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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 Tuesday following the modest weakness seen in the previous session.
Early buying interest may be generated on Wall Street in reaction to upbeat earnings news from several big-name companies.
Stocks fluctuated over the course of the trading session on Monday before ending the day modestly lower. With the drop on the day, the Dow closed lower for the fourth consecutive session.
The major averages climbed off their worst levels going into the close, with the S&P 500 peeking above the unchanged line.
While the S&P 500 inched up 0.15 points or less than a tenth of a percent to 2,670.29, the Dow edged down 14.25 points or 0.1 percent to 24,448.69 and the Nasdaq fell 17.52 points or 0.3 percent to 7,128.60.
The weakness on Wall Street came amid concerns about rising treasury yields, with the yield on the benchmark ten-year note nearing 3 percent.
The continued increase by treasury yields came as traders expect rising inflation to lead the Federal Reserve to raise interest rates.
Traders seemed somewhat reluctant to make more significant moves, however, as a number of big-name companies are due to report their results in the coming days.
On the U.S. economic front, the National Association of Realtors released a report showing a bigger than expected increase in existing home sales in the month of March.
NAR said existing home sales climbed by 1.1 percent to an annual rate of 5.60 million in March after surging up by 3.0 percent to a rate of 5.54 million in February. Economists had expected existing home sales to edge up by 0.2 percent.
Existing home sales rose for the second consecutive month but are still down by 1.2 percent compared to the same month a year ago.
"Robust gains last month in the Northeast and Midwest - a reversal from the weather-impacted declines seen in February - helped overall sales activity rise to its strongest pace since last November at 5.72 million," said NAR chief economist Lawrence Yun.
He added, "The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford."
Most of the major sectors ended the day showing only modest moves, although considerable weakness was visible among gold stocks.
Reflecting the weakness in the gold sector, the NYSE Arca Gold Bugs Index slumped by 2.3 percent. The sell-off by gold stocks came amid a notable decrease by the price of the precious metal.
Significant weakness was also visible among tobacco stocks, which extended the sharp pullback seen in recent sessions. The NYSE Arca Tobacco Index dropped by 1.3 percent to its lowest closing level in two months.
Steel, semiconductor, and computer hardware stocks also moved to the downside on the day, while some strength emerged among natural gas stocks.
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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 Commerce Department is scheduled to release its report on new home sales in the month of March. New home sales are expected to jump by 1.9 percent.
The Conference Board is also due to release its report on consumer confidence in the month of April at 10 am ET. The consumer confidence index is expected to dip to 126.1.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $32 billion worth of two-year notes.
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| | Stocks in Focus |
Shares of Caterpillar (CAT) are moving significantly higher in pre-market trading after the heavy equipment maker reported better than expected first quarter results and raised its full-year guidance.
Telecom giant Verizon (VZ) is also likely to see early strength after reporting first quarter results that beat analyst estimates on both the top and bottom lines.
Shares of Coca-Cola (KO) may also move to the upside after the beverage giant reported first quarter results that exceeded expectations.
On the other hand, shares of Travelers (TRV) may come under pressure after the insurance company reported first quarter earnings that came in below analyst estimates.
Google parent Alphabet (GOOGL) is also seeing modest pre-market weakness even though the company reported better than expected first quarter results.
Shares of TD Ameritrade (AMTD) may also move to the downside after the online broker reported fiscal second quarter earnings that came in below expectations. |
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| | Europe |
European stocks are mostly higher on Tuesday as oil extended gains amid Middle East tensions and the dollar held steady near its highest level since January on expectations for a faster pace of interest rate hikes.
Amid another batch of mixed earnings updates, investors awaited the European Central Bank's monetary policy decision and a potential meeting in Beijing between officials from the world's two largest economies this week for directional cues.
While the French CAC 40 Index is just above the unchanged line, the German DAX Index is up by 0.2 percent and the U.K.?s FTSE 100 Index is up by 0.4 percent.
German software giant SAP has rallied after reporting upbeat first quarter results and lifting its full-year outlook.
On the other hand, Apple supplier AMS has plunged after it warned of a slowdown in the second quarter, citing lower orders from one of its main customers.
Dutch paints and chemicals maker AkzoNobel has also tumbled after the company warned of higher raw material costs and forex losses after reporting a 5 percent increase in first quarter net income from total operations.
French tire maker Michelin and automaker PSA Group have also fallen after reporting disappointing quarterly results.
In economic news, German business confidence deteriorated more than expected in April, the Ifo Institute reported. The business sentiment index fell to 102.1 from 103.3 a month ago. The index was forecast to drop moderately to 102.8.
French manufacturing confidence also declined in April, survey data from the statistical office Insee showed. The manufacturing sentiment index fell to 109 from 110 in March. The reading was expected to remain unchanged at 110.
The Office for National Statistics said the U.K. budget deficit in March decreased to its lowest level since 2004.
Public sector net borrowing, excluding public sector banks, decreased by 0.8 billion pounds to 1.3 billion pounds in March. This was the lowest March net borrowing since 2004.
Separately, a quarterly bank lending survey from the European Central Bank showed loan growth in the first quarter continued to be supported by easing credit conditions and rising demand.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks recovered from nearly two-week lows on Tuesday even as underlying sentiment remained cautious amid renewed concerns over U.S. interest rate hikes and ahead of a potential meeting in Beijing between officials from the world's two largest economies.
Chinese stocks rose the most in two months after a top decision-making body of the ruling Communist Party said the country would strive hard to achieve this year's economic targets in the face of rising global trade tensions.
The benchmark Shanghai Composite Index jumped 60.59 points or 2 percent to close at 3,128.60, while Hong Kong's Hang Seng Index surged up 381.84 points or 1.3 percent to 30,636.24.
Japanese shares rose sharply as a weaker yen on the back of increasing bond yields in the U.S. helped lift exporters. The Nikkei 225 Index advanced 190.08 points or 0.6 percent to 22,278.12, and the broader Topix Index rallied 18.96 points or 1.1 percent to finish at 1,769.75.
Honda Motor, Toyota and Panasonic climbed around 2 percent, while lender Mitsubishi UFJ Financial rallied 2.5 percent and Sumitomo Mitsui Financial jumped 2 percent.
Australian shares rose, led by banks after data showed consumer prices stayed soft last quarter. Consumer prices in Australia were up 0.4 percent sequentially in the first quarter of 2018, the Australian Bureau of Statistics said. That was shy of expectations for 0.5 percent and down from 0.6 percent in the three months prior.
Separately, a weekly survey compiled by ANZ Bank and Roy Morgan Research showed that Australian consumer confidence improved for the second straight time during the week ended April 22nd.
The benchmark S&P/ASX 200 Index climbed 35.60 points or 0.6 percent to 5,921.60 while the broader All Ordinaries Index rose 33.40 points or 0.6 percent to 6,009.40.
The big four banks rose between 0.7 percent and 1.1 percent as the focus of the Royal Commission inquiry shifted away from the banks to a particular fund manager.
Meanwhile, mining stocks fell on an extended slide in aluminum prices. Fortescue Metals Group declined 2.4 percent, Rio Tinto shed 2.6 percent and South32 plunged 9.6 percent. Wealth manager AMP fell 2.6 percent to extend recent heavy losses.
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| | Commodities |
Crude oil futures are edging up $0.17 to $68.81 a barrel after rising $0.24 to $68.64 a barrel on Monday. Meanwhile, after tumbling $14.30 to $1,324 an ounce in the previous session, gold futures are climbing $2.50 to $1,326.50 an ounce.
On the currency front, the U.S. dollar is trading at 108.95 yen compared to the 108.71 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.2201 compared to yesterday?s $1.2209.
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