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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 slightly higher opening on Monday, although traders may be reluctant to make significant moves amid continued uncertainty about U.S. tax reform and news of political instability in Germany.
The upcoming Thanksgiving Day holiday on Thursday is also likely to keep some traders away from their desks, leading to light trading throughout the week.
While selling pressure was relatively subdued, stocks saw modest weakness during trading on Friday. The major averages all moved to the downside, with the tech-heavy Nasdaq pulling back off the record closing high set in the previous session.
The Dow slid 100.12 points or 0.4 percent to 23,358.24, the Nasdaq dipped 10.50 points or 0.2 percent to 6,782.79 and the S&P 500 fell 6.79 points or 0.3 percent to 2,578.85.
For the week, the major averages turned in a mixed performance. While the Nasdaq rose by 0.5 percent, the Dow slipped by 0.3 percent and the S&P 500 edged down by 0.1 percent.
The weakness on Wall Street partly reflected lingering uncertainty about the outlook for Republican lawmakers' tax reform plans.
While the House approved their tax reform bill on Thursday, significant differences with the Senate version could still hinder final passage of the legislation.
On the U.S. economic front, the Commerce Department released a report showing a much bigger than expected jump in housing starts in the month of October.
The report said housing starts spiked by 13.7 percent to an annual rate of 1.290 million in October from a revised 1.135 million in September.
Economists had expected housing starts to climb to an annual rate of 1.185 million from the 1.127 million originally reported for the previous month.
Building permits, an indicator of future housing demand, also surged up by 5.9 percent to a rate of 1.297 million in October from a revised 1.225 million in September.
Trucking stocks saw significant weakness on the day, resulting in a 1.5 percent slump by the Dow Jones Trucking Index. With the drop, the index fell to its lowest closing level in almost a month.
Ryder (R), C.H. Robinson (CHRW) and YRC Worldwide (YRCW) turned in some of the trucking sector's worst performances.
Utilities and railroad stocks also moved to the downside, while strength among energy and gold stocks helped to limit the downside for the broader markets.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | At 10 am ET, the Conference Board is scheduled to release its report on leading economic indicators in the month of October.
The leading economic index is expected to climb by 0.6 percent in October after edging down by 0.2 percent in September. |
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| | Stocks In Focus | | Shares of Cavium (CAVM) are moving notably higher in pre-market trading after the semiconductor company agreed to be acquired by Marvell Technology (MRVL) for about $6 billion.
Biopharmaceutical company Intra-Cellular Therapies (ITCI) may also see early strength after the FDA granted Fast Track designation for lumateperone for the treatment of schizophrenia.
Meanwhile, shares of Shire (SHPG) are moving to the downside in pre-market trading after the biotechnology company announced Thomas Dittrich as its new CFO.
Specialty contracting services Dycom (DY) may also come under pressure after reporting better than expected fiscal first quarter results but providing disappointing guidance for the current quarter.
Shares of Agilent (A), Intuit (INTU), and Urban Outfitters (URBN) may also be in focus ahead of the release of their quarterly results after the close of today’s trading. |
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| | Europe markets | | European stocks are turning in a lackluster performance on Monday as the German political impasse continued to keep investors nervous.
"It is a day of deep reflection on how to go forward in Germany," Chancellor Angela Merkel told reporters after her efforts to form a three-way coalition government failed.
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 both up by 0.2 percent.
Altice has soared after the telecom company said it is not in preparation for cash raising by means of an equity or equity-linked issuance.
Roche shares have also shown a significant move to the upside after the Swiss drugmaker announced a pair of positive drug trial results.
German utility RWE has rallied after Reuters reported the company was looking at ways to cut its stake in Innogy. Innogy shares have also moved higher percent.
Shares of DBV Technologies have spiked higher after the French company announced positive topline results from the Phase III REALISE trial of Viaskin Peanut for the treatment of Peanut-Allergic patients.
On the other hand, Natixis shares have come under pressure after the bank launched new targets for its strategic plan. |
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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 as U.S. tax reform uncertainty and a political impasse in Germany dented investor risk appetite and helped spur demand for safe-haven assets.
Chinese shares reversed early losses to end higher. The benchmark Shanghai Composite Index rose 10.11 points or 0.3 percent to 3,393.02, with banks pacing the gainers after Beijing moved to rein in risks from asset management products. Hong Kong's Hang Seng Index edged up 61.27 points or 0.2 percent to 29,260.31.
Meanwhile, Japanese shares fell as the yen strengthened and data showed Japanese export growth unexpectedly weakened in October. The Nikkei 225 Index fell 135.04 points or 0.6 percent to 22,261.76, while the broader Topix index closed 0.2 percent lower at 1,759.65.
Financials and tech stocks led the declines, with Nomura Holdings, Tokyo Electron and Advantest Corp losing 1-3 percent. Toshiba plunged 5.8 percent on equity dilution worries.
On the other hand, Toyota Motor edged up 0.2 percent and Suzuki Motor Corp advanced 0.7 percent after the companies announced a tie-up to sell electric vehicles in India.
Australian shares fell slightly, dragged down by financials as uncertainty prevailed over the fate of U.S. tax reform efforts and investors awaited the RBA's minutes from its November meeting.
The benchmark S&P/ASX 200 Index slid 11.58 points or 0.2 percent to 5,945.67, while the broader All Ordinaries Index ended down 10.30 points or 0.2 percent at 6,028.
The big four banks fell between 0.1 percent and 0.6 percent, and miners Fortescue Metals Group and South32 ended down 0.6 percent and 0.3 percent, respectively.
Seoul shares reversed early gains to end lower on institutional selling. The benchmark Kospi dipped 6.32 points or 0.3 percent to finish at 2,527.67. Tech stocks lost ground, with Samsung Electronics and SK Hynix ending down over 1 percent each. |
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| | Commodity, Currency Markets | | Crude oil futures are falling $0.28 to $56.27 a barrel after jumping $1.41 to $56.55 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,292.40, down $4.10 from the previous session’s close of $1,296.50. On Friday, gold surged up $18.30.
On the currency front, the U.S. dollar is trading at 112.26 yen compared to the 112.10 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1770 compared to last Friday’s $1.1790. |
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