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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. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 23 points.
Early buying interest is likely to be generated in reaction to upbeat earnings news from several well known companies.
Amazon (AMZN), Microsoft (MSFT), Intel (INTC) and Alphabet (GOOGL) are all seeing pre-market strength 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 may also be generated in reaction to a report from the Commerce Department showing stronger than expected economic growth in the third quarter.
After trading in positive territory for much of the session, the major averages eventually ended Thursday's trading on opposite sides of the unchanged line. The Dow and the S&P 500 closed modestly higher, while the tech-heavy Nasdaq ended the day in the red.
The Nasdaq edged down 7.12 points or 0.1 percent to 6,556.77, but the Dow rose 71.40 points or 0.3 percent to 23,400.86 and the S&P 500 inched up 3.25 points or 0.1 percent to 2,560.40.
The mixed close on Wall Street came despite positive sentiment generated by news that House Republicans voted to approve a Senate-passed budget resolution, taking a key step toward tax reform.
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.
Traders were also reacting to the European Central Bank's monetary policy announcement as well as ECB President Mario Draghi's subsequent press conference.
The ECB sprung no surprises as it announced that it will reduce the size of its asset purchases at the start of next year while extending them for nine months, the "lower for longer" style of tapering that economists had expected a dovish Draghi to deliver.
Monthly asset purchases under the asset purchase program will continue at the current monthly pace of 60 billion euros until the end of December 2017, the bank said in its statement.
From January 2018, the net asset purchases will be reduced to a monthly pace of 30 billion euros, which will continue until the end of September 2018, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim, the bank added.
Without announcing an end-date for asset purchases, the ECB has retained room for tweaking or extending them in future if the euro area economic outlook worsens.
On the U.S. economic front, the Labor Department released a report showing a modest rebound in initial jobless claims in the week ended October 21st.
The report said initial jobless claims rose to 233,000, an increase of 10,000 from the previous week's revised level of 223,000.
Economists had expected jobless claims to edge up to 235,000 from the 222,000 originally reported for the previous week.
The National Association of Realtors released a separate report showing pending home sales were unexpectedly flat in the month of September.
NAR said its pending home sales index came in at 106.0 in September, unchanged from a downwardly revised reading for August. Economists had expected pending home sales to rise by 0.2 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Although pending home sales were unchanged on a monthly basis, the index was down by 3.5 percent compared to the same month a year ago.
Railroad and trucking stocks showed substantial moves to the upside over the course of the session, driving the Dow Jones Railroads Index and the Dow Jones Trucking Index up by 3.2 percent and 2.6 percent, respectively.
Significant strength was also visible among housing, chemical, and internet stocks, while biotechnology, gold and oil service stocks saw notable weakness.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Economic growth in the U.S. slowed modestly in the third quarter, according to a report released by the Commerce Department, although the pace of growth still exceeded economist estimates.
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.
At 10 am ET, the University of Michigan is scheduled to release its revised report on consumer sentiment in the month of October. The consumer sentiment is expected to be downwardly revised to 100.9 from 101.1.
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| | Stocks In Focus |
Shares of Amazon (AMZN) are moving sharply higher in pre-market trading after the online retailer reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
Software giant Microsoft (MSFT) is also likely to see early strength after reporting better than expected fiscal first quarter results.
Shares of Intel (INTC) are also seeing pre-market strength after the semiconductor giant reported third quarter earnings that beat estimates and raised its full-year guidance.
On the other hand, shares of J.C. Penney (JCP) are likely to come under pressure after the retailer slashed its full-year earnings forecast.
Toy maker Mattel (MAT) may also move to the downside after reporting weaker than expected third quarter results and suspending its dividend.
Shares of Expedia (EXPE) are also likely to see early weakness after the travel website operator reported third quarter results that came in below estimates. |
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| | Europe markets |
European stocks have risen to their highest level in nearly five months on Friday, with a weaker euro and a slew of well-received corporate earnings supporting underlying sentiment.
The euro extended weakness into a second day after the European Central Bank pledged to continue with bond purchases beyond September 2018 despite strong growth.
Meanwhile, investors shrugged off survey data from statistical office Insee showing that French consumer confidence weakened unexpectedly in October.
While the U.K.'s FTSE 100 Index has inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index are up by 0.7 percent and 0.8 percent, respectively.
Electrolux has moved sharply higher after reporting a better-than-expected 12 percent increase in its third quarter net profit.
Royal Bank of Scotland Group shares have also advanced after the bank reported three consecutive quarters of profits but still expects a loss for the full-year.
Safran shares have rallied after the French aerospace group reported third quarter revenue that beat expectations, driven by higher sales from the aerospace-propulsion business.
Total SA has also moved higher after the energy giant reported a 39 percent increase in third quarter net income, taking full advantage of the favorable market environment.
German chemicals group Linde has jumped after the company confirmed its 2017 outlook after reporting a 3 percent rise third quarter core profit.
Meanwhile, UBS Group shares have fallen after the Swiss banking giant issued a cautious outlook after reporting a 14 percent rise in third quarter net profit.
Building materials and solutions company LafargeHolcim has also moved to the downside after saying that it is in talks with South African cement manufacturer PPC regarding a possible transaction in Africa.
British Airways parent International Consolidated Airlines Group has slumped after it reported a slowdown in passenger revenue growth.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks finished broadly higher on Friday, with a weakening yen, higher oil prices, optimism over U.S. tax reform plans, solid industrial profits data from China and encouraging results from U.S. tech companies boosting investor sentiment. Traders also took the ECB's bond-buying cutback announcement in stride.
China's Shanghai Composite Index rose 8.85 points or 0.3 percent to 3,416.41, and Hong Kong's Hang Seng Index climbed 236.47 points or 0.8 percent to 28,438.85 after official data showed China's industrial profit growth accelerated further in September.
Industrial profits surged up 27.7 percent year-over-year in September, faster than the 24.0 percent spike in August. Moreover, the latest rate of growth was the quickest since 2011.
Japanese shares hit a fresh 21-year high, led by technology stocks after online retailer Amazon, chipmaker Intel and software giant Microsoft all posted quarterly earnings that surpassed Wall Street expectations. Google's parent company Alphabet also performed better than a year ago.
The Nikkei 225 Index jumped 268.67 points or 1.2 percent to 22,008.45, its highest level since mid-1996. The broader Topix Index surged up 1 percent to end at 1,771.05. Exporters Honda Motor and Canon gained 1-2 percent as the dollar hit a 3-1/2-month high versus the yen.
In the tech sector, Advantest spiked 6.5 percent and Sumco advanced 3.9 percent. Banks Mitsubishi UFJ Financial and Mizuho Financial added 2-3 percent after U.S. Treasury yields inched higher Thursday, undermined by a soft auction of U.S. 7-year notes.
On the economic front, consumer prices in Japan climbed an annual 0.7 percent in September, rising for the ninth straight month but coming in well below the Bank of Japan's 2 percent target, official data showed.
Meanwhile, Australian shares fell from near six-month highs to end a tad lower after Australia's High Court ruled the deputy prime minister's election invalid because of his New Zealand citizenship.
The benchmark S&P/ASX 200 Index dipped 13.14 points or 0.2 percent to 5,903.16, while the broader All Ordinaries index ended down 13.20 points or 0.2 percent at 5,969.30.
The big four banks fell between 0.7 percent and 1 percent. Macquarie Group rallied 3.9 percent after the investment bank reported record first-half profits and upgraded its earnings forecast for the full year.
Mining heavyweights BHP Billiton and Rio Tinto ended narrowly mixed, while South32 jumped 4.9 percent to its highest level in more than three weeks.
Respiratory device maker Resmed climbed around 5 percent as its first quarter profit beat forecasts. Airline Qantas Airways slumped 5.6 percent after warning of rising fuel costs.
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| | Commodity, Currency Markets |
Crude oil futures are slipping $0.21 to $52.43 a barrel after rising $0.46 to $52.64 a barrel on Thursday. Meanwhile, after falling $9.40 to $1,267.60 an ounce in the previous session, gold futures are sliding $3.50 to $1,266.10 an ounce.
On the currency front, the U.S. dollar is trading at 114.35 yen compared to the 113.98 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1594 compared to yesterday's $1.1651.
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