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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 modestly higher opening on Thursday, with sentiment still fluid, as traders battle with rate hike fears. A report released short while ago showed that jobless claims rose less than expected. Meanwhile, across the Atlantic, the Bank of England lowered its inflation forecasts, which suggests that a rate hike by the bank may not come this year. The dollar is stronger, as commodities continue to take a beating. Traders may decide to adopt a wait and watch attitude until they see off the July payroll numbers that could offer some insight into the course of monetary policy.
U.S. stocks ended Wednesday's session mostly higher, with the Nasdaq Composite and the S&P 500 Indexes snapping three-session losing streaks, while the Dow Industrials fell for the fifth straight session. Even as soft private payrolls data tempered rate hike expectations, a fairly robust service sector reading and some mixed earnings acted as a dampener.
The major averages opened higher and rose steadily in early trading. After giving back some of their gains over the remainder of morning trading, the Nasdaq and S&P 500 moved roughly sideways before ending firmly in positive territory.
Meanwhile, the Dow slipped below the unchanged line by the mid-session and moved about in a lackluster manner until late afternoon trading. After recovering thereafter, the index moved back and forth across the unchanged line in a narrow range before ending marginally lower.
The Nasdaq Composite added 34.40 points or 0.67 percent before ending at 5,140 and the S&P 500 Index closed 6.52 points or 0.31 percent higher at 2100, while the Dow Industrials ended down 10.22 points or 0.06 percent at 17,541.
Notwithstanding the Dow's retreat, the breadth was tilted in favor of the advancers, with nineteen of the thirty Dow components advancing. One stock ended unchanged, while the remaining ten stocks retreated.
Wal-Mart (WMT) and UnitedHealth (UNH) were among the biggest gainers of the session, while Disney (DIS) tumbled 9.17 percent in reaction to its revenue miss and Chevron (CVX) slid 1.38 percent.
Among the sectors, retail, computer hardware and semiconductor stocks rose notably, while gold and natural gas stocks lost ground.
On the economic front, ADP's private employment survey revealed an addition of 185,000 jobs by the private sector in July, notably below the consensus estimate of 210,000.
The results of the Institute for Supply Management's national service sector survey showed that the non-manufacturing index rose to a 10-year high of 60.3 in July, up from 56 in June. Economists expected a more modest improvement to 56.2. Fifteen non-manufacturing industries reported growth.
The production index rose 3.4 points to 64.9, the new orders index climbed 5.5 points to 59.6 and the order backlogs index was up 3.5 points to 54. Additionally, the employment index jumped 6.9 points to 59.6.
Additionally, Markit's final U.S. service sector PMI rose to 55.7 in July from 54.8 in June, while economists expected a reading of 55.2.
The Commerce Department reported that the U.S. trade deficit widened to $43.8 billion in June from a downwardly revised deficit of $40.9 billion in May. Economists expected a shortfall of $43 billion for the month.
Imports rose 1.2 percent, driven by higher petroleum imports, while exports were down 0.1 percent. The goods deficit widened to $63.5 billion, but the surplus on trade in services remained little changed at $19.7 billion. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Labor Department reported that jobless claims report for the week ended August 1st rose 3,000 to 270,000. Economists expected claims to have increased to 273,000 from 267,000 in the previous week.
The four-week average fell to 268,250 from 274,750. Continuing claims calculated with a week's lag fell by 14,000 to 2.255 million.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Costco (COST) said its comparable store sales stagnated in July, as a 10 percent decline in its international operations offset 3 percent domestic growth. Excluding the impact of gasoline price deflation and foreign exchange, comparable store sales were up 7 percent.
Zumiez (ZUMZ) reported comparable store sales that fell 7.6 percent in July compared to a 3.5 percent increase in the year-ago period.
Viacom (VIAB) reported in line third quarter adjusted earnings but revenues missed expectations.
Twenty-first Century Fox (FOXA) reported better than expected adjusted earnings, while its revenues were shy of estimates.
CBS (CBS) reported a decline in its second quarter earnings, while excluding restructuring charges, it reported adjusted earnings from continuing operations of 74 cents per share. The company reported modest revenue growth.
Tesla Motors (TSLA) reported better than expected second quarter results but lowered its delivery target for 2015.
Prudential (PRU) reported second quarter adjusted operating income that exceeded estimates and its revenues were also above expectations.
FMC Corp. (FMC) reported in line second quarter adjusted earnings from continuing operations, while its revenues missed expectations. The company's full year adjusted earnings per share guidance was lukewarm.
Boeing (BA) said EL AL Israel Airlines has announced its intent to buy and lease up to fifteen 787 Dreamliners, with purchase rights for 13 additional planes.
Transocean (RIG) reported better than expected second quarter earnings and operating revenues.
Brooks Automation (BRKS), Career Education (CECO), Century Aluminum (CENX), Con Edison (ED), Jamba (JMBA), Lions Gate Entertainment (LGF), Monster Beverage (MNST), NVIDIA (NVDA), Tesaro (TSRO), ViaSat (VSAT) and Zynga (ZNGA) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks returned to being cautious after ending the previous session notably higher, with the listless trading attributable to fears of a U.S. rate hike ahead of Friday's jobs data, mixed earnings and weaker commodity prices.
In corporate news, Germany's Merck KgaA reported strong profit and revenue growth, aided in port by a weak euro. Metro AG announced a deal to buy Singapore-based caterer Classic Foods from private equity firm EQT for $290 million after reporting declines in third quarter earnings and revenues.
Deutsche Telekom reported higher revenues and operating profits for its second quarter, propped up by its U.S. business.
After reporting better than expected first half profits that declined year-over-year, Rio Tinto lowered its capital spending target but maintained its dividend. Adidas reported a small increase in its second quarter profits and signaled that it may sell its Golf unit.
On the economic front, the Bank of England left its key rate unchanged at a record low in a split vote, while policymakers unanimously decided to keep quantitative easing at GBP 375 billion. The decision was adopted by an 8-1 vote. The bank also lowered its inflation forecast for the year, dampening rate hike expectations.
The Monetary Policy Committee voted 8-1 to maintain its bank rate at 0.50 percent. Ian McCafferty voted to hike the rate by a quarter point
Preliminary estimates released by the German Federal Statistical Office showed that factory orders rose 2 percent month-over-month in June, reversing the 0.3 percent drop in May. Economists had expected a mere 0.3 percent increase.
The results of a survey by Markit showed that German construction sector activity remained steady in July. The construction sector PMI eased to 50.6 from 50.7 in June.
The U.K. Office of National Statistics reported that U.K. industrial production fell 0.4 percent month-over-month in June, belying expectations for a 0.1 percent increase. However, manufacturing output growth was stronger than expected at 0.2 percent. Annually, industrial output climbed 1.5 percent, slower than the 2.2 percent increase estimated.
U.K. house prices dropped unexpectedly in July, data from Lloyds Banking Group's Halifax division revealed. House prices decreased 0.6 percent from June, the first drop in five months, confounding expectations for a 0.4 percent increase.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets declined, with the Australian, Chinese, Malaysian and Taiwanese market all ending notably higher. However, the Japanese market advanced, capitalizing on the yen's weakness.
Australian stocks succumbed to weak domestic jobs data and the weakness in commodity prices. The All Ordinaries Index fell sharply in early trading before moving sideways till the mid-session. Following a steady retreat in the afternoon, the index moved sideways in late treading before ending down 59.40 points or 1.05 percent at a 1-week low of 5,600.
Utility, IT, industrial, healthcare, financial, energy and consumer staple stocks came under intense selling pressure, while the material space saw a modest upward bounce.
China's Shanghai Composite ended down 33.03 points or 0.89 percent at 3,662, and Hong Kong's Hang Seng Index closed 138.88 points or 0.57 percent lower at 24,375.
Meanwhile, Japan's Nikkei 225 Index hovered above the unchanged line throughout the session before ending up 50.38 points or 0.24 percent at 20,664.
Most export stocks moved to the upside. Meanwhile, food, construction, retail, real estate, pharma, utility and some tech export and banking stocks came under selling pressure.
On the economic front, a report released by the Australian Bureau of Statistics showed that the jobless rate in Australia rose 0.2 percentage points to 6.3 percent in July from a revised 6.1 percent rate in June. Economists expected a 6.1 percent rate for the month. However, the number of employed persons rose by 38,500 compared to expectations for an increase of 10,000.
Preliminary estimates released by Japan's Cabinet Office showed that its leading economic indicators index rose to 107.2 in June from 106 in May, while economists expected a more modest climb to 106.9. The leading index for June was the highest since February 2014. |
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| | Currency and Commodities Markets | | Crude oil futures are falling $0.44 to $44.71 a barrel after sliding $0.59 to $45.15 a barrel on Wednesday.
The previous session's decrease came amid the release of the weekly petroleum status report, which showed that crude oil stockpiles fell by 4.4 million barrels to 455.30 million barrels in the week ended July 31st. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Meanwhile, gasoline inventories rose by 0.8 million barrels and were in the middle of the average range. Distillate stockpiles increased by 0.7 million barrels and were also in the middle of the average range for this time of the year.
Refinery capacity utilization averaged 95.5 percent over the four weeks ended July 31st compared to 95.2 percent over the four weeks ended July 24th.
Gold futures are slipping $1 to $1,084.60 an ounce. In the previous session, the December futures ended at $1,085.60 an ounce, down $5.10.
Among currencies, the U.S. dollar is trading at 124.75 yen compared to the 124.87 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0919 compared to yesterday's $1.0906.
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