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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 higher opening on Tuesday, with optimism holding up amid expectations that two of the concerns that roiled the markets in recent sessions could cease to be headwinds. Hopes that Britons will favor a stay in the European Union are increasing. Meanwhile, an imminent Fed rate hike also looks remote, given the risks facing the global economy.
Commodities are weak and so is the dollar, although it is trading flat against the euro. European stocks have also shed their early inhibitions and are trading higher, capitalizing on a positive German economic sentiment reading. Fed Chair Janet Yellen's testimony to the Senate Banking Committee could also impact trading in today's session.
U.S. stocks ended Monday's session solidly higher, although off their early highs, as risk appetite perked up amid waning Brexit fears. The major averages opened notably higher but gradually gave back some of their gains by early afternoon trading. Subsequently, the averages moved roughly sideways till late trading. After dipping slightly, the averages all ended with notable gains.
The Dow Industrials ended up 129.71 points or 0.73 percent at a one-week high of 17,805, the S&P 500 Index closed 12.03 points or 0.58 percent higher at 2,083 and the Nasdaq Composite ended at 4,837, up 36.88 points or 0.77 percent.
Twenty-five of the thirty Dow components closed higher, with Nike (NKE), 3M (MMM), McDonald's (MCD), Johnson & Johnson (JNJ), Intel (INTC), IBM (IBM), Goldman Sachs (GS), Chevron (CVX) and Boeing (BA) leading the gains.
Among the sectors, transportation, biotechnology, oil, housing, semiconductor, computer hardware and brokerage stocks rose notably. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Yellen is due to deliver her semi-annual testimony before the Senate Banking Committee in Washington beginning at 10 am ET.
The Treasury is set to announce the results of its auction of 5-year notes at 1 pm ET.
Federal Reserve Governor Jerome Powell will give introductory remarks at a roundtable on the interim report of Alternative Reference Rates Committee in New York at 2:30 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 | | | Marvell Technology (MRVL) announced the appointment of Matthew Murphy, a former Maxim Integrated (MXIM) executive, as President and CEO, effective July 11th, 2016.
Werner Enterprises (WERN) said it expects second quarter earnings of 21-25 cents per share, including a $3.4 million pre-tax gain on the sale of real estate. This is notably below the consensus estimate of 40 cents per share. The company attributed the predicament to sluggish freight market conditions, higher driver pay costs and a soft used truck market.
Adobe Systems (ABDE), FedEx (FDX), KB Home (KBH) and La-Z-Boy (LZB) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are seeing further upside after yesterday's strong rally. The major averages in the region opened lower but have turned higher since then.
In major corporate news, Whitbread reported a 1.8 percent increase in like-for-like sales in the 13 weeks ended June 2nd. Total sales were up 8 percent.
On the economic front, the U.K. Office for National Statistics reported that public sector net borrowing in the U.K. fell 0.4 billion pounds year-over-year to 9.7 billion pounds in May. Economists expected 9.4 billion pounds. At the end of May, public sector net debt was 1.61 trillion pounds, equivalent to 83.7 percent of GDP.
The results of a survey by the Zew Center for European Economic Research showed that economic sentiment in Germany improved in June, with the index rising to 19.2 from 6.4 in May. Economists expected a reading of 4.8. The current situation index also improved 1.4 points to 54.5. |
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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 mixed, as yesterday's euphoria over increased odds of Britain remaining in the European Union faded. The Chinese, New Zealand and Indian markets retreated, while most other markets advanced.
The Japanese market rose yet again as the yen continued to weaken. The Nikkei 225 Index opened lower but staged a recovery, moving decisively above the unchanged line by early afternoon trading. Thereafter, the index continued to trade in the green before ending up 203.81 points or 1.28 percent at a one-week high of 16,169.
A majority of stocks rose in the session, led by exporters, although some resource and chemical stocks came under selling pressure.
Australia's All Ordinaries Index held mostly above the unchanged line throughout the session before ending up 17.70 points or 0.33 percent at 5,353. Healthcare, financial, IT, industrial and utility stocks gained ground, but energy, material and telecom stocks came under selling pressure.
Hong Kong's Hang Seng Index ended at 20,668, up 158.24 points or 0.77 percent, while China's Shanghi Composite Index succumbed to late hour weakness and ended down 10.25 points or 0.35 percent at 2,879.
On the economic front, the minutes of the Reserve Bank of Australia's June Monetary Policy Committee meeting showed that low inflation allowed the central bank to keep interest rates at a record low. The minutes also suggested that a weak Australian dollar and higher exports provided support to the economy. The aussie reacted to the positive commentary on economic growth with a move to the upside.
House prices in Australia edged down 0.2 percent sequentially in the first quarter, according to data released by the Australian Bureau of Statistics. Economists expected a 0.8 percent increase following a 0.2 percent uptick in the previous quarter. Annually, house price growth slowed to 6.8 percent from 8.7 percent.
Meanwhile, the Bank of Japan released the minutes of its April meeting, which said the economy continued its moderate recovery trend but noted that the nation faces several downside risks, including from overseas economies.
All industry activity in Japan expanded at a faster pace in April, the Ministry of Economy, Trade and Industry reported. The index of all industry activity advanced 1.3 percent month-over-month in April, faster than the 0.2 percent increase seen in March and a 1.2 percent rise forecast by economists. Construction and tertiary industry activity rebounded. |
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| | Currency and Commodities Markets | | Crude oil futures for July delivery are slipping $0.74 to $49.23 a barrel after moving up $1.39 to $48.37 a barrel in the previous session. Meanwhile, an ounce of gold is currently trading at $1,277.40, down $14.70 from the previous session's close of $1,292.50. On Monday, gold fell $2.70.
On the currency front, the U.S. dollar is trading at 104.54 yen compared to the 103.94 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1313 compared to yesterday's $1.1314. |
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