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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 sharply lower opening on Friday, with sentiment reflecting re-emergence of growth worries that have so far been pushed to the back burner. With the Fed decision now past us, traders are likely to fret over the macroeconomic risks plaguing the global economy. The dollar is lower across the board, although it is seeing a small upward bounce against the euro. In the absence of any other major trigger, a pullback following the post-Fed decision-rally is likely. That said, Friday, being a quadruple witching session, volatility could not be ruled out.
U.S. stocks ended the Fed-decision day on a lackluster note, as the pre-decision rally and an inline decision kept sentiment muted. The major averages opened on a nervous note and moved around the unchanged line in a narrow range until the release of the post-meeting policy statement.
After the averages reacted to the statement and Fed Chair Janet Yellen's press briefing with a sharp move to the upside, the averages gave back their gains in late trading and closed mixed.
Nineteen of the thirty Dow components closed lower, while 11 stocks advanced. Verizon (VZ), JP Morgan Chase (JPM), Goldman Sachs (GS), General Electric (GE), Apple (AAPL) and Caterpillar (CAT) led the declines.
Among sectors, financial, semiconductor and computer hardware stocks were among the biggest decliners of the session. Meanwhile, gold, airline, utility and biotechnology stocks gained ground.
On the economic front, the Fed opted to leave interest rates unchanged. The commentary on growth revealed that the Fed continues to view economic activity as expanding at a moderate pace. There was an upgrade in the Fed's assessment of business fixed investment, which is seen expanding moderately as opposed to its earlier view that it was soft.
The comments on inflation were altered to suggest that there may be downward pressure on inflation in the near-term as recent global economic and financial developments may restrain economic activity somewhat. The central bank introduced a statement concerning its intention to monitor developments abroad.
The vote to maintain Fed rates at 0-0.25 percent was not unanimous, with Jeffrey Lacker lobbying for a quarter percentage point hike at the meeting.
The updated FOMC forecasts revealed that the Fed expects GDP growth for 2015 to be 2.1 percent, up from the 1.9 percent it estimated in June. However, it lowered its 2016 forecasts to 2.3 percent from 2.5 percent. The unemployment rate forecasts for 2015 and 2016 were lowered by 0.3 percentage points each to 5 percent and 4.8 percent, respectively.
PCE inflation for 2015 is now estimated at 0.4 percent compared to the 0.7 percent estimated in June. The 2016 forecast was also trimmed to 1.7 percent from 1.8 percent. Thirteen members felt 2015 was the appropriate for policy firming as opposed to 15 members in June.
Housing starts came in at a seasonally adjusted annual rate of 1.126 million units in August compared to a downwardly revised July rate of 1.161 million units, according to a report released by the Commerce Department. Economists expected housing starts to come in at a rate of 1.168 million units. Single-family starts fell 3 percent, while the volatile multi-family starts came in at 381,000.
Meanwhile, building permits for the month came in at 1.17 million units, up 3.5 percent from the 1.130 million-unit rates in July and above the consensus estimate of 1.160 million units.
The Labor Department reported that jobless claims in the week ended September 12th fell by 11,000 to 264,000 from an unrevised reading of 275,000 in the previous week. The consensus estimate called for an unchanged number of claims for the week.
The four-week average fell to 272,500 from 275,750. Continuing claims calculated with a week's lag also declined to 2.24 million in the week ended September 5th from 2.263 million in the week ended August 29th.
The results of the Philadelphia Federal Reserve's business outlook survey showed that the diffusion index of business activity came in at -6 in September compared to 8.3 in August. Economists had expected a more modest drop to 5.9. The September reading was the lowest since February 2013. The shipments index fell 2 points to 14.8, while the new orders index rose about 4 points to 9.4 and the number of employees index climbed 5 points to 10.2. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Conference Board is scheduled to release its leading economic indicators index for August at 10 am ET. Economists expect the index to have risen by 0.2 percent month-over-month.
The 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 followed 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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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Adobe Systems (ADBE) reported better than expected third quarter results but its fourth quarter guidance was weak.
Texas Instruments (TXN) said its board approved a 12 percent increase in its quarterly cash dividend to 38 cents per share. The board also authorized the buyback of an additional $7.5 billion worth of shares.
Rockwell Collins (COL) reaffirmed its fiscal year 2015 continuing operations guidance, including sales of approximately $5.25 billion to $5.3 billion and earnings per share in the range of $5.15 to $5.25. Analysts polled by Thomson Reuters expect the company to report earnings of $5.21 per share and revenues of $5.27 billion for fiscal year 2015.
Equifax (EFX) announced that it has submitted a non-binding proposal to acquire all outstanding common stock of Australia's Veda Group for A$2.70 per share in cash in a deal valued at A$2.3 billion.
Southwest Airlines (LUV) announced a new tentative agreement for wage increases and work-rule changes with the Southwest Airlines Pilots' Association. The ratification vote by the pilots will close on November, and if approved, the contract will become amendable on April 1st, 2019. |
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| | European Markets | | After staying upbeat in the run up to the Fed decision, European stocks opened lower and have been declining steadily since then. The averages are currently notably lower.
On the economic front, the eurozone's current account surplus declined in July, as the deficit on secondary income widened from June, the European Central Bank reported. The current account surplus decreased to 22.6 billion euros in July from 24.9 billion euros in June.
The visible trade surplus rose to 26.9 billion euros from 26.6 billion euros in the prior month. However, the surplus on services narrowed to 3.6 billion euros from 5.6 billion euros.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed mostly higher despite the uninspiring lead from Wall Street overnight following the Fed decision. However, the Japanese, Malaysian and Singaporean markets declined.
The Japanese markets retreated as the yen firmed up following the Fed decision. The Nikkei 225 Index opened lower and fell sharply in early trading before moving sideways. The index ended 362.06 points or 1.96 percent lower at 18,070.
After some weakness in early trading, Australia's All Ordinaries Index recovered, moving above the unchanged line in late morning trading. After a steady climb till late trading, the index ended up 23.10 points or 0.45 percent at 5,194.
Most sectors advanced, led by telecom and industrial stocks. On the other hand, energy stocks retreated.
Hong Kong's Hang Seng Index ended at 21,921, up 66.20 points or 0.30 percent, and China's Shanghai Composite finished 11.86 points or 0.38 percent higher at 3,098.
On the economic front, the minutes from the Bank of Japan's August meeting showed that the members of the Bank of Japan's monetary policy board felt that the country's economic recovery continued. Private consumption was resilient and housing investment was also making progress, the board noted, while inflation expectations appear to be rising.
At the meeting, the BoJ decided to keep its monetary policy unchanged and also maintained its inflation and economic growth outlook. It also held its benchmark lending rate steady at 0 to 0.10 percent.
Data released by the Chinese National Bureau of Statistics showed that house prices in China rose in 35 out of the 70 cities surveyed by the government, fell in 26 and remained flat in 9. On a monthly basis, house prices were down in 61 out of the 70 cities. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.85 to $46.05 a barrel after slipping $0.25 to $46.90 barrel on Thursday. An ounce of gold is trading currently at $1,133.50, up $16.50 from the previous session's close of $1,117. On Thursday, gold fell $2.
On the currency front, the U.S. dollar is trading at 119.39 yen compared to the 120.01 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1413 compared to yesterday's $1.1435.
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