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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 Wednesday, with sentiment turning negative after yesterday's rebound. Earnings news has been a mixed bag, although bordering on the negative. Apple, AT&T and Boeing are among the disappointments. Crude oil is weaker, although it is off its early lows. However, most other commodities are higher, as the dollar is losing ground ahead of the Federal Open Market Committee's monetary policy announcement. The language of the FOMC statement due to be released in the afternoon could also impact the sentiment of the day.
U.S. stocks advanced solidly on Tuesday, as oil rebounded and domestic earnings reports were encouraging. The major averages opened higher and rose steadily in early trading. Thereafter, the averages moved roughly sideways before ending notably higher.
The Dow Industrials added 282.01 points or 1.78 percent before ending at a 1-week high of 16,167, the S&P 500 Index closed 26.55 points or 1.41 percent higher at 1,904 and the Nasdaq Composite ended up 49.18 points or 1.09 percent at 4,568.
Twenty-one of the thirty Dow components closed higher, with 3M Co. (MMM), Johnson & Johnson (JNJ), Chevron (CVX) and Exxon Mobil (XOM) leading the upside.
Among the sectors, transportation, resource, housing, computer hardware and financial stocks rose notably, while biotechnology stocks bucked the uptrend.
On the economic front, the Conference Board reported that its consumer confidence index rose to 98.1 in January from 96.3 in December. Economists expected a reading of 96.0 for the month. The present situation index remained unchanged at 116.4 and the expectations index rose about 3 points to 85.9.
The results of two separate house price surveys showed that the housing market is on fairly solid footing. The Federal Housing Finance Agency's house price index rose 0.5 percent month-over-month in November, in line with expectations. Annually, prices were up 5.9 percent. The S&P/Case-Shiller 20-city composite house price index climbed 0.9 percent month-over-month in November, exceeding estimates for a 0.7 percent increase. On an annual basis, prices were up 5.8 percent, faster than the previous month's 5.5 percent climb.
The flash U.S. service sector PMI released by Markit showed the index falling to 53.7 in January from 54.3 in December. The reading was in line with expectations. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Commerce Department is scheduled to release its new home sales report for December at 10 am ET. Economists expect new home sales to come in at a seasonally adjusted annual rate of 500,000 units.
New home sales rose to a seasonally adjusted annual rate of 490,000 in November from a 470,000-unit rate in October. The previous month's data was downwardly revised from the initially reported reading of 495,000. Economists had expected new home sales for November to come in at a 503,000-unit rate.
New home inventories increased to 232,000 in November from 237,000 in October, with the months supply at 5.7 months. The median price of a new home climbed 6.3 percent month-over-month and 0.8 percent year-over-year to $305,000.
The Energy Information Administration is due to release its petroleum status report for the week ended January 22nd at 10:30 am ET.
Crude oil stockpiles rose by 4 million barrels to 486.50 million barrels in the week ended January 15th.?Stockpiles are still near levels not seen for this time of year in at least the last 80 years.
Gasoline inventories also jumped by 4.6 million barrels and were well above the upper limit of the average range. Meanwhile, distillate inventories fell by 1 million barrels but remained near the upper limit of the average range for this time of the year.
Refinery capacity utilization averaged 91.7 percent over the four weeks ended January 15th compared to 91.9 percent over the four weeks ended January 8th.
The Treasury Department is set to announce the results of its auction of 5-year notes at 1 pm ET.
The FOMC is scheduled to release its post-meeting policy statement at 2 pm ET following the conclusion of its two-day meeting. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Apple (AAPL) reported better than expected fiscal first quarter earnings per share but its revenues were shy of estimates. The company's second quarter revenue guidance was also weak.
AT&T (T) reported in line fourth quarter adjusted earnings per share, while its revenues were below estimates. For 2016, the company expects double-digit revenue growth and adjusted earnings per share growth in the mid-single digit range or better.
VMWare (VMW) reported better than expected fourth quarter results but issued weak guidance for 2016. The company also announced a restructuring initiative that includes the elimination of 800 jobs. The company also said its CFO Jonathan Chadwick has decided to quit and Zane Rowe will assume the role on March 1st, 2016.
CA Technologies' (CA) third quarter non-GAAP earnings per share and revenues exceeded estimates. The company's 2016 outlook was also positive.
Capital One Financial (COF) reported fourth quarter adjusted earnings and revenues ahead of estimates.
United States Steel (X) reported a notably wider than expected loss for its fourth quarter. Revenues also missed estimates.
Polycom (PLCM) reported in line fourth quarter non-GAAP earnings per share and revenues exceeded estimates.
Chubb (CB) reported better than expected fourth quarter operating earnings per share, while its revenues missed estimates.
HanesBrands (HBI) announced a 10 percent increase in its regular quarterly cash dividend to 11 cents per share.
Molson Coors (TAP) announced that it has commenced an underwritten public offering of $2.35 billion shares of its Class B common stock. The company intends to use the proceeds to buyout SABMiller's stake in it from Anheuser-Busch (BUD). Separately, the company announced preliminary fourth quarter results, expecting below-consensus earnings per share, while net sales are expected to be in line.
Standard & Poor's announced Citizen Financial Group (CFG) will replace Precision Castparts (PCP) in the S&P 500 Index after the close of trading on January 29th. ZELTIQ Aesthetics (ZLTQ) will replace MedAssets (MDAS) in the S&P SmallCap 600 Index after the close of trading on January 29th.
RE/MAX Holdings will replace Pep Boys (PBY) in the S&P 500 SmallCap 600 Index after the close of trading on February 2nd.
Boeing (BA) reported fourth quarter adjusted earnings per share and revenues that trumped estimates. The company's 2016 guuidance, however, is below estimates.
Hormel Foods (HRL) announced that its shareholders approved a 2-for-1 stock split to shareholders of record as on January 26th, 2016.
EMC's fourth quarter non-GAAP earnings per share were in line, while revenues were shy of estimates.
Biogen (BIIB) reported above-consensus earnings per share and revenues for its fourth quarter and its 2016 guidance is in line.
St. Jude (STJ) reported better than expected fourth quarter adjusted earnings per share but its revenues were slightly shy of estimates. The company's full year guidance is weak.
Tupperware's (TUP) fourth quarter results trailed estimates and its full year and first quarter adjusted earnings per share is below estimates.
United Technologies (UTX) fourth quarter adjusted earnings per share beat estimates by a penny but its revenues were below estimates. The company's 2016 guidance is in line.
Fiat Chrysler (FCAU) reported a decline in its fourth quarter earnings, although earnings improved year-over-year on higher sales.
Ameriprise Financial (AMP), Celestica (CLS), Discover Financial Services (DFS), eBay (EBAY), Facebook (FB), Juniper Networks (JNPR), Knight Transportation (KNX), Lam Research (LRCX), Las Vegas Sands (LVS), Murphy Oil (MUR), Qualcomm (QCOM), Texas Instruments (TXN), PayPal (PYPL) and United Rentals (URI) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened lower and saw volatility in early trading, as traders digested some domestic corporate and economic news, the extended sell-off in China and weakness in oil prices.
In major corporate news, Novartis (NVS) reported a decline in its fourth quarter profits, hurt by currency impacts and a weak performance by its eye-care unit. Spain's Banco Santander's fourth quarter profits took a hit from charges, although its underlying profits rose.
Sweden's Ericsson (ERIC) reported better than expected fourth quarter operating profits. Software AG also reported higher fourth quarter operating profit.
STMicroelectronics announced plans to trim its workforce by 1,400 and exit its set top box business. The company also reported lower fourth quarter profits and revenues.
On the economic front, the results of GfK's consumer confidence survey for Germany showed that its forward-looking consumer confidence index is set to remain unchanged at 9.4 in February. All the sub-indexes, which pertain to January, showed improvement.
The Nationwide Building Society reported that its house price index for the U.K. rose 4.4 percent year-over-year in January, slower than the 4.5 percent increase in December. Economists expected a pick up in the pace of growth to 4.6 percent. On a monthly basis, prices rose merely 0.3 percent. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets moved mostly higher, although the Chinese and the Australian markets bucked the uptrend. The positive close on Wall Street overnight encouraged stocks in the region. At the same, China extended its slide and the Australian market, which was closed on Tuesday, played catch up to yesterday's losses in the region. The Japanese market advanced, as risk appetite weakened the yen, sending the export-heavy Nikkei 225 Index higher. The index opened higher and moved broadly sideways before ending up 455.02 points or 2.72 percent at 17,164.
All but seven of the index components closed higher for the session. Export stocks advanced solidly and financial stocks also made noteworthy gains. Auto stocks saw significant buying interest amid news about Toyota's denial of a partnership with Suzuki and its intention to buy out the remaining stake it does not already hold in Daihatsu.
Hong Kong's Hang Seng Index ended up 191.65 points or 1.02 percent at 19,053, while China's Shanghai Composite closed 14.23 points or 0.52 percent lower at a more than 1-year low of 2,736.
Australia's All Ordinaries Index opened lower and fell steadily in early trading. After recouping some of the losses by mid-session, the index declined yet again throughout the remainder of the session before ending down 56.30 points or 1.11 percent at 5,001.
Data showing a bigger than expected pick up in inflation tempered rate cut expectations, impacting the mood. The market witnessed broad based weakness, with energy, financial, material and utility stocks hit the most.
On the economic front, data released by the Australian Bureau of Statistics showed that consumer prices rose 0.4 percent sequentially in the fourth quarter, ahead of the 0.3 percent increase expected by economists. Annual inflation also accelerated to 1.7 percent from 1.5 percent.
The Reserve Bank of Australia's trimmed mean monthly inflation was also more than expected, while the annual rate was in line. The weighted median monthly inflation was also in line with expectations.
Data released by Westpac Bank showed that its leading economic indicators index for Australia fell 0.3 percent month-over-month in December following a 0.2 percent drop in November.
Profits earned by Chinese industrial enterprises declined at a faster pace in December, figures from the National Bureau of Statistics showed. Industrial profits fell 4.7 percent year-over-year at the end of the year, which was much steeper than the 1.4 percent decrease in November. This marked the seventh month of decreases in a row. |
| | Currency and Commodities Markets | | Crude oil futures for March delivery are slipping $0.28 to $31.17 a barrel after jumping $1.11 to $31.45 a barrel on Tuesday. Meanwhile, an ounce of gold is trading currently at $1,120.50, up $0.30 from the previous session's close of $1,120.20. On Tuesday, gold advanced $14.90.
On the currency front, the U.S. dollar is trading at 118.33 yen compared to the 118.42 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0860 compared to yesterday's $1.0870. |
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