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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 Monday, with stocks poised to extend the upward trend seen in recent sessions.
The markets may continue to benefit from recent upward momentum, which has propelled the major averages to record highs.
Trading activity may be somewhat subdued, however, with traders reluctant to make significant moves ahead of the key earnings news later this week.
Traders are also digesting remarks by Federal Reserve Chair Janet Yellen, who spoke at the Group of 30 International Banking Seminar on Sunday.
Despite subdued inflation, Yellen reiterated her belief additional gradual interest rate hikes are likely to be appropriate over the next few years.
"My best guess is that these soft readings will not persist, and with the ongoing strengthening of labor markets, I expect inflation to move higher next year," Yellen said.
Stocks moved modestly higher during trading on Friday, offsetting the pullback seen last Thursday. With the upward move on the day, the Dow and the Nasdaq climbed to new record closing highs.
The major averages ended the day in positive territory but off their best levels. The Dow crept up 30.71 points or 0.1 percent to 22,871.72, the Nasdaq rose 14.29 points or 0.2 percent to 6,605.80 and the S&P 500 inched up 2.24 points or 0.1 percent to 2,553.17.
For the week, the Dow climbed by 0.4 percent, while the Nasdaq and the S&P 500 both edged up by 0.2 percent.
The modest strength on Wall Street came following the release of some upbeat economic data, including a Commerce Department report showing a substantial increase in retail sales in the month of September.
The Commerce Department said retail sales surged up by 1.6 percent in September after edging down by a revised 0.1 percent in August.
Higher gas prices contributed to the jump in retail sales, as sales by gasoline stations soared by 5.8 percent during the month.
Closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, rose by 0.4 percent.
The University of Michigan also released a report showing an unexpected improvement in consumer sentiment in the month of October.
The report said the consumer sentiment index jumped to 101.1 in October after dipping to 95.1 in September. Economists had expected the index to edge down to 95.0.
With the unexpected increase, the consumer sentiment index surged up to its highest level reaching 103.8 in January of 2004.
A separate report from the Labor Department showed consumer prices increased by slightly less than expected in the month of September.
The Labor Department said its consumer price index climbed by 0.5 percent in September after rising by 0.4 percent in August. Economists had expected prices to increase by 0.6 percent.
Excluding food and energy prices, core consumer prices inched up by 0.1 percent in September after edging up by 0.2 percent in August. Core prices had been expected to rise by another 0.2 percent.
Traders were also digesting the latest earnings news, including results from financial giants Bank of America (BAC) and Wells Fargo (WFC).
While Bank of America reported third quarter results that beat analyst estimates on both the top and bottom lines, Wells Fargo reported third quarter revenues that came in below expectations.
Steel stocks showed a significant move to the upside on the day, as upbeat Chinese trade data has generated optimism about the outlook for demand.
Reflecting the strength in the steel sector, the NYSE Arca Steel Index surged up by 3.7 percent to its best closing level in over seven months.
Considerable strength was also visible among computer hardware stocks, as reflected by the 1.5 percent advance by the NYSE Arca Computer Hardware Index. The index reached its best closing level in two months.
HP Inc. (HPQ) led the hardware sector higher after the computer and printer maker provided upbeat full-year earnings guidance and announced a 5 percent increase in its dividend.
Oil service and semiconductor stocks also saw some strength on the day, while weakness among utilities and transportation stocks limited the upside for the markets.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
A report released by the Federal Reserve Bank of New York said manufacturing firms in New York reported that business activity continued to expand strongly in the month of October.
The New York Fed said its general business conditions index climbed to 30.2 in October from 24.4 in September, with a positive reading indicating growth in regional manufacturing activity.
The increase came as a surprise to economists, who had expected the New York manufacturing index to drop to 20.7.
At 9 pm ET, Minneapolis Federal Reserve President Neel Kashkari is scheduled to participate in a moderated Q&A at the G100 Dinner and Discussion in Minneapolis.
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| | Stocks In Focus |
Shares of Exelixis (EXEL) are moving sharply higher in pre-market trading after the FDA granted priority review for Cabometyx as a treatment for previously untreated advanced renal cell carcinoma. The biotechnology company also reported positive trial results.
Biopharmaceutical company Cara Therapeutics (CARA) is also likely to see early strength after announcing the successful completion of its End-of-Phase 2 Meeting with the FDA for I.V. CR845 for the treatment of chronic kidney disease-associated pruritus.
Shares of Groupon (GRPN) may also move to the upside after Cowen upgraded its rating on the daily deals company to Market Perform from Underperform.
On the other hand, shares of Citigroup (C) may come under pressure after Societe Generale downgraded its rating on the financial giant to Sell from Hold.
RBC Capital Markets also downgraded Ford (F) to Sector Perform from Outperform, while Jefferies downgraded Bristol Myers Squibb (BMY) to Hold from Buy. |
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| | Europe markets |
European stocks are seeing modest strength on Monday as the euro weakened and commodity prices surged after another solid assessment of economic growth in China.
North Korea continued its harsh anti-U.S. rhetoric and Catalonia's President Carles Puigdemont defended the region's claim to independence, helping keep underlying sentiment somewhat cautious.
In economic news, the euro area trade surplus dropped to 16.1 billion euros in August from 23.2 billion in July due to a surge in imports from countries outside the eurozone, data from Eurostat showed.
The U.K.'s FTSE 100 Index, the French CAC 40 Index and the German DAX Index are also rising by 0.2 percent.
French retailer Carrefour Group has shown a notable move to the upside after appointing Matthieu Malige as its new CFO.
German automaker Daimler has also rise after announcing a new structure for its Mercedes-Benz car division and its truck and bus businesses.
Meanwhile, Husqvarna AB shares have fallen after the Swedish manufacturer of products for construction and stone industries warned on sales in its consumer brands division as it scaled back business with a large U.S. retail customer.
Airbus shares have also declined after CEO Tom Enders told Handelsblatt that he would be prepared to step down if he was "no longer part of the solution," as the aircraft maker deals with ongoing corruption probes.
ConvaTec shares have plunged after the British medical technology company lowered its full-year organic revenue growth target, citing supply issues in the third quarter.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended broadly higher on Monday as commodity prices advanced, Chinese inflation data for September met expectations and finance ministers from around the world expressed their desire for lower interest rates at a weekend meeting of the International Monetary Fund.
U.S. crude futures jumped to hover near a six-month high on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq. The dollar changed hands in the upper 111-yen zone, while gold prices eased on a firmer dollar.
Japanese shares hit a fresh 21-year high as the yen stayed flat against the dollar amid expectations that Shinzo Abe will win another majority in the House of Representatives election on October 22nd. The Nikkei 225 Index climbed 100.38 points or 0.5 percent to 21,255.56, the highest level since late 1996. The broader Topix Index closed 0.6 percent higher at 1,719.18.
Index heavyweight SoftBank Group rose 1.3 percent after reports it has reached a broad agreement to merge its U.S. unit Sprint with T-Mobile U.S.
Banks Mitsubishi UFJ Financial, Mizuho Financial Group and Sumitomo Mitsui Financial rose between 1.4 percent and 1.6 percent.
Australian shares rose notably, led by material stocks after base metals prices rallied broadly last week on the back of strong Chinese import data.
The benchmark S&P/ASX 200 Index advanced 32.60 points or 0.6 percent to a five-month high of 5,846.80, while the broader All Ordinaries Index ended 32.50 points or 0.6 percent higher at 5,917.20.
Mining heavyweights BHP Billiton and Rio Tinto rallied 2-3 percent, Mineral Resources jumped 4.2 percent and Galaxy Resources soared 7.3 percent.
Gold miner Evolution Mining advanced 1.8 percent after reporting increased production during the September quarter.
Energy stocks also saw widespread gains after crude oil futures rallied nearly 2 percent on Friday amid hopes for strong demand from the U.S. and China.
Meanwhile, Chinese shares ended slightly lower even as inflation figures matched forecasts and People's Bank of China Governor Zhou Xiaochuan said the economy is set to achieve 7 percent growth in the second half of the year on rapid growth in household consumption.
The benchmark Shanghai Composite Index dropped 12.05 points or 0.4 percent to 3,378.47, dragged down by technology stocks. Hong Kong's Hang Seng Index climbed 216.37 points or 0.8 percent to 28,692.80.
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| | Commodity, Currency Markets |
Crude oil futures are climbing $0.74 to $52.19 a barrel after advancing $0.85 to $51.45 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,307.90, up $3.30 from the previous session's close of $1,304.60. On Friday, gold climbed $8.10.
On the currency front, the U.S. dollar is trading at 111.85 yen compared to the 111.82 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1798 compared to last Friday's $1.1820.
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