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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 lower opening on Thursday, with futures reversing course after an early recovery attempt set in motion by the European Central Bank decision. Separate reports released ahead of the market open showed an unexpected drop in weekly jobless claims and in line private payroll gains, triggering rate hike fears. The dollar is higher except against commodity currencies, and commodities are mixed. The markets may also focus on Fed speeches and stay apprehensive ahead of tomorrow's non-farm payrolls report.
U.S. stocks ended another lackluster session on Wednesday slightly higher, as oil cut its early losses and the Federal Reserve's Beige Book commentary on the economic outlook was encouraging.
The major averages opened notably lower, as global growth concerns weighed on the markets following the release of lackluster Chinese and eurozone manufacturing activity data. However, the averages pared back their losses by the mid-session. Subsequently, the averages moved about in a directionless manner before ending marginally higher.
The Dow Industrials ended up 2.47 points or 0.01 percent at 17,790, the S&P 500 Index added 2.37 points or 0.11 percent before ending at 2,099 and the Nasdaq Composite closed at 4,952, up 4.20 points or 0.08 percent.
Seventeen of the thirty Dow components closed higher for the session, while the remaining thirteen stocks retreated. DuPont (DD) and Procter & Gamble (PG) were among the biggest gainers of the session, but Verizon (VZ) fell sharply.
On the economic front, total vehicle sales came in at a seasonally adjusted annual rate of 17.5 million units, more than the 17.4 million units forecast by economists.
The Fed's Beige Book showed that economic activity in April through mid-May increased at a modest pace. Consumer spending and non-financial services growth were qualified as modest. The Fed also noted that manufacturing activity was mixed across districts.
The central bank also spoke of expanding construction and real estate activity. Employment was also reported as growing modestly, with the Fed noting modest wage growth and an increase in price pressure.
The results of the Institute for Supply Management's national manufacturing survey showed that its manufacturing PMI climbed to 51.3 in May from 50.8 in April, while economists expected a reading of 50.6. The new orders index edged down 0.1 points to 55.7 and the production index fell 1.6 points to 52.6. Meanwhile, the order backlogs index fell 3.5 points to 47. The employment index was unchanged at 49.2. Out of the 18 industries surveyed, 12 reported growth.
Final estimates released by Markit showed that its U.S. manufacturing PMI edged down to 50.7 in May from 50.8 in April. Economists expected a reading of 50.5.
The Commerce Department reported that construction spending fell 1.8 percent month-over-month in April following an upwardly revised 1.5 percent increase in March. Economists expected 0.6 percent growth following the initially reported 0.3 percent uptick for the previous month. Residential construction spending declined 1.5 percent and private non-residential construction spending was also down 1.5 percent. Public construction spending was down 2.8 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Payroll processor ADP released a report showing that private sector employment in the U.S. increased roughly in line with economist estimates in the month of May.
The report said private sector employment rose by 173,000 jobs in May after climbing by an upwardly revised 166,000 jobs in April. Economists had expected employment to increase by about 175,000 jobs compared to the addition of 156,000 jobs originally reported for the previous month.
The Labor Department released a report showing a modest drop in first-time claims for U.S. unemployment benefits in the week ended May 28th.
The report said initial jobless claims edged down to 267,000, a decrease of 1,000 from the previous week's unrevised level of 268,000. Economists had expected jobless claims to inch up to 270,000.
At 11 am ET, the Energy Information Administration is set to release its weekly petroleum status report for the week ended May 27th. The report was pushed back by a day due to the public holiday on Monday.
Crude oil stockpiles fell by 4.2 million barrels to 537.1 million barrels in the week ended May 20th. Despite the drop, stockpiles were at historically high levels for this time of the year.
Distillate inventories declined by 1.3 million barrels yet remained well above the upper limit of the average range for this time of the year. Meanwhile, gasoline inventories rose by 2 million barrels and were well above the upper limit of the average range.
Refinery capacity utilization averaged 89.7 percent over the four weeks ended May 20th compared to 89.3 percent for the four weeks ended May 13th.
The Treasury Department is set to make announcements concerning next week's auctions of 3-year and 10-year notes and 30-year bonds at 11 am ET.
Dallas Federal Reserve President Robert Kaplan will participate in a moderated Q&A at a Boston College conference at 1 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 | | | Costco (COST) reported that its May total sales rose 3 percent, while its comparable store sales remained flat despite the metric rising 1 percent in the U.S. Excluding the impact of gasoline price deflation and foreign exchange, comparable store sales climbed 4 percent.
Fred's (FRED) reported a 1 percent drop in total sales for May, although comparable store sales edged down 0.4 percent year-over-year. For the first four months, comparable store sales were up 0.7 percent.
Semtech (SMTC) reported better than expected first quarter non-GAAP earnings per share and its sales were up 1 percent. The company's second quarter guidance is in line.
Analogic (ALOG) reported below-consensus non-GAAP earnings per share for its third quarter and revenues fell 4 percent.
Announcing the terms of its previously announced share buyback, Alibaba (BABA) said it has agreed to buy 27.03 million shares from SoftBank at $74 per share for an total of $2 billion.
DeVry (DV) announced the appointment of Patrick Unzicker, its Chief Accounting Officer, as its CFO and treasurer, effective May 31st, 2016. The move follows the decision by incumbent Timothy Wiggins to leave the company after a 5-year stint.
Broadcom (AVGO), Comtech Telecom (CMTL), Cooper (COO), Marvell (MRVL) and Zumiez (ZUMZ) 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 lower and were mixed in early trading. The German DAX Index and the French CAC 40 Index languished in the red till late morning trading but the U.K. FTSE Index held mostly higher. Subsequently, the averages turned uniformly higher as the markets awaited the monetary policy decision of the European Central Bank and the outcome of the OPEC meeting in Vienna.
After a recovery that lasted till the mid-session, the averages have turned lower yet again amid the release of the U.S. data and ECB President Mario Draghi's press briefing.
The European Central Bank left interest rates unchanged for a second policy session in a row, as policymakers hope that the already announced stimulus measures will boost the euro area growth and inflation in the coming months.
The staff forecasts revealed an upward revision to GDP growth for 2016 to 1.6 percent from 1.4 percent and the 2017 forecast was left unchanged at 1.7 percent. The central bank lifted its inflation forecast to 1.7 percent from 1.8 percent. The inflation forecast for 2017 and 2018 were left unchanged at 1.3 percent and 1.6 percent, respectively.
In major corporate news, Johnson Matthey reported lower pre-tax profits for 2016 but raised its dividend and forecast higher results for fiscal year 2017.
On the economic front, Eurostat reported that producer prices in the eurozone fell 4.4 percent year-over-year in April, while economists expected a 4.1 percent drop. On a monthly basis, producer prices edged down 0.3 percent, belying expectations for a 0.1 percent increase.
The U.K. construction sector experienced another difficult month as output growth eased to its weakest level for almost three years, the results of a survey by Markit/CIPS showed. The construction sector PMI fell to 51.2 in May from 52.0 in April. The index was forecast to remain unchanged. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended on a mixed note, with the Australian, Japanese, New Zealand and Taiwanese markets retreating, while the rest of the markets ended higher. A firmer yen and weak commodities weighed on some of the markets even as traders retained hopes that the world economy will not crumble.
Japanese stocks retreated sharply as the yen strengthened after Prime Minister Shinzo Abe announced a delay in the implementation of a proposed sales tax hike to late 2019.
The Nikkei 225 Index opened notably lower and declined steadily until the mid-session. After moving sideways in the afternoon, the index ended down 393.18 points or 2.32 percent at a 1-week low of 16,563. A majority of stocks retreated, with the export and financial spaces declining notably.
Australia's All Ordinaries Index saw some volatility in the morning session. However, the index plunged in the mid-session and then moved sideways before ending down 41 points or 0.76 percent at 5,354. The index was lower for the third straight session. Financial stocks led a broader market retreat, although telecom stocks saw some strength.
China's Shanghai Composite Index ended a volatile session up 11.72 points or 0.40 percent at 2,925. Hong Kong's Hang Seng Index also showed nervousness throughout the session before ending up 98.24 points or 0.47 percent at 20,859.
On the economic front, a report released by the Australian Bureau of Statistics showed that retail sales in Australia rose 0.2 percent month-over-month in April, smaller than the 0.3 percent increase expected by economists and the 0.4 percent gain in March.
A separate report showed that the nation's trade balance narrowed to A$1.579 billion in April from A$1.971 billion in March. Economists expected a deficit of A$2.10 billion. Exports rose 1 percent but imports fell 1 percent.
Japan's Cabinet Office released the result of its consumer confidence survey, which showed a small improvement in consumer confidence. The consumer confidence index edged up 0.1 points to 40.9 in May, while the index was expected to dip to 40.1.
Data released by the Bank of Japan showed that the monetary base in Japan rose 25.5 percent year-over-year in May following a 26.8 percent jump in April. On an adjusted basis, the monetary base was up 19.6 percent. |
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| | Currency and Commodities Markets | | Crude oil futures for July delivery are slipping $0.45 to $48.56 a barrel after edging down $0.09 to $49.01 a barrel on Wednesday. Gold futures are trading currently at $1,217.80 an ounce, up $3.10 from the previous session's close of $1,214.70 an ounce. On Wednesday, gold fell $2.80.
On the currency front, the U.S. dollar is trading at 108.77 yen compared to the 109.54 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1202 compared to yesterday's $1.1188. |
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