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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 Friday, with stocks poised to regain ground following the sell-off seen in the previous session.
Bargain hunting may contribute to early strength on Wall Street after trade war concerns dragged stocks sharply lower on Thursday.
Stocks showed a substantial move to the downside during trading on Thursday, with the major averages adding to the modest losses posted on Wednesday.
The major averages ended the session near their worst levels of the day. The Dow plunged 724.42 points or 2.9 percent to 23,957.89, the Nasdaq tumbled 178.61 points or 2.4 percent to 7,166.68 points or 2.4 percent to 7,166.68 and the S&P 500 plummeted 68.24 points or 2.5 percent to 2,643.69.
The sell-off on Wall Street reflected concerns about the impact of a potential trade war after President Donald Trump announced tariffs on at least $50 billion worth of Chinese imports.
Trade war concerns have recently hovered over the markets after Trump imposed tariffs on steel and aluminum imports.
On the U.S. economic front, a report released by the Labor Department showed a modest uptick in first-time claims for U.S. unemployment benefits in the week ended March 17th.
The report said initial jobless claims edged up to 229,000, an increase of 3,000 from the previous week's unrevised level of 226,000. Economists had expected jobless claims to dip to 225,000.
A separate report released by the Conference Board showed a bigger than expected increase by its index of leading U.S. economic indicators.
The Conference Board said its leading economic index climbed by 0.6 percent following a 0.8 percent increase in January. Economists had expected the index to rise by 0.3 percent.
Steel stocks turned in some of the market's worst performances on the day, resulting in a 6.2 percent drop by the NYSE Arca Steel Index.
Considerable weakness was also visible among financial stocks, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index slumping by 4.1 percent and 3.6 percent, respectively.
Oil service, pharmaceutical, transportation, and chemical stocks also moved notably lower amid broad based weakness 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 | |
New orders for U.S. manufactured durable goods surged up by much more than anticipated in the month of February, according to a report released by the Commerce Department.
The report said durable goods orders jumped by 3.1 percent in February after slumping by 3.5 percent in January. Economists had expected durable goods orders to increase by 1.5 percent.
Excluding a spike in orders for transportation equipment, durable goods orders still climbed by 1.2 percent in February after edging down by 0.2 percent in January. Ex-transportation orders had been expected to rise by 0.5 percent.
At 10 am ET, the Commerce Department is scheduled to release its report on new home sales in the month of February. New home sales are expected to jump by 4.4 percent.
Minneapolis Federal Reserve President Neel Kashkari is due to participate in a moderated Q&A in New York at 10:30 am ET.
At 11:30 am ET, Dallas Fed President Robert Kaplan is scheduled to participate in a moderated Q&A at the "Trellis Foundation Summit on Postsecondary Access, Affordability & Attainment" in Austin, Texas. |
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| | Europe |
European stocks are extending losses from the previous session as increased fears of a global trade war dented investor sentiment and spurred demand for safe-haven assets.
While the U.K.?s FTSE 100 Index has fallen by 0.4 percent, the French CAC 40 Index and the German DAX Index are down by 1.3 percent and 1.4 percent, respectively.
Credit Suisse Group has moved to the downside after the Swiss banking giant announced that proposed total compensation for CEO Tidjane Thiam for 2017 would be 9.70 million Swiss francs, 5 percent lower than the prior year.
German biotechnology company MorphoSys has also fallen after the company filed a Registration Statement on Form F-1 with the SEC to raise up to $150 million in an initial public offering on the Nasdaq.
Engineering company Smiths Group has fallen sharply after its first-half profit fell due to higher research costs and lower margin.
Meanwhile, Next Plc has jumped. After reporting a marginal decline in total sales in the year through January 2018, the apparel chain said it sees a more favorable pricing environment in the coming year.
GlaxoSmithKline shares have also rallied after the company said it has withdrawn from the race to buy Pfizer's consumer healthcare business.
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Asian stocks tumbled on Friday, the dollar weakened and safe-haven assets such as the gold and the Japanese yen strengthened after U.S. President Donald Trump announced tariffs on at least $50 billion worth of Chinese imports and China said it would impose tariffs on up to $3 billion worth of U.S. goods in retaliation.
China's Shanghai Composite Index plunged 110.39 points or 3.4 percent to 3,153.09, while Hong Kong's Hang Seng Index tumbled 761.76 points or 2.5 percent to 30,309.29.
Japanese shares closed near six-month lows as the rumblings of a global trade war shook financial markets and helped lift the yen to its highest level against the U.S. dollar in more than a year.
Investors were also spooked by the appointment of John Bolton, the former U.S. envoy to the UN, as Trump's national security adviser.
The benchmark Nikkei 225 Index plummeted 974.13 points or 4.5 percent to 20,617.86, the lowest since October 5th. The broader Topix index closed 3.6 percent lower at 1,664.94.
Canon, Sony, Panasonic, Toyota and Honda lost 3-5 percent after the dollar breached below 105 yen for the first time since November of 2016.
Steelmakers Nippon Steel & Sumitomo Metal Corp and JFE Holdings fell around 4 percent each. Oil major Inpex Corp tumbled 4.5 percent and Japan Petroleum gave up 5.8 percent.
In economic news, the Ministry of Internal Affairs and Communications said that consumer prices in Japan were up 1.5 percent year-over-year in February. That was in line with expectations and up from 1.4 percent in January.
Australian shares slumped after Trump threatened Australia's largest trading partner, China, with trade tariffs and China said it would "fight to the end" in trade war.
The benchmark S&P/ASX200 Index dove 116.50 points or 2 percent to 5,820.70, while the broader All Ordinaries Index ended down 114.20 points or 1.9 percent at 5,929.
Santos fell about 1 percent, Oil Search dropped 1.3 percent and Origin Energy shed 2.6 percent after crude oil prices fell more than 1 percent overnight.
The big four banks slumped 2-3 percent, while miners BHP Billiton, Fortescue Metals Group and Rio Tinto lost 3-4 percent.
Myer Holdings' shares plummeted 10 percent after UBS analysts questioned the department store chain's sustainability in its current form and major shareholder Solomon Lew questioned the company's online sales figures reported in its recent half-year results.
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| | Commodities |
Crude oil futures are rising $0.39 to $64.69 a barrel after sliding $0.87 to $64.30 a barrel on Thursday. Meanwhile, after climbing $5.90 to $1,327.40 an ounce in the previous session, gold futures are soaring $19.50 to $1,346.90 an ounce.
On the currency front, the U.S. dollar is trading at 105.21 yen compared to the 105.28 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.2343 compared to yesterday?s $1.2302.
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