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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 likely to be weak amid lingering worries concerning the domestic interest rate environment. Commodities are wobbly as the dollar trades on a mixed note. The jobless claims report released short while ago showed an unexpected increase in claims. The volatility in the Chinese market and yuan moves may continue to remain an overhang even as the markets prepare to focus on economic data on existing home sales and manufacturing activity.
U.S. stocks retreated yet again on Wednesday, as concerns about the outlook for Chinese growth and U.S. interest rates triggered weakness in the markets. The major averages opened lower and fell further in morning trading, hitting the day's low by the mid-session. Although the averages recouped their losses amid the release of the FOMC minutes, even momentarily moving above the unchanged line, they pulled back again before closing notably lower.
The Dow Industrials ended down 162.61 points or 0.93 percent at 17,349, the S&P 500 Index closed 17.31 points or 0.83 percent lower at 2,080 and the Nasdaq Composite closed at 5,019, down 40.29 points or 0.80 percent.
Twenty-seven of the thirty Dow components closed lower and one stock was unchanged, while the remaining two stocks advanced. Chevron (CVX), Exxon Mobil (XOM), Intel (INTC), UnitedHealth (UNH) and Caterpillar (CAT) were among the worst decliners of the session.
Among the sectors, energy, basic material, biotechnology, financial, computer hardware, and semiconductor came under selling pressure, while gold stocks rallied.
On the economic front, the Labor Department reported that consumer prices and core consumer prices both rose 0.1 percent month-over-month in July, tamer than expectations. Owners' equivalent rent rose 0.3 percent. The annual rate of headline inflation was 0.2 percent, and core inflation was at 1.8 percent.
The FOMC minutes were construed as dovish by the markets, as most meeting participants judged that the conditions for policy firming had not been achieved, although they did feel that conditions were approaching that point. However, many voting members seemed to opine that if the economy evolved as anticipated in the near term, labor market underutilization will largely be eliminated. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Initial jobless claims rose to 277,000 in the week ended August 15th from a downwardly revised 273,000 in the previous week. Economists expected claims to have declined to 270,000 from the originally reported 274,000 for the previous week.
The four-week moving average rose to 271,500 from 266,000. Continuing claims calculated with a week's lag eased to 2.254 million in the week ended August 8th from 2.278 in the week ended August 1st.
The Philadelphia Federal Reserve is due to release the results of its business outlook survey for August at 10 am ET. The consensus estimate calls for an increase in the index to 7.5 from 5.7 in July.
The 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.
Also at 10 am ET, the National Association of Realtors is scheduled to release its existing home sales report for July. Economists expect existing home sales to come in at a seasonally adjusted annual rate of 5.40 million units.
Existing home sales came in at a seasonally adjusted annual rate of 5.49 million units in June, up 3.2 percent month-over-month. The rate was the highest since February 2007. Economists had expected a 5.40 million-unit rate. Annually, existing home sales were up 9.6 percent.
The median price of an existing home was up 3.3 percent to $236,400. Inventories measured in terms of the months of supply slipped to 5 months in June from 5.1 months in May.
Around the same time, the Conference Board is set to release its leading economic indicators index for June. Economists expect the index to rise 0.2 percent month-over-month.
The leading economic indicators index rose 0.6 percent month-over-month in June, notably more than the 0.2 percent increase expected by economists. In May, the index climbed an upwardly revised 0.8 percent. The housing market and interest rate outlook contributed to much of the upside. The coincident index was up 0.2 percent. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Limited Brands (LB) reported in line second quarter earnings but below-consensus revenues. The company raised its earnings guidance for the full year.
NetApp's (NTAP) first quarter results exceeded estimates, and its second quarter guidance was strong.
Sears Holdings (SHLD) reported a narrower loss for its second quarter, although revenues declined.
Bon-Ton Stores (BONT) reported a wider than expected loss for its second quarter and its revenues trailed expectations. The company lowered its guidance for 2015.
Buckle (BKE) reported better than expected second quarter earnings, while its revenues missed estimates.
Tech Data's (TECD) reported better than expected second quarter results.
United Natural Foods (UNFI) released preliminary fourth quarter results, expecting better than expected earnings per share and revenues. The company also tightened its guidance range for the full year.
Semtech (SMTC) reported in line adjusted per share for its second quarter and better than expected revenues. However, the company issued weak guidance for the third quarter.
Synopsys (SNPS) reported better than expected third quarter results but issued weak earnings guidance for the fourth quarter. However, the revenue guidance for the fourth quarter was strong. The company also tightened its full year earnings per share guidance by trimming the top end of the range.
Brocade (BRCD), Gap (GPS), Hewlett-Packard (HPQ), Intuit (INTU), Marvell (MRVL), Mentor Graphics (MENT), New York & Co. (NWY), Nordson (NDSN), Ross Stores (ROST), Salesforce.com (CRM), ScanSource (SCSC) and Tuesday Morning (TUES) 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 have held below the unchanged line, although amid volatility. The European Stability Mechanism today disbursed 13 billion euros in funding to Greece, enabling the embattled nation make a 3.2 billion euro debt repayment due to the European Central Bank. The 13 billion euro disbursement is part of the first tranche of 26 billion euros approved by the ESM.
On the economic front, the U.K. Office of National Statistics reported that retail sales edged up 0.1 percent month-over-month in July, smaller than the 0.4 percent increase expected by economists. Annually, retail sales rose a less than expected 4.2 percent. Excluding auto fuel, retail sales rose 0.4 percent month-over-month and were 4.3 percent higher than a year ago.
A separate report released by the German Federal Statistical Office said German producer prices fell 1.3 percent year-over-year in July following a 1.4 percent drop in June. The decline was in line with expectations. Excluding energy, producer prices were down 0.3 percent. On a monthly basis, producer prices were flat.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets fell across the board, reacting to the sell-off in commodities and the FOMC minutes offering little clarity on the first rate hike. The Chinese market extended its volatile ride and fell sharply.
The Japanese market retreated as risk aversion lent support to the yen. The Nikkei 225 Index languished below the unchanged line for much of the session before ending down 189.11 points or 0.94 percent at 20,034.
Most sectors moved to the downside, led by export stocks, although real estate stocks gained ground in the session.
Australia's All Ordinaries Index spent the entire session below the unchanged line before closing 84.30 points or 1.57 percent lower at 5,296. The market witnessed an across the board sell-off, with energy stocks among the worst hit.
Hong Kong's Hang Seng Index ended at 22,758, down 410.38 points or 1.77 percent, and China's Shanghai Composite Index slumped 129.82 points or 3.42 percent before ending at 3,664.
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.21 to $40.59 a barrel after slumping $1.82 to $40.80 a barrel on Wednesday.
The previous session's sell-off came amid the release of the weekly petroleum status report, which showed that 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.
Gold futures are advancing $12.70 to $1,140.60 an ounce. In the previous session, the December futures ended at $1,127.90 an ounce, up $11.
Among currencies, the U.S. dollar is trading at 123.98 yen compared to the 123.80 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1128 compared to yesterday's $1.1120.
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