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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 following the long, holiday weekend.
Stocks may benefit from buying interest generated by optimism about the outlook for the markets and the economy going into the new year.
Trading activity may remain somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
After moving modestly higher over the two previous sessions, stocks moved back to the downside during trading on Friday. The major averages slid into negative territory, although selling pressure was somewhat subdued.
The major averages saw further downside going into the close, ending the session at their worst levels of the day. The Dow dropped 118.29 points or 0.5 percent to 24,719.22, the Nasdaq slid 46.77 points or 0.7 percent to 6,903.39 and the S&P 500 fell 13.93 points or 0.5 percent to 2,673.61.
Despite the pullback on the day, the major averages moved sharply higher for the year. While the Dow surged up by 25.1 percent, the Nasdaq spiked by 28.2 percent and the S&P 500 jumped by 19.4 percent.
Stocks frequently benefit from so-called window dressing on the last day of the year, but investors may have decided to do some profit taking following the strong upward move seen in 2017.
Trading activity remained light, however, with many traders likely looking to get a head start on the New Year's weekend. A quiet day on the U.S. economic front also kept traders on the sidelines.
Most of the major sectors showed only modest moves on the day, although significant weakness was visible among networking stocks.
The NYSE Networking Index slumped by 2 percent after ending the previous session at its best closing level in over sixteen years.
ADTRAN (ADTN) led the networking sector lower, tumbling by 13 percent after providing disappointing fourth quarter guidance.
Biotechnology, semiconductor, and electronic storage stocks also moved to the downside, weighing on the tech-heavy Nasdaq.
On the other hand oil service stocks saw some strength on the day, moving higher along with the price of crude oil, which closed above $60 a barrel for the first time in over two years.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
The economic calendar for the week starts off relatively quiet, although the closely watched monthly jobs report is likely to attract considerable attention on Friday.
In the coming days, traders are also likely to keep an eye on reports on manufacturing and service sector activity, construction spending, private sector employment, international trade, and factory orders.
The Federal Reserve is also scheduled to release the minutes of its latest monetary policy meeting on Wednesday, potentially shedding light on the outlook for interest rates in the new year. |
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| | Europe |
European stocks have started the New Year in the red despite a mostly positive session in Asia. The dollar has weakened against most major currencies, including the euro and pound, weighing on sentiment.
European bond yields rose after ECB Executive Board member Benoit Coeure reportedly said there is "a reasonable chance" the ECB's 2.55 trillion euros stimulus program will not be extended again when it expires in September.
While the German DAX Index has fallen by 0.7 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both down by 0.6 percent.
On the economic front, Eurozone manufacturing activity grew the most since the survey began in mid-1997, final data from IHS Markit showed today.
The factory PMI improved to 60.6 in December, in line with the flash estimate, from 60.1 in November.
Separately, U.K. manufacturing activity growth eased more than expected in December, data published by IHS Markit showed.
The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index fell to 56.3 from November's 51-month high of 58.2.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Most Asian stocks rose on Tuesday, the first trading day of 2018, as a survey of Chinese manufacturing beat forecasts and North Korean leader Kim Jong Un said he is open to talks with South Korea.
China's Shanghai Composite Index climbed 41.88 points or 1.3 percent to 3,349.05 after the Caixin manufacturing PMI showed a reading of 51.5 in December, beating expectations and also touching a four-month high.
Separately, official data showed that China's manufacturing activity edged down slightly in December, but largely maintained momentum. Hong Kong's Hang Seng Index jumped 596.16 or 2 percent to 30,515.31.
Australian shares ended the first trading day of the New Year on a subdued note in the absence of overseas leads. The benchmark S&P/ASX200 Index ended down 3.80 points or 0.1 percent at 6,061.30, while the broader All Ordinaries Index finished marginally lower at 6,166.
Banks succumbed to selling pressure, with Commonwealth, Westpac and ANZ losing between 0.2 percent and 0.6 percent. Mining giant BHP Billiton rose 0.4 percent and Rio Tinto added 0.9 percent, aided by higher iron ore prices, while smaller rival Fortescue Metals Group gained more than 1 percent.
Gold miner Newcrest Mining advanced 1.1 percent, utility AGL Energy rose 0.7 percent and telecom giant Telstra added 0.8 percent.
On the economic front, Australia's manufacturing sector continued to expand strongly at the end of the year, the latest survey from the Australian Industry Group revealed. The PMI dropped to 56.2 in December from 57.3 in November.
South Korea's Kospi rose half a percent to close at 2,479.65 amid ebbing tensions on the Korean Peninsula. LG Chem rallied 1.5 percent after the chemicals maker announced it would spend more than 1 trillion won (US$937 million) on research and development this year.
South Korea's manufacturing sector deteriorated at the end of the year, albeit marginally, survey figures from IHS Markit showed today.
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| | Commodities |
Crude oil futures are slipping $0.08 to $60.34 a barrel after climbing $0.58 to $60.42 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,315.20, up $5.90 from the previous session?s close of $1,309.30. On Friday, gold jumped $12.10.
On the currency front, the U.S. dollar is trading at 112.10 yen compared to the 112.63 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.2065 compared to last Friday?s $1.2012.
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