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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 Tuesday on the heels of the modest weakness seen in the previous session.
Upbeat earnings news may generate some early buying interest, although trading activity may be somewhat subdued ahead of key economic data and earnings news in the coming days.
The closely watched monthly jobs report due to be released on Friday is likely to be in focus, with employment expected to jump by 300,000 jobs in October.
Reports on manufacturing and service sector activity, construction spending, and labor productivity and costs may also attract attention.
On the earnings front, Apple (AAPL), Facebook (FB), DowDuPont (DWDP), Yum! Brands (YUM), and Starbucks (SBUX) are among the companies due to report their quarterly results later this week.
The Federal Reserve is also scheduled to announce its latest monetary policy decision on Wednesday. The Fed is widely expected to keep interest rates unchanged, but traders will keep a close eye on the accompanying statement.
Additionally, President Donald Trump plans to announce his nominee as the next Fed Chair on Thursday. Multiple media sources have reported that Trump intends to nominate Fed Governor Jerome Powell to replace current Fed Chair Janet Yellen.
Stocks saw modest weakness during trading on Monday following the upward move seen in the previous week. The tech-heavy Nasdaq reached a record intraday high in early trading but pulled back to end the day slightly lower.
The major averages all closed in negative territory, although the Nasdaq edged down just 2.30 points or less than a tenth of a percent to 6,698.96. The Dow slid 85.45 points or 0.4 percent to 23,348.74 and the S&P 500 fell 8.24 points or 0.3 percent to 2,572.83.
The pullback by stocks was partly attributed to a report from Bloomberg indicating House tax writers are discussing a gradual phase-in for the corporate tax-rate cut.
Citing a member of the House's tax-writing committee and a person familiar with the discussions, Bloomberg said the plan would have the corporate tax rate reach 20 percent in 2022.
Nonetheless, traders seemed reluctant to make more significant moves ahead of the release of some key economic data and earnings news in the coming days.
The monthly jobs report due to be released on Friday is likely to be in focus, with employment expected to jump by 323,000 jobs.
Reports on consumer confidence, manufacturing and service sector activity, and labor productivity and costs may also attract attention.
The Fed is also due to announce its monetary policy decision on Wednesday, although the central bank is widely expected to leave interest rates unchanged.
On the earnings front, Apple (AAPL), Kellogg (K), MasterCard (MA), Pfizer (PFE), Clorox (CLX), Facebook (FB), DowDuPont (DWDP), Yum! Brands (YUM), and Starbucks (SBUX) are among the companies due to report their quarterly results this week.
Before the start of trading, the Commerce Department released a report showing personal income rose in line with economist estimates in the month of September, while personal spending jumped more than expected.
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.
Trucking stocks showed a significant move to the downside on the day, dragging the Dow Jones Trucking Index down by 2.8 percent. The index pulled back off the record closing high set last Thursday.
Heartland Express (HTLD), J.B. Hunt Transport Services (JBHT) and Landstar (LSTR) turned in some of the trucking sector's worst performances.
Considerable weakness was also visible among steel stocks, as reflected by the 1.6 percent loss posted by the NYSE Arca Steel Index. Brazil's CSN (SID), Gerdau (GGB), and L.B. Foster (FSTR) posted notable losses.
Telecom, healthcare, and tobacco stocks also moved lower on the day, while oil service and gold stocks moved to the upside.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 9:45 am ET, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of October.
The Chicago business barometer is expected to drop to 62.0 in October from 65.2 in September, although a reading above 50 would still indicate growth.
The Conference Board is due to release its report on consumer confidence in the month of October at 10 am ET. The consumer confidence index is expected to rise to 121.0 in October from 119.8 in September.
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| | Stocks In Focus |
Shares of Geron (GERN) are moving notably higher in pre-market trading after the FDA granted fast track designation to the biopharmaceutical company's Imetelstat for lower risk myelodysplastic syndromes.
Oreo maker Mondelez (MDLZ) may also see early strength after reporting third quarter results that exceeded analyst estimates.
Shares of MasterCard (MA) are also likely to move to the upside after the credit card giant reported third quarter results that beat expectations on both the top and bottom lines.
On the other hand, shares of Under Armour (UAA) are likely to come under pressure after the athletic apparel maker reported better than expected third quarter earnings but slashed its full-year outlook.
Chipmaker Qualcomm (QCOM) may also see early weakness after a report from Reuters said Apple (AAPL) has designed iPhones and iPads that would drop chips supplied by the company.
Shares of Archer Daniels Midland (ADM) are also seeing pre-market weakness after the grain processor reported weaker than expected third quarter results. |
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| | Europe markets |
Upbeat earnings news has helped European stocks inch higher on Tuesday, although overall gains remained muted ahead of key central bank policy decisions from the Federal Reserve and the Bank of England later this week.
The U.K.'s FTSE 100 Index and the French CAC 40 Index have edged up by 0.1 percent and 0.2 percent, respectively, while the German markets are closed for a public holiday.
BP shares have jumped after the British oil giant reported a 9.2 percent increase in third-quarter earnings and announced it would launch a share buyback.
Budget airline Ryanair Holdings has also rallied after the company maintained its full-year profit guidance after reporting an 11 percent increase in first-half profits.
Specialty chemicals firm Croda has climbed after a good performance across all three businesses in the third quarter.
Packaging company DS Smith has also advanced after it delivered first-half trading results in line with expectations. Plane maker Airbus has rallied after reaffirming its 2017 guidance.
On the other hand, shares of pumps specialist Weir Group have fallen more than 5 percent in London after a profit warning.
BNP Paribas has also come under pressure after the French lender posted lower trading revenues in the third quarter.
In economic news, the French economy expanded 0.5 percent sequentially in the third quarter, in line with expectations but slightly slower than the revised 0.6 percent expansion posted in the second quarter, official data showed.
A gauge of consumer spending increased in September after falling in the previous month, while consumer price inflation rose to 1.1 percent in October from 1 percent in September on higher food prices.
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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 Tuesday as China's official manufacturing PMI for October missed economists' expectations and the Bank of Japan kept its monetary policy steady, as widely expected.
An official survey showed China's manufacturing sector growth softened more than expected in October largely due to weak new orders. The manufacturing PMI fell to 51.6 from 52.4 in September.
Hong Kong's Hang Seng Index fell 90.65 points or 0.3 percent to 28,245.54, extending losses for a second consecutive session, although China's Shanghai Composite Index inched up 4.17 points or 0.1 percent to 3,394.50.
Japanese shares ended nearly flat as the dollar dipped versus the yen and preliminary figures showed Japanese industrial production dropped a seasonally adjusted 1.1 percent month-over-month in September, reversing a 2.0 percent increase in August.
A separate report revealed that the country's jobless rate held steady for the third straight month in September, in line with expectations.
The Nikkei 225 Index edged down just 0.06 points to 22,011.61, while the broader Topix Index dipped 0.3 percent to end at 1,765.96. At the end of a two-day policy meeting, the Bank of Japan kept its monetary stimulus program unchanged while slashing its inflation forecasts.
SoftBank shares slumped 4.6 percent in the wake of reports that the company plans to call off talks to merge its Sprint Corp. unit with T-Mobile U.S. amid a failure to agree on ownership of the combined entity.
Mitsubishi Electric Corp dropped 1.5 percent after reporting its second-quarter results. Banks Mitsubishi UFJ Financial and Sumitomo Mitsui ended down 2.6 percent and 1.7 percent, respectively.
Australian shares erased early gains to end a tad lower, dragged down by banks and miners. The benchmark S&P/ASX 200 Index slipped 10.10 points or 0.2 percent to 5,909, while the broader All Ordinaries Index ended 7.30 points or 0.1 percent lower at 5,976.40.
The big four banks fell between 0.4 percent and 0.9 percent. Lower iron ore prices weighed on miners, with Rio Tinto losing 0.8 percent and smaller rival Fortescue Metals Group tumbling 2.1 percent.
BHP Billiton eased 0.3 percent after saying a Brazilian court has extended the deadline for negotiating a settlement of public civil claims over the November 2015 Samarco fatal dam disaster to November 16th
Origin Energy declined half a percent despite reporting a 58 percent jump in its September quarter oil and gas revenue.
Meanwhile, gold miner Evolution rallied 2.2 percent after gold prices rose overnight. Grocery chain Woolworths advanced 2.3 percent after it reported a 3.7 percent increase in first-quarter sales.
Woodside Petroleum climbed 1.6 percent after Brent oil prices closed above $60 a barrel on Monday amid hopes for an output-cut extension.
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| | Commodity, Currency Markets |
Crude oil futures are inching up $0.01 to $54.16 a barrel after rising $0.25 to $54.15 a barrel on Monday. Meanwhile, after climbing $5.90 to $1,277.70 an ounce in the previous session, gold futures are falling $4.70 to $1,273 an ounce.
On the currency front, the U.S. dollar is trading at 113.39 yen compared to the 113.18 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued $1.1634 compared to yesterday's $1.1651.
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