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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 Monday, with stocks poised to extend the upward move seen last week.
Following the mixed performance seen in the previous session, stocks moved modestly higher over the course of the trading day on Friday. With the upward move on the day, the Dow and the S&P 500 reached new record closing highs.
The major averages all finished the day in positive territory. The Dow rose 64.86 points or 0.3 percent to 22,268.34, the Nasdaq climbed 19.38 points or 0.3 percent to 6,448.47 and the S&P 500 edged up 4.61 points or 0.2 percent to 2,500.23.
For the week, the Dow surged up by 2.2 percent, while the S&P 500 and the Nasdaq jumped by 1.6 percent and 1.4 percent, respectively.
The strength on Wall Street came as traders shrugged off some disappointing economic reports, as the data was impacted by Hurricane Harvey.
Before the start of trading, the Commerce Department released a report showing 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.
The unexpected decrease in retail sales largely reflected a sharp drop in sales by motor vehicle and parts dealers, which plunged by 1.6 percent in August after coming in unchanged in July.
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.
A separate report from the Federal Reserve unexpectedly showed a notable decrease in industrial production in August.
The report said industrial production slumped by 0.9 percent in August after climbing by an upwardly revised 0.4 percent in July. Economists had expected production to inch up by 0.1 percent.
The Fed said Hurricane Harvey is estimated to have reduced the rate of change in total output by roughly three-quarters of a percentage point.
Additionally, a report from the University of Michigan showed concerns about the impact of Hurricanes Harvey and Irma have weighed on consumer sentiment in September.
Traders may have been expressing optimism that the impact of the hurricanes may lead the Federal Reserve to delay an increase in interest rates.
Most of the major sectors showed only modest moves on the day, although significant strength emerged among semiconductor stocks. The Philadelphia Semiconductor Index surged up by 1.7 percent to its best closing level since 2000.
Graphics chipmaker Nvidia (NVDA) posted a standout gain after Evercore ISI raised its price target on the company's stock to $250 from $180.
Telecom stocks also saw considerable strength, resulting in a 1.3 percent advance by the NYSE Arca Telecom Index. The index moved higher for the fifth straight day after hitting its lowest closing level in over a year last Friday.
Railroad and trucking stocks also moved notably higher over the course of the session, while some weakness was visible among software stocks. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Housing data is likely to attract attention this week along with the Federal Reserve’s monetary policy announcement on Wednesday.
At 10 am ET, the National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of September.
The NAHB/Wells Fargo Housing Market Index is expected to dip to 67 in September after jumping to 68 in August. |
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| | Europe markets | | European stocks hit six-week highs on Monday, with Portugal shares leading the surge amid a rally in euro-area peripheral bonds after S&P Global Ratings raised Portugal's credit rating to investment grade with a stable outlook.
Easing of geopolitical tension and fading expectations for Fed tightening this year also supported underlying sentiment.
The pan-European Stoxx Europe 600 index was up 0.35 percent at 382.03 in late opening deals after rising as much as 1.3 percent last week to post its best weekly gain since July.
The German DAX, France's CAC 40 index and the U.K.'s FTSE 100 were up between 0.3 percent and 0.4 percent, while Portugal's PSI 20 index was up as much as 1.5 percent.
Utilities EDF and Fortum jumped around 2 percent each after an upgrade by Goldman Sachs.
BAE Systems jumped almost 3 percent in London on signing a deal to supply 24 Typhoon fighter jets to Qatar.
Ryanair lost 2.6 percent after the low-cost airline announced plans to cancel between 40 and 50 flights every day up until 20 September.
Fingerprint plunged 21 percent after the Swedish smartphone component maker warned of lower revenue in the third quarter, saying fingerprints is currently experiencing a cautious market.
In economic releases, Eurozone inflation climbed to a four-month high in August, as initially estimated, final data from Eurostat showed today.
Consumer prices advanced 1.5 percent year-on-year in August, faster than the 1.3 percent increase seen in July. This was the highest since April and in line with the estimate published on August 31.
Nonetheless, inflation continues to stay well below the European Central Bank's target of 'below, but close to 2 percent'. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks rose broadly on Monday as geopolitical worries eased and investors looked ahead to the U.S. Federal Reserve and Bank of Japan's meetings later this week for clues on the direction of monetary policy.
China's Shanghai Composite index rose 9.24 points or 0.28 percent to 3,362.86 after the release of stronger-than-expected bank loan data for August. Hong Kong's Hang Seng index was up 352 points or 1.27 percent at 28,159 in late trade.
Australian shares eked out modest gains after major U.S. indexes hit record highs on Friday. The benchmark S&P/ASX 200 index rose 0.45 percent to 5,720.60, snapping three straight sessions of losses.
The broader All Ordinaries index gained 0.40 percent to finish at 5,779, led by financials with the big four banks rising between 0.5 percent and 1.1 percent.
Energy stocks also rose broadly, with Oil Search and Santos closing up nearly 2 percent each on data showing a falling U.S. rig count.
WorleyParsons jumped as much as 4 percent to post its biggest intraday gain in more than three weeks.
New Zealand shares ended little changed as investors looked ahead to Saturday's election. The benchmark S&P/NZX-50 index dropped 3.95 points or 0.05 per cent to 7,758.71, extending losses for the fifth straight session. New Zealand Refining shares tumbled as much as 3.6 percent to $2.39.
Activity in New Zealand's services sector picked up steam in August, the latest survey from Business NZ revealed with a PMI score of 57.3, up from 56.0 in July.
The Japanese market was closed for a public holiday. Seoul shares hit over six-week high after reports that Samsung Electronics and SK Hynix will make a profit of 47 trillion to 48 trillion won (US$41.5 billion to 42.38 billion) in the semiconductor sector this year. The benchmark Kospi jumped 1.35 percent to finish at 2,418.21.
Market heavyweight Samsung Electronics soared 4.1 percent to reach a record high of 2,624,000 won while chipmaker SK Hynix rallied 3.2 percent to close at a record high of 79,700 won. |
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