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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 higher opening on Thursday, with sentiment suggesting some firmness following volatility in the domestic futures in early European session. Economic data released earlier in the day was better than expected, with jobless claims unexpectedly declining, while Philadelphia Fed manufacturing activity contracted at a slower than expected pace in February. However, Wal-Mart is seeing negative reaction in pre-market trading following its revenue miss.
Crude oil prices are higher, although the rest of the commodities are lower. The dollar is mixed. The mood across the Atlantic is mostly positive, although the U.K. Market is seeing some weakness. Profit taking following three sessions of gains could dent some of the optimism.
U.S. stocks rose for the third straight session on Wednesday, as growth concerns mitigated amid the release of some fairly positive data and an increase in oil prices. The major averages opened higher and rose steeply in early trading. The averages saw some further upside until the mid-session before consolidating their gains and ending notably higher at 2-week highs.
The Dow Industrials ended up 257.42 points or 1.59 percent at 16,454 and the S&P 500 Index closed 31.24 points or 1.65 percent higher at 1,927, while the Nasdaq Composite rose a stronger 98.11 points or 2.21 percent before ending at 4,534.
Twenty-eight of the thirty Dow components closed higher for the session, while the remaining two stocks ended unchanged. Chevron (CVX), Boeing (BA), Caterpillar (CAT), DuPont (DD), Disney (DIS), IBM (IBM), UnitedHealth (UNH), United Technologies (UTX) and Microsoft (MSFT) were among the best performers of the session.
Among the sectors, resource, brokerage, retail, transportation, semiconductor and computer hardware stocks rose notably.
On the economic front, the Commerce Department reported that housing starts fell 3.8 percent month-over-month to a seasonally adjusted annual rate of 1.099 million units in January. Building permits edged down 0.2 percent to 1.202 million units. Single-family starts were down 3.9 percent and multi-family starts fell 3.7 percent. Economists expected a 1.175 million rate for housing starts and a 1.224 million rate for building permits.
A separate report released by the Labor Department showed that producer prices for final demand rose 0.1 percent month-over-month in January, belying expectations for a 0.2 percent drop. Annually, producer prices for final demand fell 0.2 percent. Excluding food and energy, the core producer prices rose 0.4 percent, ahead of the 0.1 percent increase expected by economists. The annual core rate was at 0.8 percent.
Industrial production rose 0.9 percent month-over-month in January compared to expectations for a 0.4 percent increase. Manufacturing output was up 0.5 percent, bigger than the 0.2 percent increase expected by economists. Capacity utilization improved 0.7 percentage points to 77.1 percent.
Motor vehicle production rose 2.8 percent, boosting manufacturing output. With weather turning colder in January, utility output rebounded by 5.4 percent. Mining output was flat. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Federal Reserve Bank of Philadelphia released a report showing a modest increase by its index of regional manufacturing activity in the month of February, although the index remained negative for the sixth consecutive month.
The Philly Fed said the diffusion index for current activity rose to a negative 2.8 in February from a negative 3.5 in January, but a negative reading indicates continued weakness in business conditions. Economists had expected the index to inch up to a negative 3.0.
First-time claims for U.S. unemployment benefits unexpectedly decreased in the week ended February 13th, according to a report released by the Labor Department .
The report said initial jobless claims fell to 262,000, a decrease of 7,000 from the previous week's unrevised level of 269,000. The drop surprised economists, who had expected jobless claims to rise to 275,000. With the unexpected decrease, jobless claims fell to their lowest level since hitting 260,000 in the week ended November 21st.
The Conference Board is set to release its U.S. leading economic indicators index for January at 10 am ET. The consensus estimate calls for a 0.2 percent month-over-month drop by the index for the month.
In December, the index fell 0.2 percent, steeper than the 0.1 percent drop expected by economists. This followed a 0.5 percent increase in November. The index for December was weighed down by a decline in housing starts and weak manufacturing orders. However, the coincident and lagging indexes rose 0.1 percent and 0.2 percent, respectively.
The Energy Information Administration will release its weekly petroleum status report for the week ended February 12th at 11 am ET.
Last week, the EIA report 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.
The Treasury Department is also set to make announcements concerning next week's auctions of 2-year, 5-year and 7-year notes at 11 am ET.
San Francisco Federal Reserve Bank President John Williams will speak on the outlook in Los Angeles at 3:30 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 | | | Wal-Mart (WMT) reported better than expected fourth quarter adjusted earnings per share, while its revenues were shy of estimates. The company's 2017 earnings per share guidance is in line but it trimmed its sales outlook for the year. Lord, God be with me this day
NVIDIA (NVDA) reported better than expected fourth quarter results and provided upbeat first quarter revenue guidance.
NetApp (NTAP) reported above-consensus adjusted earnings per share for its third quarter but its revenues trailed estimates. The company's fourth quarter guidance was weak.
Ingram Micro (IM) announced a deal to be acquired by Tianjin Tianhai to become part of HNA Group in a deal valued at $6 billion or $38.60 per share.
Capital One Financial (COF) announced that its board has authorized the repurchase of up to an additional $300 million worth of shares of common stock through the end of the second quarter of 2016.
Marvell Technology (MRVL) announced it has agreed to settle patent infringement litigation with Carnegie Mellon University by agreeing to pay $750 million, with no ongoing royalty payment.
SunPower (SPWR) reported better than expected fourth quarter results, but its first quarter and full year guidance was weak.
Devon Energy (DVN) announced it intends to offer 55 million shares of its common stock in an underwritten public offering.
Foot Locker (FL) announced its board has approved a $297 million capital expenditure program in 2016, up from $225 million in 2015. The board also approved a 10 percent increase in its quarterly dividend to $0.275 per share.
Newmont Mining (NEM) reported below-consensus adjusted earnings per share for its fourth quarter.
Brocade (BRCD) reported better than expected first quarter non-GAAP earnings per share.
Marriott (MAR) reported fourth quarter earnings that beat estimates by a penny. The company's first quarter earnings per share guidance was weak, but its full-year guidance was in line.
Barrick Gold's (ABX) fourth quarter adjusted net earnings per share were ahead of estimates. The company expects gold production in 2016 of 5 million to 5.5 million ounces of gold compared to 6.12 million ounces in 2015.
Marathon Oil (MRO) announced a 50 percent reduction to its 2016 capital program to $1.4 billion. The company reported an in line fourth quarter net loss and better than expected revenues.
Allscripts Healthcare (MDRX), Applied Materials (AMAT), BJ Restaurants (BJRI), Century Aluminum (CENX), Con Edison (ED), Fluor (FLR), Marvell (MRVL) and Nordstrom (JWN) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened mostly higher but moved lower immediately afterward and dipped below the unchanged line in late morning trading. Reversing course, the averages are trading currently on a mixed note.
In corporate news, Air-France KLM reversed to a profit in 2015, helped by the euro's weakness and the decline in oil prices. Nestle reported a small increase in its sales for 2015 and expects flattish growth in 2016. Hotel chain Accor reported higher profits for 2015. BAE Systems also reported higher operating profit and sales for 2015.
On the economic front, French statistical office INSEE reported that annual inflation in France was at 0.2 percent in January, the same rate as in December. The reading was also in line with the preliminary estimate. On a monthly basis, consumer prices fell 1 percent. HICP annual inflation was at 0.3 percent, downwardly revised from the 0.4 percent rate estimated initially.
The euro area current account surplus declined in December, as the surplus on trade in goods and services fell from November, the European Central Bank said. The current account surplus fell to 25.5 billion euros from 26.9 billion euros in November. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended mostly higher, encouraged by the overnight gains on Wall Street and as crude oil continued its upward climb. However, the Chinese market bucked the uptrend with a modest loss.
Japan's Nikkei 225 Index opened notably higher and moved about roughly sideways throughout the session. The index ended up 360.44 points or 2.28 percent at a 1-week high of 16,197.
A majority of stocks advanced, with export and resource stocks leading the way higher. However, some construction, telecom, rail, utility and retail stocks moved to the downside.
Australia's All Ordinaries Index hovered in positive territory throughout the session before ending up 108.70 points or 2.20 percent at 5,047, its highest level since February 1st. Energy stocks soared and material stocks also saw notable gains, but healthcare stocks showed a muted performance.
Hong Kong's Hang Seng Index closed 438.51 points or 2.32 percent higher at 19,363, while the Shanghai Composite Index of China ended at 2,863, down 4.45 points or 0.16 percent.
On the economic front, the Chinese National Bureau of Statistics reported that annual consumer price inflation in China rose to 1.8 percent in January, the highest in 4 months. The growth compared to expectations of 1.9 percent and the December rate of 1.6 percent. An increase in food prices ahead of the Lunar New Year holidays boosted inflation. Producer prices continued to fall in January, declining for forty-seven straight months. However, the pace of decline slowed to 5.3 percent from 5.9 percent in December.
A report released by the Australian Bureau of Statistics showed that the jobless rate for Australia rose to 6 percent in January from 5.8 percent in December. The domestic economy lost 7,900 jobs compared to expectations for an addition of 13,000 jobs.
Japan's trade balance reversed to a deficit of 645.94 billion yen in January from a surplus of 140.3 billion yen in December, according to a report released by Japan's Ministry of Finance. Economists expected a deficit of 648.3 billion yen for the month. Exports fell 12.9 percent year-over-year and imports plunged 18 percent. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.82 to $31.48 barrel after jumping $1.62 to $30.66 a barrel on Wednesday. Gold futures are trading currently at $1,206.30 an ounce, down $5.10 from the previous session's close of $1,211.40 an ounce. On Wednesday, the futures rose $3.20.
On the currency front, the U.S. dollar is trading at 113.89 yen compared to the 114.10 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1087 compared to yesterday's $1.1128. |
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