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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 still fluid despite most commodities stalling the selling spree. Oil has stemmed its losses and is currently up moderately and gold is seeing a small bounce upward from a 5-1/2 year low. The dollar strength is fading. Notwithstanding a strong rally by Chinese stocks, sentiment in Asia was broadly negative. The mood across the Atlantic isn't anything to boast despite the release of some positive domestic earnings. The back-end loaded nature of the week has made wary of how the economic data for the rest of the week will pan out.
U.S. stocks retreated on Monday amid the sell-off in commodities and the release of some mixed domestic and global manufacturing activity data. The major averages opened little changed and flirted along the unchanged line in early trading. After seeing volatility, with see-sawing move, till early afternoon trading, the indexes began declining steadily until late afternoon trading. Although the averages recouped some of their losses in the remainder of the session, they still closed lower.
The Dow Industrials ended down 91.66 points or 0.52 percent at 17,598, while the S&P 500 Index closed 5.80 points or 0.28 percent lower at 2,098 and the Nasdaq Composite Index slid 12.90 points or 0.25 percent before closing at 5,115.
Nineteen of the thirty Dow components closed higher and one stock ended unchanged, while the remaining ten stocks advanced. Apple, Caterpillar, IBM and Exxon Mobil fell sharply, while Coca-Cola and Disney rose notably.
Among the sectors, gold, computer hardware and energy stocks came under intense selling pressure. On the other hand, airline stocks gained ground.
On the economic front, the results of the Institute for Supply Management's manufacturing survey showed that manufacturing activity slowed in July. The corresponding PMI slid to 52.7 in July from 53.5 in June, while economists expected a reading of 53.7. The order backlogs index fell 4.5 points to 42.5 and the employment index fell 1.5 points to 48. On the other hand, the new orders index rose about 0.5 points to 56.5 and the production index remained strong at 56, up 2 points. Of the 18 manufacturing industries surveyed, 11 reported growth in July.
Revised estimates released by Markit showed that U.S. manufacturing PMI came in line with expectations at 53.8 in July, up slightly from 53.6 in June.
The Commerce Department reported that personal income rose 0.4 percent month-over-month and personal spending was up 0.2 percent, in line with expectations. The personal savings rate was up 0.2 percentage points at 4.8 percent. The core price consumption expenditure index was up 1.3 percent, slightly ahead of the 1.2 percent rate expected by economists.
Another Commerce Department report showed that construction spending edged down 0.1 percent month-over-month in June compared to the upwardly revised growth of 1.8 percent in May. Economists expected a 0.6 percent increase. Spending on private construction was down 0.5 percent, with non-residential construction spending falling 1.3 percent and acting as a drag. On the other hand, residential construction spending was up 0.4 percent. Public construction spending climbed 1.6 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 is scheduled to release its factory orders report for June at 10 am ET. Economists expect factory orders to have risen by 1.7 percent month-over-month in June.
In May, factory orders fell 1 percent month-over-month, dragged lower by a 2.2 percent drop in durable goods orders. Meanwhile, durable goods orders, which make up the bulk of factory orders, rose better than expected 3.4 percent month-over-month in June, ahead of the expected 3.1 percent growth. Much of the upside was due to civilian aircraft orders. Excluding transportation, orders were up 0.8 percent compared to the 0.5 percent growth expected by economists.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Aetna reported better than expected second quarter, while its revenues were below estimates. The company raised its full year earnings per share guidance.
AIG reported better than expected second quarter earnings and announced an additional $5 billion worth of buyback program. The company also announced a 124 percent increase to its dividend.
Avis Budget reported better than expected second quarter adjusted earnings, while its revenues missed estimates. The company's lowered its revenue guidance for the full year and lowered the upper end of its adjusted earnings per share guidance.
MDU Resources reported below consensus adjusted earnings and revenues for its second quarter and it lowered its 2015 adjusted earnings per share guidance below the consensus estimate.
Vornado reported above-consensus adjusted funds from operations per share and revenues for its second quarter. General Growth reported in line adjusted funds from operations for its second quarter and its third quarter and full year funds from operations guidance is in line.
XL Group reported second quarter results that were ahead of expectations.
Tenet Healthcare reported better than expected second quarter results and raised its full year guidance.
Beazer Homes' third quarter earnings exceeded estimates, while its revenues were shy of estimates. CVS reported below consensus adjusted earnings for its second quarter, while its revenues beat estimates. The company narrowed its 2015 guidance.
Scientific Games reported below-consensus earnings and revenues for its second quarter.
Integra LifeSciences announced that it intends to offer $200 million worth of its common stock in an underwritten public offering.
Microchip Technology announced the completion of its previously announced acquisition of Micrel (MCRL). Separately, the company announced first quarter results that trailed estimates and issued weak second quarter guidance.
Boston Scientific said it has become a significant shareholder in Preventice Solutions and will become the exclusive worldwide sales and marketing representative of its cardiology-related diagnostic and monitoring offerings.
Vulcan Materials reported better than expected second quarter results.
Chinese online travel service provider ELong announced that it has received a proposal from Tencent Holdings for going private.
Activision Blizzard, Allscripts-Misys Healthcare, Amsurg, Devon Energy , Dreamworks Animation, First Solar, Genworth Financial, Leap Frog , MBIA, Nabors Industries, News Corp. , Papa John's , Pioneer Natural Resources and Walt Disney 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 are currently languishing in the red, as traders digest mixed earnings news. The Greek stock market was lower for a second straight day after it opened following a 5-week closure.
In corporate news, France's Credit Agricole reported a strong increase in its second quarter profits and revenues. French insurer AXA reported modest profit growth for its first-half. Continental reported higher profits for its first half and raised its guidance for the full year. Meanwhile, silver miner Fresnillo reported a decline in its first half profits and announced a reduction to its capital spending and dividend. German automaker BMW reported a decline in its second quarter profit, hurt by higher costs and competitive pressure in China.
On the economic front, the Nationwide Building Society reported that U.K. house prices rose 3.5 percent year-over-year in July, in line with expectations, though faster than the 3.3 percent increase in June.
Data released by Markit and the Chartered Institute of Procurement and Supply showed that construction sector activity in the U.K. slowed unexpectedly in July. The construction sector PMI fell to 57.1 in July from 58.1 in June, while economists expected an increase to 58.5.
Producer prices in the eurozone unexpectedly fell in June, according to a report released by Eurostat. Producer prices edged down 0.1 percent month-over-month, while economists expected an unchanged reading. Annually, producer prices fell a less than expected 2.2 percent.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets retreated, weighed down by the weak lead from Wall Street overnight and the sustained downtrend in commodity prices. However, the Chinese and the South Korean markets rallied strongly and the Australian market advanced on the back of an unchanged stance of its central bank and some positive domestic economic data.
The Japanese languished below the unchanged line throughout the session before ending down 27.75 points or 0.14 percent at 20,520. Food, textile, chemical, resource, and export stocks retreated, while bank, real estate, utility and telecom stocks gained ground.
Hong Kong's Hang Seng Index ended at 24,406, down 5.30 points or 0.02 percent, while China's Shanghai Composite Index rallied 133.64 points or 3.69 percent before ending at 3,757.
Australia's All Ordinaries ignored a weak start and rallied strongly in early trading, buoyed by better than expected trade and retail sales data. After moving sideways amid the central bank decision, the index trimmed some of its gains in late trading, still ending up 17.60 points or 0.31 percent at 5,682. Most sectors advanced, led by consumer, healthcare, industrial and utility stocks, while material, IT and energy stocks came under selling pressure.
On the economic front, the Reserve Bank of Australia kept its official cash rate unchanged at 2 percent at the conclusion of its August meeting. The bank had lowered rates by 25 basis points each in February and May this year. The bank indicated that any future moves will be data dependent, although it toned down on its harping on currency strength by stating that the dollar is adjusting to significant declines in key commodities.
Ahead of the decision, two reports released by the Australian Bureau of Statistics were largely encouraging. Retail sales rose a better than expected 0.4 percent month-over-month in June, ahead of the 0.4 percent rate expected by economists. A separate report showed that the trade deficit of Australia came in at A$2.993 billion in June compared to expectations for a shortfall of A$3 billion.
The Reserve Bank of India decided to leave its key interest rates unchanged on Tuesday as it awaits greater transmission of the effects of the previous three rate reductions into the economy. The decision was also in line with expectations. The central bank also sounded upbeat about growth and maintained its GDP projections for the full year at 7.6 percent.
A Bank of Japan report showed that monetary base of Japan rose 32.8 percent year-over-year in July following a 34.2 percent increase in June. Meanwhile, total labor cash earnings in Japan dropped for the first time in seven months in June, a preliminary report from the Ministry of Health, Labor and Welfare showed Tuesday. Total earnings fell 2.4 percent year-over-year following a revised 0.7 percent increase in May.
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.41 to $45.58 a barrel after sliding $1.95 to a 4-1/2 month low of $45.17 a barrel a barrel on Monday, when oil fell for a fifth straight session. Meanwhile, an ounce of gold is currently at $1,086, down $3.40 from the previous session's close of $1,089.40. On Monday, gold fell $5.70
On the currency front, the U.S. dollar is trading at 123.93 yen compared to the 124.03 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0959 compared to yesterday's $1.0950.
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