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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 flat opening on Monday, with sentiment reflecting the nervous mood of the markets as they await the next major trading catalysts. Crude oil edging up but most other commodities are lower. The dollar is holding the slight edge it has against the major currencies, although it is weaker against the pound. With jobless rate in the eurozone at its lowest level since 2011, the euro is seeing a small bounce.
The domestic markets could track the move in commodities, to be specific in crude oil., and could take heart from M&A announcements. A Fed speech scheduled for the day could also give some direction to the markets.
U.S. stocks reversed course and advanced in the week ended April 1st, with stocks being the beneficiary of expectations that the Fed will not follow up on their first rate hike anytime soon.
Last Monday, the major averages moved about in a lackluster manner amid the release of mixed economic data and lackluster trading in commodities, closing mixed for the week. Amid Fed Chair Janet Yellen's soothing dovish message concerning the monetary policy, the averages advanced solidly on Tuesday.
Optimism concerning an accommodative monetary policy environment kept the rally alive on Wednesday, with the averages ending moderately higher for the session. Mixed data and weaker commodities weighed down on the markets on Thursday, sending the averages modestly lower.
After initially reacting to a strong non-farm payrolls report with a move to the downside, the averages rose steadily in the afternoon on Friday, ending moderately higher.
For the week ended April 1st, the Dow Industrials added 277.02 points or 1.58 percent before ending at a 4-month high of 17,793 and the S&P 500 Index closed 36.84 points or 1.81 percent higher at a 3-month high of 2,073. The Nasdaq 100 Index ended at 4,915, up 141.04 points or 2.96 percent.
Among the sectors, the NYSE Arca Biotechnology and the NYSE Arca Gold Bugs Index advanced 5.67 percent and 4.97 percent, respectively for the week. Additionally, the Philadelphia Housing Sector Index and the NYSE Arca Securities Broker/Dealer Index added over 3 percent each and the Philadelphia Semiconductor Index and the NYSE Arca Computer/Hardware Index rose over 2 percent each.
On the other hand, the Philadelphia Oil Service Index and the NYSE Arca Oil Index declined 2.76 percent and 1.46 percent, respectively for the week.
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| | 1 Chart Pattern That Consistently Makes Money for Investors
In this free presentation, we reveal a very simple, very proven and yet very HIDDEN pattern that will do two incredible things for you… - You could bank multiple gains averaging 309% per trade, and…
- You will be positioned to only buy stocks that are trending UP in value!
All it takes to achieve both of these things is for you to recognize this chart pattern. |
| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Fed speeches and non-manufacturing data are among the keenly watched economic reports of the unfolding week. Traders are expected to focus on the results of the Institute for Supply Management's non-manufacturing survey for March, Markit's final U.S. non-manufacturing index, the weekly jobless claims data, the minutes of the March FOMC meeting and several Fed speeches, including one by Yellen, scheduled for the week.
The Commerce Department's trade balance report for February, monthly sales of chain stores, the Federal Reserve's consumer credit report for February and announcements concerning the Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
The Commerce Department is scheduled to release its factory orders report for February at 10 am ET. Economists expect a 1.6 percent month-over-month drop in factory orders.
In January, factory orders were up 1.6 percent following two straight months of declines, with a 4.2 percent jump in durable goods orders supporting the headline number. A report released in late March showed that orders for durable goods, accounting for the bulk of factory orders, fell 2.8 percent. Excluding transportation, orders were down 1 percent. Non-defense capital goods orders excluding aircraft and parts, a measure of capital spending was down 1.8 percent and shipments of this category of goods fell 1.1 percent.
Boston Federal Reserve Bank Eric Rosengren will do a presentation on cybersecurity and financial stability to Boston Fed conference on cybersecurity in Boston at 10:15 am ET.
After the markets close at 5:15 pm ET, Minneapolis Federal Reserve Bank President Neel Kashkari will do a briefing with reporters following the conference on too-big-to-fail in Minneapolis. Following the press briefing, at 7 pm ET, Kashkari will hold a Town Hall discussion on too-big-to-fail in Minneapolis.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | |
HP Enterprise (HPE) announced a deal to sell its majority stake in Indian IT services company Mphasis to Blackstone Group for about $825 million.
Alaska Air (ALK) announced that it has agreed to acquire Virgin America (VA) for $57 per share in cash. Excludij\ng acquisition costs, the company expects the deal to be accretive to its adjusted earnings per share in the first full year, excluding integration costs.
Schlumberger (SLB) announced the completion of its previously announced acquisition of Cameron International. |
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| | European Markets |
After some volatility in early trading, European stocks turned solidly higher by late morning trading. The major averages in the region advanced steadily until the mid-session but have given back some of the gains since then.
In major corporate news, Ryanair reported a 28 percent increase in its traffic for March and its load factor rose 4 percentage points to 94 percent. Orange and Bouygues announced break down of merger talks between both companies.
On the economic front, Sentix' investor confidence for the eurozone came in weaker than expected at 5.7 in April, according to the results of a survey. Economists had expected a score of 7.
Eurostat reported that the jobless rate for the eurozone eased to 10.3 percent in February from 10.4 percent in January, in line with expectations. A separate report showed that producer prices fell 4.2 percent year-over-year, steeper than the 3 percent drop in January. Economists expected a more modest 4.1 percent decline.
Markit and the Chartered Institute of Procurement & Supply release the results of a survey, showing construction growth remained steadily in March. The construction PMI was unchanged at 54.2 in March, while economists expected a reading of 54.1.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
The major averages that remained open for trading ended mixed, as commodity weakness continued. The Japanese and Australian market declined, while the South Korean, New Zealand and Malaysian markets ended higher. The Chinese, Hong Kong and Taiwanese markets remained closed for public holidays.
The Japanese market retreated as the yen remained strong in the lower 111 level against the dollar in the Asian session. The Nikkei 225 average opened lower but cut its losses in early trading. After see-sawing across the unchanged line, the index moved decisively lower in the afternoon, closing down 40.89 points or 0.25 percent at 16,123.
Resource, chemical, construction, retail and most export stocks came under selling pressure, while food, textile, paper, pharma, financial, real estate and utility stocks advanced.
Australia's All Ordinaries opened on a nervous note but rose steadily in the morning. After consolidating in the mid-session, the index retreated steadily in the afternoon, the index ended down 3.70 points or 0.07 percent at 5,070.
On the economic front, a report released by the Australian Bureau of Statistics showed that retail sales were unchanged in February compared to the previous month. This belied expectations for a 0.4 percent increase.
A separate report showed that building approves issued in Australia fell 9 percent year-over-year in February, almost in line with the 9.1 percent increase expected by economists. On a monthly basis, approvals climbed 3.1 percent, above the 2.5 percent increase expected by economists.
The results of a survey by the TD Securities showed that annual consumer price inflation expectations rose to 1.7 percent from 2.1 percent in February. The monthly inflation expectations are at 0 percent compared to -0.2 percent last month.
Data released by the Bank of Japan showed that monetary base in Japan rose 28.5 percent year-over-year in March following the 29 percent jump in February.
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| | Currency and Commodities Markets |
Crude oil futures are rising $0.15 to $36.94 a barrel after declining $2.67 or 6.77 percent to $36.79 a barrel in the week ended April 1st. The commodity came under selling pressure last week, as production cuts by OPEC nations looked unlikely.
Gold futures, which rose $1.90 or 0.16 percent to $1,223.50 an ounce in the previous week, are currently moving down $1.70 to $1,221.80 an ounce.
Among currencies, the U.S. dollar declined against most currencies in the week ended April 1st, with tempered rate hike expectations wreaking havoc for the currency. Yellen's dovish comments during the week proved bearish for the dollar, which lost 1.23 percent against the yen to 111.69 yen and declined 2.01 percent against the euro.
The buck is currently trading at 111.53 yen and is valued at $1.1389 versus the euro.
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