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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 following the mixed performance seen in the previous session.
Another positive reaction to the latest batch of earnings news may contribute to early buying interest on Wall Street.
After failing to sustain an early upward move stocks turned mixed over the course of the trading session on Wednesday. While the Nasdaq and the S&P 500 pulled back into negative territory, the Dow reached a new record closing high.
The major averages ended the day on opposite sides of the unchanged line. The Dow rose 41.31 points or 0.2 percent to 26,252.12, while the Nasdaq slid 45.23 points or 0.6 percent to 7,415.06 and the S&P 500 edged down 1.59 points or 0.1 percent to 2,837.54.
The early strength on Wall Street partly reflected a positive reaction to the latest batch of quarterly earnings news.
Abbott Laboratories (ABT), United Technologies (UTX), and Comcast (CMCSA) are among the companies that reported better than expected quarterly results.
Buying interest waned over the course of the morning, however, leading some traders to cash in on the recent strength in the markets.
On the U.S. economic front, the National Association of Realtors released a report showing a bigger than expected pullback in existing home sales in the month of December.
NAR said existing home sales tumbled by 3.6 percent to an annual rate of 5.57 million in December after jumping by 5.1 percent to a revised 5.78 million in November.
Economists had expected existing home sales to drop to a rate of 5.70 million from the 5.81 million originally reported for the previous month.
The bigger than expected decrease came after existing home sales jumped to highest rate in nearly eleven years in November.
"Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand," said NAR chief economist Lawrence Yun.
Airline stocks showed a substantial move to the downside on the day, dragging the NYSE Arca Airline Index down by 3 percent.
United Continental (UAL) led the airline sector lower after reporting fourth quarter results that beat estimates but also announcing an increase in capacity that could impact profit margins.
Significant weakness also emerged among semiconductor stocks, as reflected by the 2.3 percent drop by the Philadelphia Semiconductor Index. The index pulled back off the record closing high set in the previous session.
Chip maker Texas Instruments (TXN) posted a notable loss despite reporting fourth quarter results that matched analyst estimates.
Oil service and electronic storage stocks also moved to the downside on the day, while considerable strength was visible among gold, steel, and banking stocks.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
After reporting first-time claims for U.S. unemployment benefits at their lowest level in nearly 45 years in the previous week, the Labor Department released a report showing a rebound in initial jobless claims in the week ended January 20th.
The report said initial jobless claims rose to 233,000, an increase of 17,000 from the previous week's revised level of 216,000.
Economists had expected jobless claims to climb to 240,000 from the 218,000 originally reported for the previous week.
At 10 am ET, the Commerce Department is scheduled to release its report on new home sales in the month of December. New home sales are expected to slump by 7.9 percent.
The Conference Board is also due to release its report on leading economic indicators in the month of December at 10 am ET. The leading economic index is expected to climb by 0.5 percent.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $28 billion worth of seven-year notes.
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| | Stocks in Focus |
Shares of Caterpillar (CAT) are seeing pre-market strength after the construction and mining equipment manufacturer reported better than expected fourth quarter earnings.
Chip equipment manufacturer Lam Research (LRCX) may also move to the upside after reporting fiscal second quarter results that exceeded expectations.
Shares of 3M (MMM) are also likely to see early strength after the diversified manufacturer reported better than expected fourth quarter results and provided upbeat guidance.
Shares of Ford (F) are moving to the downside in pre-market trading after the auto giant reported fourth quarter earnings that came in below analyst estimates.
Appliance maker Whirlpool (WHR) may also give back ground after reporting better than expected fourth quarter earnings but weaker than expected revenues. The company also provided disappointing 2018 earnings guidance.
Shares of JetBlu (JBLU) could also see early weakness after the discount airline reported fourth quarter earnings that missed expectations. |
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| | Europe |
European stocks are moving higher as traders digest the European Central Bank?s decision to leave its key interest rates and asset purchases unchanged. The ECB reiterated that rates will remain at their present levels well past the life of the stimulus.
While the French CAC 40 Index has climbed by 0.5 percent, the U.K.?s FTSE 100 Index and the German DAX Index are up by 0.2 percent and 0.1 percent, respectively.
In economic news, survey data from market research group GfK showed that German consumer confidence is set to strengthen in February on strong economic and income expectations.
The forward-looking consumer sentiment index rose by 0.2 points to 11.0 in February. The score was forecast to remain unchanged at 10.8.
Nordic bank Nordea has moved notably lower after its fourth quarter operating profit failed to meet market expectations.
Clariant shares have also plunged after SABIC bought a 25 percent stake in the Swiss specialty chemicals company.
Germany's Software AG has tumbled after its fourth-quarter net income declined 7 percent from last year.
Meanwhile, lender Close Brothers Group has jumped in London after reporting an increase in first-half profits amid improving market conditions.
Diageo has also advanced after reporting a 4.2 percent rise in organic net sales in the half-year ended December, beating forecasts.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks fell broadly on Thursday on renewed worries over President Donald Trump's America First policies and other protectionist measures.
Comments by U.S. Treasury Secretary Steven Mnuchin that he welcomed a weaker currency also added to investor worries over the Trump administration's protectionist stance.
Chinese shares fell from two-year highs as investors booked some profits after recent gains. The benchmark Shanghai Composite Index dropped 11.16 points or 0.3 percent to 3,548.30, snapping a seven-session winning streak. Hong Kong's Hang Seng Index slid 304.24 points or 0.9 percent to 32,265.45.
Japanese shares fell to their lowest level in nearly two weeks after the U.S. treasury secretary hailed a "weak dollar" at the World Economic Forum in Davos.
The Nikkei 225 Index slumped 271.29 points or 1.1 percent to 23,669.49, while the broader Topix Index closed 0.9 percent lower at 1,884.56.
A stronger yen hurt exporters, with Canon, Honda Motor, Panasonic and Sony falling 1-4 percent. Chip-making equipment manufacturer Advantest declined 2.5 percent, while oil major Japan Petroleum rallied 2 percent.
Australian shares finished marginally lower, dragged down by banks and industrial stocks on growing concerns of a global trade spat following trade action by the U.S. against China and South Korea. The benchmark S&P/ASX 200 Index edged down 4.70 points or 0.1 percent to end at 6,050 ahead of Friday's national holiday.
Banks ANZ, NAB and Westpac ended down between 0.3 percent and 0.6 percent, while toll road operator Transurban Group lost over 1 percent.
Higher iron ore and base metal prices helped lift miners, with BHP Billiton, Rio Tinto and Fortescue Metals Group rising between 0.6 percent and 1.6 percent.
Gold miners Newcrest, Northern Star and Evolution jumped 2-4 percent after gold prices surged overnight to their highest level in a year.
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| | Commodities |
Crude oil futures are climbing $0.80 to $66.41 a barrel after jumping $1.14 to $65.61 a barrel on Wednesday. An ounce of gold is trading at $1,358.90, up $2.60 compared to the previous session?s close of $1,336.70. On Wednesday, gold rose $4.80.
On the currency front, the U.S. dollar is trading at 108.86 yen compared to the 109.22 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.2475 compared to yesterday?s $1.2408.
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