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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 on the heels of the first losing session of the new year.
Stocks may benefit from easing concerns about treasuries after China dismissed a Bloomberg News report that officials have recommended slowing or halting purchases of U.S. debt.
?The news could quote the wrong source of information, or may be fake news,? China?s State Administration of Foreign Exchange said, according to Reuters.
The SAFE said China has been diversifying its foreign currency reserves investments to help ?safeguard the overall safety of foreign exchange assets and preserve and increase their value.?
After coming under pressure early in the session, stocks regained ground over the course of the trading day on Wednesday. The major averages climbed well off their worst levels of the day but still closed in negative territory.
The major averages posted modest losses on the day, with the S&P 500 and the Nasdaq closing lower for the first time in 2018. The Dow dipped 16.67 points or 0.1 percent to 25,369.13, the Nasdaq edged down 10.01 points or 0.1 percent to 7,153.57 and the S&P 500 slipped 3.06 points or 0.1 percent to 2,748.23.
Profit taking contributed to the early weakness on Wall Street after the major averages once again climbed to new record closing highs in the previous session.
The report from Bloomberg News indicating Chinese officials have recommended slowing or halting purchases of U.S. Treasuries also weighed on the markets.
People familiar with the matter told Bloomberg the officials believe the market for U.S. government bonds is becoming less attractive relative to other assets.
The officials also think trade tensions between the U.S. and China may provide a reason to slow or stop buying American debt, the people said.
Selling pressure waned over the course of the session, however, as traders may have been concerned about missing out on any further upside.
On the U.S. economic front, the Labor Department released a report showing import prices rose by much less than expected in the month of December.
The Labor Department said import prices inched up by 0.1 percent in December after climbing by an upwardly revised 0.8 percent in November.
Economists had expected import prices to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.
The report also showed an unexpected decrease in export prices, which edged down by 0.1 percent in December after rising by 0.5 percent in November. Export prices had expected to rise by 0.3 percent.
A separate report from the Commerce Department showed wholesale inventories increased by slightly more than anticipated in the month of November.
Natural gas stocks showed a significant move to the downside over the course of the trading session, dragging the NYSE Arca Natural Gas Index down by 1.4 percent.
The weakness among natural gas stocks came amid a decrease by the price of the commodity, with natural gas for February delivery falling $0.017 to $2.906 per million BTUs.
Considerable weakness was also visible among electronic storage stocks, as reflected by the 1.3 percent drop by the NYSE Arca Disk Drive Index. The index pulled back further off the more than two-year closing high it set on Monday.
Semiconductor, railroad, housing, and commercial real estate stocks also saw notable weakness, contributing to the modestly lower close by the broader markets.
On the other hand, airline stocks moved substantially higher, with the NYSE Arca Airline Index climbing by 1.7 percent. The gain by the index came after it close lower for five consecutive sessions.
United Continental (UAL) led the sector higher after the airline reported increases in revenue passenger miles and available seat miles in December.
Gold and banking stocks also moved to the upside on the day, helping to offset the weakness seen in the aforementioned sectors.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
For the second consecutive week, the Labor Department released a report showing an unexpected increase in first-time claims for U.S. unemployment benefits.
The report said initial jobless claims rose to 261,000 in the week ended January 6th, an increase of 11,000 from the previous week?s unrevised level of 250,000.
The modest increase came as a surprise to economists, who had expected initial jobless claims to edge down to 245,000.
A separate report from the Labor Department unexpectedly showed a modest decrease in producer prices in the month of December.
The Labor Department said its producer price index for final demand edged down by 0.1 percent in December after climbing by 0.4 percent in November. Economists had expected prices to rise by 0.2 percent.
Excluding food and energy prices, core producer prices still dipped by 0.1 percent in December following a 0.3 percent increase in November. Core prices had also been expected to tick up by 0.2 percent.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $12 billion worth of thirty-year bonds.
New York Federal Reserve President William Dudley is due to deliver keynote remarks at the Securities Industry and Financial Markets Association?s ?U.S. Economic Outlook: What's In Store For 2018? event in New York at 3:35 pm ET.
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| | Stocks in Focus |
Shares of KB Home (KBH) are moving notably higher in pre-market trading after the homebuilder reported fourth quarter results that exceeded analyst estimates.
Software company Progress Software (PRGS) is also likely to see early strength after reporting better than expected fourth quarter results.
Shares of Delta Air Lines (DAL) may also move to the upside after the airline beat fourth quarter expectations and raised its 2018 earnings guidance.
On the other hand, shares of Shaw Communications (SJR) may see early weakness after the communications and media company reported weaker than expected fiscal first quarter earnings. |
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| | Europe |
European stocks are subdued on Thursday as corporate earnings start trickling out and investors eye the latest ECB minutes for signs whether the central bank will start withdrawing its stimulus policies earlier than expected.
While the U.K.?s FTSE 100 Index is just below the unchanged line, the French CAC 40 Index is down by 0.2 percent and the German DAX Index is down by 0.3 percent.
In economic news, the German economy expanded at the fastest pace in six years in 2017, data from Destatis showed today. GDP grew 2.2 percent in 2017 after expanding 1.9 percent in 2016.
France's economy expanded at a faster pace in the fourth quarter of 2017, according to the Bank of France survey. GDP is likely to have expanded 0.6 percent in the fourth quarter, revised up from 0.5 projected earlier.
Swiss luxury goods group Compagnie Financiere Richemont has rallied after reporting 1 percent growth in third-quarter sales, despite weakness in Europe and Japan.
Recruitment firm Hays has also moved to the upside after posting double-digit growth in fiscal second quarter net fees.
Meanwhile, Sodexo shares have tumbled after the French food services and facilities management group reported that its first quarter revenues totaled 5.3 billion euro, down 2.6 percent compared to the same period in the previous fiscal year.
Tesco shares has also come under pressure after Christmas trading results in its core U.K. business fell short of market expectations.
Similarly, Marks and Spencer Group has moved lower after reporting a 2.8 percent drop in like-for-like sales for its struggling clothing and home divisions over the Christmas quarter.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Most Asian stocks fell on Thursday after Wall Street experienced its first losing session this year, hit by reports that China may slow or halt purchases of U.S. Treasuries and that President Donald Trump may pull the U.S. out of the North American Free Trade Agreement.
Japanese shares ended modestly lower, hit by weak cues from Wall Street and a strong yen. The Nikkei 225 Index dropped 77.77 points or 0.3 percent to 23,710.43, while the broader Topix Index closed 0.2 percent lower at 1,888.09.
Automakers Toyota and Honda fell 1-2 percent as the dollar suffered its biggest one-day drop in nearly eight months against the yen. Financials bucked the downtrend, with banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial rising 0.6 percent and 1 percent, respectively.
Australian shares fell for a second consecutive session after U.S. stocks snapped a six-session winning streak on Wednesday amid jitters over rising bond yields.
The benchmark S&P/ASX 200 Index dropped 29.10 points or 0.5 percent to 6,067.60, and the broader All Ordinaries Index closed 29.70 points or 0.5 percent lower at 6,176.20.
Banks ANZ, Commonwealth and Westpac fell between 0.2 percent and 0.5 percent, while mining heavyweight BHP Billiton shed 0.4 percent.
Rio Tinto closed roughly flat after receiving a binding offer from Liberty House for its Aluminium Dunkerque smelter in northern France.
Energy stocks closed broadly lower despite crude oil prices rising 1 percent overnight. Gold miners Evolution Mining and Newcrest rose 1.2 percent and 0.7 percent, respectively as gold prices extended gains for a second day on dollar weakness.
Investors largely ignored upbeat data showing that Australia's retail sales rose more than expected in November.
Meanwhile, China's Shanghai Composite Index inched up 3.74 points or 0.1 percent to 3,425.57 to extend gains for the tenth straight session. Hong Kong's Hang Seng Index edged up 46.67 points or 0.2 percent to 31,120.39.
Chinese Premier Li Keqiang reportedly said the economy expanded around 6.9 percent in 2017. The economic situation is "better than expected," Li said in a forum in Cambodia.
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| | Commodities |
Crude oil futures are rising $0.32 to $63.89 a barrel after climbing $0.61 to $63.57 a barrel on Wednesday. An ounce of gold is trading at $1,322.20, up $2.90 compared to the previous session?s close of $1,319.30. On Wednesday, gold rose $5.60.
On the currency front, the U.S. dollar is trading at 111.53 yen compared to the 111.44 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.2027 compared to yesterday?s $1.1948.
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