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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 Friday, with stocks poised to extend the pullback seen in the previous session.
Uncertainty about the outlook for tax reform may weigh on the markets after Senate Republicans released their version of a tax bill.
The Senate bill includes some significant differences from the House version, including a delay in the implementation of a cut in the corporate tax rate.
A number of other differences related to issues such as deductions and the estate tax have raised some questions about the outlook for tax reform.
House Republicans could pass their version as early as next week, although it remains to be seen if GOP lawmakers can overcome the differences in the two bills to get legislation to the president's desk.
Stocks climbed off their worst levels of the day but still ended Thursday's trading firmly in negative territory. With the drop on the day, the major averages pulled back off the record closing highs set in the previous session.
The major averages more than offset the modest gains posted on Wednesday. The Dow fell 101.42 points or 0.4 percent to 23,461.94, the Nasdaq slid 39.07 points or 0.6 percent to 6,750.05 and the S&P 500 dropped 9.76 points or 0.4 percent to 2,584.62.
The weakness on Wall Street came as traders reacted to reports regarding the Senate version of tax reform legislation.
The Senate bill still reduces the corporate tax rate to 20 percent from 35 percent, although the new rate does not take effect until 2019. The House bill would start the 20 percent rate next year.
The delay of the corporate tax cut in the Senate bill reflects an effort by Senators to partly offset the cost of the legislation.
The Senate bill also maintains seven tax brackets versus the four in the House bill, but the top rate is lowered to 38.5 percent from 39.6 percent.
While state and local tax deductions are completely repealed in the Senate version, the bill maintains the cap on the mortgage interest deduction at $1 million.
On the U.S. economic front, the Labor Department released a report showing a bigger than expected increase in initial jobless claims in the week ended November 4th.
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.
A separate report from the Commerce Department showed wholesale inventories rose by 0.3 percent in September, matching economist estimates.
Networking stocks moved sharply lower over the course of the session, dragging the NYSE Arca Networking Index down by 2.3 percent. The index pulled back off its best closing level in almost a month.
Infinera (INFN) led the networking sector lower after the communications equipment maker reported a third quarter loss compared to a year ago profit, although the loss was narrower than expected.
Significant weakness was also visible among semiconductor stocks, as reflected by the 2 percent loss posted by the Philadelphia Semiconductor Index. The drop by the index came after it ended the previous session at its best closing level in over seventeen years.
Steel, transportation, and internet stocks also saw considerable weakness, while natural gas stocks rebounded strongly after coming under pressure on Wednesday.
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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 University of Michigan is scheduled to release its preliminary report on consumer sentiment in the month of November.
The consumer sentiment index is expected to edge down to 100.0 in November after jumping to a thirteen-year high of 100.7 in October.
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| | Stocks In Focus |
Shares of The Trade Desk (TTD) are moving sharply lower in pre-market trading after the digital ad placement company reported better than expected third quarter results but provided disappointing revenue guidance.
Residential real estate company Redfin (RDFN) may also come under pressure after reporting third quarter results that came in below analyst estimates.
Shares of Finish Line (FINL) could also move to the downside after Cowen downgraded its rating on the athletic apparel retailer to Underperform from Market Perform.
On the other hand, shares of J.C. Penney (JCP) are spiking higher in pre-market trading after the department store operator reported a narrower than expected third quarter loss on better than expected revenues.
Graphics chip maker Nvidia (NVDA) is also likely to move to the upside after reporting third quarter results that beat analyst estimates on both the top and bottom lines.
Shares of Omeros (OMER) are also seeing significant pre-market strength after the biopharmaceutical company reported strong third quarter results. |
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| | Europe markets |
European stocks are subdued on Friday as U.S. tax reform worries and simmering Middle East tensions kept investors on the sidelines ahead of the weekend.
Broad-based dollar strength as well as encouraging U.K. industrial output and trade data have helped to limit overall losses to some extent.
While the German DAX Index is just below the unchanged line, the French CAC 40 Index is down by 0.2 percent and the U.K.'s FTSE 100 Index is down by 0.5 percent.
Leonardo shares have fallen sharply after the Italian high-tech company cut its 2017 forecast. British luxury brand Burberry Group has also moved to the downside after unveiling plans to move further upmarket.
French steel pipe maker Vallourec has tumbled despite the company posting turnaround results for the third quarter of 2017.
On the positive side, ArcelorMittal has jumped after the world's largest producer of steel sounded upbeat about 2018 after posting a better than expected core profit for the third quarter.
Allianz Group has also risen after the German insurer announced a new 2 billion euro share buyback plan despite reporting a lower operating profit for 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 finished broadly lower on Friday as uncertainty about the U.S. tax reform plan dented investor sentiment and boosted demand for safe-haven assets such as gold and the Japanese yen.
Japanese shares led regional decliners, with a stronger yen and losses by technology stocks weighing on the markets. The Nikkei 225 Index fell 187.29 points or 0.8 percent to 22,681.42, while the broader Topix Index closed 0.7 percent lower at 1,800.44.
Fanuc, Tokyo Electron and Advantest lost around 2 percent, and Toshiba plummeted 5.1 percent on equity dilution worries. Tire maker Bridgestone Corp slumped 7.7 percent after slashing its full-year operating profit forecast.
Australian shares retreated from nearly 10-year highs set in the previous session as weak commodity prices pulled down mining and energy stocks.
The benchmark S&P/ASX 200 Index dropped 20.05 points or 0.3 percent to finish at 6,029.37, snapping a three-day winning streak. The broader All Ordinaries Index ended down 18.10 points or 0.3 percent at 6,104.30.
Miners BHP Billiton and Rio Tinto lost about 2 percent each after a reversal in Chinese iron ore futures on Thursday. Energy stocks such as Woodside Petroleum, Oil Search and Santos declined 1-3 percent.
On the other hand, News Corp soared 4.6 percent after the publishing arm of Rupert Murdoch's media empire reported first-quarter EBITDA that nearly doubled from last year.
Online real-estate advertiser REA Group advanced 1.7 percent as it reported a 24 percent increase in September quarter earnings from core operations.
In its quarterly Statement on Monetary Policy, the Reserve Bank of Australia projected inflation to rise slightly to 2.25 percent in the year ending December 2018 from an estimated 2 percent in the year to December 2017.
Meanwhile, China's Shanghai Composite Index inched up 5.56 points or 0.2 percent to 3,433.35 after reports that China is considering expanding corporate tax cuts for high-tech service companies. Hong Kong's Hang Seng Index edged down 15.65 points or 0.1 percent to 29,120.92.
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| | Commodity, Currency Markets |
Crude oil futures are unchanged after climbing $0.36 to $57.17 a barrel on Thursday. Meanwhile, after rising $3.80 to $1,287.50 an ounce in the previous session, gold futures are slipping $2.20 to $1,285.30 an ounce.
On the currency front, the U.S. dollar is trading at 113.40 yen compared to the 113.47 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1647 compared to yesterday's $1.1642.
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