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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 Thursday following the lackluster performance seen in the previous session.
Optimism about the economic impact of the Republican tax reform bill may generate some buying interest after GOP lawmakers managed to send the legislation to President Donald Trump?s desk on Wednesday.
The reaction to the passage of the bill has been somewhat subdued thus far, however, as traders question if the potential impact of the legislation has already been priced into the markets.
After failing to sustain an initial upward move, stocks showed a lack of direction over the course of the trading session on Wednesday. The major averages spent much of the day lingering near the unchanged line.
The major averages eventually ended the session slightly lower. The Dow dipped 28.10 points or 0.1 percent to 24,726.65, the Nasdaq edged down 2.89 points or less than a tenth of a percent to 6,960.96 and the S&P 500 slipped 2.22 points or 0.1 percent to 2,679.25.
The choppy trading on Wall Street came as traders shrugged off news that Republican lawmakers managed to send a sweeping tax reform bill to President Donald Trump's desk.
The House voted 224 to 201 in favor of the bill known as the Tax Cuts and Jobs Act, with the vote coming down largely along party lines.
The bill reduces the corporate tax rate to 21 percent from 35 percent, gives tax breaks to pass-through businesses and includes provisions intended to encourage domestic business investment.
The legislation also reduces tax rate for most individuals, although the tax cuts for individuals are set to expire.
The House voted in favor of a similar bill on Tuesday but needed to re-vote due to procedural issues related to the reconciliation process.
The Senate voted 51 to 48 in favor of the $1.5 trillion tax reform bill early this morning, with the vote coming down strictly along party lines.
While GOP lawmakers argue reductions in the tax rates for businesses and individuals will boost economic growth, Democrats claim the legislation will give tax cuts to the wealthy at the expense of the middle class.
The bill also includes a repeal of Obamacare's requirement that everyone has health insurance as well as a provision allowing energy development in Alaska's Arctic National Wildlife Refuge.
In remarks at a cabinet meeting ahead of the vote, Trump described the tax reform bill as an "historic victory for the American people."
On the U.S. economic front, the National Association of Realtors released a report showing a much bigger than expected jump in existing home sales in the month of November.
NAR said existing home sales soared by 5.6 percent to an annual rate of 5.81 million in November from an upwardly revised 5.50 million in October.
Economists had expected existing home sales to rise to a rate of 5.52 million from the 5.48 million originally reported to the previous month.
With the much bigger than expected increase, existing home sales reached their highest level since hitting 6.42 million in December of 2006.
Most of the major sectors showed only modest moves on the day, contributing to the lackluster close by the broader markets.
Oil service stocks showed a substantial move to the upside, however, with the Philadelphia Oil Service Index surging up by 2.5 percent. With the jump, the index reached its best closing level in well over a month. The strength among oil service stocks came amid an increase by the price of crude oil.
Significant strength was also visible among steel stocks, as reflected by the 2 percent gain posted by the NYSE Arca Steel Index. The index reached its best closing level in ten months.
Gold, natural gas, and railroad stocks also saw notable strength, while commercial real estate stocks showed a considerable move to the downside.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
A report released by the Labor Department showed a bigger than expected increase in first-time claims for unemployment benefits in the week ended December 16th.
The report said initial jobless claims climbed to 245,000, an increase of 20,000 from the previous week's unrevised level of 225,000. Economists had expected jobless claims to rise to 234,000.
Economic activity in the U.S. unexpectedly grew at a slightly slower than previously estimated rate in the third quarter, according to a separate report released by the Commerce Department.
The report said real gross domestic product surged up by 3.2 percent in the third quarter compared to the previously estimated 3.3 percent jump. Economists had expected the pace of growth to be unrevised.
Despite the downward revision, the GDP growth seen in the third quarter still reflects a modest acceleration from the 3.1 percent increase in the second quarter.
The Philadelphia Federal Reserve also released a report showing an unexpected rebound in the pace of growth in regional manufacturing activity in the month of December.
The Philly Fed said its diffusion index for current general activity climbed to 26.2 in December from 22.7 in November, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to drop to 21.5.
At 10 am ET, the Conference Board is scheduled to release its report on leading economic indicators in the month of November. The leading economic index is expected to rise by 0.3 percent.
The Treasury Department is due to announce the details of next week?s auctions of two-year, five-year, and seven-year notes at 11 am ET.
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| | Stocks in Focus |
Shares of Accenture (ACN) are moving higher in pre-market trading after the consulting firm reported better than expected fiscal first quarter results and raised the low end of its full-year earnings forecast.
Food producer ConAgra Brands (CAG) is also likely to move to the upside after reporting fiscal second quarter results that beat analyst estimates and providing upbeat guidance.
On the other hand, shares of PG&E (PCG) may come under pressure after the electric utility suspended its dividend due to uncertainty related to potential liabilities associated with the October wildfires in Northern California.
Housewares retailer Bed Bath & Beyond (BBBY) is also seeing pre-market weakness despite reporting better than expected fiscal third quarter results. |
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| | Europe |
European stocks are turning in a lackluster performance on the day. The focus remains on a defining election in Catalonia that will decide the future of Spain.
While the German DAX Index is marginally lower, the French CAC 40 Index is just above the unchanged line and the U.K.?s FTSE 100 Index is up by 0.6 percent.
Homebuilding stocks have fallen in London on concerns over the Brexit effect on the economy after industry data showed that U.K. car output decreased 4.6 percent year-on-year in November in the wake of deteriorating consumer sentiment.
McCarthy & Stone has also moved sharply lower after the government proposed to cut controversial ground rents on new long leases to zero.
Meanwhile, Balfour Beatty shares have rallied. The infrastructure group has reached an agreement with funds managed by Dalmore Capital Limited to sell a 12.5 percent stake in Connect Plus, the company which operates the M25 orbital motorway.
Nokia shares have also moved sharply higher on news the Finnish telecom equipment group has signed a multi-year patent license agreement with China's Huawei.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mostly lower on Thursday as financial markets offered a muted reaction to the passage of major U.S. tax reform, which will lower tax rates for both businesses and individual Americans.
Japanese shares moved to the downside even as the dollar held near a one-week high against the yen, supported by an increase in U.S. bond yields.
The Nikkei 225 Index dipped 25.62 points or 0.11 percent to 22,866.10, led down by banks as the Bank of Japan left its monetary policy unchanged as widely expected, underscoring its conviction that a recovery in the world's third largest economy was gathering momentum.
The broader Topix index closed 0.1 percent lower at 1,822.61, with banks Sumitomo Mitsui Financial and Mizuho Financial ending down over 1 percent each. Fast Retailing lost 1.4 percent after preliminary data showed Japanese supermarket sales dropped in November from a year ago.
Australian shares pulled back from near 10-year highs as the markets gave a relatively lukewarm response to the passage of the GOP's tax plan in the U.S. Gains in the mining sector helped to limit overall losses to some extent.
The benchmark S&P/ASX 200 Index dropped 15.20 points or 0.3 percent to 6,060.40, while the broader All Ordinaries Index ended down 11.60 points or 0.2 percent at 6,156.30.
Banks ANZ, Commonwealth, NAB and Westpac fell between 0.6 percent and 0.9 percent. Firmer base metals prices helped lift miners, with BHP Billiton rallying 1.4 percent and Rio Tinto climbing 1 percent.
Oil and gas producer AWE tumbled 2.8 percent after it agreed to a revised takeover bid from mining services provider Mineral Resources. BlueScope Steel soared 4.3 percent after lifting its first-half guidance.
Seoul stocks plunged to a nearly three-month low after a late sell-off by foreign investors amid worries over a potential conflict with North Korea and on apprehension over fourth quarter earnings.
The benchmark Kospi slumped 42.54 points or 1.7 percent to 2,429.83, marking its biggest single-day loss since July. The index was dragged down by tech and chemical stocks. Tech heavyweights Samsung Electronics and SK Hynix lost 3-4 percent.
On the other hand, Chinese stocks rose after Xinhua news agency said the country is committed to maintaining economic growth in a reasonable range next year.
The benchmark Shanghai Composite Index climbed 13.08 points or 0.4 percent to 3,300.68, and Hong Kong's Hang Seng Index advanced 132.97 points or 0.5 percent to 29,367.06.
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| | Commodities |
Crude oil futures are rising $0.31 to $57.87 a barrel after climbing $0.53 to $58.09 a barrel on Wednesday. An ounce of gold is trading at $1,269.40, down $0.20 compared to the previous session?s close of $1,269.60. On Wednesday, gold increased $5.40.
On the currency front, the U.S. dollar is trading at 113.39 yen compared to the 113.40 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1862 compared to yesterday?s $1.1871.
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