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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 notably higher opening on Wednesday, with the mood reflecting markets' quest for a rebound following protracted weakness. Crude oil prices are firmer and the dollar is also gaining ground following the release of better than expected durable goods orders data. Meanwhile, rest of the commodities are weaker. The positive U.S. data should serve to quell anxiety concerning global growth, which in turn could support a rebound.
U.S. stocks could not sustain the early bargain-hunting related buying throughout the session on Tuesday and ended notably lower for the sixth straight session. The major averages opened higher, as bargain hunting was supported by recent steep losses and a move by China to cut interest rates in order to spur growth. The averages moved roughly sideways for much of the session before pulling back in a late-hour sell-off.
The Dow Industrials ended down 204.91 points or 1.29 percent at 15,666, its lowest level since February 6th, 2014, the S&P 500 Index closed 25.60 points or 1.35 percent lower at a 10-month low of 1,868 and the Nasdaq Composite ended at a 10-month low of 4,507, down 19.76 points or 0.44 percent.
Twenty-eight of the thirty Dow components declined in the session, with Merck (MRK), Verizon (VZ), Microsoft (MSFT), General Electric (GE) and Chevron (CVX) among the worst performers of the session.
Among the sectors, transportation, utility, resource, housing, semiconductor, financial and computer hardware stocks came under selling pressure, while biotechnology stocks gained ground.
On the economic front, the Conference Board reported that the consumer confidence index climbed more than expected to 101.5 in August from 90.9 in July, while economists expected a more modest increase to 94. The present situations index rose 11 points to 115.1 and the expectations index jumped more than 10 points to 92.5.
The results of Markit's preliminary survey of the service sector showed that activity in the sector remained stable in August. The service sector PMI remained unchanged at 55.2 compared to expectations for a drop to 54.8.
The Commerce Department reported that new home sales came in at a seasonally adjusted annual rate of 507,000 in July, while economist expected a reading of 516,000 units. This represented a 5.4 percent increase. Annually, new home sales were up 26 percent. Inventories of new homes measured in terms of months of supply eased to 5.2 months from 5.3 months in June. The median price of a new home rose 3 percent month-over-month to $285,900.
Among two separate house price surveys, the Federal House Finance Agency's survey showed a 0.2 percent month-over-month increase in house prices for June, below the estimated 0.4 percent increase. Meanwhile, the S&P/Case-Shiller 20-city composite house price index edged down a seasonally adjusted 0.1 percent month-over-month, belying expectations for a 0.1 percent increase. The annual growth was a smaller than expected 5 percent. |
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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 durable goods orders rose 2 percent month-over-month in July, while the consensus estimate called for a 0.4 percent drop in durable goods orders. The previous month's gain was revised upwards to 4.1 percent from 3.4 percent.
Excluding transportation, orders were up 0.6 percent, exceeding the 0.4 percent gain expected by economists. Non-defense capital goods orders, excluding aircraft and parts, considered a proxy for capital spending were up 1.1 percent.
New York Federal Reserve Bank President William Dudley is due to address a press conference on the regional economy at 10 am ET.
The Energy Information will release its weekly petroleum status report for the week ended August 21st at 10:30 am ET.
Crude oil stockpiles rose by 2.6 million barrels to 456.20 million barrels in the week ended August 14th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Distillate stockpiles increased by 0.6 million barrels but were in the middle of the average range for this time of the year. Meanwhile, gasoline inventories fell by 2.7 million barrels and were in the middle of the average range.
Refinery capacity utilization averaged 95.6 percent over the four weeks ended August 14th compared to 95.70 percent over the four weeks ended August 7th.
The Treasury Department is set to release the results of its auction of 5-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 | | | Abercrombie (ANF) reported better than expected second quarter results.
Jack Henry & Associates (JKHY) reported fourth quarter results that exceeded estimates.
Oshkosh (OSK) announced that the U.S. Army has awarded Oshkosh Defense a $6.7 billion firm and fixed price contract to manufacture the joint light tactical vehicle.
Dycom Industries (DY) reported better than expected fourth quarter results and issued above consensus guidance for the first quarter. Separately, the company announced a $50 million stock buyback program.
Transocean (RIG) said it will convene an Extraordinary General Meeting of Shareholders on October 29th, when it will propose the cancellation of the third and fourth installments of the dividend approved at the company's annual general meeting held on May 15th.
Guess? (GES), PVH (PVH) and Williams-Sonoma (WSM) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened notably lower, a reversal in sentiment from yesterday's bargain hunting-induced buoyancy. The markets are still nervous concerning China and the lackluster growth there.
In corporate news, WPP reported higher pre-tax profits and sales for the first half. Stagecoach said its recent trading has been consistent with the Group's expectations and there is no change to the anticipated adjusted earnings per share for the year ending April 30, 2016. Paddy Power has agreed to be acquired by Betfair.
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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, with the Chinese market showing volatility throughout the session. The Chinese, Hong Kong, Indian and New Zealand markets retreated, while the rest of the major markets moved to the upside.
The Japanese market snapped a 6-session losing streak, as the yen weakened. After losing roughly 14 percent over the period, the Nikkei 225 Index nervously hugged the unchanged line for much of the morning session. The index launched into a rally in the afternoon before ending up 570.13 points or 3.20 percent at 18,377.
The market witnessed broad based strength, with Tokuyama, Shiseido, Toshiba, Alps Electric, Nitto Denko, Mitsubishi Motors, Fuji Heavy Industries, MS&AD Insurance and Tokyo Electric among the biggest gainers of the session.
Australia's All Ordinaries Index languished mostly below the unchanged line till late trading but recovered in the afternoon. The index closed 30.30 points or 0.59 percent higher at 5,174. Most sectors advanced, led by energy, IT and material stocks, while real estate and healthcare stocks came under selling pressure.
After swinging between gains and losses, China's Shanghai Composite Index ended down 37.68 points or 1.27 percent at an 8-month low of 2,927. Hong Kong's Hang Seng Index closed at 21,071, down 333.96 points or 1.56 percent.
On the economic front, a report released by the Bank of Japan showed that corporate service prices in Japan rose more than expected in July. The corporate service price index rose 0.6 percent year-over-year following a 0.4 percent increase in June.
The Australian Bureau of Statistics reported that construction work done in Australia rose 1.6 percent sequentially in the second quarter following a 2.4 percent drop in the first quarter. Economists expected a 1.5 percent decline for the month. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.46 to $39.77 a barrel after rebounding by $1.07 to $39.31 a barrel on Tuesday. Meanwhile, an ounce of gold is trading currently at $1,127.20, down $10.50 from the previous session's close of $1,138.30. On Tuesday, gold fell $15.30.
On the currency front, the U.S. dollar is trading at 119.87 yen compared to the 118.83 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1357 compared to yesterday's $1.1517.
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