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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 higher opening on Friday, with sentiment reflecting buoyancy in the wake of the reemergence of risk appetite. Some positive corporate earnings could also aiding sentiment. An upward revision to second quarter GDP growth seems to have vindicated the Fed's stance that the economy is ready for a rate increase- an idea conveyed by Fed Chair Janet Yellen yesterday. European stocks have also joined the party and are solidly higher. The consumer sentiment and service sector reading due shortly after the market open may also impact market mood.
U.S. stocks ended Thursday's session lower amid the release of mixed economic data and nervousness ahead of Yellen's testimony. The major averages opened lower and fell steadily until early afternoon trading. Thereafter, the averages gradually trimmed their losses over the course of the remainder of the session and yet closed moderately lower.
The Dow Industrials ended down 78.57 points or 0.48 percent at 16,201, the S&P 500 Index closed 6.52 points or 0.34 percent lower at 1,932 and the Nasdaq Composite ended at 4,735, down 18.27 points or 0.38 percent.
Seventeen of the thirty Dow components ended lower, while the remaining thirteen stocks advanced. Caterpillar (CAT) led the Dow's decline with a 6.27 percent drop in reaction to the downward revision to its sales forecast. American Express (AXP), Boeing (BA), Goldman Sachs (GS), UnitedHealth (UNH) and United Technologies (UTX) also declined sharply, while Procter & Gamble (PG), Coca-Cola (KO) and Chevron (CVX) gained ground.
Among the sectors, transportation, biotechnology and brokerage stocks came under selling pressure.
On the economic front, durable orders fell 2 percent month-over-month in August following a downwardly revised 1.9 percent increase in July. The increase was in line with expectations. Excluding transportation, orders were unchanged, belying expectations for a 0.3 percent increase. Transportation equipment orders fell 5.8 percent. Non-defense capital goods orders excluding aircrafts, considered a measure of capital spending eased 0.2 percent following a 2.1 percent increase in July.
A separate report showed that new home sales came in at a seasonally adjusted annual rate of 552,000 in August following an upwardly revised 522,000 rate in July. The July reading was initially reported at 507,000. Economists expected new home sales to come in at 515,000. Inventories measured in terms of months of supply fell to 4.7 months from 4.9 months. The median sale price of a new home rose 0.5 percent month-over-month and was 22 percent higher than a year ago.
The Labor Department reported that jobless claims rose 3,000 to 267,000 in the week ended September 19th. The consensus estimate called for an increase in claims to 275,000 from 264,000 in the previous week. The four-week average fell to 271,750 from 272,500. Continuing claims calculated with a week's lag also declined to 2.242 million in the week ended September 12th from 2.243 million in the week ended September 12th.
Yellen in her public appearance did not rule out the possibility of a 2015 rate hike, given the falling the unemployment rate and the fading away of temporary economic headwinds. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Revised estimates released by the Commerce Department showed that the economy expanded 3.9 percent, upwardly revised from the 3.7 percent growth estimated earlier.
The upward revision to second quarter growth represented upward revisions to non-residential fixed investment, and residential fixed investment, partly offset by downward revision to private inventory investment.
St Louis Federal Reserve Bank President James Bullard is due to speech on new directions in monetary policy in St. Louis at 9:15 am ET.
Markit is set to release the results of its preliminary U.S. service sector PMI data for September at 9:45 am ET. The consensus estimate calls for a reading of 55.5 compared to 55.2 in August.
At 10 am ET, the University of Michigan is scheduled to release its final U.S. consumer sentiment index for September. Economists expect the index to be upwardly revised to 87.1 from 85.7, although down from 91.9 in August.
Kansas City Federal Reserve Bank President Esther George is due to speak on the economy and monetary policy in Omaha at 1:25 pm ET. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Blackberry (BBRY) reported a wider than expected loss for its second quarter and its revenues missed estimates.
Nike (NKE) reported better than expected first quarter earnings and revenues. As of the end of the first quarter, the company's worldwide futures orders for Nike Brand athletic footwear and apparel scheduled for delivery from September through January rose 9%, or 17% excluding currency changes, from a year ago.
Jabil Circuit's (JBL) fourth quarter adjusted earnings and revenues beat estimates. The company's full year and first quarter guidance was positive.
Bed Bath & Beyond (BBBY) reported in line second quarter earnings and revenues that were slightly shy of estimates. The company continues to expect full-year earning per share to range between flat performance and a mid-single digit percentage increase.
Pier 1 Imports (PIR) reported below-consensus earnings and revenues for its second quarter and lowered its earnings per share and comparable store sales growth guidance for the full year.
Cintas (CTAS) reported forecast beating first quarter earnings from continuing operations, while its revenues were shy of estimates. The company raised its full year guidance.
AAR (AIR) reported in line first quarter earnings, while its revenues missed expectations.
Merck (MRK) and Pfizer (PFE) announced that they have a collaboration agreement in place with Dako, a Agilent Technologies (A) company for the development of a potential companion diagnostic test used to assess programmed death-ligand 1 protein expression levels in tumor tissues and its microenvironment.
Marvell Technology (MRVL) announced significant restructuring of its mobile platform business, which encompasses plans to significantly downsize the business to refocus its technology on IoT, automotive and networking. The company expects annualized operating expense savings of $170 million to $220 million following the implementation, while charges related to the actions are expected to be $100 million to $130 million..
Sanderson Farms (SAFM) said it is voluntarily recalling 551,090 pounds of chicken products at its plant in Hazlehurst, Mississippi, citing the presence of foreign material. |
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| | European Markets | | European stocks are rallying following yesterday's retreat, helped by bargain hunting, as Yellen's speech on Thursday shed additional clarity on the U.S. Fed rate outlook.
On the economic front, French consumer confidence strengthened in September to the highest level in almost eight years, data from statistical office INSEE showed. The consumer confidence index rose to 97 in September from 94 in the previous month, which was revised up from 93. Economists had forecast an unchanged reading for the month.
A report released by the European Central Bank showed that money supply growth in the eurozone rose 4.8percent year-over-year, while economists expected a 5.3 percent increase. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed on a mixed note, as traders weighed the lackluster lead from Wall Street overnight and the clarity provided by Yellen's speech at Massachusetts. The Indian market was closed for a public holiday.
The Japanese market advanced, as the yen weakened on expectations of further easing by the Bank of Japan following the release of domestic inflation data. The Nikkei 225 average opened higher but lost momentum and declined through the morning session, dipping below the unchanged line. However, the index recovered in the afternoon and advanced steadily before ending up 308.68 points or 1.76 percent at 17,881. A majority of stocks advanced in the session.
Australia's All Ordinaries started firmer but moved below the unchanged line by late morning trading. Thereafter, the average traded mostly below the unchanged line before ending down 25.60 points or 0.50 percent at 5,077. Most sectors came under selling pressure, led by energy and financial stocks. On the other hand, consumer and material stocks came under selling pressure.
China's Shanghai Composite Index ended at 3,092, down 50.34 points or 1.60 percent. Meanwhile, Hong Kong's Hang Seng Index added 90.34 points or 0.43 percent before closing at 21,186.
On the economic front, a report released by Japan's Ministry of Internal Affairs and Communication showed that annual core inflation came in at 0.2 percent in August, ahead of the 0.1 percent rate expected by economists. Core inflation rate in Tokyo, considered a precursor for the whole of Japan, edged down 0.2 percent in September, in line with expectations.
The Bank of Japan reported that corporate service prices in Japan rose 0.7 percent year-over-year in Japan, more than the 0.5 percent increase forecast by economists. In July, the inflation was 0.6 percent. |
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| | Currency and Commodities Markets | | Crude oil futures are adding $0.31 to $45.22 a barrel after rising $0.43 to $44.91 barrel on Thursday. An ounce of gold is currently-trading at $1,141.40, down $12.40 from the previous session's close of $1,153.80. On Thursday, gold climbed $22.30.
On the currency front, the U.S. dollar is trading at 121.11 yen compared to the 120.07 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1146 compared to yesterday's $1.1220. |
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