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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 an extension of the negative sentiment that has been witnessed in the previous session. China, which is the epicenter of most of the recent market turmoil, threw up more negative news in the form of weak manufacturing activity data. Added to that political wranglings in Greece despite the striking of a deal could also trigger negativity. Meanwhile, Eurozone private sector activity data came as a saving grace. A private data on domestic manufacturing activity and the movement in commodity markets may also impact sentiment.
U.S. stocks fell sharply on Thursday, extending their losses to a third straight session amid heightened risk aversion. Joining the global market rout and the sell-off in crude oil, the major averages slumped over 2 percent each.
The major averages opened lower and declined steadily throughout the session before closing firmly in negative territory. The Dow Industrials ended down 358.04 points or 2.06 percent at 16,991, its lowest level since October 29th, 2014, the S&P 500 Index closed 43.88 points or 2.11 percent lower at 2,036, its lowest level since February 2nd, 2015, and the Nasdaq Composite closed at a 5-month low of 4,878, down 141.56 points or 2.82 percent.
All thirty of the Dow components ended lower, with Disney (DIS), Boeing (BA) and Merck (MRK) among the worst hit.
On the economic front, the Labor Department reported that jobless claims rose to 277,000 in the week ended August 15th from 273,000 in the previous week. The four-week average rose to 271,500 from 266,000. Meanwhile, continuing claims calculated with a week's lag slipped by 24,000 to 2.254 million in the week ended August 8th.
The results of the Philadelphia Federal Reserve's business outlook survey showed that its diffusion index of business activity rose to 8.3 in August from 5.7 in July, while economists expect a more modest increase to 7.5. The shipments index rose to 16.7 from 4.4, the number of employees index increased 5.7 points to 5.3 and the average workweek index climbed to 8.5 from 4. On the other hand, the new orders index slipped to 5.8 from 7.1 in June. The 6-month outlook index improved to 43.1 in August from 41.5 in the previous month.
The National Association of Realtors reported that existing home sales rose to a seasonally adjusted annual rate of 5.59 million units in July from 5.48 million units in June. Annually, existing home sales were up 10.3 percent. Economists expected a decline to 5.40 million units. Inventories measured in terms of months of supply dipped to 4.8 months from 4.9 months in June. The median price of an existing home was up 5.6 percent at $234,000.
A Conference Board report showed that its leading economic indicators index for the U.S. fell 0.2 percent month-over-month in July, belying expectations for a 0.2 percent increase. This follows a 0.6 percent increase in June. The coincident index rose 0.2 percent and the lagging economic indicators index was up 0.3 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Markit is due to release the preliminary reading on its U.S. manufacturing purchasing managers' index for August at 9:45 am ET. Economists expect the index to increase to 54.2 from 53.8 in July.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Hewlett-Packard (HPQ) reported above-consensus third quarter adjusted earnings, while its revenues missed expectations. The company's fourth quarter adjusted earnings per share guidance trailed estimates. The company narrowed its full year adjusted earnings per share guidance.
Salesforce.com (CRM) reported second quarter adjusted earnings and revenues that exceeded estimates. The company also raised its full year guidance.
Intuit (INTU) reported a smaller than expected loss for its fourth quarter but its revenues trailed expectations. The company's full year guidance was weak. The company also said it plans to divest its Demandforce, QuickBase and Quicken businesses to focus on small business success.
Brocade (BRCD) reported better than expected third quarter results and issued in line guidance for its fourth quarter.
Ross Stores (ROST) reported above-consensus earnings and revenues for its second quarter, while it issued lackluster guidance for the third quarter and the full year.
Mentor Graphics (MENT) reported better than expected second quarter results. The company lifted the top end of its earnings per share guidance range for the full year and also raised its revenue guidance. However, the company issued downbeat guidance for the third quarter.
Nordson (NDSN) reported below-consensus earnings and revenue guidance for the third quarter and issued weak earnings per share guidance for the fourth quarter.
ScanSource (SCSC) reported better than expected fourth quarter results, but its first quarter guidance was lackluster.
New York & Co. (NWY) reported better than expected second quarter results and said it expects low to mid single digit percentage growth in net sales and comparable store sales. |
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| | European Markets | | European stocks opened lower but have recouped some of their losses since then. Apart from China and U.S. rate hike concerns, traders are also reacting to the political developments in Greece and domestic private sector activity data.
In a move to quell a rebellion within his leftist Syriza party, Greek Prime Minister Alexis Tsipras tendered his resignation on Thursday, paving the way for snap elections next month.
In corporate news, Novartis (NVS) announced that it would buy the remaining rights to Ofatumumab from GlaxoSmithKline (GSK) for $1 billion. FedEx (FDX) said it would formally launch its $4.8 billion bid for TNT Express next week.
On the economic front, the flash estimate released by Markit showed that private sector activity in the eurozone rose to 54.1 in August from 53.9 in July, while economists expected a reading of 53.7. The manufacturing PMI was unchanged at 52.4, ahead of the 52.2 expected by economists, and the service sector PMI rose 0.3 points to 54.3, belying expectations for an unchanged reading.
Market research group GfK reported that German consumer confidence is expected to recede in September. The forward-looking consumer confidence index fell to 9.9 in September from 10.1 in August. Economists expected a reading of 10.1.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets retreated, spearheaded by China, although the New Zealand market bucked the downtrend with a modest gain. Commodity weakness, a sell-off in the emerging market currencies in the wake of a potential U.S. interest rate hike and fears of yuan devaluation and volatility in the Chinese market continued to haunt traders. Additionally, fears concerning a slowdown in China were aggravated following the release of a lackluster Chinese manufacturing reading.
The Japanese market took a hit, as the yen continued to strengthen due to the risk aversion. The Nikkei 225 Index opened lower and moved roughly sideways in the morning. After a steady decline in the afternoon, the index ended down 597.69 points or 2.98 percent at a 3-1/2 month low of 19,436. The market witnessed an across the board sell-off, with all but one of the index components retreating.
Australia's All Ordinaries Index languished below the unchanged line throughout the session before ending down 70.70 points or 1.34 percent at an 8-month low of 5,225. Financial, consumer discretionary, healthcare, real estate and utility stocks came under intense selling pressure.
Hong Kong's Hang Seng Index ended at 22,459, down 298.91 points or 1.31 percent, and China's Shanghai Composite plummeted 156.55 points or 4.27 percent before ending at a 2-week low of 3,508, marking the third straight session of declines.
On the economic front, the results of a preliminary survey by Markit and Caixin showed that manufacturing activity in China slid to a 6-1/2 year lowe. The Caixin manufacturing PMI declined to 47.1 in August from 47.8 in July.
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| | Currency and Commodities Markets | | In the first day of trading as the front month contract, crude oil futures for October delivery are sliding $0.33 to $40.99 a barrel. The September futures expired at $41.14 a barrel on Thursday, up $0.34. An ounce of gold is trading currently at $1,154.70, up $1.80 from the previous session's close of $1,153.20. On Thursday, gold rallied $25.30 .
On the currency front, the U.S. dollar is trading at 122.63 yen compared to the 123.40 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1286 compared to yesterday's $1.1242.
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