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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 after the major averages edged up to new record closing highs in the previous session.
The futures saw further downside following the release of a report from the Labor Department showing a bigger than expected increase in consumer prices in the month of August.
Geopolitical concerns may weigh on the markets 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.
Traders are also digesting the latest monetary policy announcement by the Bank of England, which held interest rates steady but said some withdrawal of monetary stimulus is likely to be appropriate over the coming months.
After moving higher over the two previous sessions, stocks showed a lack of direction throughout the trading day on Wednesday. The major averages spent the day bouncing back and forth across the unchanged line.
The major averages eventually ended the session modestly higher, reaching new record closing highs. The Dow rose 39.32 points or 0.2 percent to 22,158.18, the Nasdaq inched up 5.91 points or 0.1 percent to 6,460.19 and the S&P 500 edged up 1.89 points or 0.1 percent to 2,498.37.
The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.
Traders also stuck to the sidelines ahead of the release of some key economic data over the next couple of days.
A report released by the Labor Department this morning showed producer prices rose by slightly less than expected in the month of August.
The Labor Department said its producer price index for final demand edged up by 0.2 percent in August after slipping by 0.1 percent in July. Economists had expected the index to climb by 0.3 percent.
Excluding food and energy prices, core producer prices inched up by 0.1 percent in August after dipping by 0.1 percent in July. Core prices had been expected to rise by 0.2 percent.
Traders also kept an eye on Washington, where House Speaker Paul Ryan, R-Wis., revealed Republicans will release an outline of their tax reform plan the week of September 25th.
Speaking to reporters, Ryan said the outline will represent a consensus between the House Ways And Means Committee, the Senate Finance Committee, and the Trump administration.
Ryan said the tax-writing committees would take feedback and input on the outline and then produce their bills in the weeks ahead.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Energy stocks saw considerable strength, however, with an increase by the price of crude oil generating buying interest. Reflecting the strength in the energy sector, the Philadelphia Oil Service Index and the NYSE Arca Natural Gas Index surged up by 2.3 percent 1.9 percent, respectively.
On the other hand, gold stocks showed a notable move to the downside, moving lower along with the price of the precious metal. The NYSE Arca Gold Bugs Index slumped by 1.5 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Reflecting a sharp jump in energy prices, the Labor Department released a report showing U.S. consumer prices increased by slightly more than anticipated 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.
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.
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Shares of United Natural Foods (UNFI) are moving notably higher in pre-market trading after the organic and specialty foods distributor reported fourth quarter earnings that exceeded analyst estimates.
Biotechnology company Halozyme Therapeutics (HALO) is also likely to see early strength after raising its full-year revenue guidance following the announcement of two new licensing agreements for its Enhanze drug-delivery technology.
Shares of Lakeland Industries (LAKE) may also move to the upside after the protective clothing provider reported better than expected second quarter earnings.
On the other hand, shares of Array BioPharma (ARRY) may come under pressure after the biopharmaceutical company announced it has commenced an underwritten public offering of $175 million worth of shares of its common stock.
Chipmaker Lattice Semiconductor (LSCC) could also see early weakness after President Donald Trump blocked a proposed acquisition of the company by a Chinese-backed investor.
Shares of Lennar (LEN) are likely to be in focus after the homebuilder said Hurricane Irma would most likely delay approximately 700 home deliveries from the fourth quarter of 2017 into fiscal 2018. |
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| | Europe markets |
European stocks are mixed on Thursday as a raft of Chinese data came in below estimates and the Bank of England held interest rates steady but said some withdrawal of monetary stimulus is likely to be appropriate over the coming months. Geopolitical tensions also remain in focus.
Earlier in the day, the Swiss National Bank maintained its expansionary monetary policy and upgraded its inflation projections.
While the French CAC 40 Index has inched up by 0.1 percent, the German DAX Index is down by 0.2 percent and the U.K.'s FTSE 100 Index is down by 0.9 percent.
Switzerland's biggest life insurer Swiss Life has come under pressure on worries about tax evasion in the United States.
Wm Morrison Supermarkets has also slumped despite the company reporting its seventh consecutive quarter of rising sales.
Hermes has tumbled after the French luxury goods maker warned of a slowdown in profit growth in the second half due to currency headwinds.
Meanwhile, Next Plc shares have jumped after the British clothing retailer lifted its full-year sales and profit forecasts despite fears about waning consumer confidence.
Automakers are broadly higher after industry data showed Europe's passenger car sales grew 5.6 percent year-on-year to 865,047 units in August, up from July's 2.7 percent increase.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks erased early gains to end mostly lower on Thursday after a raft of Chinese data came in below estimates. Investors also awaited the release of U.S. inflation data later in the day for clues on the possible timing of the Federal Reserve's next interest rate increase.
Chinese shares eased from a 20-month high after the release of weaker-than-expected data. The benchmark Shanghai Composite Index shed 12.72 points or 0.4 percent to finish at 3,371.43, while Hong Kong's Hang Seng Index fell 116.88 points or 0.4 percent to 27,777.20.
China's industrial output grew an annual 6.0 percent in August, the National Bureau of Statistics said, missing forecasts for an increase of 6.6 percent and down from 6.4 percent in July.
Retail sales rose 10.1 percent, again missing expectations for 10.5 percent growth, while fixed asset investment advanced an annual 6.7 percent, shy of forecasts for 6.8 percent.
Japanese shares edged lower to snap a three-day winning streak as the dollar held steady against the yen and data showed Japan's industrial output declined as initially estimated in July.
Sentiment also turned sour after North Korea threatened to use nuclear weapons to "sink" Japan and reduce the United States to "ashes and darkness" for supporting a new round of sanctions by the United Nations.
The Nikkei 225 Index dipped by 58.38 points or 0.3 percent to 19,807.44, dragged down by commodity-related stocks like Toho Zinc and Mitsui Mining & Smelting.
The broader Topix index hit its highest level in more than two years before reversing direction to end the session 0.3 percent lower at 1,632.13.
Toshiba Corp tumbled 4.5 percent after saying it was stepping up talks to sell its flash memory unit to a consortium led by U.S. investment fund Bain Capital.
Australian shares fell for a second day after China reported weak factory data and domestic data showed the unemployment rate held steady in August despite phenomenal employment growth.
Both the S&P/ASX 200 Index and the All Ordinaries Index slid edged down by 0.1 percent to end at 5,738.70 and 5,798.40, respectively.
Mining heavyweights BHP Billiton and Rio Tinto fell about 2 percent as base metal prices slid on muted demand. South32 shed 0.9 percent after reiterating its support for a carbon pricing mechanism. Gold miners fell across the board as gold edged down to its lowest in nearly two weeks.
Meanwhile, Myer Holdings advanced 1.4 percent despite the department store giant reporting a nearly 2 percent decline in its full-year underlying profit.
The big four banks rose between 0.3 percent and 0.8 percent, while energy majors Woodside Petroleum and Santos rose about 1 percent after crude prices jumped more than 2 percent overnight.
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| | Currency and Commodities Markets |
Crude oil futures are climbing $0.48 to $49.78 a barrel after jumping $1.07 to $49.30 a barrel on Wednesday. An ounce of gold is trading at $1,323.60, down $4.40 compared to the previous session's close of $1,328. On Wednesday, gold slid $4.70.
On the currency front, the U.S. dollar is trading at 110.52 yen compared to the 110.55 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1886 compared to yesterday's $1.1885.
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