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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 Thursday, with sentiment suggesting extreme risk aversion, as oil is persisting with its gyrations amid skepticism concerning global growth. Oil is currently down by close to $1-a-barrel and the safe haven gold is up appreciably. Among currencies, the dollar is mostly higher, except against the euro and the yen. Some disappointing earnings announcements from both sides of the Atlantic is not helping matters any further. Amid these developments, the markets may seek comfort from Fed Chair Yellen, who is due to testify before the Senate Banking Committee later today.
U.S. stocks closed Wednesday's session mixed, as Yellen's promise of gradual normalization failed to impress investors and declining oil prices served as a drag.
The major averages opened higher and spiked sharply in early trading only to give back some of their gains by early afternoon trading. Subsequently, the averages moved roughly sideways, showing a lack of direction. After giving back their gains in late trading, the averaged ended mixed.
The Dow Industrial lost 99.64 points or 0.62 percent before ending at 15,915, and the S&P 500 Index closed 0.35 points or 0.02 percent lower at 1,852, it lowest closing level since April 14th, 2014. On the other hand, the Nasdaq Composite climbed 14.83 points or 0.35 percent to 4,284.
Twenty of the thirty Dow components closed lower for the session, while ten stocks advanced. IBM (IBM), Disney (DIS), Intel (INTC) and Caterpillar (CAT) declined sharply in the session, while UnitedHealth (UNH), Visa (V), Pfizer (PFE) and NIKE (NIKE) rose notably.
Among the sectors, basic materials, oil service and financial stocks came under selling pressure, while gold, housing and airline stocks gained ground. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Following last week's mixed monthly jobs report, the Labor Department released a report on Thursday showing that first-time claims for U.S. unemployment benefits fell by more than expected in the week ended February 6th.
The report said initial jobless claims dropped to 269,000, a decrease of 16,000 from the previous week's unrevised level of 285,000. Economists had expected jobless claims to edge down to 281,000.
Yellen is due to give her semi-annual monetary policy testimony before the Senate Banking Committee at 10 am ET.
The Treasury Department is set to announce the results of its auction of 30-year bonds at 11 am 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 | | | Cisco (CSCO) reported above-consensus revenues and non-GAAP earnings per share for its second quarter. The company's third quarter guidance was also positive.
Twitter (TWTR) reported better than expected fourth quarter results but its revenue guidance for the first quarter was weak.
Kellogg (K) reported better than expected fourth quarter results amd reaffirmed its guidance for 2016.
Tesla (TSLA) reported a loss for its fourth quarter and its revenues were light. However, investors were impressed with the company's outlook for 2016.
CSRA (CSRA), a splinter group of CSC (CSC), reported above-consensus pro forma earnings for its third quarter but revenues missed estimates. The company's fourth quarter adjusted earnings per share guidance was positive.
O'Reilly Automotive's (ORLY) fourth quarter results trumped estimates and its 2016 guidance is strong. The company also announced board approval for an additional $750 million stock buyback program.
Zynga (ZNGA) reported in line fourth quarter non-GAAP earnings per share and its revenues exceeded estimates.
Prudential Financial (PRU) reported below-consensus adjusted operating income per share for its fourth quarter.
Fidelity Financial (FNF) reported fourth quarter adjusted earnings per share and revenues that beat estimates.
Mylan Labs' (MYL) fourth quarter results missed expectations but its 2016 guidance was in line. Separately, the company announced a deal to buy Swedish pharma firm Meda for about $7.2 billion.
FMC Corp. (FMC) reported better than expected fourth quarter adjusted earnings per share but revenues trailed estimates. The company's 2016 adjusted earnings per share guidance was weak.
Kinross Gold (KGC) reported a wider loss on an adjusted basis for its fourth quarter but revenues were ahead of expectations.
Whole Foods (WFM) reported better than expected first quarter results.
Activision Blizzard (ATVI), bebe Stores (BEBE), Amkor (AMKR), CBS (CBS), Cray (CRAY), Groupon (GRPN), Pandora Media (P), Republic Services (RSG), VeriSign (VRSN) and Wynn Resorts (WYNN) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | After a strong rally on Wednesday, European stocks opened with steep losses and have seen further downside, as traders react to a batch of earnings, Yellen's testimony and oil's volatility.
In corporate news, Zurich Insurance reported a wider than expected loss for its fourth quarter, while Societe Generale reported higher profits for its fourth quarter.
Finland's Nokia (NOK) warned of a soft showing in the first quarter, given the global headwinds, although the performance of its core networking business was strong in the fourth quarter.
German retailer Metro AG reported adjusted EBIT for the fourth quarter that missed estimated by most analysts. Commodity giant Glencore reported a decline in fourth quarter copper and zinc production. Rio Tinto (RIO) reported lower underlying profits for 2015 but maintained its dividend for 2015.
French oil giant Total reported a narrower net loss for its fourth quarter, but adjusted net profit and revenues declined year-over-year. Adidas reported better than expected results for 2015 and raised its guidance for 2016.
On the economic front, a report released by the Royal Institution of Chartered Surveyors showed that the house price balance in the U.K. was unchanged in January compared to December, when it was at +50. Economists had forecast a reading of +52. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended mixed, although the two major markets in the region, namely the Japanese and Chinese markets, remained closed. The Japanese markets was closed for the National Foundation Day, while the Chinese market was closed for the Golden Week public holidays. The Taiwanese market was also closed.
The Hong Kong market, which opened after a 3-day break for the Lunar New Year holidays, played catch up to the recent losses in the region. The Hang Seng Index slumped 742.37 points or 3.85 percent before ending at 18,546, its lowest level since June 6th, 2012.
Meanwhile, Australia's All Ordinaries Index overcame an initial bout of volatility and advanced solidly after early afternoon trading. The index ended 44.40 points or 0.92 percent higher at 4,871. The market witnessed broad based strength, with healthcare, telecom and real estate stocks leading the gains.
A report released by the Melbourne Institute showed that annual Australian consumer price inflation expectations came in at 3.6 percent in February, unchanged from the January reading. However, the reading remains at the upper bound of the central bank's inflation target range. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.92 to $26.53 barrel after falling $0.49 to $27.45 a barrel on Wednesday.
The previous session's decline came amid risk aversion and the release of the weekly petroleum status report, which showed that crude oil stockpiles edged down by 0.8 million barrels to 502 million barrels in the week ended February 5th. Stockpiles are still near levels not seen for this time of year in at least the last 80 years.
However, gasoline inventories rose by 1.3 million barrels and were well above the upper limit of the average range. Distillate inventories also climbed by 1.3 million barrel, remaining near the upper limit of the average range for this time of the year.
Refinery capacity utilization averaged 87.7 percent over the four weeks ended February 5th compared to 88.9 percent over the four weeks ended January 29th.
Gold futures are trading currently at $1,239.10 an ounce, up $44.50 from the previous session's close of $1,194.60 an ounce. On Wednesday, the futures declined $4.
On the currency front, the U.S. dollar is trading at 112.20 yen compared to the 113.35 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1345 compared to yesterday's $1.1292. |
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