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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 Monday following the upward move seen last week. Profit taking may contribute to initial weakness on Wall Street.
Trading activity may be somewhat subdued, however, with some traders likely to stick to the sidelines ahead of the release of some key economic data and earnings news in the coming days.
After ending Thursday’s trading mixed, stocks moved mostly higher over the course of the trading day on Friday. With the upward move on the day, the tech-heavy Nasdaq and the S&P 500 climbed to new record closing highs.
The major averages all closed in positive territory, but the Nasdaq outperformed its counterparts by a wide margin. The Nasdaq spiked by 144.49 points or 2.2 percent to 6,701.26, while the S&P 500 climbed 20.67 points or 0.8 percent to 2,581.07 and the Dow inched up 33.33 points or 0.1 percent to 23,434.19.
For the week, the Nasdaq jumped by 1.1 percent, the Dow rose by 0.5 percent and the S&P 500 edged up by 0.2 percent.
The strength on Wall Street came in reaction to upbeat earnings news from several well known companies.
Amazon (AMZN), Microsoft (MSFT), Intel (INTC) and Alphabet (GOOGL) all moved notably higher after reporting quarterly earnings that beat analyst estimates after the close of trading on Thursday.
Additionally, Merck (MRK), Chevron (CVX) and Exxon Mobil (XOM) also reported quarterly earnings before the start of today's trading that exceeded expectations.
Positive sentiment was also generated in reaction to a report from the Commerce Department showing stronger than expected economic growth in the third quarter.
The report said real gross domestic product jumped by 3.0 percent in third quarter after surging up by 3.1 percent in the second quarter. Economists had expected GDP to increase by 2.5 percent.
Meanwhile, a separate report from the University of Michigan showed consumer sentiment improved by slightly less than initially estimated in October.
The report said the consumer sentiment index for October was downwardly revised to 100.7 from 101.1 but is still up from 95.1 in September. Economists had expected the index to be downwardly revised to 100.9.
In other news, reports said President Donald Trump is leaning toward nominating Federal Reserve Governor Jerome Powell as the next Fed Chair.
People familiar with the matter told Bloomberg the decision is not yet final and cautioned that Trump could change his mind at any time.
With Microsoft leading the way higher, software stocks showed a substantial move to the upside on the day. Reflecting the strength in the sector, the Dow Jones Software Index jumped by 3.4 percent.
Microsoft surged up by 6.4 percent in reaction to its upbeat quarterly results, helping the software index reach a record closing high.
Significant strength was also visible among natural gas stocks, as reflected by the 2.5 percent gain posted by the NYSE Arca Natural Gas Index. Cabot Oil & Gas (COG), Chesapeake Energy (CHK), and QEP Resources (QEP) posted standout gains.
Retail, semiconductor, internet, and trucking stocks also saw considerable strength, while computer hardware stocks showed a notable move to the downside.
Within the hardware sector, Electronics for Imaging (EFII) posted a steep loss after reporting weaker than expected third quarter results. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | While the Commerce Department released a report showing personal income rose in line with economists in the month of September, the report also showed a bigger than expected jump in personal spending.
The report said personal income climbed by 0.4 percent in September after edging up by 0.2 percent in August. The increase in income matched economist estimates.
The Commerce Department also said personal spending surged up by 1.0 percent in September following a 0.1 percent uptick in August. Economists had expected spending to increase by 0.8 percent. |
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| | Europe markets | | European stocks have moved sideways on Monday even as Spanish shares surged, reassured by a weekend poll suggesting faltering support for Catalan nationalists. Investors also looked ahead to key central bank meetings this week for directional cues.
While the U.K.’s FTSE 100 Index is down by 0.3 percent, the French CAC 40 Index is marginally higher and the German DAX Index is up by 0.2 percent.
HSBC Holdings has dropped despite the Asia-focused lender reporting a significantly higher third-quarter profit, benefiting from growth in its three main global businesses.
Budget airline easyJet has also rallied after it agreed to acquire part of Air Berlin's operations at Berlin Tegel Airport for a consideration of 40 million euros.
Spanish bank Bankia has advanced after reporting a 1 percent increase in net profit for the first nine months of the year.
Meanwhile, Swiss drugmaker Novartis has dipped after it offered to buy France's Advanced Accelerator Applications in a $3.9 billion cash deal.
In economic news, German retail sales grew 4.1 percent year-on-year in September, the biggest in four months, official data showed. Economists had forecast sales to rise 3.2 percent following the revised 3 percent increase in August.
Another report showed that Germany’s unemployment rate remained unchanged at an adjusted 3.6 percent in September. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks turned in a mixed performance on Monday despite Wall Street shares closing at fresh record highs on Friday after the release of upbeat corporate earnings results as well as solid GDP data.
Chinese shares suffered their worst single-day loss in 11 weeks as a sell-off in the bond markets continued and China's securities regulator approved nine IPOs, raising fresh concerns about liquidity. The benchmark Shanghai Composite Index slid 26.22 points or 0.77 percent to 3,390.59.
Hong Kong's Hang Seng Index fell 102.66 points or 0.4 percent to 28,336.19 ahead of official factory and service sector data from China due on Tuesday.
Japanese shares ended rough flat ahead of key central bank meetings. The Nikkei 225 Index closed marginally higher at 22,011.67, while the broader Topix Index closed slightly lower.
Kobe Steel jumped 2.2 percent on a Nikkei report that the troubled steelmaker has decided to withdraw its forecast for current financial year.
On the economic front, retail sales in Japan increased as expected in September after falling in the previous month, preliminary figures showed. Retail sales rose a seasonally adjusted 0.8 percent sequentially in September, reversing a 1.6 percent drop in August.
Australian shares hit nearly six-month highs, led by financials and energy stocks. The benchmark S&P/ASX 200 Index rose 15.90 points or 0.3 percent to 5,919.10, while the broader All Ordinaries Index finished 14.40 points or 0.2 percent higher at 5,983.70.
Woodside Petroleum, Origin Energy, Beach Energy and Santos climbed 1-4 percent after oil prices rose more than 2 percent on Friday amid expectations that an OPEC-led production cut due to expire next March would be extended.
NAB rose 0.6 percent after it reached a settlement with ASIC over alleged manipulation of the bank bill swap rate. Rivals ANZ and Westpac also gained around 0.6 percent each.
Mining heavyweights BHP Billiton and Rio Tinto closed on a flat note, while gold miners closed broadly higher. |
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| | Commodity, Currency Markets | | Crude oil futures are rising $0.09 to $53.99 a barrel after jumping $1.26 to $53.90 a barrel last Friday. Meanwhile, an ounce of gold is unchanged from the previous session’s close of $1,271.80. On Friday, gold rose $2.20.
On the currency front, the U.S. dollar is trading at 113.57 yen compared to the 113.67 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1628 compared to last Friday’s $1.1608. |
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