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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 of traders after non-farm payrolls came only slightly weaker than expected. As expected, the jobless rate held steady. The end result, the dollar which saw subdued sentiment earlier on, gained ground, sending commodities lower. European stocks are also coming under pressure, dragged lower by some weak domestic data. With the jobs data doing very little to appease rate hike fears, the markets could go about on a lackluster note.
U.S. stocks ended notably lower on Thursday, as traders preferred to offload positions ahead of the all-important monthly non-farm payrolls report. Some disappointing media earnings and the extended sell-off in crude oil dented risk appetite.
The major averages opened higher, as traders digested mixed earnings, a positive jobless claims report and the Bank of England's interest rate decision. However, the averages retreated immediately after and declined steadily until the mid-session. Subsequently, the averages moved roughly sideways before closing firmly in the red.
The Dow Industrials ended down 120.72 points or 0.69 percent at a 6-month low of 17,420 and the S&P 500 Index closed 16.28 points or 0.78 percent lower at 2,084, while the Nasdaq Composite closed at 5,506, down 83.50 points or 1.62 percent.
Twenty-five of the thirty Dow components closed lower, while the remaining five advanced. Disney (DIS), Johnson & Johnson (JNJ), Microsoft (MSFT), Nike (NKE), Pfizer (PFE), UnitedHealth (UNH) and Visa (V) were among the worst decliners of the session, while Chevron (CVX) and Exxon Mobil (XOM) rose notably.
Among the sectors, biotechnology, airline, retail and semiconductor stocks fell sharply, while energy and gold stocks gained ground.
On the economic front, jobless claims for the week ended August 1st rose by 3,000 to 270,000. Economists expected claims to have increased to 273,000 from 267,000 in the previous week. Meanwhile, the four-week average fell to 268,250 from 274,750. Continuing claims calculated with a week's lag also fell by 14,000 to 2.255 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's non-farm payrolls report showed that the economy added 215,000 in July compared to the 223,000 job additions expected by economists. The private sector added 210,000 jobs
The unemployment rate held steady at 5.3 percent, in line with expectations. The average hourly wages rose 0.2 percent month-over-month and were 2.1 percent higher than a year-ago. Meanwhile, the average workweek was up 0.1 to 34.6 hours.
The Federal Reserve is scheduled to release its report on outstanding consumer credit for July at 8:30 am ET. The consensus estimate calls for outstanding consumer credit to swell by $17.4 billion in June.
Consumer credit rose by $16.1 billion in May following an upwardly revised $21.4 billion increase in April. Revolving credit tied to credit cards rose $1.6 billion and non-revolving credit climbed by $14.5 billion, boosted by the students loan component.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | NVIDIA (NVDA) reported better than expected second quarter results and issued positive guidance for the third quarter.
Cablevision (CVC) reported better than expected second quarter adjusted earnings and in line revenues.
Groupon (GRPN) reported below consensus earnings and revenues for its second quarter.
Zynga (ZNGA) reported better than expected second quarter results but its daily active users fell 23 percent year-over-year.
Dynegy (DYN) reversed to a profit in its second quarter, as its revenues nearly doubled and beat the consensus estimate. The company reaffirmed its full year adjusted EBITDA and free cash flow guidance and announced board approval for the repurchase of up to $250 million worth of shares.
EOG Resources (EOG) reported better than expected second quarter earnings, while its revenues missed estimates.
Consolidated Edison (ED) reported above-consensus adjusted earnings for its second quarter, although its revenues trailed expectations. The company reaffirmed its in-line full year adjusted earnings per share guidance.
Monster Beverage (MNST) reported second quarter adjusted earnings that trailed expectations, while its net sales rose year-over-year.
Brooks Automation (BRKS) reported better than expected third quarter adjusted earnings and its revenues were in line. The company issued upbeat guidance for its fourth quarter.
ViaSat (VSAT) reported below-consensus adjusted earnings per share and revenues for its first quarter.
Mohawk Industries (MHK) reported better than expected second quarter adjusted earnings but its revenues were below estimates. The company issued upbeat adjusted earnings guidance for the third quarter.
Lions Gate (LGF) reported lower profits for its first quarter and its revenues were also below estimates.
Jamba (JMBA) also reported a decline in its adjusted earnings per share for the second quarter and its revenues trailed estimates.
Rogers Corp. (ROG) said its board has authorized the company to initiate a $100 million share repurchase program. Sonic (SONC) announced a $145 million stock buyback program. |
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| | European Markets | | European stocks opened lower and are trading on a lackluster note as traders await the U.S. jobs report and digest some lackluster economic news.
In corporate news, insurer Allianz reported a 15 percent increase in second quarter net income and confirmed its operating profit outlook for 2015 at the upper end of its target range. German utility E.ON said it has agreed to sell its Italian hydroelectric complex in Terni to ERG Power Generation.
On the economic front, the German Federal Statistical Office reported that German exports fell for the first time in five months in June, dropping 1 percent month-over-month. Economists had estimated a more modest 0.3 percent decline. Imports slipped 0.5 percent, belying expectations for a 0.5 percent gain.
The German trade surplus rose to an adjusted 24 billion euros in June from 16.2 billion in May, while the seasonally and calendar adjusted surplus was at 22 billion euros.
A separate report showed that German industrial production fell 1.4 percent month-over-month in June, marking the biggest drop since August 2014. Economists expected a 0.3 percent increase for the month.
The visible trade deficit for the U.K. widened to 9.2 billion pounds in June from 8.4 billion pounds in May, according to a report released by the U.K. Office of National Statistics.
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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 mixed, with the Japanese, Chinese and Hong Kong markets advancing, while the rest of the markets retreated, tracking the weak lead from Wall Street overnight and expressing apprehension ahead of the U.S. jobs report.
The Japanese market advanced as the yen remained subdued amid the monetary policy announcement by the Bank of Japan. The Nikkei 225 Index, which languished in the red until the mid-session, recovered in the afternoon following the monetary policy announcement. The index stayed afloat for the rest of the session before ending up 60.12 points or 0.29 percent at 20,725.
Most export, construction and financial stocks found buying interest, while food, retail and utility stocks came under selling pressure.
The Australian market retreated amid the weak commodity outlook and the release of the Reserve Bank of Australia's quarterly Monetary Policy Statement, which doused rate cut hopes. The All Ordinaries Index languished below the unchanged line throughout the session before ending 127.80 points or 2.28 percent lower at 5,472.
The market witnessed an across the board sell-off, with financial and material stock coning under intense selling pressure.
Meanwhile, Hong Kong's Hang Seng Index rose 177.19 points or 0.73 percent before ending at 24,553, and the China's Shanghai Composite Index rallied 82.67 points or 2.26 percent to 3,744.
On the economic front, the Bank of Japan decided to keep its massive monetary stimulus unchanged as it intends to achieve its 2 percent inflation target without additional measures. The bank 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. The central bank's economic outlook was optimistic, and it also expressed confidence in achieving its inflation target.
Meanwhile, the Reserve Bank of Australia lowered its growth outlook for Australia even as it raised its inflation forecast. In the quarterly statement on Monetary Policy, the central bank predicted GDP growth would now be 2-3 percent in 2016, down from the 2.5-3.5 percent estimated earlier. Citing the weakening of the Australian dollar, the central bank trimmed its inflation target. The bank now expects underlying inflation to be 2-3 percent until December 2017. This tempered expectations of another interest rate cut by the central bank.
The Australian Bureau of Statistics reported that home loans in Australia rose a seasonally adjusted 4.4 percent month-over-month in June following a 6.1 percent drop in May. Economists expected a 5 percent increase for the month. Investment lending slipped 0.7 percent, smaller than the 3.2 percent drop in May.
The results of a survey by the Australian Industry Group showed that the AIG/HIA construction sector PMI rose 0.7 points to 47.1 in July, although it continued to point to a contraction. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.26 to $44.40 a barrel after sliding $0.49 to a fresh 4-month low of $44.66 a barrel on Thursday. An ounce of gold is trading at $1,085, down $5.10 from the previous session's close of $1,090.10. On Thursday, gold rose $4.50.
On the currency front, the U.S. dollar is trading at 124.69 yen compared to the 124.74 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0935 compared to yesterday's $1.0925.
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