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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 Wednesday, with stocks poised to regain some ground following the weakness seen in the previous session.
The upward momentum for the markets comes as traders digest earnings news from financial giants Goldman Sachs (GS) and Citigroup (C). A slew of economic data may also impact trading along with remarks by Federal Reserve Chair Janet Yellen.
Following the long holiday weekend, stocks moved mostly lower over the course of the trading session on Tuesday. With the drop on the day, the tech-heavy Nasdaq pulled back off the record closing high set last Friday.
The major averages ended the day in negative territory but off their lows of the session. The Dow fell 58.96 points or 0.3 percent to 19,826.77, the Nasdaq slid 35.39 points or 0.6 percent to 5,538.73 and the S&P 500 dipped 6.75 points or 0.3 percent to 2,267.89.
Financial stocks turned in some of the market's worst performances on the day, contributing to the overall weakness on Wall Street.
Morgan Stanley (MS) posted a notable loss, tumbling by 3.8 percent even though the financial services giant reported better than expected fourth quarter results.
Reflecting the weakness in the financial sector, the Dow Jones Banks Index plunged by 3.4 percent and the NYSE Arca Broker/Dealer Index slumped by 2.5 percent.
Significant weakness was also visible among biotechnology stocks, as reflected by the 2.3 percent drop by the NYSE Arca Biotechnology Index. Telecom, railroad, and semiconductor stocks also saw considerable weakness, moving lower along with most of the other major sectors.
Meanwhile, gold stocks bucked the downtrend, resulting in a 2.8 percent jump by the NYSE Arca Gold Bugs Index. The strength in the sector came as gold for February delivery surged up $16.70 to $1,212.90 an ounce.
The weakness on Wall Street came following British Prime Minister Theresa May's "Brexit" speech in which she said the U.K. will not seek to "hold on to bits of EU membership."
The U.K. also will not seek to adopt deals that are already available to other countries, May said in a speech at the Lancaster House. Britain "cannot be half in and half out," she said.
May also said Britain will not seek to remain in the single market, as it would mean not leaving the EU at all. However, she said the country will try to gain the "greatest possible" access to the EU.
Nonetheless, traders seemed somewhat reluctant to make more significant moves ahead of the release of some closely watched economic data later this week. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Consumer prices in the U.S. increased in line with economist estimates in the month of December, according to a report released by the Labor Department.
The Labor Department said its consumer price index rose by 0.3 percent in December after edging up by 0.2 percent in November.
Excluding food and energy prices, the core consumer price index crept up by 0.2 percent for the second consecutive month. The uptick in core prices also matched economist estimates.
The Federal Reserve is scheduled to release a separate report on industrial production in the month of December at 9:15 am ET. Production is expected to climb by 0.6 percent in December after falling by 0.4 percent in November.
At 10 am ET, the National Association of Home Builders is due to release its report on homebuilder confidence in January. The NAHB/Wells Fargo Housing Market Index is expected to edge down to 69 in January after jumping to 70 in December.
Minneapolis Fed President Kashkari is also scheduled to speak on Economic Opportunity & Inclusive Growth at the Minneapolis Urban League at 10 am ET.
At 2 pm ET, the Fed is due to release its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, which may shed some light on the outlook for interest rates.
Additionally, Fed Chair Janet Yellen is scheduled to deliver a speech on "The Goals of Monetary Policy and How We Pursue Them" to the Commonwealth Club in San Francisco at 3 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 | | | United Continental (UAL) reported a fourth quarter earnings that fell year-over-year but came in above analyst estimates. Revenue for the quarter also slightly exceeded expectations. The airline also forecast a 4.5 percent to 5.5 percent increase in first quarter unit costs.
Railroad operator CSX Corp. (CSX) reported weaker than expected fourth quarter earnings but on revenues that came in above estimates.
Citigroup (C) reported fourth quarter earnings that exceeded analyst estimates, although the financial giant reported weaker than expected revenues.
Goldman Sachs (GS) reported a jump in fourth quarter earnings that beat expectations amid much stronger than expected revenue growth.
Discount retailer Target (TGT) lowered its fourth quarter and full-year earnings guidance after reporting disappointing holiday sales.
Hewlett Packard Enterprise (HPE) agreed to acquire SimpliVity for $650 million in cash. HPE expects the acquisition to be accretive to earnings in the first fiscal year. |
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| | Europe markets | | The major European markets have also turned mixed on the day. While the French CAC 40 Index has slipped by 0.3 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.3 percent.
On the economic front, German consumer price inflation accelerated to its highest level since the middle of 2013 in December, in line with the flash data published earlier, the latest figures from Destatis showed.
The consumer price index rose 1.7 percent year-over-year in December, confirming the preliminary data released on January 3rd. In November, prices had risen at a rate of 0.8 percent.
Data from the Office for National Statistics showed the U.K. unemployment rate remained stable in three months to November, while people claiming unemployment benefits declined unexpectedly.
The unemployment rate came in at 4.8 percent, the lowest since September of 2005 and matched economists' expectations.
Meanwhile, results of a survey by IHS Markit and financial information provider Ipsos Mori showed British households remained pessimistic about their financial outlook in January. The seasonally adjusted Household Finance Index dropped to 43.9 in January from 45.2 in December.
Eurozone inflation climbed as initially estimated in December, final data from Eurostat showed. Inflation rose to 1.1 percent in December following a 0.6 percent increase in November. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks ended mixed on Wednesday, with some of the markets recovering from initial losses. While investors were optimistic that President-elect Donald Trump's comments about a strong U.S. dollar would benefit the currencies of emerging markets, they also remained cautious amid uncertainty about the incoming president's economic policies.
Investors also digested British Prime Minister Theresa May's statement that her country will leave the European single market when it quits the European Union.
The Australian market closed lower for the second consecutive day, with banking stocks once again dragging the market lower.
The benchmark S&P/ASX 200 Index declined 20.60 points or 0.36 percent to close at 5,678.80, and the broader All Ordinaries Index slid 21.00 points or 0.36 percent to settle at 5,733.70.
In the banking space, ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac closed lower in a range of 0.7 percent to 1.1 percent.
Among the major miners, BHP Billiton declined 0.7 percent and Fortescue metals dipped 0.5 percent, while Rio Tinto added 0.7 percent.
Shares of Wesfarmers added 0.2 percent after the conglomerate raised its first-half earnings outlook for its coal mining business.
Meanwhile, the Japanese market recovered from initial weakness to close higher after the yen moved lower against the U.S. dollar. The benchmark Nikkei 225 Index advanced 80.84 points or 0.43 percent to finish at 18,894.37.
Toshiba rose 2.4 percent after the Nikkei business daily reported that the company is considering spinning off its semiconductor operations and selling a partial stake in the unit to Western Digital (WDC).
China's Shanghai Composite Index closed higher for a second day, edging up 4.24 points or 0.14 percent to settle at 3,113.01. Hong Kong's Hang Seng Index also advanced 257.29 points or 1.13 percent to 23,098.26. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.76 to $51.72 a barrel after inching up $0.11 to $54.28 a barrel on Tuesday. Gold futures, which jumped $16.70 to $1,212.90 an ounce in the previous session, are inching up $0.10 to $1,213 an ounce.
On the currency front, the U.S. dollar is trading at 113.51 yen compared to the 112.62 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0665 compared to yesterday's 1.0713. |
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