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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 mixed opening on Tuesday, as the Dow futures are up by 23 points but the Nasdaq futures are down by 3 points.
The Dow may benefit from gains by Goldman Sachs (GS) and Johnson & Johnson (JNJ), which are both moving higher in pre-market trading after reporting better than expected quarterly results.
Traders may remain reluctant to make significant moves, however, as the earnings season is only just beginning to pick up steam.
Tech giant IBM Corp. (IBM) is among several companies scheduled to release their quarterly results after the close of today's trading.
Stocks moved modestly higher over the course of the trading session on Monday, adding to the gains posted last week. With the continued upward move, the major averages once again climbed to new record closing highs.
The major averages all finished the day in positive territory. The Dow advanced 85.24 points or 0.4 percent to 22,956.96, the Nasdaq climbed 18.20 points or 0.3 percent to 6,624.00 and the S&P 500 rose 4.47 points or 0.2 percent to 2,557.64.
The markets continued to benefit from recent upward momentum, which has propelled stocks higher amid optimism about the economic outlook and the possibility of major tax reform.
Trading activity was somewhat subdued, however, with traders reluctant to make significant moves ahead of key earnings news later this week.
Traders were also digesting remarks by Federal Reserve Chair Janet Yellen, who spoke at the Group of 30 International Banking Seminar on Sunday.
Despite subdued inflation, Yellen reiterated her belief additional gradual interest rate hikes are likely to be appropriate over the next few years.
"My best guess is that these soft readings will not persist, and with the ongoing strengthening of labor markets, I expect inflation to move higher next year," Yellen said.
On the U.S. economic front, a report released by the Federal Reserve Bank of New York said manufacturing firms in New York reported that business activity continued to expand strongly in the month of October.
The New York Fed said its general business conditions index climbed to 30.2 in October from 24.4 in September, with a positive reading indicating growth in regional manufacturing activity.
The increase came as a surprise to economists, who had expected the New York manufacturing index to drop to 20.7.
Despite the continued uptrend by the broader markets, most of the major sectors ended the day showing only modest moves.
Banking stocks saw notable strength, however, with JPMorgan (JPM) and Bank of America (BAC) posting strong gains after reporting their quarterly results last Friday.
On the other hand, gold stocks came under pressure over the course of the trading session, dragging the NYSE Arca Gold Bugs Index down by 1.5 percent.
The weakness among gold stocks came as the price of the precious metal saw further downside in electronic trading after ending the regular session modestly lower.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Import and export prices both increased by more than anticipated in the month of September, according to a report released by the Labor Department.
The report said import prices climbed by 0.7 percent in September after rising by 0.6 percent in August. Economists had expected import prices to increase by 0.5 percent.
The Labor Department also said export prices advanced by 0.8 percent in September after climbing by an upwardly revised 0.7 percent in August.
Export prices had been expected to rise by 0.4 percent compared to the 0.6 percent increase originally reported for the previous month.
At 9:15 am ET, the Federal Reserve is due to release its report on industrial production in the month of September. Production is expected to edge up by 0.2 percent in September after slumping by 0.9 percent in August.
The National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of October at 10 am ET.
The NAHB/Wells Fargo Housing Market Index is expected to come in unchanged in October after dropping to 64 in September.
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| | Stocks In Focus |
Shares of Synchronoss Technologies (SNCR) are moving sharply higher in pre-market trading after the mobile cloud solutions company concluded its review of strategic alternatives and determined the best approach to maximize shareholder value is to focus on its core Communications & Media business.
Siris Capital Group will acquire all of the stock of Synchronoss' wholly owned subsidiary Intralinks Holdings for approximately $1 billion and make an investment in convertible preferred equity of Synchronoss in an amount of $185 million.
Financial giant Goldman Sachs (GS) is also likely to move to the upside after reporting third quarter results that exceeded analyst estimates on both the top and bottom lines.
Shares of Morgan Stanley (MS) may also see early strength after the financial giant reported better than expected third quarter earnings and revenues.
On the other hand, shares of Impax Laboratories (IPXL) are under pressure in pre-market trading after the pharmaceutical company announced an agreement to merge with privately held Amneal Pharmaceuticals in an all-stock transaction.
Restaurant chain Sonic (SONC) may also see early weakness after reporting better than expected fiscal fourth quarter earnings but on revenues that came in below analyst estimates.
Shares of Harley-Davidson (HOG) could also move to the downside after the motorcycle maker reported a steep drop in third quarter profits, although its results did exceed expectations. |
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| | Europe markets |
European stocks are little changed in cautious trading on Tuesday as Catalan worries persist and investors await speeches by several Federal Reserve officials this week for clues on the outlook for interest rates.
Spanish Prime Minister Mariano Rajoy gave the leader of Catalonia until Thursday to clarify whether he was withdrawing his plan to declare independence from Spain.
The euro extended losses after the Austrian electorate handed a victory to the center-right People's Party. The British pound drifted higher against the dollar after a gauge of U.K. inflation hit a five-year high in September, adding to views that the Bank of England will raise interest rates next month for the first time in a decade.
The ZEW Centre for Economic Research's economic sentiment index for Germany rose less than expected in October while Eurozone inflation held steady in September, as initially estimated, separate reports showed.
While the French CAC 40 Index is just above the unchanged line, the German DAX Index is up by 0.1 percent and the U.K.'s FTSE 100 Index is up by 0.3 percent.
Credit Suisse shares have risen amid reports that activist investor RBR Capital has launched a campaign to break up the Swiss investment bank.
Infineon shares have also rallied after the German chipmaker said it has corrected a flaw in the encryption used for secure products.
Aerospace giant Airbus has jumped more than 2 percent after it agreed to acquire a majority stake in Bombardier's C Series jet program.
Publishing and education company Pearson has soared as much as 7 percent after the British company raised its profit forecast.
On the other hand, laboratory equipment maker Sartorius has fallen sharply after cutting its full-year revenue and profit guidance.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended a range-bound session mostly higher on Tuesday after the major U.S. averages hit fresh record highs overnight, buoyed by rising oil prices and optimism about the economic outlook and the possibility of major tax reform.
The dollar edged up after Fed Chair Janet Yellen reiterated that additional gradual interest rate hikes are likely to be appropriate over the next few years.
Oil prices remained elevated due to supply worries after Iraqi forces seized the oil-rich city of Kirkuk from Kurdish fighters.
Japanese shares extended gains for an 11th straight day as the dollar held gains against the yen and euro and investors remained hopeful that Prime Minister Shinzo Abe will win Sunday's Lower House election.
The Nikkei 225 Index swung between gains and losses before finally closing up 80.56 points or 0.4 percent at 21,336.12, the highest level since November of 1996. The broader Topix index closed 0.2 percent higher at 1,723.37.
Kobe Steel shares soared more than 3 percent after recent steep losses on worries about its data fabrication scandal.
Australian shares rose sharply to close at a five-month high after copper and oil prices jumped and minutes from the Reserve Bank's October 3rd meeting showed the central bank is not in any rush to raise interest rates.
The benchmark S&P/ASX 200 Index climbed 42.80 points or 0.7 percent to 5,889.60, its highest level since May 3rd. The broader All Ordinaries Index closed up 40.90 points or 0.7 percent at 5,958.10.
Rio Tinto rallied 1.3 percent after reporting a 6 percent increase in third quarter iron ore shipments. Rival BHP Billiton also advanced 1.3 percent. The big four banks rose between half a percent and 1.4 percent. Oil Search rose 0.4 percent after posting record production volumes in the last quarter.
Chinese stocks ended roughly flat heading into the National Congress of the Communist Party kicking off on Wednesday. The benchmark Shanghai Composite index dipped 5.03 points or 0.2 percent to 3,373.44, while Hong Kong's Hang Seng Index inched up 4.69 points or less than a tenth of a percent to 28,697.49.
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| | Commodity, Currency Markets |
Crude oil futures are rising $0.24 to $52.11 a barrel after climbing $0.42 to $51.87 a barrel on Monday. Meanwhile, after slipping $1.60 to $1,303 an ounce in the previous session, gold futures are tumbling $14.90 to $1,288.10 an ounce.
On the currency front, the U.S. dollar is trading at 112.37 yen compared to the 112.19 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued $1.1757 compared to yesterday's $1.1796.
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