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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, with stocks poised to give back ground after the upward move seen in the previous session.
The downward momentum on Wall Street comes as traders continue to digest the tax reform plan unveiled by President Donald Trump.
The long-awaited tax reform plan is seen as the biggest overhaul to the U.S. tax system in thirty years and includes a reduction in the corporate tax rate to 20 percent.
While Republicans did not provide details about the cost of the tax cuts would be offset, Trump's top economic advisor Gary Cohn predicted the plan would be paid for by economic growth.
"We think we can drive a lot of business back to America, we can drive jobs back to America, we can make ourselves very competitive," Cohn told CNBC. "We think we can pay for the entire tax cut through growth over the cycle."
Stocks moved mostly higher over the course of the trading day on Wednesday following the lackluster performance seen in the previous session.
The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq jumped 73.10 points or 1.2 percent to 6,453.26, the Dow rose 56.39 points or 0.3 percent to 22,340.71 and the S&P 500 climbed 10.20 points or 0.4 percent to 2,507.04.
The strength on Wall Street was partly due to a positive reaction to the release of a Republican tax reform plan, which calls for a reduction in the corporate tax rate to 20 percent.
Buying interest was also generated by a report from the Commerce Department showing a bigger than expected jump in durable goods orders in the month of August.
The report said durable goods orders surged up by 1.7 percent in August after plunging by 6.8 percent in July. Economists had expected orders to climb by 1.0 percent.
Excluding an increase in orders for transportation equipment, durable goods orders edged up by 0.2 percent in August after climbing by 0.8 percent in July. The uptick matched economist estimates.
The Commerce Department also said orders for non-defense capital goods excluding aircraft, an indicator of business spending, rose by 0.9 percent in August after climbing by 1.1 percent in July.
Michael Pearce, U.S. economist at Capital Economics said the data suggests that business equipment investment is set for another big gain in the third quarter.
Meanwhile, a separate report from the National Association of Realtors showed a steep drop in pending home sales in the month of August.
NAR said its pending home sales index plunged by 2.6 percent to 106.3 in August from 109.1 in July. The index had been expected to dip by 0.5 percent.
With the much bigger than expected decrease, the pending home sales index dropped to its lowest reading since hitting 106.1 in January of 2016.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Semiconductor stocks showed a significant move to the upside on the day, driving the Philadelphia Semiconductor Index up by 2.4 percent.
Micron Technology (MU) led the semiconductor sector higher after reporting better than expected fourth quarter results and providing upbeat guidance.
Considerable strength was also visible among financial stocks, with the NYSE Arca Broker/Dealer Index and the Dow Jones Banks Index climbing by 2.1 percent and 1.7 percent, respectively.
Internet, computer hardware, and networking stocks also saw notable strength, contributing to the jump by the tech-heavy Nasdaq.
On the other hand, utilities and gold stocks showed notable moves to the downside over the course of the trading session.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
The Commerce Department released a report showing economic activity increased by slightly more than previously estimated in the second quarter.
The report said gross domestic product jumped by 3.1 percent in the second quarter compared to the previously estimated 3.0 percent growth. Economists had expected the pace of GDP growth to be unrevised.
A separate report from the Labor Department showed a rebound in initial jobless claims in the week ended September 23rd.
The report said initial jobless claims rose to 272,000, an increase of 12,000 from the previous week's revised level of 260,000.
Economists had expected jobless claims to rise to 270,000 from the 259,000 originally reported for the previous week.
At 9:45 am ET, Kansas City Federal Reserve President Esther George is due to speak on the U.S. economy and monetary policy at the Banking and the Economy: A Forum for Minority Bankers in Kansas City.
The Treasury Department is scheduled to announce the results of its auction of $28 billion worth of seven-year notes at 1 pm ET.
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Shares of Pier 1 Imports (PIR) are moving sharply lower in pre-market trading after the home furnishings retailer reported a narrower than expected second quarter loss but provided disappointing guidance.
Biopharmaceutical company Intra-Cellular Therapies (ITCI) is also seeing pre-market weakness after pricing an underwritten public offering of 9.7 million shares of its common stock at $15.50 per share.
Shares of Rite Aid (RAD) may also move lower after the drug store chain reported second quarter revenues that came in below analyst estimates.
On the other hand, shares of Blackberry (BBRY) are likely to move to the upside after the software company reported an unexpected second quarter profit on better than expected revenues.
Spice maker McCormick (MKC) may also see early strength after reporting better than expected third quarter results and raising its full-year guidance.
Shares of Jabil (JBL) are also seeing some pre-market strength after the electronic manufacturer reported fiscal fourth quarter results that exceeded analyst estimates. |
| | Europe markets |
European stocks steadied on Thursday after five sessions of gains, even as banks rallied on expectations for higher interest rates going forward.
While the U.K.'s FTSE 100 Index has dipped by 0.2 percent, the French CAC 40 Index is just above the unchanged line and the German DAX Index is up by 0.3 percent.
Lenders Commerzbank, Deutsche Bank, Credit Agricole and Barclays have climbed on the back of higher bond yields after U.S. President Donald Trump unveiled his long-awaited tax reform plan overnight.
Meanwhile, Hennes & Mauritz shares have fallen after the Swedish retailer posted weaker-than-expected third-quarter earnings.
Ryanair has also moved lower as the airline faces legal action for "persistently misleading" passengers about their rights following the wave of flight cancellations because of a shortage of pilots.
Imperial Brands has also come under pressure after reports that it is in talks to help save struggling wholesaler Palmer & Harvey Holdings.
The day's economic reports proved to be a mixed bag. German consumer confidence is set to weaken in October, survey data from market research group GfK showed. The forward-looking consumer sentiment index unexpectedly fell to 10.8 from 10.9 in September.
On the other hand, a gauge of Euro zone economic sentiment improved more than expected in September to reach levels last seen in July 2007.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mixed yet again on Thursday after South Korea said it expects North Korea to engage in more provocative action next month to coincide with the anniversary of the founding of its communist party.
The dollar held steady near one-month high after U.S. President Donald Trump unveiled his long-awaited tax reform plan overnight. Gold rebounded from one-month lows, while oil prices fell after ending higher on Wednesday.
Chinese stocks closed a tad lower ahead upcoming National Day holidays starting on Sunday. The benchmark Shanghai Composite Index edged down 5.16 points or 0.2 percent to finish at 3,340.12, while Hong Kong's Hang Seng Index slid 220.83 points or 0.8 percent to 27,421.60.
Meanwhile, Japanese shares rose as the gains in the dollar against the yen helped lift exporters and financials also climbed on expectations for a U.S. Federal Reserve interest rate hike in December.
The Nikkei 225 climbed 96.06 points or 0.5 percent to 20,363.11, while the broader Topix index closed 0.7 percent higher at 1,676.17.
Tokyo Electron, Isuzu Motors and Dai-ichi Life Holdings jumped 2-3 percent. Yamato Holdings advanced 2.1 percent on a Nikkei report that the delivery services company is negotiating a higher rate with corporate clients for shipping in Japan.
Australian shares snapped two days of losses after Trump proposed the biggest U.S. tax overhaul in three decades. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index both edged up around 0.1 percent to close at 5,670.40 and 5,731.50, respectively.
Banks Commonwealth, NAB and Westpac rose between 0.4 percent and 0.6 percent, while miners BHP Billiton, Rio Tinto and Fortescue Metals Group lost 1-3 percent.
Utilities were in demand, with Infigen Energy shares climbing 3.4 percent. Origin Energy rose 0.7 percent after it agreed to sell its conventional oil and gas exploration business Lattice Energy to Beach Energy for A$1.59 billion. Beach Energy shares entered a trading halt.
Seoul shares ended roughly flat as investors weighed North Korea risks and waited for current account balance data for August, due out Friday. The benchmark Kospi inched up 0.57 point to 2.373.14, snapping a seven-session losing streak.
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| | Currency and Commodities Markets |
Crude oil futures are climbing $0.30 to $52.44 a barrel after rising $0.26 to $52.14 a barrel on Wednesday. An ounce of gold is trading at $1,286.90, down $0.90 compared to the previous session's close of $1,287.80. On Wednesday, gold slumped $13.90.
On the currency front, the U.S. dollar is trading at 112.67 yen compared to the 112.84 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1777 compared to yesterday's $1.1745.
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