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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 lower opening on Tuesday following the strong upward move seen last week.
Profit taking may contribute to initial weakness on Wall Street, although trading activity may remain somewhat subdued ahead of the release of the minutes of the latest Federal Reserve meeting on Wednesday.
Stocks moved mostly higher in morning trading on Friday but turned mixed over the course of the session. The major averages eventually ended the day on opposite sides of the unchanged line.
While the Dow and the S&P 500 closed higher for sixth consecutive session, the tech-heavy Nasdaq dipped 16.96 points or 0.2 percent to 7,239.47. The Dow edged up 19.01 points or 0.1 percent to 25,219.38 and the S&P 500 inched up 1.02 points or less than a tenth of a percent to 2,732.22.
Despite the mixed performance on the day, the major averages all moved sharply higher for the week. The Nasdaq spiked by 5.3 percent, while the Dow and the S&P 500 both surged up by 4.3 percent.
The mixed close on Wall Street came after Special Counsel Robert Mueller's office revealed that a federal grand jury has indicted several Russian nationals for allegedly interfering in the 2016 presidential election.
The indictment does not allege collusion between the Russians and President Donald Trump's campaign but could still cause headaches for the president.
The strength seen earlier in the day came as traders once again shrugged off further indications of rising inflation, with a report from the Labor Department showing import prices jumped by more than expected in the month of January.
The Labor Department said import prices surged up by 1.0 percent in January after edging up by a revised 0.2 percent in December.
Economists had expected import prices to climb by 0.6 percent compared to the 0.1 percent uptick originally reported for the previous month.
The report also said export prices increased by 0.8 percent in January after inching up by a revised 0.1 percent in December.
Export prices had been expected to rise by 0.3 percent compared to the 0.1 percent drop originally reported for the previous month.
A separate report from the Commerce Department showed a much bigger than expected rebound in new residential construction in January.
The Commerce Department said housing starts soared by 9.7 percent to an annual rate of 1.326 million in January after tumbling by 6.9 percent to a revised 1.209 million in December.
Economists had expected housing starts to climb by 3.5 percent to an annual rate of 1.234 million from the 1.192 million originally reported for the previous month.
Building permits, an indicator of future housing demand, also surged up by 7.4 percent to an annual rate of 1.396 million in January from the revised December rate of 1.300 million.
The University of Michigan also released a report unexpectedly showing a significant improvement in consumer sentiment in the month of February.
The preliminary reading on the consumer sentiment index for February came in at 99.9, up from the final January reading of 95.7. Economists had expected the index to edge down to 95.5.
"Consumer sentiment rose in early February to its second highest level since 2004 despite lower and much more volatile stock prices," said Richard Curtin, the survey's chief economist.
Curtin said stock market gyrations were overshadowed by rising incomes, employment growth, and net favorable perceptions of tax reform.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Pharmaceutical stocks saw considerable strength, however, with the NYSE Arca Pharmaceutical Index climbing by 1 percent.
Biopharmaceutical company Alkermes (ALKS) posted a standout gain, surging up by 5.5 percent to a two-year closing high.
On the other hand, substantial weakness was visible among gold stocks, as reflected by the 2.3 percent slump by the NYSE Arca Gold Bugs Index. Gold stocks came under pressure despite a modest increase by the price of the precious metal.
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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 is relatively quiet, although reports on existing home sales and weekly jobless claims may attract attention along with the minutes of the latest Federal Reserve meeting.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $28 billion worth of two-year notes. |
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| | Europe |
Firmer oil prices and the dollar recovery ahead of the FOMC meeting minutes coming out tomorrow helped to lift European stocks higher on Tuesday, although U.K stocks fell slightly in view of disappointing earnings updates from the likes of HSBC Holdings and BHP Billiton.
The pan-European Stoxx Europe 600 index was up 0.10 percent at 378.62 in late opening deals after declining 0.6 percent on Monday.
The German DAX and France's CAC 40 were up around 0.2 percent, while the U.K.'s FTSE 100 was losing 0.4 percent.
Edenred shares jumped more than 7 percent in Paris after the prepaid meal voucher and card provider reported record 2017 earnings and hiked dividend.
Covestro, the company formed by the spin off of Bayer's specialty plastics division, climbed nearly 2 percent after its fourth-quarter net profit increased more-than fourfold.
HeidelbergCement advanced 1.7 percent on reporting a 16 percent rise in Q4 core profit on higher sales.
Software firm Temenos tumbled 6 percent amid reports that it was in advance talks to buy U.K. rival Fidessa Group.
HSBC Holdings dropped over 4 percent after its full-year pre-tax profit, adjusted for one-off items and currency fluctuations, fell short of market forecasts.
Mining heavyweight BHP Billiton tumbled 3.5 percent despite the company reporting strong half-year underlying profit and hiking its interim dividend.
Intercontinental Hotels shares slumped 5 percent after the hotel conglomerate announced a series of new initiatives and said it would not pay out any additional capital to investors in 2018.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Most Asian stocks fell on Tuesday in thin holiday trade as markets in China and Taiwan remained closed for the Lunar New Year holidays.
In the absence of any lead from Wall Street and amid weak cues from Europe, investors awaited minutes from the latest Federal Open Market Committee meeting and a slew of speeches by Fed officials this week to assess the outlook for rate tightening.
Japanese shares fell sharply after three successive days of gains. The Nikkei average tumbled 224.11 points or 1.01 percent to 21,925.10 after climbing 2 percent in the previous session. The broader Topix index closed 0.72 percent lower at 1,762.45.
Market heavyweight Fast Retailing lost 2.2 percent, Fanuc shed 2.5 percent and SoftBank Corp declined 0.9 percent.
Canon, Toyota Motor and Honda Motor fell 1-2 percent as the yen traded firm ahead of the FOMC meeting minutes coming out on Wednesday.
Banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial ended down over 1 percent while insurer T&D Holdings retreated 2.3 percent.
Australian shares ended in the red, dragged down by banks and miners. The S&P/ASX200 index ended marginally lower at 5,940.90 while the broader All Ordinaries index closed flat with a positive bias.
ANZ Bank slid 0.3 percent despite reporting reported a fall in impaired assets in the first quarter. The other three banks fell between 0.2 percent and 0.8 percent while Insurance Australia Group lost over 1 percent.
Mining heavyweights BHP Billiton and Rio Tinto dropped around half a percent each to extend losses for the second straight session. Super Retail Group plummeted as much as 14.5 percent after it decided to acquire adventure wear chain Macpac.
Woodside Petroleum advanced 1.6 percent and Origin Energy added 1 percent as oil hovered near two-week highs on rising geopolitical tensions in the Middle East.
On the economic front, Australia's consumer confidence weakened for the second straight time during the week ended February 18, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed.
Separately, minutes from the Reserve Bank of Australia's February 6 meeting revealed that board members expect the economy to grow more or less on par with expectations.
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| | Commodities |
Crude oil futures are rising $0.33 to $62.01 a barrel after climbing $0.34 to $61.68 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,343.70, down $12.50 from the previous session?s close of $1,356.20. On Friday, gold inched up $0.90.
On the currency front, the U.S. dollar is trading at 107.18 yen compared to the 106.59 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.2354 compared to last Friday?s $1.2407.
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