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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 notably lower opening on Tuesday, with sentiment deteriorating following the return of Fed rate hike worries. A few Fed officials, who spoke in the aftermath of the Fed meeting, suggested that a rate increase is imminent even before the end of the year. Meanwhile, accentuating growth worries, the Asian Development Bank lowered its growth estimate of China and India, the happening economies. Risk aversion is also leading to a sell-off in commodities and the dollar has gained ground on its safe haven appeal and the prospects of early tightening.
U.S. stocks recovered on Monday, although the move was volatile, as risk aversion ebbed. The major averages opened higher and rose in early trading. However, the indexes began trimming their losses in late morning trading and dipped below the unchanged line by the mid-session.
The Dow Industrials and the S&P 500 Index recovered quickly after and advanced through the remainder of the session. Meanwhile, the Nasdaq Composite had a nervous afternoon, popping in and out of positive territory before ending up merely 1.73 points or 0.04 percent at 4,829. The Dow Industrials added 125.61 points or 0.77 percent before closing at 16,510 and the S&P 500 Index closed 8.94 points or 0.46 percent higher at 1,967.
Twenty-five of the thirty Dow components closed higher and one stock was unchanged, while the remaining four stocks retreated. Apple (AAPL), DuPont (DD), Microsoft (MSFT) and Visa (V) were among the biggest gainers of the session. On the other hand, Merck (MRK) and Pfizer (PFE) retreated sharply.
Among the sectors, financial and housing stocks gained ground in the session, while biotechnology and gold stocks saw substantial weakness.
On the economic front, the National Association of Realtors said existing home sales came in at a seasonally adjusted annual rate of 5.31 million units in October compared to a 5.58 million-unit rate in July. Economists expected a reading of 5.50 million units for the month. The median price of an existing home was up 4.7 percent year-over-year to $228,700, the lowest since August 2014. Inventories measured in terms of months of supply rose to 5.2 months from 4.9 months in July. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Federal Housing Finance Agency is scheduled to release its house prices report for July at 9 am ET. Economists expect the house price index to have risen 0.4 percent month-over-month following a 0.2 percent increase in June. Annually, house prices may have risen 5.6 percent.
The Richmond Federal Reserve will release the results of its regional manufacturing survey for September at 10 am ET. The consensus estimate calls for a reading of 3 for the manufacturing index compared to 0 in August.
Atlanta Federal Reserve Bank President Dennis Lockhart is due to speak in Montgomery, Alabama, at 7 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 | | | ConAgra (CAG) reported first quarter adjusted earnings that exceeded estimates, while its sales were below estimates.
General Mills (GIS) said its first quarter earnings exceeded estimates but sales were slightly shy of estimates. The company reiterated its full year growth targets.
Darden Restaurants (DRI) reported better than expected first quarter results and it raised its 2016 adjusted earnings per share from continuing operations guidance.
Autozone (AZO) reported better than expected fourth quarter results and it also said same store sales rose 4.5 percent year-over-year.
CarMax (KMX) reported better than expected second quarter adjusted earnings, while its revenues missed estimates.
Goldman Sachs (GS) said its CEO Lloyd Blankfein has highly curable lymphoma.
Mosaic (MOS) said it will reduce production at its Potash business by extending maintenance downtime due to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. The company also lowered its phosphate and potash volume guidance.
Thor Industries (THO) reported better than expected fourth quarter earnings, while its sales missed estimates.
Genesco (GCO) said its board has authorized the repurchase of up to $100 million worth of shares of its common stock.
AmerisourceBergen (ABC) announced its board authorized a special $2.4 billion share repurchase program intended to enable the execution of its previously announced warrant hedging strategy.
NRG Energy (NRG) announced authorization to repurchase $251 million worth of its common stock, including $51 million remaining from the previously announced buyback.
J.M. Smucker (SJM) announced that Blue Holdings intends to offer 8.28 million shares of J.M. Smucker in an underwritten secondary offering. |
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| | European Markets | | European stocks opened little changed but began sliding steeply in early trading, as traders chose to exercise caution ahead of some key global economic data releases due for Wednesday.
In corporate news, financial services firm Close Brothers reported higher profits for the year ended July 31st, helped by a decline in bad loans. U.K. pub company Mitchells & Butlers warned that full year profits may be at the low end of market estimates. The company also announced that it has replaced CEO Alistair Darby with COO Phil Urban, with the appointment due to take effect on September 27th.
On the economic front, a report released by the U.K. Office of National Statistics showed that the U.K. budget balance showed that deficit for August increased by 1.4 billion pounds year-over-year, the biggest August deficit recorded in 3 years.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian averages ended mostly higher, takes cues from the positive performance on Wall Street overnight. The Australian, Chinese, South Korean, Taiwanese, New Zealand and Hong Kong market markets advanced, while the Indian, Indonesian and Malaysian markets moved to the downside. The Japanese market continued to remain closed for a public holiday.
Australia's All Ordinaries Index opened higher and rose sharply in early trading. After giving back some of the gains over the course of trading, the index ended up 34.40 points or 0.67 percent at 5,131.
Most sectors advanced, led by energy, industrial, telecom and utility stocks. On the other hand, material stocks came under selling pressure.
The Chinese market advanced for the third straight session, with the Shanghai Composite Index adding 29.08 points or 0.92 percent before ending at 3,186. Hong Kong's Hang Seng Index closed at 21,797, up 39.65 points or 0.18 percent.
On the economic front, a report released by the Australian Bureau of Statistics showed that house prices in Australia rose 4.7 percent sequentially in the second quarter, ahead of the 2.3 percent increase expected by economists. In the first quarter, prices were up 1.6 percent.
The Conference Board reported that its leading economic indicators index for China rose 1 percent in August following a 0.9 percent increase in July.
The Asian Development Bank trimmed its growth outlook for developing Asia, citing slower growth prospects for China and India and a slow recovery in major industrial economies.
In its flagship annual publication 'The Asian Development Outlook 2015,' the ADB said developing Asia will grow 5.8 percent this year instead of the 6.1 percent projected in July. The outlook for next year was downgraded to 6 percent from 6.2 percent |
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| | Currency and Commodities Markets | | In the first day of trading as the front month contract, crude oil futures for November delivery are slipping $1.27 to $45.69 a barrel after advancing $1.66 to $46.68 a barrel on Monday. Meanwhile, an ounce of gold is currently at $1,128.70, down $4.10 from the previous session's close of $1,132.80. On Monday, gold fell $5.
On the currency front, the U.S. dollar is trading at 119.84 yen compared to the 120.56 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1158 compared to yesterday's $1.1190.
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