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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 Wednesday after trending higher over the past several sessions. Profit taking may contribute to early weakness on Wall Street after the Dow closed higher for the seventh straight session on Tuesday to reach another new record closing high.
Stocks have recently benefited from optimism about the impact of having Donald Trump in the White House, but lingering uncertainty about the President-elect's policies may lead to some trepidation.
Following the mixed performance seen in the previous session, stocks moved mostly higher over the course of the trading day on Tuesday. With the upward move, the Dow climbed to another new record closing high.
The major averages ended the day firmly in positive territory. The Dow rose 54.37 points or 0.3 percent to 18,923.06, the Nasdaq jumped 57.23 points or 1.1 percent to 5,275.61 and the S&P 500 climbed 16.19 points or 0.8 percent to 2,180.39.
The strength on Wall Street came following the release of a report from the Commerce Department showing that retail sales increased by more than expected in the month of October.
The report said retail sales climbed by 0.8 percent in October after jumping by an upwardly revised 1.0 percent in September. Economists had expected sales to rise by 0.6 percent.
Excluding an increase in auto sales, retail sales still climbed by 0.8 percent in October following a 0.7 percent increase in September. Ex-auto sales had been expected to rise by 0.5 percent.
Additionally, the report said closely watched core retail sales, which exclude autos, gasoline, building materials and food service, increased by 0.8 percent in October after rising by 0.3 percent in September.
Traders were also reacting to a sharp increase by the price of crude oil, with crude for December delivery spiking $2.49 to $45.81 a barrel amid optimism that the members of OPEC will finalize an agreement on cutting production later this month.
Energy stocks showed a substantial move to the upside on the day, benefiting from the jump by the price of crude oil. Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index surged up by 4.1 percent, the Philadelphia Oil Service Index jumped by 3.5 percent and the NYSE Arca Oil & Gas Index shot up by 2.5 percent.
Significant strength was also visible among gold stocks, as reflected by the 4.5 percent gain posted by the NYSE Arca Gold Bugs Index. The strength in the sector came as gold for December delivery rose $2.80 to $1,244.50 an ounce.
Semiconductor, internet and software stocks also saw considerable strength on the day, contributing to the notable advance by the tech-heavy Nasdaq.
Meanwhile, steel came under pressure, giving back some ground after rallying in reaction to President-elect Donald Trump's surprise victory. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | With an increase in prices for goods offset by a drop in prices for services, the Labor Department released a report showing that U.S. producer prices unexpectedly came in flat in the month of October.
The Labor Department said its producer price index for final demand was unchanged in October after rising by 0.3 percent in September. Economists had expected another 0.3 percent increase.
Meanwhile, the report said core producer prices, which exclude food and energy prices, dipped by 0.2 percent in October after edging up by 0.2 percent in September. Core prices had been expected to rise by 0.2 percent.
At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production n the month of October. Production is expected to inch up by 0.1 percent, matching the uptick reported for the previous month.
The National Association of Home Builders is also due to release a report on homebuilder confidence in the month of November at 10 am ET. The housing market index is expected to hold at a reading of 63.
Additionally, the Energy Information Administration is scheduled to release its weekly report on crude oil inventories at 10:30 am ET. |
| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Shares of Target (TGT) are likely to see early strength after the discount retailer reported better than expected third quarter results and raised its guidance for the current quarter.
Meanwhile, home improvement retailer Lowe's (LOW) may come under pressure after reporting third quarter results that missed analyst estimates. The company also lowered its full-year guidance.
Gap (GPS) announced the appointment of Teri List-Stoll as executive vice president and chief financial officer, effective January 17, 2017.
After the close of trading on Agilent Technologies (A) reported fiscal fourth quarter earnings and revenues that exceeded analyst estimates. However, the company provided disappointing earnings guidance. |
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| | European Markets | | European stocks have drifted lower Wednesday after two straight sessions of gains, as a bond rout halted and the dollar turned broadly lower against major currencies.
The latest U.K. jobs report painted a mixed picture, with the unemployment rate edging down to 4.8 percent in the July-September period and the number of people in work rising by 49,000, while the number of people claiming unemployment benefits rose by 9,800.
Meanwhile, Moody's Investors Service noted that global credit conditions will remain uneven in 2017 amid stabilizing growth and low interest rates.
The agency noted that there are a number of challenges, including heightened political uncertainty stemming from a busy election schedule in Europe, the start of the U.K.'s formal withdrawal from the EU, and likely changes in policy direction after the U.S. presidential election.
While the U.K.'s FTSE 100 Index has dropped by 0.7 percent, the German DAX Index and the French CAC 40 Index are down by 1 percent and 1.1 percent, respectively.
ABN Amro shares fell amid news the Dutch lender is considering cutting 1,500 jobs as part of a cost-reduction plan after reporting a 19 percent jump in third quarter profits.
Aggreko shares plunged after the portable power provider reported a 7 percent drop in third-quarter underlying revenues but said it expects full-year results to be broadly in line with expectations.
Shares of German chemicals and life sciences company Bayer slumped as the company announced plans to raise four billion euros via convertible notes to help finance the $66 billion Monsanto deal.
Meanwhile Bouygues shares jumped after the industrial group confirmed its 2016 outlook after reporting a better-than-expected profit for the first nine months of the year, helped by an improved performance at its telecom unit. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks turned in a mixed performance on Wednesday despite the overnight spike in oil prices. The dollar consolidated gains against the Japanese yen as solid U.S. retail sales and New York manufacturing data boosted expectations for a December rate hike by the Federal Reserve.
China's Shanghai Composite index edged down 1.93 points or 0.06 percent to 3,205.06 as the yuan hit a fresh eight-year low amid concerns about possible capital outflows.
Commodity-related stocks bore the brunt of the selling, as a renewed rush into Chinese commodities futures prompted calls for tighter regulation. Hong Kong's Hang Seng Index dipped 43.38 points or 0.19 percent to 22,280.53.
Meanwhile, Japanese shares hit a 9-1/2-month high as a weaker yen lifted exporters' shares and surging Japanese yields prompted investors to buy bank stocks.
The Nikkei 225 Index rallied 194.06 points or 1.10 percent to 17,862.21, its highest level since February 1st, while the broader Topix index closed 1.33 percent higher at 1,421.65.
Automakers Toyota Motor, Nissan Motor and Mazda climbed 2-6 percent as the U.S. dollar traded in the upper 108 yen-range. Market heavyweight Fast Retailing advanced 2.2 percent and mobile carrier Softbank Corp added 2 percent.
Nintendo shares jumped 2.8 percent as the gaming giant announced plans to launch its highly anticipated mobile game "Super Mario Run" on December 15th.
Australian shares ended a choppy session nearly unchanged. The benchmark S&P/ASX 200 Index inched up 1.50 points or 0.03 percent to 5327.70, while the broader All Ordinaries Index ended almost flat. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.39 to $45.42 a barrel after jumping $2.49 to $45.81 a barrel on Tuesday. Gold futures, which rose $2.80 to $1,224.50 an ounce in the previous session, are rising $2.20 to $1,226.70 an ounce.
On the currency front, the U.S. dollar is trading at 109.31 yen compared to the 109.20 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0714 compared to yesterday's $1.0722. |
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