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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 modestly lower opening on Monday, with the Dow futures down by 9 points.
Profit taking may contribute to initial weakness on Wall Street, as traders cash in on the upward move seen in recent sessions.
With traders shrugging off a disappointing batch of U.S. economic data, stocks extended a recent upward move during trading on Friday. The major averages closed higher for the fourth straight session, once again reaching new record closing highs.
The major averages saw further upside going into the close, ending the day just off their highs of the session. The Dow advanced 220.74 points or 0.9 percent to 25,295.87, the Nasdaq climbed 58.64 points or 0.8 percent to 7,136.56 and the S&P 500 rose 19.16 points or 0.7 percent to 2,743.15.
For the holiday-shortened week, the Dow surged up by 2.3 percent, the Nasdaq soared by 3.4 percent and the S&P 500 jumped by 2.6 percent.
The continued strength on Wall Street came even though a report from the Labor Department showed weaker than expected job growth in the month of December.
The report said non-farm payroll employment climbed by 148,000 jobs in December after spiking by an upwardly revised 252,000 jobs in November.
Economists had expected employment to increase by 190,000 jobs compared to the addition of 228,000 jobs originally reported for the previous month.
Traders largely shrugged off the report, as analysts suggested that recent data points to overall strength in the labor market.
"While the headline job gain number may have disappointed, the average over the last three months was still very strong," said Joel Naroff, president and chief economist at Naroff Economic Advisors.
A separate report from the Institute for Supply Management showed an unexpected slowdown in the pace of growth in activity in the service sector.
The ISM said that its non-manufacturing index dropped to 55.9 in December from 57.4 in November. While a reading above 50 still indicates growth in the service sector, economists had expected the index to inch back up to 57.6.
Nonetheless, Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee, said the majority of respondents' comments indicate they finished the year on a positive note.
In other economic news, the Commerce Department reported the widest trade deficit in nearly six years in November, while factory orders jumped more than expected during the month.
Despite the advance by the broader markets, most of the major sectors ended the day showing only modest moves.
Railroad stocks saw considerable strength, however, with the Dow Jones Railroads Index climbing by 1.5 percent. With the gain, the index reached a record closing high.
Kansas City Southern (KSU) and Norfolk Southern (NSC) turned in two of the railroad sector's best performances on the day.
Notable strength was also visible among retail stocks, as reflected by the 1.3 percent gain posted by the Dow Jones Retail Index. The index also ended the day at a record closing high.
Chemical, internet, and software stocks also moved to the upside, while natural gas stocks gave back ground following recent strength.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 12:40 pm ET, Atlanta Federal Reserve President Raphael Bostic is scheduled to speak on the ?Economic Outlook and Monetary Policy? at the Rotary Club of Atlanta.
San Francisco Fed President John Williams is due to participate in panel on ?Should the Fed Stick with the 2 Percent Inflation Target or Rethink it?? in Washington at 1:35 pm ET.
At 3 pm ET, the Fed is scheduled to release its report on consumer credit in the month of November. Consumer credit is expected to increase by $19.8 billion. |
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| | Europe |
European stocks were mostly higher on Monday as investors bet on strong economic growth and solid corporate earnings.
Markets shrugged off weak factory orders data from Germany as Chancellor Angela Merkel's conservatives and the centre-left Social Democrats embark on new talks to form a new government.
German factory orders decreased 0.4 percent month-on-month, reversing a revised 0.7 percent rise in October, data from Destatis revealed. Orders were forecast to drop 0.2 percent.
Separately, U.K. house price growth slowed sharply in December and prices declined from the previous month, preliminary data from the Lloyds bank subsidiary Halifax and IHS Markit showed.
The house price index rose 2.7 percent year-on-year following 3.9 percent increase in the previous month. The latest increase was the smallest since August, when prices grew 2.6 percent.
The dollar was trading higher against rivals ahead of consumer confidence and retail sales numbers from the euro area due later in the day.
The pan-European Stoxx Europe 600 index was up 0.3 percent at 398.43 in late opening deals after climbing 0.9 percent on Friday.
The German DAX and France's CAC 40 index were moving up around 0.4 percent each while the U.K.'s FTSE was marginally lower ahead of a possible cabinet reshuffle this week.
Dialog Semiconductor shares jumped 3 percent. The company reported its fourth-quarter preliminary revenue of approximately $463 million, slightly above the high-end of the guidance range announced on November 7.
Nestle slid half a percent amid reports that Hershey and Ferrero have submitted final bids to acquire its U.S. candy business.
Software giant Micro Focus slumped 11 percent in London after the company warned the integration of HPE software could delay the division's return to revenue growth.
Mothercare shares fell as much as 26 percent after the baby goods retailer warned of substantially lower annual profits.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stock markets are mostly higher on Monday after U.S. stocks closed at record highs on Friday despite weaker than expected jobs data for December 2017 and a fall in crude oil prices. Investors are also optimistic about strong earnings results from regional companies later this week. The Japanese market is closed for the "Coming of Age" holiday.
The Australian market is advancing after U.S. stocks closed higher on Friday.
In late-morning trades, the benchmark S&P/ASX 200 Index is adding 13.40 points or 0.22 percent to 6,135.70, off a high of 6,143.00. The broader All Ordinaries Index is advancing 14.30 points or 0.23 percent to 6,244.00.
In the banking sector, ANZ Banking, National Australia Bank, Westpac and Commonwealth Bank are higher in a range of 0.2 percent to 0.5 percent.
In the oil space, Santos is adding 0.3 percent and Woodside Petroleum is edging up 0.1 percent, while Oil Search is unchanged after crude oil prices declined on Friday.
Meanwhile, in the mining space, Fortescue Metals is losing 0.5 percent, Rio Tinto is declining 0.4 percent and BHP Billiton is down 0.2 percent even as iron ore prices climbed higher.
Gold miners are also weak, despite gold prices rising for a tenth day on Friday. Newcrest Mining is losing more than 1 percent and Evolution Mining is falling more than 3 percent.
Suncorp Group has projected the financial impact of Melbourne's December hailstorm on its first-half results to be between A$160 million and A$170 million, as it expects to receive more than 21,000 insurance claims related to Melbourne's December hailstorm. The insurance giant's shares are lower by more than 1 percent.
On the economic front, the latest survey from the Australian Industry Group revealed that the construction sector in Australia continued to expand in December, although at a much slower rate, with a Performance of Construction Index score of 52.8.
That's down sharply from 57.5 in November, although it remains above the boom-or-bust line of 50 that separates expansion from contraction for the 11th consecutive month.
In the currency market, the Australian dollar rose against the U.S. dollar, which remained at a three-month low on Monday. In early trades, the local unit was quoted at US$0.7862, up from US$0.7848 on Friday.
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| | Commodities |
Crude oil futures are rising $0.23 to $61.67 a barrel after pulling back $0.57 to $61.44 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,231.10, down $1.20 from the previous session?s close of $1,322.30. On Friday, gold inched up $0.70.
On the currency front, the U.S. dollar is trading at 112.92 yen compared to the 113.05 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1971 compared to last Friday?s $1.2029.
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