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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, with stocks likely to extend the upward move seen over the past few sessions.
The upward momentum on Wall Street comes as traders digest a slew of U.S. economic data, including a Labor Department report showing producer prices rose in line with economist estimates in January.
After initially moving to the downside, stocks moved sharply higher over the course of the trading session on Wednesday. With the strong upward move on the day, the major averages added to the gains posted in the three previous sessions.
The major averages ended the session near their best levels of the day. The Dow jumped 253.04 points or 1 percent at 24,893.49, the Nasdaq soared 130.10 points or 1.9 percent to 7,143.62 and the S&P 500 surged up 35.69 points or 1.3 percent to 2,698.63.
Stocks initially moved lower following the release of a report from the Labor Department showing a bigger than expected increase in consumer prices in the month of January.
The Labor Department said its consumer price index climbed by 0.5 percent in January after edging up by a revised 0.2 percent in December.
Economists had expected consumer prices to rise by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.
Excluding food and energy prices, core consumer prices rose by 0.3 percent in January after inching up by 0.2 percent in December. Core prices had been expected to increase by 0.2 percent.
Compared to the same month a year ago, consumer prices were up by 2.1 percent in January, while core consumer prices were up by 1.8 percent.
"Once temporary factors drop out of the annual comparison in the spring, core CPI inflation will be close to 2.5% and we expect it to trend higher from there," said Michael Pearce, Senior U.S. Economist at Capital Economics.
He added, "We expect that will force the Fed to raise rates a total of four times this year, beginning with a 25bp rise in interest rates at the March FOMC meeting."
A separate report from the Commerce Department showed an unexpected decrease in retail sales in the month of January.
The Commerce Department said retail sales fell by 0.3 percent in January compared to economist estimates for a 0.2 percent uptick in sales.
Revised data showed that retail sales were unchanged in December compared to the previously reported 0.4 percent increase.
Excluding a decrease in sales by motor vehicle and parts dealers, retail sales were unchanged in January after inching up by 0.1 percent in December. Ex-auto sales had been expected to climb by 0.4 percent.
Gold stocks showed a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 5 percent. The rally by gold stocks came amid a sharp increase by the price of the precious metal.
Considerable strength was also visible among computer hardware stocks, as reflected by the 3 percent jump by the NYSE Arca Computer Hardware Index.
Biotechnology, banking, semiconductor and energy stocks also saw significant strength amid broad based buying interest on Wall Street
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Following the release of a report on consumer price inflation on Wednesday, the Labor Department released a report showing producer prices in the U.S. rose in line with economist estimates in the month of January.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in January after coming in unchanged in December.
Excluding food and energy prices, core producer prices also increased by 0.4 percent in January. Core prices had been expected to edge up by 0.2 percent.
A separate report from the Labor Department showed initial jobless claims increased in line with expectations in the week ended February 10th.
The report said initial jobless claims climbed to 230,000, an increase of 7,000 from the previous week's revised level of 223,000.
The Philadelphia Federal Reserve also released a report unexpectedly showing a faster rate of growth in regional manufacturing activity in the month of February.
The Philly Fed said its index for current manufacturing activity climbed to 25.8 in February from 22.2 in January, with a positive reading indicating growth. Economists had expected the index to drop to 21.1.
Meanwhile, the New York Fed released a report showing regional manufacturing activity grew at a somewhat slower rate in February.
The New York Fed said its general business conditions index fell to 13.1 in February from 17.7 in January. Economists had expected the index to edge down to 17.5.
At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of January. Production is expected to rise by 0.2 percent.
The National Association of Home Builders is due to release its report on homebuilder confidence in the month of February at 10 am ET. The housing market index is expected to hold at 72.
At 11 am ET, the Treasury Department is scheduled to announce the details of next week?s auctions of two-year, five-year, and seven-year notes.
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| | Stocks in Focus |
Shares of Cisco Systems (CSCO) are seeing considerable strength in pre-market trading after the networking giant reported better than expected adjusted second quarter earnings. Cisco also approved a $25 billion increase to its stock repurchase program.
Waste Management (WM) may also move to the upside after reporting fourth quarter results that exceeded analyst estimates on both the top and bottom lines.
On the other hand, shares of NetApp (NTAP) are seeing pre-market weakness after the data storage company reported a fiscal third quarter net loss due to a one-time charge. The company?s adjusted earnings beat estimates. |
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| | Europe |
European stocks are extending gains from the previous session on Thursday as investors took in stride the possibility of more interest rate hikes by the Federal Reserve and turned their focus back to corporate earnings.
While the French CAC 40 Index has jumped by 1.4 percent, the German DAX Index is up by 0.6 percent and the U.K.?s FTSE 100 Index is up by 0.4 percent.
Dutch insurer Aegon has rallied after its fourth quarter profit more than doubled due to a $554 million gain from U.S. tax reform.
Engineering and consultancy company Arcadis NV has also surged higher reporting a 10 percent increase full-year net income.
Schneider Electric shares have moved to the upside in Paris. The electrical equipment producer overcame currency headwinds to post a record net profit in 2017.
Airbus is also soaring after the European plane maker posted improved earnings last year on the back of record plane deliveries.
French IT services group Capgemini has jumped after its annual revenues topped forecasts, driven by demand for digital and cloud services.
Meanwhile, Swiss food giant Nestle has fallen as its 2017 earnings fell short of expectations amid challenging environments in the North American and Brazilian markets.
Indivior shares have also slumped after the British pharmaceuticals group booked a one-time cost of $185 million to deal with antitrust and other litigation.
In economic news, the euro area trade surplus increased in December from the previous month on higher exports, Eurostat reported.
The trade surplus rose to a seasonally adjusted 23.8 billion euros in December from 22 billion euros in November. The expected level was 22.3 billion euros.
Statistical office Insee said France's unemployment rate declined in the fourth quarter to the lowest level since early 2009.
The ILO jobless rate in metropolitan France and the overseas departments came in at 8.9 percent of the labor force, the lowest since early 2009. The rate decreased by 0.7 percentage points sequentially.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks rose on Thursday as investors brushed aside concerns that the Federal Reserve could move more quickly to raise interest rates to tame inflation. Trading activity remained relatively thin across the region as some of the markets were closed for public holidays.
Markets in Taiwan and China were closed for the Lunar New Year holidays, while the South Korean markets were closed for Seollal Day.
Hong Kong's Hang Seng Index ended a shortened trading day nearly 2 percent higher at 31,115.43, led by financials and information technology stocks.
Japanese shares posted solid gains following three consecutive days of losses that took the Nikkei 225 Index to a four-month low on Wednesday.
The Nikkei 225 Index closed 310.81 points or 1.5 percent higher at 21,464.98 despite a firmer yen and the release of mixed industrial output and core machinery orders data. The broader Topix Index climbed 1 percent to 1,719.27.
Japan's industrial production grew more than initially estimated in December, while core machinery orders tumbled 11.9 percent from the previous month, separate reports showed.
Exporter Tokyo Electron climbed 4.6 percent, Honda Motor rose 1.3 percent and Sony added 1.9 percent despite the greenback extending its losing streak against the yen.
Lender Mitsubishi UFJ Financial advanced 1.8 percent and insurer Dai-ichi Life Holdings jumped 5 percent. Oil majors Inpex and Japan Petroleum gained 1-2 percent after crude oil prices rose overnight.
Australian shares rallied, led by miners and energy producers after Dalian iron ore prices hit a three week high and crude oil futures nudged back above $60 a barrel on dollar weakness and data showing a smaller than expected increase in U.S. crude inventories.
The benchmark S&P/ASX200 Index jumped 67.80 points or 1.2 percent to close at 5,909, while the broader All Ordinaries Index ended up 68.70 points or 1.2 percent at 6,008.70.
Miners BHP Billiton, Rio Tinto and Fortescue Metals Group climbed 4-6 percent, and energy majors Santos, Oil Search and Beach Energy jumped 2-6 percent.
Origin Energy soared 6.9 percent after the company narrowed its first-half net loss. Gold miner Evolution Mining rallied 2.2 percent after raising its interim dividend.
Meanwhile, financial services giant Suncorp Group dropped 2.4 percent after its first-half profit declined almost 16 percent from last year on a surge in natural hazard costs and lower revenues.
On the economic front, official data showed that the number of jobs in Australia increased by 16,000 last month to beat forecasts, while the jobless rate stood at 5.5 percent, matching expectations.
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| | Commodities |
Crude oil futures are slipping $0.18 to $60.42 a barrel after jumping $1.41 to $60.60 a barrel on Wednesday. An ounce of gold is trading at $1,355.20, down $2.80 compared to the previous session?s close of $1,358. On Wednesday, gold soared $27.60.
On the currency front, the U.S. dollar is trading at 106.53 yen compared to the 107.01 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 $1.2451.
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