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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 mixed performance seen in the previous session. Early buying interest may be generated in reaction to news that Senate Republicans approved a budget resolution that will serve as the legislative vehicle for their tax reform plan.
The non-binding budget resolution unlocks the reconciliation process, allowing Republicans to pass their tax reform plan with a simple 51-vote majority in the Senate.
The Senate voted 51 to 47 in favor of the measure, with the vote largely coming down along party lines. Senator Rand Paul, R-Ken., was the only Republican to vote against the resolution.
"This now allows for the passage of large scale Tax Cuts (and Reform), which will be the biggest in the history of our country!" President Donald Trump said in a post on Twitter.
After initially coming under pressure, stocks regained ground over the course of the trading session on Thursday. The major averages climbed well off their worst levels, with the Dow and the S&P 500 turning positive late in the day to reach new record closing highs.
The tech-heavy Nasdaq bounced well off its lows of the session but still closed down 19.15 points or 0.3 percent at 6,605.07. The Dow inched up 5.44 points or less than a tenth of a percent to 23,163.04, and the S&P 500 crept up 0.84 points or less than a tenth of a percent to 2,562.10.
The early weakness on Wall Street was partly due to profit taking after the major averages, with a negative reaction to some of the latest earnings news inspiring traders to cash in on the recent strength in the markets.
Shares of eBay (EBAY) showed a notable move to the downside after the e-commerce giant reported third quarter earnings that met analyst estimates but provided disappointing guidance.
Tobacco giant Philip Morris (PM) also ended the day firmly in negative territory after reporting weaker than expected third quarter earnings and revenues.
The subsequent rebound by stocks reflected recent upward momentum amid optimism about the economy and the potential for tax reform.
On the U.S. economic front, 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.
Meanwhile, the Conference Board released a report showing an unexpected decrease by its leading of leading economic indicators in the month of September.
The Conference Board said its leading economic index dipped by 0.2 percent in September after climbing by 0.4 percent in August. Economists had expected the index to inch up by 0.1 percent.
Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board, said the unexpected drop by the index was partly a result of the temporary impact of recent hurricanes.
Airline stocks showed a significant move to the downside on the day, dragging the NYSE Arca Airline Index down by 1.6 percent.
United Continental (UAL) led the sector lower even thought the airline reported better than expected third quarter results, as its adjusted earnings fell sharply year-over-year.
Considerable weakness was also visible among oil service stocks, as reflected by the 1.2 percent drop by the Philadelphia Oil Service Index. The index fell to its lowest closing level in a month. The weakness in the oil service sector came amid a decrease by the price of crude oil.
Tobacco stocks also saw notable weakness, while strength emerged among utilities, software, and housing stocks over the course of the session.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 10 am ET, the National Association of Realtors is scheduled to release its report on existing home sales in the month of September. Existing home sales are expected to dip to an annual rate of 5.30 million.
Cleveland Federal Reserve President Loretta Mester is due to speak on a panel at "The Future of Global Finance: Populism, Technology and Regulation" conference in New York City at 2 pm ET.
At 7:30 pm, Fed Chair Janet Yellen is scheduled to deliver a lecture on "Monetary Policy Since the Financial Crisis" at the NEC Herbert Stein Memorial Lecture and Annual Members Dinner in Washington, D.C.
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| | Stocks In Focus |
Shares of PayPal (PYPL) are moving sharply higher in pre-market trading after the digital payments company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
Online brokerage E*Trade (ETFC) may also move to the upside after reporting third quarter earnings that beat analyst estimates.
Shares of WD-40 (WDFC) could also see early strength after the maintenance and cleaning product company reported better than expected fiscal fourth quarter earnings.
On the other hand, shares of General Electric (GE) may come under pressure after the industrial conglomerate reported third quarter earnings well below analyst estimates and slashed its full-year earnings forecast.
Biopharmaceutical company Celgene (CELG) is also likely to see early weakness after halting two studies of its drug to treat Crohn's disease and saying it would not begin a third.
Shares of Procter & Gamble (PG) are also seeing pre-market weakness after the consumer products giant reported better than expected fiscal first quarter results but on sales that came in slightly below estimates. |
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| | Europe markets |
European stocks are modestly higher on Friday as a slew of upbeat earnings reports and the dollar's gains on increased optimism about the prospects for U.S. tax reform helped investors shrug off renewed political uncertainty in Spain.
While the French CAC 40 Index has edged up by 0.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.2 percent.
Spain's IBEX was marginally lower in choppy trading ahead of a special cabinet meeting Saturday that could trigger process to take control of Catalonia's powers.
Ericsson shares have soared in Stockholm after the Swedish telecom equipment maker posted a wider than expected third quarter loss on higher charges and weak sales but said it sees positive effects on gross margin in 2018.
Volvo has also jumped after it reported a bigger than expected increase in quarterly core earnings and raised its outlook for truck markets on both sides of the Atlantic this year.
Software AG shares have rallied after the German software company confirmed its recently raised forecast after reporting an increase in third quarter EBIT on an IFRS basis.
Meanwhile, gold miner Acacia Mining has come under pressure after reporting lower production and earnings for the third quarter.
German retailer Metro has also moved to the downside after reporting muted growth in like-for-like sales for the fourth quarter.
In economic news, the euro area current account surplus rose to the highest level in more than a year in August, the European Central Bank said.
The current account surplus rose to 33.3 billion euros in August from 31.5 billion euros in July. This was the highest since May 2016.
The sterling was little changed after data showed the U.K. public sector deficit fell almost 11 percent in September compared with the corresponding period last year.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mostly higher on Friday after the U.S. Senate approved a fiscal 2018 budget resolution, taking a step forward towards overhauling the U.S. tax code.
Overall gains remained muted, however, as investors awaited the outcome of Sunday's Japanese general election and China's central bank governor Zhou Xiaochuan warned that excessive optimism could lead to a "Minsky moment."
The U.S. dollar weakened against its rivals after media reports suggested that President Donald Trump is leaning toward nominating Federal Reserve governor Jerome Powell to succeed Janet Yellen.
Investors also kept an eye on political tensions in Spain as a deadline set by Madrid for a final decision on independence approaches.
Japanese shares rose for the 14th straight session to post their longest winning streak since January 1961, as the yen remained weak on hopes that Prime Minister Shinzo Abe's ruling coalition will win Sunday's general election.
The Nikkei 225 Index inched up 9.12 points or less than a tenth of a percent to 21,457.64 while gaining 1.4 percent for the week to post its sixth straight weekly gain. The broader Topix also ended little changed with a positive bias.
While exporters ended mixed, suppliers to Apple (AAPL) like Murata Manufacturing and Alps Electric fell about 2 percent on signs of weak demand for Apple's iPhone 8 models.
Chinese shares rose slightly but ended the week lower on concerns over slowing growth. The benchmark Shanghai Composite Index crept up 9.33 points or 0.3 percent to 3,378.65 but ended the week down about 0.4 percent.
Hong Kong's Hang Seng Index jumped 328.15 points or 1.2 percent to 28,487.24. Hong Kong's jobless rate stood at 3.1 percent in the July to September period, the same rate as seen in three months to August, the Census and Statistics Department reported.
Australian shares eked out modest gains after the U.S. Senate passed a budget that will pave the way for introducing a tax reform bill.
The benchmark S&P/ASX 200 rose 10.90 points or 0.2 percent to 5,906.99, closing above 5,900 for the first time since May, while the broader All Ordinaries index finished 0.2 percent higher at 5,968.60.
National Australia Bank edged up 0.3 percent and Commonwealth Bank added 0.3 percent as their chief executives face a parliamentary inquiry. Mining giant BHP Billiton rose half a percent and smaller rival Fortescue Metals Group rallied 1.7 percent despite iron ore prices falling overnight. Vocus Group soared as much as 6.8 percent ahead of its investor day on Monday.
Meanwhile, housewares retailer Adairs lost 2.2 percent after it was fined A$66,000 fine for an alleged disclosure breach. Energy stocks finished flat to slightly lower after oil prices fell over 1 percent overnight to snap a four-day winning streak.
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| | Commodity, Currency Markets |
Crude oil futures are slipping $0.28 to $51.01 a barrel after sliding $0.75 to $51.29 a barrel on Thursday. Meanwhile, after climbing $7 to $1,290 an ounce in the previous session, gold futures are falling $5.30 to $1,284.70 an ounce.
On the currency front, the U.S. dollar is trading at 113.21 yen compared to the 112.54 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1817 compared to yesterday's $1.1852.
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