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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 cautiously optimistic as we head into the weekend. European stocks have turned higher after showing apprehension for most of the morning, as ECB President Mario Draghi has pledged support. Commodities are modestly weaker, as the dollar is firmer ahead of some Fed speeches. Retail earnings have been mixed, casting a cloud on the outlook for the holiday selling season. The domestic markets could continue to see range bound trading amid a lack of any other directional cues.
U.S. stocks moved about in a directionless manner on Thursday, reacting to mostly positive economic data, mixed corporate news and the clamor for a rate hike by a few Fed officials.
The major averages opened mixed and moved back and forth across the unchanged line before closing slightly lower. The Dow Industrials ended down 4.41 points or 0.02 percent at 17,733, the S&P 500 Index closed 2.34 points or 0.11 percent lower at 2,081 and the Nasdaq Composite ended at 5,074, down 1.56 points or 0.03 percent.
Despite the Dow's decline, the breadth was in favor of the advancers, with eighteen of the components advancing and one stock ending unchanged, while the remaining eleven stocks retreated. United Technologies slumped 5.65 percent and led the Dow's decline. Pfizer (PFE) was down over 3 percent and DuPont (DD) lost 1.50 percent. On the other hand, Intel (INTC), Apple (APPL) and Coca-Cola (KO) gained ground.
Among the sectors, biotechnology and oil service stocks lost ground, while transportation, utility and gold stocks moved to the upside.
On the economic front, the Labor Department reported that jobless claims fell to 271,000 in the week ended November 14th, down from an unrevised reading of 276,000 for the previous week. Economists expected a reading of 27,000 for the week. The four-week average rose to 270,750 from 267,750. Continuing claims calculated with a week's lag fell slightly to 2.175 million units in the week ended November 7th.
The results of the Philadelphia Federal Reserve's business outlook survey for November showed that regional manufacturing activity rebounded. The diffusion index of business activity rose to 1.9 in November from -4.5 in October, while economists expected a reading of -0.5. The employment index rose to 2.6 from -1.7 and the 6-month outlook index rose 6.7 points to 43.4. However, the new orders index remained negative for a second straight month, with a reading of -3.7, and the shipments index was at -2.5. The average workweek index came in at -16.2.
A report released by the Conference Board showed that its leading economic indicators index rose 0.6 percent month-over-month in October, ahead of the 0.5 percent growth expected by economists. In September, the index edged down 0.1 percent. Stock performance and housing permits positively impacted the index. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | St Louis Federal Reserve Bank President James Bullard is due to speak on the economy and monetary policy in Fort Smith, Arkansas, at 9 am ET
At 11 am ET, the Kansas Federal Reserve is set to release the results of its manufacturing survey for November at 11 am ET. In October, the index came in at -1. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Gap (GPS) reported in line third quarter adjusted earnings, while its revenues were slightly shy of estimates. The company lowered its full year adjusted earnings guidance below the consensus estimate.
Williams-Sonoma (WSM) reported better than expected third quarter results, but its guidance for the fourth quarter, which encompasses the key holiday selling season, was weak. The full year guidance was also lackluster.
Intuit (INTU) reported better than expected first quarter adjusted earnings and revenues. The company also raised its full year adjusted earnings guidance above the consensus estimate.
Abercrombie & Fitch (ANF) reported better than expected third quarter results.
Autodesk (ADSK) reported better than expected third quarter results, but its fourth quarter revenues guidance was weak.
Mentor Graphics (MENT) reported below-consensus earnings for its third quarter, although its revenues were in line. Citing delays in emulator decisions, the company issued bleak guidance for its fourth quarter.
Amgen (AMGN) announced that the European Commission has approved its Kyprolis for combination use in the treatment of patients with relapsed multiple Myeloma.
Agilent (A) announced an increase in its quarterly dividend to 11.5 cents per share.
Edwards Lifesciences (EW) announced its board has approved a 2-for-1 split of its outstanding common stock to be effected as a 100 percent stock dividend. |
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| | European Markets | | European stocks opened higher but gave back their gains by late morning trading and are showed weakness subsequently. However, by early afternoon trading, the major averages have moved higher. The markets have very little in terms of domestic catalysts and were mainly moved by expectations concerning interest rates.
On the economic front, data released by Eurostat showed that German producer priced fell 2.3 percent year-over-year in October, the fastest rate of decline since early 2010. Economists expected a 2 percent drop. On a monthly basis, prices were down 0.7%. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets advanced, led by the Hong Kong and Indonesian markets, defying the lackluster performance on Wall Street overnight. The stimulatory stances of central banks have been lending support, with even the Fed expected to make only a token interest rate hike when it finally begins to normalize.
The Japanese market ended modestly higher, as the yen weakened towards the close of the Asian session. The Nikkei 225 Index languished below the unchanged line throughout the session before recovering in late trading. The index ended up 20 points or 0.10 percent at a fresh 3-month high of 19,880.
Housing and construction, chemical, pharma and most export stocks advanced. On the other hand, food, real estate, heavy machinery makers, auto, retail, financial, marine transportation, telecom and utility stocks came under selling pressure.
Australia's All Ordinaries Index saw some volatility in the morning but held mostly above the unchanged line thereafter. The index ended up 12.20 points or 0.23 percent at a 3-week high of 5,306, advancing for the fourth straight session. IT, consumer staple and financial stocks advanced notably, while energy stocks were sold off.
China's Shanghai Composite Index added 13.44 points or 0.37 percent before ending at 3,631, and Hong Kong's Hang Seng Index closed 254.50 points or 1.13 percent higher at 22,755.
On the economic front, the Conference Board reported that the leading economic indicators index for China rose 0.6 percent month-over-month in October following a 1.6 percent increase in September. The biggest positive contributor to the month's gain was total loans issued by financial institutions. |
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| | Currency and Commodities Markets | | Crude oil futures for December delivery are sliding $0.44 to $40.10 a barrel after slipping $0.21 to $40.54 a barrel on Thursday. The more actively traded January futures are down $0.25 at $41.47 a barrel.
An ounce of gold is trading currently at $1,083.70, up $5.80 from the previous session's close of $1,077.90. On Thursday, gold rose $9.20.
On the currency front, the U.S. dollar is trading at 122.83 yen compared to the 122.87 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0718 compared to yesterday's $1.0734 |
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