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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 futures seeing a sharp spike in initial reaction to the monthly non-farm payrolls report. Thereafter, futures retraced their gains and are currently lower. The yield on the benchmark 10-year bonds has rallied and the dollar is higher, while most commodities are lower. Fears of an imminent rate hike could seep through to the markets and trigger a sell-off, although recent losses could cushion any potential weakness.
U.S. stocks went about in a lackluster manner on Thursday before ending modestly lower. The major averages opened higher and held nervously above the unchanged line till late morning trading. After declining sharply till early afternoon trading, the averages trimmed their losses over the remainder of the session before ending in the red.
The Dow Industrials ended down 4.15 points or 0.02 percent at 17,863, the S&P 500 Index closed 2.38 points or 0.11 percent lower at 2,100 and the Nasdaq Composite ended at 5,128, down 14.74 points or 0.29 percent.
Notwithstanding the Dow's decline, the breadth was in favor of the advancers. Sixteen of the thirty Dow components closed higher, while the remaining fourteen stocks declined. Chevron (CVX), Exxon Mobil (XOM), IBM (IBM), Merck (MRK) and Procter & Gamble (PG) were among the biggest decliners of the session, while Visa (V), UnitedHealth (UNH) and Nike (NKE) gained ground.
Among the sectors, telecom, gold, biotechnology, basic material and semiconductor stocks came under significant selling pressure, but financial stocks gained ground.
On the economic front, jobless claims for the week ended October 31st rose to 276,000 from an unrevised 260,000 in the previous week. Economists expected claims to have increased to 262,000. The four-week average rose to 262,750 from 259,250. Continuing claims calculated with a week's lag also rose to 2.163 million in the week ended October 24th from 2.146 million in the week ended October 17th.
Preliminary third quarter productivity and costs estimates showed a 1.6 percent sequential increase in non-farm productivity. The consensus estimate had called for a 0.2 percent drop in productivity. Unit labor costs rose 1.4 percent, less than the 2.2 percent increase estimated by economists. The rise in costs reflected a 3 percent increase in hourly compensation. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Labor Department released its monthly non-farm payrolls report for October, which showed job gains of 271,000 compared to a downwardly revised job gain of 137,000 for September. Economists had expected non-farm payrolls to have expanded by 190,000 following the originally reported gain of 142,000 jobs in September.
The unemployment rate edged down 0.1 percentage points to 5 percent. The labor force participation remained unchanged at 62.4 percent. Average hourly earnings rose 9 cents to $25.20, while rising 2.5 percent year-over-year.
The private sector added 268,000 jobs. The goods producing sector added 27,000 jobs, while the service providing sector added 241,000 jobs. Government jobs expanded by 3,000.
The Federal Reserve will release its report on outstanding consumer credit for September at 3 pm ET. Outstanding consumer credit for the month is expected to increase by $18 billion.
Outstanding consumer credit rose by $16 billion in August, smaller than the $20.5 billion increase expected by economists. The previous month's increase was downwardly revised to $18.9 billion from $19.1 billion. Revolving credit tied to credit card loans rose by $4 billion, marking the sixth straight month of gains, and non-revolving credit climbed by $12 billion.
Federal Reserve Governor Lael Brainard is due to take part in a panel discussing unconventional monetary policy at an IMF conference in Washington at 4:15 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 | | | Disney (DIS) reported better than expected fourth quarter adjusted earnings, while its revenues were shy of estimates.
Kraft Heinz (KHC) reported pro forma adjusted earnings of 44 cents per share, lower than 46 cents per share last year, and its pro forma sales also slipped year-over-year.
Dreamworks Animation (DWA) reported better than expected third quarter results.
Allscripts (MDRX) reported above-consensus adjusted earnings per share for its third quarter. The company's earnings per share guidance for the full year was in line, although its revenue guidance was lackluster.
Take-Two (TTWO) reported second quarter results that beat estimates and raised its full year guidance.
Consolidated Edison (ED) reported below-consensus adjusted earnings per share. Liberty Global's (LBTYA) third quarter revenues exceeded estimates.
News Corp. (NWSA) reported below consensus adjusted earnings and revenues for its first quarter.
Weight Watchers (WTW) reported better than expected third quarter results and issued in line earnings per share guidance for the full year.
Nvidia (NVDA) reported better than expected third quarter non-GAAP earnings and revenues and issued positive fourth quarter revenue guidance.
Skyworks (SWKS) reported in line adjusted earnings per share for its fourth quarter and its revenues exceeded estimates. The company's first quarter guidance was positive.
Men's Wearhouse (MW) lowered its third quarter and full year adjusted earnings per share guidance. The company said it expects a 20-25 percent decline in comparable store sales at Jos. A. Bank. |
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| | European Markets | | European stocks opened lower, as traders awaited the monthly U.S. jobs data. The markets were also reacting to some domestic corporate news and economic data.
In corporate news, ArcelorMittal (MT) reported a loss for its third quarter and also lowered its EBITDA outlook for the year. Allianz reported a decline in its third quarter profits, weighed down by weak asset management business. Meanwhile, Richemont said its first half profits rose.
AstraXZeneca (AZN) announced a deal to buy ZS Pharma (ZSPH) for $2.7 billion in cash. IAG, the parent of British Airways, upped its long-term guidance and also announced the appointment of insider Steve Gunning as its CFO.
On the economic front, a report released by the German Federal Statistical Office showed that industrial production fell 1.1 percent month-over-month in September, steeper than the 0.6 percent drop in August. Economists had expected a 0.5 percent increase.
The French Customs Office reported that the nation's trade deficit came in wider than expected at 3.38 billion euros. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets closed mixed, with Japanese, Australian and Chinese stocks gaining ground, while most other major markets in the region showed tentativeness ahead of the release of the U.S. jobs report.
The Japanese market rose for the third straight session, as the yen remained weak. The Nikkei 225 Index opened higher and moved roughly sideways in the morning before seeing further upside in the afternoon. The index ended up 149.19 points or 0.78 percent before ending at a 2-1/2 month high of 19,266.
Housing, chemical, pharma, financial, utility and most export stocks moved to the upside. Meanwhile, some food, real estate, rubber, resource and paper stocks retreated.
Australia's All Ordinaries Index saw some volatility in the morning before moving decisively higher in the mid-session. At the close of trading, the index was up 21.80 points or 0.42 percent at 5,270.
Consumer, industrial, healthcare, real estate and utility stocks found buying interest, while energy, material and telecom stocks moved to the downside.
China's Shanghai Composite Index rallied 67.21 points or 1.91 percent before ending at 3,590, while Hong Kong's Hang Seng Index ended at 22,867, down 183.71 points or 0.80 percent.
On the economic front, a report released by the Australian Industry Group showed that its construction sector purchasing managers' index rose to 52.1 in October from 51.9 in September.
The Japanese Cabinet Office reported that its leading economic indicators index fell more than expected in September. The index slipped to 101.4 from 103.5 in August, falling to the lowest level in 32 months. The coincident and lagging indexes also declined.
The Reserve Bank of Australia said in its quarterly Statement on Monetary Policy the reduction in interest rates and the depreciation of the currency since 2013 are working to support economic growth. The economy is expected to grow 2-3 percent in the year through June 2016 before picking up to 2.75-3.75 percent in the year through June 2017. |
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| | Currency and Commodities Markets | | Crude oil futures for December delivery are rising $0.04 to $45.24 a barrel after declining $1.12 to $45.20 a barrel on Thursday. An ounce of gold is trading currently at $1,093.80, down $10.40 from the previous session's close of $1,104.20. On Thursday, gold fell $2.
On the currency front, the U.S. dollar is trading at 122.77 yen compared to the 121.75 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0736 compared to yesterday's $1.0884. |
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