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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 lower opening on Wednesday, with profit taking likely after yesterday's strong rally. A domestic economic report released a short while ago showed that job gains in the private sector were robust, with the sector adding 200,000+ jobs in February. This is in line with the fairly positive economic reports released yesterday. Oil, with which the fortunes of the markets have been tied in recent session, is seen tripping and is down moderately. With very little corporate news to influence trading, traders could be perturbed by the volatility in the oil market, which is now considered to be a proxy for economic growth.
U.S. stocks advanced notably on Tuesday, as stimulus hopes and an extended rally in crude oil prices kept sentiment buoyant. The major averages opened higher and saw some further upside in early trading. Subsequently, the averages rose steadily until late afternoon trading before consolidating thereafter.
The Dow Industrials ended up 348.58 points or 2.11 percent at 16,865, the S&P 500 Index closed 46.12 points or 2.39 percent higher at 1,978 and the Nasdaq Composite closed at 4,690, up 131.65 points or 2.89 percent.
Twenty-nine of the thirty Dow components closed higher for the session. JP Morgan Chase (JPM) rallied 5.15 percent and led the Dow's gains. Apple (AAPL), Chevron (CVX), DuPont (DD), Goldman Sachs (GS), Merck (MRK), Microsoft (MSFT) and Visa (V) also rose notably. On the other hand, United Technologies (UTX) slid 1.62 percent.
Among the sectors, transportation, basic materials, energy, financial, semiconductor, computer hardware, retail and housing stocks gained solid ground. At the same time, gold stocks came under intense selling pressure.
On the economic front, the Institute for Supply Management released the results of its manufacturing survey, which showed that its manufacturing PMI rose to 49.5 in February from 48.2 in January, while economists expected a more modest increase to 48.5. Of the 18 industries surveyed, 9 reported growth. The new orders index remained unchanged at 51.5. The production index and the employment index rose 2.6 points apiece to 52.8 and 48.5, respectively. The order backlogs index rose 5.5 points to 48.5.
Final estimates released by Markit showed that its U.S. manufacturing index came in line
with expectations at 51.3 in February, up from the flash estimate of 51 but down from 52.4 in January.
The Commerce Department reported that construction spending climbed 1.5 percent month-over-month in January, ahead of the 0.5 percent increase expected by economists. In December, spending was up 0.6 percent. Residential construction spending was unchanged, weighed down by a 0.2 percent dip in spending on single-family homes.
Total vehicle sales came in at a seasonally adjusted annual rate of 17.5 million units compared to expectations for a 17.7 million-unit rate. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Private sector employment in the U.S. increased by much more than expected in the month of February, according to a report released by payroll processor ADP.
ADP said private sector employment jumped by 214,000 jobs in February following an increase of 193,000 jobs in January. Economists had expected employment to rise by about 185,000 jobs. January's job gains were originally reported at 205,000.
San Francisco Federal Reserve Bank President John Williams will speech on the outlook in Los Angeles at 10 am ET.
The Energy Information Administration is set to release its weekly petroleum status report for the week ended February 26th at 10:30 am ET.
Crude oil stockpiles rose by 3.50 million barrels to 507.60 million barrels in the week ended February 19th. Stockpiles were at historically high levels for this time of the year.
Meanwhile, gasoline inventories declined by 2.2 million barrels yet were well above the upper limit of the average range. Distillate inventories also fell by 1.7 million barrels but remained above the upper limit of the average range for this time of the year.
Refinery capacity utilization averaged 87.1 percent over the four weeks ended February 19th, flat with the levels in the four weeks ended February 12th.
At 2 pm ET, the Federal Reserve will release its Beige Book report, which consists of anecdotal evidence from the 12 Federal Reserve districts. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Abercrombie & Fitch (ANF) reported better than expected fourth quarter results.
Citing deterioration in macroeconomic conditions, Monsanto (MON) lowered its 2016 ongoing earnings per share guidance.
Bob Evan Farms (BOBE) reported better than expected adjusted earnings per share for its third quarter and revenues that were in line. The company's 2016 adjusted earnings per share guidance was in line.
TiVO (TIVO) reported break-even results for its fourth quarter and a modest increase in its net revenues, as subscriptions rose 24 percent.
Ross Stores (ROST) reported better than expected fourth quarter results but its guidance for the first quarter and the full year was weak. The company announced a 15 percent increase in its cash dividend.
Ahead of an investors and analysts meeting, Logitech (LOGI) confirmed its forecast for fiscal year 2016 non-GAAP operating income of $170 million and constant currency retail sales growth of 7-9 percent. For 2017, the company expects non-GAAP operating income of $185 million to $200 million and constant currency retail sales growth in the mid-single digits.
American Water Works (AWK) will replace CONSOL Energy (CNX) in the S&P 500 Index after the close of trading on March 3rd and CONSOL Energy will replace Solera Holdings (SLH) in the S&P MidCap 400 Index.
Weatherford (WFT) announced the launch of an underwritten public offering of 80 million shares.
American Eagle (AEO), Costco (COST), Semtech (SMTC) and Weibo (WB) are among the notable companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened higher and are held up in early trading. Since then, they have trimmed their early gains and are currently mixed.
On the economic front, the results of a survey by Markit and CIPS showed that construction activity in the U.K. expanded at a slower pace in February. The corresponding PMI fell to 54.2 from 55 in January, while economists expected a reading of 55.5.
Producer price inflation data released by Eurostat showed that annual wholesale price inflation fell at a slower pace in January, although the rate of decline was in line with expectations.
U.K. shop prices declined for the thirty-fourth consecutive month in February, the British Retail Consortium said. Shop prices declined 2 percent year-on-year in February, faster than January's 1.8 percent fall. |
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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, tracking the overnight gains on Wall Street. The Chinese market rallied strongly, and the extended rally by commodities catalyzed a strongly rally in the region.
The Japanese market reacted to the yen's weakness and rallied over 4 percent. The Nikkei 225 Index opened higher and saw a steady advance in the morning. Thereafter, the average moved sideways before ending up 661.04 points or 4.11 percent at a nearly 1 month high of 16,747.
All but four of the index components moved to the upside. Alps Electric, Sumco and IHI were among the biggest gainers.
Australia's All Ordinaries Index hovered above the unchanged line throughout the session before ending up 93.90 points or 1.88 percent at 5,084, its highest level since February 1st. Energy and financial stocks jumped notably in the session.
China's Shanghai Composite Index ended at 2,850, up 116.51 points or 4.26 percent, and Hong Kong's Hang Seng Index added 596.03 points or 3.07 percent before ending at 20,004.
On the economic front, a report released by the Bank of Japan showed that the monetary base soared 29 percent year-over-year in February following a 28.9 percent jump in January.
The Australian Bureau of Statistics reported that GDP for the nation rose 0.6 percent sequentially in the fourth quarter following a 1.1 percent increase in the third quarter. Economists expected a 0.4 percent expansion.
A report released by the Housing Industry Association showed that Australian new home sales rose 3.1 percent month-over-month in January following a 6 percent surge in December. |
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| | Currency and Commodities Markets | | Crude oil futures for April delivery are slipping $0.49 to $33.91 a barrel after advancing $0.65 to $34.40 a barrel on Tuesday. Meanwhile, an ounce of gold is trading currently at $1,234.10, up $3.30 from the previous session's close of $1,230.80. On Tuesday, gold rose $3.60.
On the currency front, the U.S. dollar is trading at 114.27 yen compared to the 114.01 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0852 compared to yesterday's $1.0868. |
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