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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 mixed opening on Thursday following the rally to new record highs seen in the previous session. Traders are digesting the latest batch of earnings and economic news
The Dow Jones Industrial Average closed above 26,000 for the first time ever on Wednesday, extending early gains after the Federal Reserve's Beige Book painted a sunny picture of the U.S. economy.
The major averages all ended the session at record closing highs. The Dow surged up 322.79 points or 1.3 percent to 26,115.65, the Nasdaq jumped 74.59 points or 1 percent to 7,298.28 and the S&P 500 advanced 26.14 points or 0.9 percent to 2,802.56.
The U.S. economy continued to expand at a "modest to moderate" pace in December and early January, the Beige Book said. Respondents were "optimistic" about 2018, as wages increased in most districts.
Holiday sales were higher than expected, and residential real estate activity was constrained only by limited housing inventory.
A separate report from the Federal Reserve showed U.S. industrial production surged over the winter.
The rally on Wall Street came despite some discouraging earnings news from the banking sector.
Goldman Sachs (GS) reported a loss for the fourth quarter, reflecting lower trading revenue in fixed income, currencies and commodities as well as a charge related to the recent U.S. tax reform. Shares fell 1.9 percent.
Bank of America (BAC) reported a profit for the fourth quarter that declined about 50 percent from last year, hurt by a charge of $2.9 billion or $0.27 per share, related to the Tax Cuts and Jobs Act. Shares fell 0.2 percent.
Meanwhile, Wal-Mart (WMT) said it will promote Judith McKenna to President and Chief Executive Officer of Walmart International, the company's second-largest operating segment.
NeuroMetrix Inc(NURO) shares spiked higher after the announcement of a deal with GlaxoSmithKline (GSK) aimed at developing the Quell device outside of the U.S.
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First-time claims for unemployment benefits pulled back by more than expected in the week ended January 13th, according to a report released by the Labor Department.
The report said initial jobless claims fell to 220,000, a decrease of 41,000 from the previous week's unrevised level of 261,000. Economists had expected jobless claims to dip to 250,000.
A separate report released by the Commerce Department showed a steep drop in new residential construction in the U.S. in the month of December.
The report said housing starts tumbled by 8.2 percent to an annual rate of 1.192 million in December from the revised November estimate of 1.299 million.
Economists had expected housing starts to drop to a rate of 1.275 million from the 1.297 million originally reported for the previous month.
Building permits, an indicator of future housing demand, edged down by 0.1 percent to a rate of 1.302 million in December from a revised 1.303 million in November.
The Federal Reserve Bank of Philadelphia also released a report showing growth in activity in the Philadelphia-area manufacturing sector slowed by more than anticipated in the month of January.
The Philly Fed said its index for current manufacturing activity in the region slid to 22.2 in January from a revised 27.9 in December, although a positive reading still indicates growth.
Economists had expected the Philly Fed index to dip to 25.0 from the 26.2 originally reported for the previous month.
At 11 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended January 12th.
Crude oil inventories are expected to drop by 3.6 million barrels after falling by 4.9 million barrels in the previous week.
The Treasury Department is also due to announce the details of next week?s auctions of two-year, five-year, and seven-year notes at 11 am ET.
At 6:05 pm ET, Cleveland Federal Reserve President Loretta Mester is due to speak on monetary policy at the Council for Economic Education's Economists on the Economy in New York.
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| | Stocks in Focus |
Shares of Morgan Stanley (MS) are moving to the upside in pre-market trading after the investment bank reported better than expected fourth quarter results.
La Quinta Holdings (LQ) is also likely to see early strength after announcing an agreement to sell its hotel franchise and hotel management businesses to Wyndham Worldwide (WYN) for $1.95 billion in cash.
On the other hand, shares of Alcoa (AA) are likely to come under pressure after the aluminum producer reported fourth quarter results that came in below analyst estimates.
Cybersecurity software Symantec (SYMC) may also see early weakness after Jefferies downgraded its rating on the company?s stock to Underperform from Hold. |
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| | Europe |
European stocks are mixed in cautious trade on Thursday. While stronger-than-expected Chinese GDP data and expectations for improved corporate earnings has supported underlying sentiment, U.K. stocks have extended losses from the previous session, hit by a rising pound and mixed earnings updates.
The euro has regained some ground following dovish comments by European Central Bank policymaker Ewald Nowotny.
While the German DAX Index has risen by 0.4 percent, the French CAC 40 Index is down by 0.1 percent and the U.K.?s FTSE 100 Index is down by 0.5 percent.
Geberit Group shares have jumped after the Swiss sanitary technology solutions provider reported that its net sales for the fourth quarter grew 10.9 percent from last year to 706.0 million Swiss francs.
German chipmaker Infineon has also rallied after an upgrade from Goldman Sachs. French retailer Carrefour has climbed after reporting an improved fourth-quarter performance.
Meanwhile, Associated British Foods has tumbled in London after it provided a weaker-than-anticipated outlook for its sugar division.
Postal services and courier firm Royal Mail has also dropped 1.8 percent after reporting muted growth in revenues for the nine months ended December 24th.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks gave up early gains to end mixed on Thursday as investors awaited Chinese GDP data for direction.
China's Shanghai Composite Index climbed 31.24 points or 0.9 percent to 3,475.91 after data showed that China's property market remained largely stable in December despite tough purchase restrictions. Hong Kong's Hang Seng Index rose 138.53 points or 0.4 percent to 32,121.94.
Data released after the markets closed revealed that the Chinese economy grew an annual 6.9 percent in 2017, up from 6.7 percent in 2016.
Industrial output accelerated slightly in December, while retail sales slowed and fixed-asset investment remained unchanged, separate reports showed.
Japanese shares reversed early gains to end lower after a report showed Japan's industrial production increased less than initially estimated in November.
The Nikkei 225 Index pulled back from a 26-year high to end 104.97 points or 0.4 percent lower at 23,763.37. The broader Topix closed 0.7 percent lower at 1,876.86.
While drugmakers, financials and property developers led the decliners, technology stocks such as Advantest and Tokyo Electron surged up around 3 percent each.
Australian shares finished marginally lower, dragged down by miners and energy stocks. The benchmark S&P/ASX200 Index edged down 1.20 points or less than a tenth of a percent to 6,014.60, while the broader All Ordinaries Index dipped 3.90 points or 0.1 percent to 6,130.40.
Oil and gas producer Woodside Petroleum shed 0.8 percent after reporting an 11 percent drop in full year output. Santos dropped 1.5 percent, while Beach Energy fell as much as 4.1 percent.
Mining giant BHP Billiton inched up 0.1 percent as it reported a 3 percent rise in second-quarter iron ore output. Smaller rival Fortescue Metals Group slipped 0.2 percent and South32 declined 2.6 percent.
Lender Australia and New Zealand Banking Group rose 0.6 percent after it reached a settlement with a corporate watchdog over suspected third party fraud.
On the economic front, Australia's inflationary expectations remained unchanged in January, survey data from the Melbourne Institute showed, while employment figures for December jumped past expectations.
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| | Commodities |
Crude oil futures are slipping $0.04 to $63.93 a barrel after rising $0.24 to $63.97 a barrel on Wednesday. An ounce of gold is trading at $1,330, down $9.20 compared to the previous session?s close of $1,339.20. On Wednesday, gold climbed $2.10.
On the currency front, the U.S. dollar is trading at 111.13 yen compared to the 111.29 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.2250 compared to yesterday?s $1.2186.
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