocked a popular shrine in capital city Bangkok, leaving 22 people dead and 123 injured. Tourism is a major sector of the economy and is likely to impacted by the development.
On the economic front, the minutes of the Reserve Bank of Australia's August Monetary Policy Board meeting showed that committee members expect the country's economy to continue to recover, helped by favorable monetary policy and very low interest rates. The bank also said it believes that the domestic dollar is adjusting to the significant declines in key commodity prices.
The minutes also revealed that the members feel that China's recent move to stem stock market volatility presents downside risk. In reaction to the minutes, the aussie rose initially before beginning decline in reaction to the general risk averse mood.
A report released by the Australian Bureau of Statistics showed that the total number of new motor vehicle sales in Australia fell a seasonally adjusted 1.3 percent month-over-month in July following a 3.8 percent jump in June.
The National Bureau of Statistics reported that home prices in major Chinese cities increased in July. House prices rose on a month-over-month basis in 31 out of the 70 cities, while prices fell in 29 cities. Ten cities saw stable prices. Annually, house prices were up in 67 out of the 70 cities. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.03 to $41.84 a barrel after sliding $0.63 to a 6-year low of $41.87 a barrel a barrel on Monday. Meanwhile, an ounce of gold is currently at $1,117.90, down $0.50 from the previous session's close of $1,118.40. On Monday, gold climbed $5.70.
On the currency front, the U.S. dollar is trading at 124.32 yen compared to the 124.39 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1054 compared to yesterday's $1.1078. |
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