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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 Friday after stocks recovered from early weakness but still closed modestly lower in the previous session.
Geopolitical uncertainty may weigh on the markets following President Donald Trump?s decision to call off the historic summit with North Korean leader Kim Jong Un.
North Korea responded by saying they remain open to talks, with Vice Foreign Minister Kim Kye Gwan saying Pyongyang hoped for a ?Trump-style solution? to the standoff over its nuclear weapons program.
Trump subsequently said in a post on Twitter, ?Very good news to receive the warm and productive statement from North Korea.?
?We will soon see where it will lead, hopefully to long and enduring prosperity and peace. Only time (and talent) will tell!? he added.
After coming under pressure early in the session, stocks once again staged a recovery attempt over the course of the trading day on Thursday. The major averages climbed well off their worst levels of the day but still closed in negative territory.
The Nasdaq briefly turned positive in late-day trading but closed down 1.53 points or less than a tenth of a percent at 7,424.43. The Dow fell 75.05 points or 0.3 percent to 24,811.76 and the S&P 500 slipped 5.53 points or 0.2 percent to 2,727.76.
The pullback seen early in the day came following news President Donald Trump has called off the historic summit with North Korean leader Kim Jong Un.
Trump sent a letter to Kim expressing his belief it would be inappropriate to hold the planned meeting in Singapore on June 12th.
The president attributed the decision to call off the meeting to North Korea displaying "tremendous anger and open hostility."
The release of the letter came after North Korean vice foreign minister Choe Son-hui raised the possibility of canceling the meeting following what she called "ignorant and stupid" comments by Vice President Mike Pence.
Negative sentiment was also generated amid lingering trade concerns after Commerce Secretary Wilbur Ross initiated an investigation into whether imports of automobiles and parts threaten to impair U.S. national security.
"There is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry," Ross said in a statement.
He added, "The Department of Commerce will conduct a thorough, fair, and transparent investigation into whether such imports are weakening our internal economy and may impair the national security."
In U.S. economic news, the Labor Department released a report showing an unexpected increase in initial jobless claims in the week ended May 19th.
The report said initial jobless claims rose to 234,000, an increase of 11,000 from the previous week's revised level of 223,000.
The increase came as a surprise to economists, who had expected jobless claims to edge down to 220,000 from the 222,000 originally reported for the previous week.
A separate report from the National Association of Realtors showed a much bigger than expected pullback in existing home sales in the month of April.
Existing home sales tumbled by 2.5 percent to an annual rate of 5.46 million in April after climbing by 1.1 percent to a rate of 5.60 million in March. Economists had expected existing home sales to edge down by 0.2 percent.
NAR chief economist Lawrence Yun attributed the slump in existing home sales in April to staggeringly low inventory levels
Despite the recovery attempt by the broader markets, energy stocks continued to show significant weakness amid a steep drop by the price of crude oil.
Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index tumbled by 1.7 percent, the Philadelphia Oil Service Index slumped by 1.6 percent and the NYSE Arca Oil Index slid by 1.2 percent.
On the other hand, tobacco stocks showed a substantial move to the upside, driving the NYSE Arca Tobacco Index up by 5.3 percent. The jump lifted the index to its best closing level in over a month.
Universal Corp. (UVV) led the tobacco sector higher, spiking by 29.7 percent after reporting a fiscal fourth quarter profit compared to a year ago loss and raising its dividend.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
With orders for transportation equipment pulling back sharply, the Commerce Department released a report showing a bigger than expected decrease in new orders for U.S. manufactured durable goods in the month of April.
The Commerce Department said durable goods orders slumped by 1.7 percent in April after spiking by an upwardly revised 2.7 percent in March.
Economists had expected orders to drop by 1.4 percent compared to the 2.6 percent jump that had been reported for the previous month.
Excluding the pullback in orders for transportation equipment, however, durable goods orders climbed by 0.9 percent in April after rising by 0.4 percent in March. Ex-transportation orders had been expected to increase by 0.5 percent.
At 9:20 am ET, Federal Reserve Chairman Jerome Powell is scheduled to participate in a panel discussion of ?Financial Stability and Central Bank Transparency? at a Swedish central bank conference in Stockholm.
The University of Michigan is due to release its revised reading on consumer sentiment in the month of May at 10 am ET. The consumer sentiment index is expected to be unrevised at 98.8.
Dallas Fed President Robert Kaplan, Chicago Fed President Charles Evans, and Atlanta Fed President Raphael Bostic are scheduled to participate in a panel discussion at a Dallas Fed conference at 11:45 am ET.
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| | Stocks in Focus |
Shares of Gap (GPS) are moving sharply lower in pre-market trading after the apparel retailer reported first quarter earnings that came in below analyst estimates.
Discount retailer Ross Stores (ROST) may also move to the downside after reporting better than expected first quarter earnings but providing disappointing guidance.
Shares of Autodesk (ADSK) are also seeing pre-market weakness after the design software company reported first quarter results that exceeded expectations but forecast weaker than expected second quarter earnings.
On the other hand, shares of Foot Locker (FL) are jumping in pre-market trading after the footwear retailer reported first quarter results that beat analyst estimates on both the top and bottom lines.
Footwear designer and distributor Deckers Outdoor (DECK) is also likely to see early strength after reporting better than expected fiscal fourth quarter results.
Shares of Lionsgate (LGF.A) are also likely to move to the upside after the movie studio reported an unexpected fiscal fourth quarter profit. |
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| | Europe |
European stocks have rebounded from losses in the previous session on Friday as investors took trade concerns and higher Italian bond yields in stride.
While the German DAX Index has climbed by 0.7 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are up by 0.2 percent and 0.1 percent, respectively.
The euro slipped and was on track for its sixth consecutive week of losses. The pound also traded lower amid growing Brexit uncertainty and after the release of first quarter GDP data.
The U.K. economy expanded at a weaker pace, as estimated, in the first quarter, the second estimate from the Office for National Statistics showed.
GDP grew 0.1 percent sequentially, slower than the 0.4 percent expansion registered in the fourth quarter. The rate came in line with the estimate published on April 27th.
Elsewhere, German business confidence remained stable in May, survey data from Ifo Institute revealed. The business climate index came in at 102.2 in May, unchanged from April. The index was estimated at 102.
Deutsche Bank shares advanced 0.7 percent in Frankfurt. Chief Executive Officer Christian Sewing said the bank is on the right track to achieve the planned cost reductions and revenue growth of 900 million euros per year by 2022 at the latest.
Automakers have rebounded from losses in the previous session after Trump's threat to impose tariffs on auto imports drew strong criticism from U.S. business groups.
Pharmaceutical, chemical and life science giant Bayer has climbed after confirming its currency-adjusted outlook for fiscal 2018.
French wine and spirits company Pernod Ricard has also advanced after it announced a deal to produce and distribute whisky in Myanmar.
British gambling firm GVC Holdings has jumped after forecasting higher cost synergies from its acquisition of Ladbrokes Coral.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended on a muted note Friday after U.S. President Donald Trump cancelled the planned historic summit with North Korean leader Kim Jong Un and oil prices eased amid signs that Russia is willing to gradually increase output.
Markets pared early losses to finish on a flat note after North Korea said it is open to talks with the U.S. despite Trump's cancellation of the summit.
Chinese stocks closed lower to log their worst week in more than a month as trade worries persisted. The benchmark Shanghai Composite Index dropped 12.48 points or 0.4 percent to 3,142.17, while Hong Kong's Hang Seng Index fell 172.37 points or 0.6 percent at 30,588.04.
Meanwhile, Japanese shares finished marginally higher as the yen slipped from a two-week high against the dollar after the release of weak inflation data.
Overall consumer prices in Tokyo were up just 0.4 percent year-on-year in May, the Ministry of Internal Affairs and Communications said. That was beneath expectations for 0.5 percent, which would have been unchanged.
Core CPI came in at 0.5 percent, also shy of forecasts for 0.6 percent - which again would have been unchanged.
The Nikkei 225 Index edged up 13.78 points or 0.1 percent to 22,450.79, while the broader Topix Index eased 3.95 points or 0.2 percent to close at 1,771.70. Banks and oil firms were among the prominent decliners.
Australian shares recovered from early losses to finish little changed with a negative bias. Resource stocks closed broadly lower amid overnight declines in copper and crude oil prices. BHP Billiton, Rio Tinto, Fortescue Metals Group, Woodside Petroleum, Origin Energy and Oil Search fell 1-2 percent.
On the other hand, Aristocrat Leisure surged up 4.3 percent to extend Thursday's rally after reporting strong half-year results. Treasury Wine Estate rallied 3.7 percent after China said imports of Australian wine and other goods are being processed in line with normal procedures.
Wesfarmers gained 0.9 percent after announcing it would sell its Homebase business in the U.K. and Ireland by the end of the financial year.
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| | Commodities |
Crude oil futures are plunging $1.92 to $68.79 a barrel after slumping $1.13 to $70.71 a barrel on Thursday. Meanwhile, after jumping $14.80 to $1,304.40 an ounce in the previous session, gold futures are edging up $0.60 to $1,305 an ounce.
On the currency front, the U.S. dollar is trading at 109.44 yen compared to the 109.26 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1677 compared to yesterday?s $1.1720.
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