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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 Wednesday, with stocks likely to extend the upward trend seen in recent sessions.
The upward momentum on Wall Street comes as traders digest quarterly results from well-known companies such as General Electric (GE).
Traders may also continue to react positively to news that lawmakers managed to re-open the government earlier this week after a relatively brief shutdown.
Following the strength seen on Monday, stocks saw some further upside during trading on Tuesday. The advance on the day lifted the Nasdaq and the S&P 500 to new record closing highs.
The major averages ended the session mixed. While the Dow edged down 3.79 points or less than a tenth of a percent to 26,210.81, the Nasdaq climbed 52.26 points or 0.7 percent to 7,460.29 and the S&P 500 rose 6.16 points or 0.2 percent to 2,839.13.
The strength on Wall Street came as lawmakers managed to re-open the government following a brief shutdown, passing a stopgap bill funding the government until February 8th.
Upbeat earnings news has also generated buying interest, with Dow components Johnson & Johnson (JNJ), Procter & Gamble (PG) and Travelers (TRV) reporting better than expected quarterly results.
Trading activity was somewhat subdued, however, as a lack of major U.S. economic news kept some traders on the sidelines.
In the coming days, traders are likely to keep an eye on reports on new and existing home sales and durable goods orders.
Gold stocks turned in some of the market's best performances on the day, driving the NYSE Arca Gold Bugs Index up by 2.6 percent. The strength among gold stocks came amid an increase by the price of the precious metal.
Computer hardware, biotechnology and interent stocks also saw considerable strength, contributing to the notable advance by the tech-heavy Nasdaq.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 10 am ET, the National Association of Realtors is scheduled to release its report on existing home sales in the month of December.
Economists expect existing home sales to drop by 2.2 percent in December after jumping by 5.6 percent in November.
The Energy Information Administration is scheduled to release its report on oil inventories in the week ended January 19th at 10:30 am ET.
Crude oil inventories are expected to fall by 1.6 million barrels after tumbling by 6.9 million barrels in the previous week.
At 1 pm ET, the Treasury Department is due to announce the results of its auction of sell $34 billion worth of five-year notes.
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| | Stocks in Focus |
Shares of General Electric (GE) are seeing pre-market strength after the conglomerate reported weaker than expected fourth quarter results but provided upbeat guidance.
Software giant Microsoft (MSFT) may also move to the upside after Nomura initiated coverage of the company?s stock with a Buy rating.
Shares of Sirius XM (SIRI) are also moving higher in pre-market trading after the satellite radio operator added $2 billion to its stock repurchase program.
On the other hand, shares of United Continental (UAL) may come under pressure after the airline reported fourth quarter results that beat estimates but also announced an increase in capacity that could impact profit margins.
Bank holding company Capital One (COF) could also see early weakness after reporting weaker than expected fourth quarter results. |
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| | Europe |
European stocks have fallen on Wednesday as the dollar index dropped below the 90.00 threshold for the first time since December amid increasing investor concern over protectionist trade policies from President Donald Trump.
The euro hit a fresh three-year peak as investors looked ahead to Thursday's ECB meeting for clues on the outlook for monetary policy.
Meanwhile, the pound hovered near its highest level since the U.K.'s Brexit referendum in June 2016 after unexpectedly strong U.K. employment data.
Data from the Office for National Statistics showed today that the U.K. jobless rate held steady at 4.3 percent in the three months to November, the same rate as in three months to August and the lowest level seen since 1975.
Separately, Eurozone private sector activity expanded at the fastest pace in nearly 12 years in January, flash data from IHS Markit showed as an acceleration of service sector growth to the fastest since August 2007 was partly countered by a slowdown in manufacturing output growth.
The composite output index unexpectedly rose to 58.6 in January from 58.1 in December. The expected reading was 57.9.
While the U.K.?s FTSE 100 Index has fallen by 0.5 percent, the French CAC 40 Index and the German DAX Index are down by 0.2 percent and 0.1 percent, respectively.
Ahold Delhaize shares have fallen sharply after the Dutch supermarkets and eCommerce company reported muted growth in fourth-quarter sales at constant exchange rates.
Marks and Spencer Group has also dropped to extend losses after announcing plans to close its London distribution center.
Suez shares have slumped after the utility lowered its 2017 earnings targets, citing costs related to political instability in Spain.
On the positive side, Novartis has rallied after its 2017 sales and profits topped forecasts. Danish business conglomerate Maersk has also jumped on reports that it is seeking a partner for its drilling unit.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mixed on Wednesday as news of U.S. tariffs on washing machines and solar panels sparked fears of a global trade war.
Chinese shares hit fresh two-year highs on optimism about growth in 2018. The benchmark Shanghai Composite Index climbed 14.23 points or 0.4 percent to end at 3,560.73, while Hong Kong's Hang Seng Index inched up 27.99 points or 0.1 percent to 32,958.69.
Australian shares also closed higher as gains by financials and energy stocks outweighed losses in the mining sector. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index both ended up by 0.3 percent at 6,054.70 and 6,168.80, respectively.
Banks ANZ, NAB and Westpac eked out modest gains, while Commonwealth shed 0.8 percent. Insurer QBE soared 5.4 percent on expectations that the company is working on improving its return on equity by selling non-core and underperforming assets.
Medical equipment maker ResMed jumped 2.8 percent to extend Tuesday's rally. Energy majors Woodside Petroleum, Santos and Oil Search climbed 1-3 percent after Brent crude prices surged towards $70 a barrel for the first time in a week.
Weaker base metal prices pulled material stocks lower, with BHP Billiton, Fortescue Metals Group and Rio Tinto all ending down about 0.4 percent.
Meanwhile, Japanese shares fell as the dollar dropped below the 110 yen threshold for the first time in four months, triggering selling in exporters. Weaker- than- expected Japanese trade data for December also dented sentiment.
The Nikkei 225 Index dropped 183.37 points or 0.8 percent to 23,940.78, while the broader Topix Index closed half a percent lower at 1,901.23.
Fanuc Corp tumbled 3.7 percent, Sony lost over 5 percent and Tokyo Electron declined 1.7 percent. Banks Mizuho Financial, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial Group retreated 1-2 percent. Among the gainers, Mitsui Fudosan and Pacific metals advanced 2-3 percent.
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| | Commodities |
Crude oil futures are inching up $0.17 to $64.64 a barrel after climbing $0.90 to $64.47 a barrel on Tuesday. Meanwhile, after rising $4.80 to $1,336.70 an ounce in the previous session, gold futures are jumping $14.50 to $1,351.20 an ounce.
On the currency front, the U.S. dollar is trading at 109.58 yen compared to the 110.31 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.2354 compared to yesterday?s $1.2299.
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