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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 Tuesday, with stocks poised to climb to new record highs.
Better than expected quarterly results from Dow components Citigroup (C) and UnitedHealth (UNH) have added to optimism about the earnings season.
After showing a strong move to the upside in morning trading on Friday, stocks remained firmly positive throughout the afternoon. With the upward move, the major averages once again climbed to new record closing highs.
The major averages ended the day just off their highs of the session. The Dow advanced 228.46 points or 0.9 percent to 25,803.19, the Nasdaq climbed 49.28 points or 0.7 percent to 7,261.06 and the S&P 500 rose 18.68 points or 0.7 percent to 2,786.24.
For the week, the Dow surged up by 2 percent, while the Nasdaq and the S&P 500 jumped by 1.7 percent and 1.6 percent, respectively.
The continued strength on Wall Street partly reflected optimism about the earnings season after financial giants JPMorgan Chase (JPM), BlackRock (BLK) and Wells Fargo (WFC) all reported better than expected quarterly results.
JPMorgan and BlackRock moved notably higher after reporting results that beat estimates, although Wells Fargo moved to the downside.
Traders were also digesting some closely watched economic data, including a report from the Commerce Department showing retail sales rose in line with economist estimates in the month of December.
The Commerce Department said retail sales increased by 0.4 percent in December after climbing by an upwardly revised 0.9 percent in November.
Economists had expected retail sales to rise by 0.4 percent compared to the 0.8 percent increase originally reported for the previous month.
Excluding auto sales, retail sales still rose by 0.4 percent in December after jumping by 1.3 percent in November. The increase in ex-auto sales also matched estimates.
A separate report from the Labor Department showed consumer prices rose by less than expected in December, reflecting a sharp pullback in energy prices.
The Labor Department said its consumer price index inched up by 0.1 percent in December after climbing by 0.4 in November. Economists had expected prices to rise by 0.2 percent.
Meanwhile, the report said core consumer prices, which exclude food and energy prices, increased by 0.3 percent in December after ticking up by 0.1 percent in November. Core prices had been expected to rise by 0.2 percent.
Gold stocks showed a significant move to the upside on the day, with the NYSE Arca Gold Bugs Index surging up by 3 percent. The index reached its best closing level in three months. The strength among gold stocks came amid a notable increase by the price of the precious metal.
Airline stocks also extended the substantial upward move seen over the two previous sessions, driving the NYSE Arca Airline Index up by 1.7 percent. With the jump, the index reached its best closing level in over sixteen years.
Significant strength was also visible among retail stocks, as reflected by the 1.7 percent advance by the Dow Jones Retail Index. The index climbed to a record closing high.
The gains by retail stocks came following the retail sales data as well as a report from the National Retail Federation showing stronger than expected holiday sales growth.
Software, brokerage, and computer hardware stocks also saw notable strength on the day, moving higher along with most of the other major sectors.
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Growth in activity in the New York manufacturing sector slowed in the month of January, according to a report released by the Federal Reserve Bank of New York.
The New York Fed said its general business conditions index dropped to 17.7 in January from an upwardly revised 19.6 in December. A positive reading still indicates growth in regional manufacturing activity. |
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| | Europe |
European stocks were flat to slightly higher on Tuesday as the euro paused after recent rally and investors awaited more earnings news from the U.S. as trading resumes following a long weekend.
The pan-European Stoxx Europe 600 index was up 0.3 percent at 398.81 in opening deals after declining 0.2 percent the previous day.
The German DAX was rising half a percent, France's CAC 40 index was moving up 0.3 percent and the U.K.'s FTSE 100 was up 0.2 percent.
Novartis rose about 1 percent. Sandoz, a Novartis division, announced that it has received approval from the U.S. health regulator for proposed biosimilar adalimumab to the reference medicine, Humira.
German luxury fashion house Hugo Boss rallied 2.5 percent on reporting 5 percent growth in its fourth-quarter Group sales.
Automotive manufacturing firm Continental AG added 1.5 percent on reports of business restructuring.
French utility Engie gained 1.4 percent after its chief executive said 2018 would see an acceleration of growth.
Media group Mediawan jumped over 4 percent on news that it is acquiring three major French TV production companies.
JD Sports jumped 6.7 percent as the British retailer raised its profit forecast for the second time since September.
Premier Foods climbed 3.2 percent after reporting an increase in third-quarter sales.
Swedish networking and telecommunications firm Ericsson slid half a percent. The company announced that it would take writedowns of SKr14.2bn ($1.8bn) after impairment testing of its businesses.
On the economic front, Germany's consumer price inflation accelerated to a five-year high of 1.8 percent in 2017, final data published by Destatis showed today, while wholesale prices logged an annual growth of 3.5 percent in the year.
U.K.'s consumer price inflation dropped to 3 percent in December from November's six-year high of 3.1 percent, official data showed.
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Asian stocks closed mostly higher on Tuesday despite a lack of fresh catalysts as investors looked ahead to more earnings news from the U.S.
China's Shanghai Composite Index advanced 27.00 points or 0.8 percent to 3,437.49 ahead of fourth-quarter GDP, December industrial production and retail sales figures due Thursday. Hong Kong's Hang Seng Index surged up 565.88 points or 1.8 percent to 31,904.75
Japanese stocks rallied, with a weaker yen and hopes for robust corporate earnings results helping underpin investor sentiment.
The Nikkei 225 Index jumped 236.93 points or 1 percent to 23,951.81, its highest closing level in more than 26 years as the yen's appreciation against the dollar stopped.
The broader Topix index closed 0.6 percent higher at 1,894.25. Dentsu, Softbank, Fuji Electric, Fast Retailing, Sumco and Fanuc rose 2-5 percent.
Meanwhile, Australian shares fell amid broad-based selling, although markets ended well off their day's lows. The benchmark ASX 200 hit a two-week low before ending down 28.50 points or 0.5 percent at 6,048.60. The broader All Ordinaries index dropped 21.80 points or 0.4 percent to 6,165.90.
Weak iron ore and coking coal prices weighed on material stocks, with BHP Billiton and Rio Tinto losing 0.8 percent and 0.7 percent, respectively. Gold miners Northern Star and Evolution fell around 1 percent each.
The big four banks fell between 0.4 percent and 0.8 percent while energy majors Woodside Petroleum, Oil Search, Origin Energy and Santos shed 2-3 percent.
Shares of Bellamy's Australia soared 25 percent after the infant formula maker raised its full-year profit and revenue growth outlook.
In economic news, Australia's consumer confidence continued its uptrend during the week ended January 14, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed. The corresponding index climbed to 123.5 from 112.0 in the preceding week.
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| | Commodities |
Crude oil futures are slipping $0.22 to $64.08 a barrel after rising $0.50 to $64.30 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,334.30, down $0.60 from the previous session?s close of $1,334.90. On Friday, gold jumped $12.40.
On the currency front, the U.S. dollar is trading at 110.74 yen compared to the 110.54 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.2226 compared to last Friday?s $1,2264.
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