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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 modestly lower opening on Friday following the mixed performance seen in the previous session.
Negative sentiment may be generated in reaction to a report from the Commerce Department showing an unexpected drop in retail sales in the month of August.
Geopolitical concerns may also weigh on the markets on news North Korea launched an unidentified missile over Japan and into the Pacific Ocean.
After moving in opposite directions early in the session, the major averages remained mixed throughout the trading day on Thursday. The Dow climbed to a new record closing high, while the broader Nasdaq and S&P 500 spent most of the day in negative territory.
While the Dow rose 45.30 points or 0.2 percent to 22,203.48, the Nasdaq slid 31.10 points or 0.5 percent to 6,429.08 and the S&P 500 edged down 2.75 points or 0.1 percent to 2,495.62.
The pullback by the Nasdaq and the S&P 500 came following the release of a Labor Department report showing a bigger than expected increase in consumer prices in the month of August.
The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July. Economists had expected consumer prices to rise by 0.3 percent.
Excluding food and energy prices, the core consumer price index rose by 0.2 percent in August following a 0.1 percent uptick in the previous month. The increase in core prices matched economist estimates.
The annual rate of growth in consumer prices accelerated to 1.9 percent in August from 1.7 percent in July, although the annual growth in core consumer was prices was unchanged at 1.7 percent.
The faster rate of consumer price growth has raised some concerns about the outlook for the Federal Reserve's monetary policy.
A separate report from the Labor Department showed an unexpected pullback in initial jobless claims in the week ended September 9th.
The report said initial jobless claims fell to 284,000, a decrease of 14,000 from the previous week's unrevised level of 298,000. The drop surprised economists, who had expected jobless claims to inch up to 300,000.
Geopolitical concerns also generated some selling pressure after North Korea threatened to use nuclear weapons to "sink" Japan and reduce the U.S. to "ashes and darkness" for supporting a new round of sanctions by the United Nations.
Meanwhile, the Dow benefited from notable gains by United Technologies (UTX), Pfizer (PFE) and Merck (MRK). Boeing (BA) also moved higher after announcing plans to raise production of its 787 Dreamliner in 2019.
Most of the major sectors showed only modest moves on the day, contributing to the lackluster close by the broader markets.
Steel stocks saw substantial weakness, however, dragging the NYSE Arca Steel Index down by 1.5 percent. The weakness in the sector came as disappointing Chinese economic data raised concerns about the outlook for demand.
Considerable weakness was also visible among trucking and telecom stocks, with the Dow Jones Trucking Index and the NYSE Arca North American Telecom Index sliding by 1.2 percent and 1.1 percent, respectively.
On the other hand, natural gas stocks saw significant strength, driving the NYSE Arca Natural Gas Index up by 1.9 percent. The strength in the sector came amid an increase in energy prices.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Primarily reflecting a steep drop in auto sales, the Commerce Department released a report showing an unexpected decline in U.S. retail sales in the month of August.
The report said retail sales dipped by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July.
Economists had expected retail sales to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.
Excluding the slump in auto sales, retail sales rose by 0.2 percent in August after climbing by 0.4 percent in July. Ex-auto sales had been expected to increase by 0.5 percent.
The New York Federal Reserve released a separate report showing a modest slowdown in the pace of growth in regional manufacturing activity in the month of September.
The New York Fed said its general business conditions index edged down to 24.4 in September from 25.2 in August, although a positive reading still indicates growth. The index has been expected to drop to 19.0.
The Federal Reserve is scheduled to release its report on industrial production in the month of August at 9:15 am ET. Industrial production is expected to inch up by 0.1 percent in August after rising by 0.2 percent in July.
At 10 am ET, the Commerce Department is due to release its report on business inventories in the month of July. Economists expect inventories to edge up by 0.2 percent.
The University of Michigan is also scheduled to release its preliminary report on consumer sentiment in the month of September at 10 am ET. The consumer sentiment is expected to dip to 95.1 in September after climbing to 96.8 in August.
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Shares of Oracle (ORCL) are moving to the downside in pre-market trading after the business software giant reported better than expected fiscal first quarter results but provided disappointing guidance for the current quarter.
Drug discovery and development company Summit Therapeutics (SMMT) is also seeing notable pre-market weakness after announcing a proposed public offering of $15 million worth of American depositary shares.
Shares of American Airlines (AAL) and United Continental (UAL) may also come under pressure after JPMorgan Chase downgraded its ratings on the airlines to Neutral.
On the other hand, shares of Southwest Airlines (LUV) may move to the upside after JPMorgan Chase upgraded its rating on the airline to Overweight.
First Solar (FSLR) may also benefit from an upgrade by Deutsche Bank, which raised its rating on the solar company to Buy from Hold. |
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| | Europe markets |
Renewed geopolitical tensions have pulled European stocks lower on Friday, although losses remained modest following a muted reaction to the latest flare-up in tensions on the Korean peninsula. While the French CAC 40 Index has dipped by 0.3 percent, the German DAX Index has edged down by 0.1 percent.
The U.K.'s FTSE 100 has tumbled by 1.3 percent on worries over a rising pound, which hit a two-month high against the euro and a one-year high against the dollar following hawkish comments from the Bank of England.
AXA has moved lower following a Bloomberg report that the French insurer is reviewing options for its European asset management unit.
Cruise firm Carnival has also moved to the downside after Credit Suisse cut its price target on the stock.
Meanwhile, Swedish fashion group H&M has rallied after reporting a 5 percent increase in third-quarter sales.
Indivior has also advanced after the British drug maker said its U.S. subsidiary has filed patent lawsuits against several firms seeking approval for generic versions of its opioid addiction treatment Suboxone.
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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 Friday as North Korea's latest missile launch over Japan earlier in the day stirred new worries and stronger-than-expected U.S. inflation data stoked expectations of another Fed rate hike this year.
Japanese Prime Minister Shinzo Abe said his country would "never tolerate" North Korea's dangerous actions, while U.S. Secretary of State Rex Tillerson said the continued provocations only deepen North Korea's diplomatic and economic isolation.
China's Shanghai Composite Index dropped 17.76 points or 0.5 percent to 3,353.67 on worries the economy is losing some momentum. Meanwhile, Hong Kong's Hang Seng Index inched up 30.39 points or 0.1 percent to 27,807.59.
Japanese shares shrugged off a weak start to end modestly higher as the dollar regained its footing against the yen after sliding in early trading.
The Nikkei 225 Index climbed 102.06 points or 0.5 percent to finish at 19,909.50, while the broader Topix Index closed 0.4 percent higher at 1,638.94.
Showa Denko KK, Tokai Carbon, Mitsubishi Motors, Astellas Pharma, Nikon and Tokyon Electron were among the prominent gainers.
Australian shares fell as the base metals sell-off continued on Thursday following the release of disappointing Chinese economic data. Banks also succumbed to selling pressure on renewed geopolitical tensions.
The benchmark S&P/ASX 200 Index fell 43.70 points or 0.8 percent to 5,695 but ended the week 0.4 percent higher. The broader All Ordinaries Index closed down 42.60 points or 0.7 percent at 5,755.80.
Miners BHP Billiton, Fortescue Metals Group and Rio Tinto lost 2-4 percent. Banks ANZ and Westpac fell over 1 percent, while rivals Commonwealth and NAB ended down 0.6 percent and 0.3 percent, respectively.
Seoul shares reversed earlier losses to end a tad higher, shrugging off North Korea's latest missile launch. The benchmark Kospi rose 8.41 points or 0.4 percent to 2,386.07, led by gains by telecoms and technology stocks.
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| | Currency and Commodities Markets |
Crude oil futures are inching up $0.11 to $50 a barrel after climbing $0.59 to $49.89 a barrel on Thursday. Meanwhile, after rising $1.30 to $1,329.30 an ounce in the previous session, gold futures are slipping $0.20 to $1,329.10 an ounce.
On the currency front, the U.S. dollar is trading at 111.00 yen compared to the 110.24 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1967 compared to yesterday's $1.1919.
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