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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 Friday following the modestly pullback seen in the previous session.
The upward momentum on Wall Street comes following the release of a report from the Commerce Department showing substantial increase in retail sales in the month of September.
Traders are also digesting the latest earnings news, including results from financial giants Bank of America (BAC) and Wells Fargo (WFC).
Extending the lackluster performance seen over the past few sessions, stocks showed a lack of direction during trading on Thursday. The major averages spent much of the day bouncing back and forth across the unchanged line before closing modestly lower.
With the modest drops on the day, the major averages pulled back off Wednesday's record closing highs. The Dow edged down 31.88 points or 0.1 percent to 22,842.01, the Nasdaq dipped 12.04 points or 0.2 percent to 6,591.51 and the S&P 500 dipped slipped 4.31 points or 0.2 percent to 2,550.93.
The modestly lower close on Wall Street was partly due to profit taking following the upward trend seen over the past several sessions.
A negative reaction to earnings news from Citigroup (C) and JPMorgan (JPM) also weighed on the markets, with both financial giants moving lower despite reporting better than expected third quarter earnings.
Nonetheless, traders seemed somewhat reluctant to make more significant moves ahead of the release of some key economic data this morning.
On the U.S. economic front, the Labor Department released a report showing producer prices increased in line with economist estimates in the month of September.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in September after edging up by 0.2 percent in August.
Excluding food and energy prices, core producer prices still rose by 0.4 percent in September after inching up by 0.1 percent in August. Core prices had been expected to rise by 0.2 percent.
A separate Labor Department report showed first-time claims for unemployment benefits fell by more than anticipated in the week ended October 7th.
The report said initial jobless claims dropped to 243,000, a decrease of 15,000 from the previous week's revised level of 258,000. Economists had expected jobless claims to dip to 251,000.
Telecom stocks showed a significant move to the downside over the course of the session, dragging the NYSE Arca Telecom Index down by 2.7 percent. The index pulled back after ending the previous session at a nearly two-month closing high.
AT&T (T) led the telecom sector lower after warning its third quarter results were negatively impacted by recent hurricanes in the U.S. as well as earthquakes in Mexico.
Considerable weakness also emerged among banking stocks, as reflected by the 1.2 percent drop by the Dow Jones Banks Index. A notable decline by Citigroup weighed on the sector.
Oil service stocks also came under pressure amid a decrease by the price of crude oil, while some strength was visible among trucking, tobacco, and railroad stocks.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
With gasoline prices showing a substantial increase, the Commerce Department released a report on Friday showing a significant jump in retail sales in the U.S. in the month of September.
The Commerce Department said retail sales surged up by 1.6 percent in September after edging down by a revised 0.1 percent in August.
Economists had expected retail sales to spike by 1.7 percent compared to the 0.2 percent drop originally reported for the previous month.
Excluding a jump in auto sales, retail sales still shot up by 1.0 percent in September after climbing by 0.5 percent in August. Ex-auto sales had been expected to rise by 0.3 percent.
Higher gas prices contributed to the jump in retail sales, as sales by gasoline stations soared by 5.8 percent during the month.
Closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, rose by 0.4 percent.
A separate report from the Labor Department showed consumer prices increased by slightly less than expected in the month of September.
The Labor Department said its consumer price index climbed by 0.5 percent in September after rising by 0.4 percent in August. Economists had expected prices to increase by 0.6 percent.
Excluding food and energy prices, core consumer prices inched up by 0.1 percent in September after edging up by 0.2 percent in August. Core prices had been expected to rise by another 0.2 percent.
At 10 am ET, the University of Michigan is scheduled to release its preliminary report on consumer sentiment in the month of October. The consumer sentiment index is expected to edge down to 95.0 in October after dipping to 95.1 in September.
The Commerce Department is also due to release its report on business inventories in the month of August at 10 am ET. Business inventories are expected to climb by 0.7 percent.
At 10:25 am ET, Chicago Federal Reserve President Charles Evans is scheduled to participate in a moderated discussion at the 7th Annual Wisconsin Summit on Financial Literacy in Green Bay.
Dallas Fed President Robert Kaplan is due to participate in a moderated Q&A session at the CFA Institute's Fixed Income Management Conference in Boston at 11:30 am ET.
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| | Stocks In Focus |
Shares of Wells Fargo (WFC) have moved to the downside in pre-market trading after the financial giant reported third quarter revenues that came in below analyst estimates.
Fiber-optic networking products provider Applied Optoelectronics (AAOI) is also likely to come under pressure after warning of weaker than expected third quarter results.
Shares of Tandem Diabetes Care (TNDM) are also seeing substantial pre-market weakness after the medical device maker announced a proposed underwritten public offering of its common stock, Series A warrants and Series B warrants.
On the other hand, shares of Bank of America (BAC) may move to the upside after the financial giant reported third quarter results that beat analyst estimates on both the top and bottom lines.
Spark Therapeutics (ONCE) is seeing significant pre-market strength after an FDA advisory committee recommended approval of the company's gene therapy for a rare form of blindness.
Shares of PNC Financial (PNC) may also see early strength after reporting better than expected third quarter earnings on higher interest income. |
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| | Europe markets |
European stocks are turning in another mixed performance on the day. While the German DAX Index is up by 0.1 percent, the French CAC 40 Index is down by 0.1 percent and the U.K.'s FTSE 100 Index is down by 0.2 percent.
In stock-specific action, German chemicals giant BASF SE signed an agreement to acquire significant parts of seed and non-selective herbicide businesses of German conglomerate Bayer AG. The all-cash purchase price is 5.9 billion euros.
For Bayer, the divestment is part of its planned acquisition of Monsanto. BASF shares have moved to the downside percent, while Bayer has moved higher percent.
Airbus' shares have moved lower after the U.S. Federal Aviation Administration issued an emergency order requiring airlines to inspect engines on roughly 120 Airbus A380 superjumbo jets world-wide.
GKN plc shares have plunged after the engineering business reported weak margin for its third quarter, despite good organic sales growth. The company now expects management profit before tax for fiscal 2017 to be slightly above 2016.
Meanwhile, Ashmore Group plc's shares have rallied after the specialist emerging markets asset manager reported growth in first-quarter assets under management.
Shares of investment management firm MAN Group plc have also moved to the upside after reporting higher funds under management in the third quarter.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stock markets closed mostly higher on Friday after strong trade data from China added to evidence of strength in the world's second-largest economy. Data showed Chinese import growth in September exceeded expectations, while exports expanded at a slower than expected pace but remained robust.
China's Shanghai Composite Index rose 5.44 points or 0.2 percent to 3,391.54, while Hong Kong's Hang Seng Index inched up 17.40 points or 0.1 percent to 28,476.43.
Japanese stocks surged to a fresh 21-year high, boosted by optimism that Prime Minister Shinzo Abe's ruling party will win the general elections later this month.
The benchmark Nikkei 225 Index jumped 200.46 points or 1 percent to finish at 21,155.18, its highest level since September of 1996. The broader Topix Index added 0.5 percent to settle at 1,708.62.
Shares of Fast Retailing surged up 5.5 percent after the index heavyweight reported a record profit for the fiscal year ended in August.
Meanwhile, Kobe Steel shares tumbled 8.7 percent after the company's data scandal revealed 30 companies outside Japan, including General Motors, Tesla, Boeing and Airbus, received aluminum and other products with falsified specifications.
The Nikkei Asian Review reported that Japan's Asahi Brewery could sell its almost 20 percent stake in Tsingtao Brewery as part of efforts to grow its business in Europe. Shares of Asahi Group gained 1.8 percent.
The Australian market closed at its highest level since June 2017, reflecting gains by healthcare stocks after the federal government announced plans for proposed healthcare reforms.
The benchmark S&P/ASX 200 Index advanced 19.70 points or 0.3 percent to settle at 5,814.20. The broader All Ordinaries Index added 20.60 points or 0.4 percent to close at 5,884.70.
Shares of health insurance companies rose after the federal government announced plans to release a raft of proposed changes that promise cheaper premiums and easier access to mental healthcare. NIB Holdings gained 1 percent and Medibank Private advanced almost 2 percent.
Mining stocks advanced on news of strong iron ore imports by China in September. BHP Billiton and Rio Tinto rose 0.6 percent each, while Fortescue Metals added 0.4 percent.
Oil stocks recovered from early losses despite lower crude oil prices. Woodside Petroleum added 0.3 percent, Santos rose 0.5 percent and Oil Search added 0.2 percent.
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| | Commodity, Currency Markets |
Crude oil futures are jumping $0.99 to $51.59 a barrel after sliding $0.70 to $50.60 a barrel on Thursday. Meanwhile, after climbing $7.60 to $1,296.50 an ounce in the previous session, gold futures are rising $6.20 to $1,302.70 an ounce.
On the currency front, the U.S. dollar is trading at 111.77 yen compared to the 112.28 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1867 compared to yesterday's $1.1830.
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