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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 lower opening on Thursday following the modest strength seen in the previous session.
Profit taking may contribute to initial weakness on Wall Street after the uptick seen on Wednesday lifted the major averages to new record closing highs.
Uncertainty about the outlook for the Republican tax reform plan may also weigh on the markets along with rising tensions in the Middle East.
After several quiet days on the U.S. economic front, the Labor Department also released a report showing a bigger than expected increase in initial jobless claims in the week ended November 4th.
Stocks turned in another lackluster performance during trading on Wednesday, with the major averages spending much of the day showing only modest moves. Despite the choppy trading, the major averages reached new record closing highs.
The major averages ended the day modestly above the unchanged line. The Dow inched up 6.13 points or less than a tenth of a percent to 23,563.36, the Nasdaq rose 21.34 points or 0.3 percent to 6,789.12 and the S&P 500 edged up 3.74 points or 0.1 percent to 2,594.38.
The choppy trading on Wall Street came as many traders remained on the sidelines amid another quiet day on the U.S. economic front.
The economic calendar picks up somewhat in the coming days with the release of reports on weekly jobless claims, wholesale inventories, and consumer sentiment.
Developments overseas also attracted some attention as President Donald Trump has traveled to China to meet with Chinese President Xi Jinping.
Trump is expected to push China to do more to address the threat posed by North Korea, with the president arguing in a speech in South Korea that the weight of the crisis is on the conscience of nations that choose to ignore the threat.
"I hope I speak not only for our countries, but for all civilized nations, when I say to the North: Do not underestimate us and do not try us," Trump said in a speech to the South Korean National Assembly.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Telecom stocks showed a significant move to the upside, however, with the NYSE Arca Telecom Index advancing by 1.6 percent. With the gain, the index reached a five-month closing high.
Sprint (S) helped to lead the telecom sector higher, surging up by 4.2 percent after ending the previous session at its lowest closing level in over a year.
Considerable strength was also visible among electronic storage stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Disk Drive Index. The index climbed to a two-year closing high.
Housing, networking, and pharmaceutical stocks also saw some strength on the day, while banking and natural gas stocks showed notable moves to the downside.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
First-time claims for U.S. unemployment benefits rose by more than expected in the week ended November 4th, according to a report released by the Labor Department.
The report said initial jobless claims climbed to 239,000, an increase of 10,000 from the previous week's unrevised level of 229,000. Economists had expected jobless claims to edge up to 231,000.
At 10 am ET, the Commerce Department is due to release its report on wholesale inventories in the month of September. Wholesale inventories are expected to rise by 0.3 percent.
The Treasury Department is scheduled to announce the results of auction of $15 billion worth of thirty-year bonds at 1 pm ET.
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| | Stocks In Focus |
Shares of Kohl's (KSS) are moving sharply lower in pre-market trading after the retailer reported third quarter earnings that came in below analyst estimates.
Energy drink maker Monster Beverage (MNST) is also likely to come under pressure after reporting weaker than expected third quarter earnings.
Shares of James River (JRVR) are also seeing pre-market weakness after the insurance holding company announced certain shareholders intend to offer 3 million shares in an underwritten public offering.
On the other hand, shares of Otonomy (OTIC) are spiking higher in pre-market trading after the biopharmaceutical company reported a narrower than expected third quarter loss. Otonomy also announced positive results from a late-stage trial of Otividex in patients with M?ni?re's disease.
Office supplies retailer Office Depot (ODP) is also likely to see early strength after reporting third quarter results that beat analyst estimates on both the top and bottom lines.
Shares of Overstock.com (OSTK) may also move to the upside after the online retailer reported a narrower than expected third quarter loss. |
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| | Europe markets |
European stocks have moved to the downside on Thursday as investors digest a flurry of earning reports and kept an eye on the second day of Trump's visit to Beijing.
U.S. tax reform worries and simmering Middle East tensions also kept traders on tenterhooks as the sixth round of Brexit negotiations got under way in Brussels.
While the U.K.'s FTSE 100 Index has fallen by 0.6 percent, the French CAC 40 Index and the German DAX Index are down by 1 percent and 1.1 percent, respectively.
ArcelorMittal shares have fallen after EU anti-trust authorities opened a probe into the company's proposed purchase of struggling Italian steel producer Ilva.
Vestas has plunged as after the world's largest maker of wind turbines has lowered its profit guidance for the year, citing some uncertainty linked to U.S. tax reform.
Burberry shares have also fallen in London after the luxury brand said it would close stores and stop its products being sold in "unluxurious" areas.
Hikma Pharmaceuticals has moved to the downside as it cut its revenue forecasts for its generic business for a third time, citing challenging market conditions in the United States.
Meanwhile, Aegon shares have jumped after the Dutch insurer posted solid third-quarter earnings, driven by fewer claims and higher fee revenues.
French electric utility Engie has also moved to the upside after Total SA agreed to buy its upstream LNG business for $1.49 billion.
German lender Commerzbank has also rallied after it swung to a profit in the third quarter, matching expectations.
In economic news, German exports declined less than expected in September, while imports dropped unexpectedly, data from Destatis revealed.
Separately, survey data from the Bank of France showed that the French economy will likely grow at a steady pace in the fourth quarter. GDP is forecast to grow 0.5 percent, the same rate as seen 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 pared early gains to end mixed on Thursday as optimism over the Republican tax reform plan faded and tensions continued to flare in the Middle East.
The yen was a little weaker and oil held steady after overnight losses, while strong inflation data out of China underscored the resilience of the world's second-largest economy.
Chinese shares ended at a fresh two-year high as encouraging inflation data pointed to a pickup in global demand. The benchmark Shanghai Composite Index rose 12.33 points or 0.4 percent to 3,427.79, and Hong Kong's Hang Seng Index advanced 228.97 points or 0.8 percent to 29,136.57.
Inflation in China climbed at the fastest pace in nine months in October and producer price inflation exceeded expectations as measures taken to curb pollution raised commodity prices.
Consumer price inflation rose to 1.9 percent in October from 1.6 percent in September, data from the National Bureau of Statistics showed. This was the highest rate since January, when inflation was 2.5 percent. Producer price inflation held steady at 6.9 percent in October, while it was forecast to ease to 6.6 percent.
Japanese stocks gave up strong early gains to end modestly lower as caution crept in ahead of Friday's option settlement. The Nikkei 225 Index topped 23,000 for the first time since January of 1992 before reversing direction to end down 45.11 points or 0.2 percent at 22,868.71. The broader Topix Index reached a 26-year high before closing 0.3 percent lower at 1,813.11.
Pasona Group shares jumped over 10 percent after the release of a reform proposal from a Hong Kong-based fund, while Japan Display plunged 10.4 percent and Nissan Motor lost 2 percent on earnings disappointment.
Investors looked past official data showing that Japan's core machinery orders tumbled at their fastest pace in more than two years in September.
Australian shares rose notably to close near a 10-year high. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index both climbed about 0.6 percent to finish at 6,049.40 and 6,122.40, respectively.
Mining heavyweights BHP Billiton and Rio Tinto rose about half a percent each after iron ore futures in Dalian surged up nearly 2 percent.
NAB tumbled 3.4 percent on going ex-dividend, while the other three banks rose between 0.8 percent and 1.3 percent.
Building materials supplier James Hardie Industries soared 7.6 percent after an acquisition announcement. Property group Goodman Group advanced 2.6 percent after reiterating its full-year 2018 operating earnings outlook.
Santos fell 2.7 percent after the oil and gas producer forecast a significant drop in sales volume for the year ahead.
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| | Commodity, Currency Markets |
Crude oil futures are inching up $0.05 to $56.86 a barrel after falling $0.39 to $56.81 a barrel on Wednesday. An ounce of gold is trading at $1,288, up $4.30 compared to the previous session's close of $1,283.70. On Wednesday, gold climbed $7.90.
On the currency front, the U.S. dollar is trading at 113.39 yen compared to the 113.87 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1618 compared to yesterday's $1.1595.
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