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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 slightly higher opening on Thursday, with markets almost reconciled to expectations that Britain's EU Referendum will throw in a result favoring U.K.'s stay in the union. Crude is climbing but most other commodities are lower. Risk currencies are firmer. The mood across the Atlantic is markedly upbeat despite June private sector activity data showing slackening growth. Domestically, jobless claims fell more than expected in the recent reporting week. The markets may also tune into the new home sales report and a Fed speech, although Brexit hopes could help the markets rebound.
U.S. stocks retreated on Wednesday amid profit taking following a 2-day run up as the key Brexit referendum drew closer.
The major averages opened slightly higher but moved roughly sideways, with the Nasdaq Composite Index even dipping briefly below the unchanged line. After recovering and advancing till early afternoon trading, the indexes retraced their gains by late afternoon trading. Subsequently, the averages moved back and forth across the unchanged line in a narrow range before ending modestly lower.
The Dow Industrials ended down 48.90 points or 0.27 percent at 17,781, the S&P 500 Index lost 3.45 points or 0.17 percent before ending at 2,086 and the Nasdaq Composite Index closed at 4,833, down 10.44 points or 0.22 percent.
Twenty-four of the 30 Dow components moved to the downside, but Merck (MRK) rose notably.
Among the sectors, computer hardware stocks moved lower, while gold stocks gained ground. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | After reporting a rebound in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report showing that initial jobless claims pulled back by much more than expected in the week ended June 18th.
The report said initial jobless claims fell to 259,000, a decrease of 18,000 from the previous week's unrevised level of 277,000. Economists had expected jobless claims to edge down to 270,000. With the bigger than expected decrease, jobless claims hit their lowest level since dropping to 257,000 in the week ended April 23rd.
Markit is set to release flash estimate of its U.S. manufacturing PMI for June at 9:45 am ET. Economists expect the index to rise to 51 in June from 50.5 in May.
At 10 am ET, the Commerce Department is scheduled to release its new home sales report for May. The consensus estimate calls for new home sales to come in at a seasonally adjusted annual rate of 565,000.
In April, new home sales came in at a seasonally adjusted annual rate of 619,000, the highest level since January 2008. The previous two months' sales figures were also upwardly revised. The median price of a new home rose 9.7 percent year-over-year to $321,100, with the monthly increase at 7.8 percent. The supply of new homes fell to 4.7 months from 5.5 months in March.
The Conference Board will also release its leading indicators index for May at 10 am ET. Economists expect the leading economic indicators index to rise 0.2 percent month-over-month.
The index rose by a better than expected 0.6 percent month-over-month in April, while the previous month's growth was downwardly revised to show a flat reading. Rate spread, factory hours, building permits and unemployment claims all contributed positively to the index, while consumer confidence served as a drag.
Dallas Federal Reserve Bank President Robert Kaplan is due to speak in New York at 6:30 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 | | | Bed Bath & Beyond (BBBY) reported below-consensus earnings and revenues for its first quarter, and its 2016 earnings per share guidance was lackluster.
Red Hat (RHT) reported better than expected first quarter results. However, the company lowered its full year adjusted earnings per share guidance. The company's full year and third quarter guidance was also weak. The company also announced an agreement to buy 3scale, a provider of appplication programming interface management technology. The company also authorized the repurchase of up to $1 billion of common stock.
Accenture (ACN) reported third quarter adjusted earnings per share that met estimates and its revenues topped estimates. The company raised its 2016 guidance.
BlackBerry (BBRY) reported break-even bottom line results for its first quarter, while analysts expected a loss for the quarter. But revenues trailed estimates. The company said it remains on track to deliver 30 percent software and services revenue growth and a narrower than expected loss for 2017.
Apogee (APOG) reported better than expected first quarter results and raised its earnings guidance for 2017.
H.B. Fuller (FUL) reported below-consensus second quarter adjusted earnings per share and its revenues fell year-over-year. The company also narrowed its 2016 adjusted earnings per share guidance.
Barnes & Noble (BKS) reported an adjusted net loss from continuing operations for its fourth quarter that came in line with estimates.
Whirlpool (WHR) announced the appointment of Jim Peters as its CFO, replacing Larry Venturelli, who is set to retire in early 2017 after a 15-year stint at the company. |
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| | European Markets | | European stocks opened higher and moved roughly sideways in the morning, as the Brexit referendum got underway. In early afternoon trading, the averaged have begun climbing sharply higher, signaling upside for the fifth straight session.
Flash data released by Eurostat showed that private sector activity in the eurozone expanded at the weakest pace in 17 months in June. The composite output index fell 0.3 points to 52.8 in June. The manufacturing PMI rose to 52.6 from 51.5, while economists expected a reading of 51.4. Meanwhile, the service sector PMI fell 0.9 points to 52.4 compared to the consensus estimate of 53.2. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets had a mixed session yet again, with the Chinese, Indonesian, South Korean and Taiwanese markets retreating, while the rest of the markets ended higher. Overall, the mood was cautious, as the markets awaited the outcome of the Brexit referendum.
The Japanese market rose, as the yen continued to weaken. The Nikkei 225 Index opened modestly higher and moved roughly sideways in the morning. The index climbed steadily in the afternoon before ending up 172.63 points or 1.07 percent at 16,238.
A majority of stocks advanced in the session, led by export and financial stocks. On the other hand, construction, food and some utility stocks moved to the downside.
Australia's All Ordinaries Index held mostly above the unchanged line, although it traded in a wide range before ending up 9.10 points or 0.17 percent at 5,358. Material and energy stocks rallied strongly, but financial, industrial, IT and telecom stocks came under selling pressure.
Hong Kong's Hang Seng Index closed at 20,868, up 73.22 points or 0.35 percent, while China's Shanghai Composite Index ended 13.59 points or 0.47 percent lower at 2,892.
On the economic front, the leading index for Japan, which measures future economic activity, increased less than initially estimated in April, final figures from the Cabinet Office showed. The leading index rose to 100.0 in April from 99.1 in the previous month. The April figure was revised down from 100.5.
Preliminary estimates released by Markit and Nikkei showed that the Japanese manufacturing sector continued to contract in June. The corresponding PMI rose to 47.8 from 47.7 in the previous month. |
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| | Currency and Commodities Markets | | Crude oil futures for August delivery are rising $0.69 to $49.42 a barrel after receding $0.72 to $49.13 a barrel on Wednesday.
The previous session's drop came amid the release of the weekly petroleum status report for the week ended June 17th, which showed that crude oil stockpiles fell by 0.9 million barrels to 530.60 million barrels. Despite the drop, stockpiles were at historically high levels for this time of the year.
Meanwhile, gasoline inventories rose by 0.6 million barrel and were well above the upper limit of the average range. Distillate inventories increased by 0.2 million barrels and were well above the upper limit of the average range for this time of the year.
Refinery capacity utilization averaged 90.5 percent over the four weeks ended June 17th compared to 90.1 percent for the four weeks ended June 10th.
Gold futures are currently trading at $1,262.80 an ounce, down $7.20 from the previous session's close of $1,270 an ounce. On Wednesday, gold slipped $2.50.
On the currency front, the U.S. dollar is trading at 104.63 yen compared to the 105.79 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1387 compared to yesterday's $1.1296. |
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