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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 upward momentum on Wall Street comes following the release of a report from the Labor Department showing weaker than expected job growth in the month of October.
Stocks turned in a relatively lackluster performance during trading on Thursday as traders digested the details of the House Republican tax reform bill as well as the announcement of President Donald Trump's nominee as the next Federal Reserve Chair.
The Dow climbed 81.25 points or 0.4 percent to a new record closing high of 23,516.26, although the broader Nasdaq and S&P 500 ended the day nearly unchanged.
While the S&P 500 inched up 0.49 points or less than a tenth of a percent to 2,579.85, the Nasdaq edged down 1.59 points or less than a tenth of a percent to 6,714.94.
Late in the trading day, Trump announced his widely expected decision to nominate Federal Reserve Governor Jerome Powell to succeed current Fed Chair Janet Yellen.
The nomination of Powell will purportedly provide continuity at the Fed, as he has previously supported Yellen's general direction in setting monetary policy.
In remarks from the White House rose garden, Trump said Powell will provide the strong, sound, and steady leadership the Fed needs.
"He's strong, he's committed and he's smart, and if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation's independent central bank," Trump added.
Powell said he was honored and humbled by the opportunity and pledged to do everything within his power to achieve the Fed's dual mandate of stable prices and maximum employment.
Traders were also combing through the details of the House Republican's draft legislation to cut taxes and reform the tax code.
After delaying the unveiling by a day, the tax-writing House Ways and Means Committee released a memo highlighting some of the provisions of their tax reform bill.
The bill would reduce the corporate tax rate to 20 percent from 35 percent and also make it easier and less costly for American businesses to bring home foreign earnings.
The proposed legislation also lowers individual tax rates for low and middle-income Americans to zero, 12 percent, 25 percent, and 35 percent while maintaining the 39.6 percent rate for high-income Americans.
While the memo said the bill eliminates special-interest deductions, the plan continues to allow people to write off the cost of state and local property taxes.
The GOP said the plan also retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
On the U.S. economic front, the Labor Department released a report showing an unexpected drop in initial jobless claims in the week ended October 28th.
The report said initial jobless claims edged down to 229,000, a decrease of 5,000 from the previous week's revised level of 234,000. The dip surprised economists, who had expected jobless claims to inch up to 235,000.
A separate report from the Labor Department showed a bigger than expected increase in labor productivity in the third quarter, with output jumping by much more than hours worked.
The report said labor productivity surged up by 3.0 percent in the third quarter after climbing by 1.5 percent in the second quarter. Economists had expected production to increase by 2.4 percent.
The Labor Department also said unit labor costs rose by 0.5 percent in the third quarter after edging up by 0.3 percent in the second quarter. The uptick in costs matched economist estimates.
Most of the other major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Biotechnology stocks showed a strong move to the upside over the course of the session, however, with the NYSE Arca Biotechnology Index climbing by 1.5 percent.
Within the biotech sector, Aralez Pharmaceuticals (ARLZ), Dicerna Pharmaceuticals (DRNA), and Juno Therapeutics (JUNO) posted standout gains.
Considerable strength also emerged among railroad stocks, as reflected by the 1.3 percent advance by the Dow Jones Railroads Index. CSX Corp. (CSX) turned in one of the sector's best performances.
On the other hand, housing stocks moved to the downside on the day, dragging the Philadelphia Housing Sector Index down by 1.1 percent. The index pulled back off the record closing high set in the previous session.
The pullback by housing stocks came as the House Republican tax reform bill would cut the cap on the mortgage interest deduction for newly purchased homes in half to $500,000. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The U.S. economy added 261,000 jobs in October as employment rebounded from a lull in the prior month due to hurricanes Harvey and Irma.
Employment was expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September.
Unemployment fell to 4.1% from 4.2%, but only because 765,000 people stopped looking for work. The unemployment rate has declined by 0.7 percentage point so far this year, and the number of unemployed persons has decreased by 1.1 million.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on service sector activity in the month of October.
The ISM’s non-manufacturing index is expected to dip to 58.6 in October from 59.8 in September, although a reading above 50 would still indicate growth in the service sector.
The Commerce Department is also due to release its report on factory orders in the month of September at 10 am ET. Factory orders are expected to jump by 1.3 percent.
At 12:15 pm ET, Minneapolis Fed President Neel Kashkari is scheduled to participate in moderated Q&A with Women in Housing and Finance in Washington. |
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Shares of GoPro (GPRO) are moving sharply lower in pre-market trading after the high definition camera maker reported better than expected third quarter results but provided disappointing guidance for the current quarter.
Cybersecurity company FireEye (FEYE) is also likely to come under pressure after reporting a narrower than expected third quarter loss but forecasting another loss for the fourth quarter.
Shares of Tesla (TSLA) may also move to the downside after the electric car maker reported a wider than expected third quarter loss.
On the other hand, shares of Electro Scientific Industries (ESIO) are spiking higher in pre-market trading after the semiconductor testing equipment maker reported a fiscal second quarter profit compared to a year-ago loss.
Biopharmaceutical company Neurocrine Biosciences (NBIX) is also likely to see early strength after reporting a much narrower than expected third quarter loss on revenues that exceeded estimates.
Shares of SunPower (SPWR) are also moving to the upside in pre-market trading after the solar products and services company reported better than expected third quarter results. |
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| | Europe markets | | European stocks were broadly higher on Friday after the release of U.S. tax reform bill as well as the announcement of Jerome Powell as the next Federal Reserve Chair.
Underlying sentiment, however, remained cautious ahead of the all-important U.S. jobs report due tonight, with U.S. employment expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September. The unemployment rate is expected to hold at 4.2 percent.
The pan-European Stoxx Europe 600 index was up 0.2 percent at 395.58 in late opening deals after declining half a percent in the previous session.
The German DAX was moving up 0.4 percent while France's CAC 40 index was marginally higher in cautious trade.
The U.K.'s FTSE 100 was up 0.3 percent to extend gains from the previous session as the pound continued to respond negatively to the BoE's rate hike announcement and relatively dovish comments from Governor Mark Carney.
Schibsted jumped more than 10 percent after the Norwegian media group posted third-quarter earnings that topped forecasts.
Dialog Semiconductor rallied 3.5 percent and AMS rose over 2 percent after Apple forecast revenue for the holiday season above market expectations.
Renault shares jumped 5 percent after the French government announced it was selling a 4.73 percent stake in the carmaker.
Deutsche Telekom gained 1 percent after reports that T-Mobile and Sprint are working to salvage their $74 billion merger.
Gold miners Rangold Resources and Fresnillo rose about 2 percent each as gold firmed up on the announcement of the widely expected Republican tax plan.
On the flip side, telecoms firm Altice fell over 10 percent after disappointing third-quarter results.
Societe Generale shares tumbled 3.2 percent. The French lender reported lower profit in its third quarter and said it would not proceed with its Global Employee Share Ownership Plan, citing uncertainty over U.S. disputes and legal reasons.
On a light day on the economic front, the U.K. service sector expanded at the strongest pace in six months in October, survey data from IHS Markit showed.
The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index rose unexpectedly to 55.6 from 53.6 in September, helped by improved order books and resilient client demand. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks closed mixed in thin holiday-trade on Friday even as Chinese markets came under selling pressure after data showed China's private sector expanded at the weakest pace in sixteen months in October.
Underlying sentiment remained supported somewhat after the release of U.S. tax reform bill as well as the announcement of Jerome Powell as the next Federal Reserve Chair.
Investor attention shifted to the all-important U.S. jobs report due tonight, with U.S. employment expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September. The unemployment rate is expected to hold at 4.2 percent.
China's Shanghai Composite index dropped 11.57 points or 0.34 percent to 3,371.74 on concerns over economic slowdown. The Japanese markets were closed for the Culture Day holiday.
Australian shares closed modestly higher, led by financials and miners after U.S. House of Representatives Republicans released a sweeping tax overall that would deliver deep tax cuts. Investors shrugged off disappointing retail sales and service sector data.
While Australia's retail sales remained flat in September, defying economists' forecast for an increase, growth in the services sector eased slightly in October from the previous month, separate reports showed.
The benchmark S&P/ASX 200 index rose 28.20 points or 0.48 percent to 5,959.90 while the broader All Ordinaries index ended 28.10 points or 0.47 percent higher at 6,030.30.
Banks ANZ, Commonwealth and Westpac rose between 0.2 percent and 0.8 percent. Mining heavyweights BHP Billiton and Rio Tinto closed up over 1 percent each as Chinese coal and iron ore future extended gains.
Gold miners Evolution and Newcrest gained more than 2 percent. Woodside Petroleum advanced 1.1 percent and Beach Energy surged as much as 4.7 percent as Brent crude prices hovered near two-year highs.
Seoul shares hit fresh record highs after U.S. President Trump announced the Powell nomination as Fed Chair. The benchmark Kospi climbed 11.61 points or 0.46 percent to 2,557.97.
In economic releases, South Korea's current account surplus widened in September from a year earlier due to an increased surplus in the goods account, central bank data showed. |
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| | Commodity, Currency Markets | | Crude oil futures are rising $0.25 to $55.14 a barrel after climbing $0.24 to $54.54 a barrel on Thursday. Meanwhile, after inching up $0.80 to $1,278.10 an ounce in the previous session, gold futures are dipping $0.10 to $1,2780 an ounce.
On the currency front, the U.S. dollar is trading at 114 yen compared to the 113.92 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1657 compared to yesterday’s $1.1658. |
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