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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 modestly higher opening on Thursday, with stocks poised to extend the upward trend seen over the past several sessions.
Stocks may continue to benefit from recent upward momentum, although trading activity may be subdued ahead of the release of the closely watched monthly jobs report on Friday.
Employment is expected to rise by 90,000 jobs in September after climbing by 156,000 jobs in August. The unemployment rate is expected to hold at 4.4 percent.
Stocks turned in a relatively lackluster performance during trading on Wednesday but managed to end the day modestly higher. With the gains on the day, the major averages climbed to new record closing highs.
The major averages finished the session just above the unchanged line. The Dow edged up 19.97 points or 0.1 percent to 22,661.64, the Nasdaq crept up 2.91 points or less than a tenth of a percent to 6,534.63 and the S&P 500 inched up 3.16 points or 0.1 percent to 2,537.74.
The modestly higher close on Wall Street reflected recent upward momentum, which has helped to propel stocks higher over the past several sessions.
Buying interest was somewhat subdued, however, with traders reluctant to make more significant moves ahead of the release of the monthly jobs report on Friday.
Payroll processor ADP released a report showing a slightly bigger than expected increase in private sector employment in the month of September.
ADP said private sector employment rose by 135,000 jobs in September after surging up by a revised 228,000 jobs in August.
Economists had expected employment to climb by 125,000 jobs compared to the 237,000-job jump originally reported for the previous month.
While private sector employment rose by slightly more than expected, the increase reflected the slowest rate of job growth since last October.
"Hurricanes Harvey and Irma hurt the job market in September," said Mark Zandi, chief economist of Moody's Analytics. "Looking through the storms the job market remains sturdy and strong."
A separate report from the Institute for Supply Management showed a significant acceleration in the pace of service sector growth in September.
The ISM said its non-manufacturing index jumped to 59.8 in September from 55.3 in August, with a reading above 50 indicating growth in the service sector. Economists had expected the index to inch up to 55.5.
With the much bigger than expected increase, the non-manufacturing index reached its highest level since hitting 61.3 in August of 2005.
Most of the major sectors showed only modest moves on the day, contributing to the lackluster performance by the broader markets.
Utilities stocks showed a notable move to the upside, however, with the Dow Jones Utilities Average climbing by 1.1 percent. American Electric Power (AEP) and Public Service Enterprise Group (PEG) posted strong gains.
Biotechnology and gold stocks also saw some strength on the day, while weakness was visible among trucking, banking 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 the monthly report looming, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell by more than expected in the week ended September 30th.
The Labor Department said initial jobless claims dropped to 260,000, a decrease of 12,000 from the previous week's unrevised level of 272,000. Economists had expected jobless claims to edge down to 265,000.
A separate report from the Commerce Department showed that the U.S. trade deficit narrowed by more than anticipated in the month of August.
The Commerce Department said the trade deficit narrowed to $42.4 billion in August from a revised $43.6 billion in July.
Economists had expected the trade deficit to narrow to $42.7 billion from the $43.7 billion originally reported for the previous month.
At 9:10 am ET, Federal Reserve Governor Jerome Powell is due to speak on treasury markets and the TMPG at TMPG Best Practices: A Look Back and a Look Ahead in New York.
San Francisco Fed President John Williams is scheduled to deliver the morning keynote address at the Community Banking in the 21st Century Conference in St. Louis at 9:15 am ET.
At 9:30 am ET, Philadelphia Fed President Patrick Harker is due to speak at the Investing in America's Workforce Capstone Conference in Austin, Texas.
The Commerce Department is scheduled to release its report on new orders for manufactured goods in the month of August at 10 am ET. Factory orders are expected to climb by 1.0 percent.
At 11 am ET, the Treasury Department is due to announce the details of next week's auctions of three-year and ten-year notes and thirty-year bonds.
Kansas City Fed President Esther George is scheduled to speak at the Investing in America's Workforce Capstone Conference at 4:30 pm ET.
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| | Stocks In Focus | |
Shares of Inovio Pharmaceuticals (INO) are moving sharply higher in pre-market trading on news the Zika vaccine the company is developing in conjunction with South Korea's GeneOne Life Science showed promise in an early human trial.
Action sports apparel retailer Zumiez (ZUMZ) may also move to the upside after raising its fiscal third quarter net sales guidance based on stronger than expected sales quarter-to-date.
Biopharmaceutical company ACADIA Pharmaceuticals (ACAD) is also seeing pre-market strength after the FDA granted Breakthrough Therapy Designation to its pimavanserin for dementia-related psychosis.
On the other hand, shares of ImmunoGen (IMGN) are likely to come under pressure after the biotechnology announced an underwritten public offering of 13 million shares of its common stock.
Luxury goods maker Coach (COH) may move to the downside after Piper Jaffray downgraded its rating on the company's stock to Neutral from Overweight.
A downgrade may also weigh on shares of CarMax (KMX), as Oppenheimer lowered its rating on the car retailer to Perform from Outperform.
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| | Europe markets |
European stocks are mixed on Thursday as worries about Catalonia's independence vote from Spain as well as caution ahead of the U.S. jobs report have kept investors on the sidelines.
While the German DAX Index has edged down by 0.1 percent, the French CAC 40 Index is just above the unchanged line and the U.K.'s FTSE 100 Index is up by 0.3 percent.
The pound hovered near three-week lows against the dollar, hit by weak car sales data and S&P comments that the U.K. economy may not withstand an interest rate increase.
Theme park operator Merlin Entertainments has jumped on a Bloomberg report that it approached SeaWorld (SEAS) about a possible acquisition.
France's AccorHotels has edged higher after it agreed to acquire a 50 percent stake in Orient Express owned by the SNCF Group.
Meanwhile, furniture retailer DFS has fallen sharply after it reported a 22.3 percent drop in pre-tax profits in the year to July 29th.
German engineering firm Siemens has also moved lower after it concluded the sale of its remaining 17 percent stake in Osram Licht.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed Thursday's session on a muted note as falling oil prices coupled with worries about Catalonia's independence vote from Spain kept investor appetite in check.
Market participants also awaited the U.S. government's non-farm payrolls report due out Friday for further clues as to the timing of the next interest rate increase.
Japanese shares ended little changed near two-year highs as the yen strengthened slightly versus the greenback. The Nikkei 225 Index closed marginally higher at 20,628.56, while the broader Topix index slid 2 points to finish at 1,682.49.
Financial and technology stocks led the decliners, with Dai-ichi Life Holdings and Advantest ending down over 1 percent each. Retailer Aeon rose over 2 percent after lifting its full-year profit forecast.
Australian shares gave up early gains to end roughly flat as caution crept in ahead of U.S. jobs data. Domestic data proved to be a mixed bag, with the trade balance improving in August, helped by an increase in mining exports, while retail sales fell in the month.
The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index closed narrowly mixed as banking and energy stocks succumbed to selling pressure, offsetting gains in the mining sector.
Mining heavyweights BHP Billiton and Rio Tinto rose 0.4 percent and 0.8 percent, respectively while gold miners Newcrest and Regis Resources rallied 1-3 percent.
Banks and energy stocks ended broadly lower as U.S. Treasury yields fell and oil dropped below $50 a barrel. Retailers JB Hi-Fi, Harvey Norman and Myer fell between 0.5 percent and 1.3 percent after the release of weaker than expected retail sales data for August.
Markets in South Korea and China were closed for the Harvest Festival and National Day holidays, respectively. Hong Kong also remained closed for the Mid-Autumn Festival.
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| | Commodity, Currency Markets | |
Crude oil futures are slipping $0.01 to $49.97 a barrel after falling $0.44 to $49.98 a barrel on Wednesday. An ounce of gold is trading at $1,278.70, up $1.90 compared to the previous session's close of $1,276.80. On Wednesday, gold rose $2.20.
On the currency front, the U.S. dollar is trading at 112.52 yen compared to the 112.76 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1738 compared to yesterday's $1.1759.
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