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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 following the upward trend seen over the past several sessions.
Profit taking may contribute to early weakness on Wall Street after the major averages once again climbed to new record closing highs in the previous session.
A negative reaction to the latest batch of earnings news may inspire traders to cash in on the recent strength in the markets.
While a jump by shares of IBM (IBM) contributed to a notable advance by the Dow, the broader Nasdaq and S&P 500 spent much of the trading day on Wednesday lingering near the unchanged line. The major averages still all reached new record closing highs.
The major averages all closed in positive territory, although the Dow outperformed its counterparts by a wide margin. The Dow climbed 160.16 points or 0.7 percent to 23,157.60, while the Nasdaq inched up 0.56 points or less than 0.1 percent to 6,624.22 and the S&P 500 ticked up 1.90 points or 0.1 percent to 2,561.26.
IBM surged up by 8.9 percent after the tech giant reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
The advance by the Dow also reflected a notable rebound by shares of Goldman Sachs (GS), which climbed by 2.5 percent.
The lack of direction shown by the broader markets came as traders seemed reluctant to make significant moves following the recent upward trend on Wall Street.
In economic news, the Commerce Department released a report showing a much bigger than expected slump in housing starts in the month of September.
The Commerce Department said housing starts plunged by 4.7 percent to an annual rate of 1.127 million in September from the revised August estimate of 1.183 million. Housing starts had been expected to edge down by 0.5 percent.
With the Hurricanes Harvey and Irma disrupting single-family home construction in the South, housing starts slumped to their lowest level since September of 2016.
Building permits, an indicator of future housing demand, also tumbled by 4.5 percent to an annual rate of 1.215 million in September from a revised 1.272 million in August. Economists had expected building permits to drop by 2.9 percent.
Later in the day, the Federal Reserve released its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts.
The Beige Book said reports from the twelve districts indicated that economic activity increased in September through early October, with the pace of growth split between modest and moderate.
The Fed noted the Richmond, Atlanta, and Dallas Districts reported major disruptions from Hurricanes Harvey and Irma in some areas and sectors.
Employment growth was described as modest on balance, while the Fed said price pressures also remained modest since the previous report.
Reflecting the lackluster performance by the broader markets, most of the major sectors ended the day showing only modest moves.
Trucking stocks showed a significant move to the upside, however, with the Dow Jones Trucking Index climbing by 1.6 percent. The index rebounded after closing lower for the three straight sessions.
YRC Worldwide (YRCW), Ryder (R), and Knight-Swift Transportation (KNX) turned in some of the trucking sector's best performances.
Electronic storage and financial stocks also saw some strength on the day, although buying interest was relatively subdued.
On the other hand, oil service stocks came under pressure, dragging the Philadelphia Oil Service Index down by 2.1 percent. With the drop, the index fell to its lowest closing level in almost a month.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
A report released by the Labor Department showed first-time claims for U.S. unemployment benefits fell by much more than anticipated in the week ended October 14th.
The report said initial jobless claims dropped to 222,000, a decrease of 22,000 from the previous week's revised level of 244,000. Economists had expected jobless claims to edge down to 240,000.
With the much bigger than expected decrease, initial jobless claims fell to their lowest level since hitting a matching figure in March of 1973.
A separate report from the Federal Reserve Bank Of Philadelphia showed regional manufacturing activity unexpectedly grew at a faster rate in the month of October.
The Philly Fed said its index for current manufacturing activity in the region climbed to 27.9 in October from 23.8 in September, with a positive reading indicating growth.
The increase by the Philly Fed index came as a surprise to economists, who had expected the index to drop to 22.0.
At 9:30 am ET, Kansas City Federal Reserve President Esther George is due to speak on "The U.S. Economy: Rural and Urban Growth" in Altus, Oklahoma.
The Conference Board is scheduled to release its report on leading economic indicators in the month of September at 10 am ET. The leading economic index is expected to inch up by 0.1 percent.
At 11 am ET, the Treasury Department is due to announce the details of next week's auctions of two-year, five-year, and seven-year notes.
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| | Stocks In Focus |
Shares of eBay (EBAY) have come under pressure in pre-market trading after the e-commerce giant reported third quarter earnings that met analyst estimates provided disappointing guidance.
Credit card giant American Express (AXP) may also move to the downside after announcing the retirement of CEO Kenneth Chenault. The company reported third quarter results that exceeded expectations.
Shares of Nike (NKE) are also seeing premarket weakness after the Goldman Sachs downgraded its rating on the athletic footwear and apparel giant to Neutral from Buy.
On the other hand, shares of Corbus Pharmaceutical (CRBP) may open sharply higher after the drug developer announced positive topline results from its Phase 2 study of safety and efficacy of anabasum in dermatomyositis.
Software developer Adobe Systems (ADBE) is also likely to see early strength after forecasting fiscal 2018 earnings and revenues above analyst estimates.
Shares of Verizon (VZ) may also move to the upside after the telecom giant reported third quarter earnings that met analyst estimates on better than expected revenues. |
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| | Europe markets |
European stocks have fallen on Thursday as investors digested a slew of disappointing earnings reports and fretted over the standoff between Spain and Catalonia.
Worries over Catalonia re-emerged after the Spanish government said it would continue with the procedures set out in Article 155 of the Constitution to restore the legality of self-rule in the region.
Spain Prime Minister will convene a special Cabinet meeting Saturday to trigger process to take control of Catalonia's powers.
Investors also remained focused on the summit of European Union heads of state later in the day and the Senate vote to pass a budget measure that is crucial to U.S. President Donald Trump's hopes of overhauling the tax code before the end of the year.
While the German DAX Index has slumped by 0.9 percent, the French CAC 40 Index is down by 0.7 percent and the U.K.'s FTSE 100 Index is down by 0.6 percent.
Kion shares have plummeted 12.7 percent after the German manufacturer of materials handling equipment cut its 2017 revenue and profit guidance, citing weak orders for its warehouse automation business.
Technology firm SAP has also moved lower as its third-quarter profit missed expectations. French advertising group Publicis Groupe has slumped after its third-quarter sales came in below market forecasts.
Aerospace and defense technology group Thales has moved to the downside after reporting a drop in third quarter sales. Consumer products giant Unilever has also fallen after a weak third-quarter update.
Workspace provider IWG has plunged as much as 34 percent after it issued a profit warning, citing natural disasters and weakness in London trading.
Swiss drug major Roche Holding has also moved lower after posting muted sales growth for the first nine months of the year.
On the positive side, Pernod Ricard shares have jumped after the French drinks maker confirmed its profit target after posting a better-than-expected 5.7 percent rise in first-quarter underlying sales.
Retailer Carrefour has also rallied after reporting growth in third-quarter sales despite soft demand in France.
The pound stayed weak against both the dollar and euro after official data showed U.K. retail sales declined more than expected in September.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed on a mixed note on Thursday after the release of key data from China and Japan. China's third-quarter GDP figures came in line with forecasts and industrial output and retail sales figures topped forecasts, while fixed investment growth eased more than expected. Property sales fell for the first time in more than two-and-half years.
China's Shanghai Composite index ended down 11.70 points or 0.5 percent at 3,370.10, with financials and property developers losing ground. Hong Kong's Hang Seng Index plunged 552.67 points or 1.9 percent to 28,159.09.
Japanese shares extended gains for the 13th straight session as the U.S. dollar hit a two-week peak against the yen and data showed Japan's trade surplus jumped almost 38 percent in September from a year ago. The Nikkei 225 Index rose 85.47 points or 0.4 percent to 21,448.52, while the broader Topix index closed 0.3 percent higher at 1,730.04.
Kobe Steel shares soared 6.7 percent after three Japanese automakers said they haven't found vehicle-safety issues from aluminum supplied by the steelmaker. Lender Mitsubishi UFJ Financial rose over 1 percent and Sumitomo Mitsui Financial gained 0.6 percent, tracking overnight gains among their U.S. peers.
Australian shares extended gains for a seventh consecutive session after Chinese GDP data met expectations and domestic data showed the country added more jobs than expected in September, with the jobless rate hitting a four-year low.
The benchmark S&P/ASX 200 Index inched up 5.60 points or 0.1 percent to 5,896.10, while the All Ordinaries Index closed marginally higher at 5,959.80.
Banks ANZ, Commonwealth and Westpac rose between half a percent and 0.8 percent after U.S. government debt yields rose Wednesday on expectations of a rate increase in December.
Energy firm Santos climbed 1.2 percent after raising its full-year production and sales guidance for the second time this year. Woodside Petroleum dropped 1.8 percent after posting a drop in third-quarter production.
Healthscope advanced 2.7 percent after reaffirming guidance for its hospitals unit. Domino's rallied 3.5 percent after it acquired a German pizza chain.
Meanwhile, South32 shares tumbled 2.5 percent after the diversified miner warned of cost pressures from rising raw material costs and a weaker U.S. dollar. Mining heavyweights BHP Billiton and Rio Tinto also ended down over 2 percent after iron ore and copper prices dipped overnight.
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| | Commodity, Currency Markets |
Crude oil futures are sliding $0.82 to $51.22 a barrel after edging up $0.16 to $52.04 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,287.90, up $4.90 compared to the previous session's close of $1,283. On Wednesday, gold fell $3.20.
On the currency front, the U.S. dollar is trading at 112.48 yen compared to the 112.94 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1832 compared to yesterday's $1.1787.
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