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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 Thursday following the rebound seen over the course of the previous session.
Lingering trade concerns may weigh on the markets following President Donald Trump?s recent comments downplaying expectations for a trade deal with China.
Potentially adding to the trade concerns, Commerce Secretary Wilbur Ross has 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.?
Continued uncertainty about the planned meeting between Trump and North Korean leader Kim Jong Un may also generate some selling pressure.
North Korean vice foreign minister Choe Son-hui raised the possibility of canceling the historic summit following what she called ?ignorant and stupid? comments by Vice President Mike Pence.
?Whether the U.S. will meet us at a meeting room or encounter us at nuclear-to-nuclear showdown is entirely dependent upon the decision and behavior of the United States,? Choe said, according to the state-run Korean Central News Agency.
She added, ?In case the U.S. offends against our goodwill and clings to unlawful and outrageous acts, I will put forward a suggestion to our supreme leadership for reconsidering the DPRK-U.S. summit.?
Stocks showed a notable turnaround over the course of the trading day on Wednesday after coming under pressure early in the session. The major averages climbed into positive territory following the release of the minutes of the latest Federal Reserve meeting.
The major averages ended the day just off their highs of the session. The Dow edged up 52.40 points or 0.2 percent to 24,886.81, the Nasdaq climbed 47.50 points or 0.6 percent to 7,425.96 and the S&P 500 rose 8.85 points or 0.3 percent to 2,733.29.
The upward move seen late in the session came as the minutes of the Fed's monetary policy meeting earlier this month were seen as dovish.
The minutes showed some uncertainty about the outlook for inflation, with some questioning whether the rate of inflation will be sustained at the Fed's 2 percent target.
Others noted a temporary period of inflation modestly above 2 percent would be consistent with the Fed's symmetric inflation objective.
"While the economy is generally viewed as being strong by just about everyone, there remains uncertainty about inflation and therefore the path of interest rates," said Joel L. Naroff, President and Chief Economist at Naroff Economic Advisors.
"The inflation hawks on the Fed seem to be outnumbered, at least right now, by the doves," he added. "That does not mean there will not be a rate hike in June."
The minutes said participants generally agreed with the assessment that continuing to raise interest rates gradually would likely be appropriate if the economy evolves about as expected.
"So, expect a hike in June," Naroff said. "And if inflation continues to accelerate as the economy grows more strongly, additional increases this year are likely."
On the U.S. economic front, the Commerce Department released a report showing a pullback in new home sales in the month of April.
The report said new home sales fell by 1.5 percent to an annual rate of 662,000 in April after jumping by 2 percent to a revised rate of 672,000 in March.
Economists had expected new home sales to drop to a rate of 679,000 from the 694,000 originally reported for the previous month.
The weakness seen earlier in the session partly reflected a negative reaction to earnings news from retail giant Target (TGT).
Shares of Target slumped by 5.7 percent after the company reported first quarter results that missed analyst estimates on both the top and bottom lines.
Gold stocks moved notably higher over the course of the session, driving the NYSE Arca Gold Bugs Index up by 1.5 percent. The index rebounded after ending the previous session at its lowest closing level in well over a month.
The strength among gold stocks came as the price of the precious metal turned positive in electronic trading.
Considerable strength also emerged among retail stocks, as reflected by the 1.2 percent gain posted by the Dow Jones Retail Index. With the gain, the index reached its best closing level in well over three months.
Tobacco, real estate, and utilities stocks also moved to the upside, while significant weakness remained visible among steel and telecom stocks.
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For the second consecutive week, the Labor Department released a report showing a weekly increase in first-time claims for U.S. unemployment benefits.
The report said initial jobless claims rose to 234,000 in the week ended May 19th, 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.
At 10 am ET, the National Association of Realtors is scheduled to release its report on existing home sales in the month of April. Existing home sales are expected to dip by 0.2 percent.
Atlanta Federal Reserve President Raphael Bostic is due to give opening remarks at the ?Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy? conference in Dallas, Texas, at 10:35 am ET.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $30 billion worth of seven-year notes.
Philadelphia Fed President Patrick Harker is due to speak at the ?Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy? conference in Dallas at 2 pm ET.
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| | Stocks in Focus |
Shares of L Brands (LB) are moving significantly lower in pre-market trading after the parent of Victoria?s Secret reported better than expected first quarter earnings but cut its full-year forecast.
Hybrid cloud data services provider NetApp (NTAP) may also see early weakness after reporting fiscal fourth quarter earnings that beat analyst estimates but providing disappointing guidance.
Shares of Hormel Foods (HRL) may also move to the downside after the food company reported fiscal second quarter results that came in slightly below expectations.
On the other hand, shares of Williams-Sonoma (WSM) are moving sharply higher in pre-market trading after the cookware and home furnishings reported better than expected first quarter results and raised its full-year guidance.
Medical device maker Medtronic (MDT) may also move to the upside after reporting fiscal fourth quarter results that exceeded analyst estimates on both the top and bottom lines.
Shares of Destination Maternity (DEST) could also see early strength after activist investors took control of the maternity and baby clothing retailer?s board. |
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| | Europe |
European stocks are trading mixed on Thursday as trade tensions persisted and the dollar rally lost steam in light of the dovish Fed minutes.
While the French CAC 40 Index has inched up by 0.1 percent, the German DAX Index is down by 0.2 percent and the U.K.?s FTSE 100 Index is down by 0.4 percent.
On the data front, official data showed German GDP grew 0.3 percent sequentially in the first quarter, slower than the 0.6 percent expansion seen in the previous quarter but matching the provisional estimate published on May 15th,. Another survey showed that a gauge of German consumer confidence is set to weaken in June.
French manufacturing sentiment remained unchanged in May, while U.K. retail sales volume, including auto fuel, expanded 1.6 percent month-on-month in April, in contrast to a 1.1 percent fall in March, separate reports showed.
Daily Mail And General Trust has slumped after the publisher of the Daily Mail issued a cautious outlook. Swiss food firm Aryzta has also plunged after another earnings downgrade.
Automakers BMW, Daimler, Volkswagen, Renault and Peugeot have also moved to the downside after the U.S. launched a national security probe into car and truck imports.
Meanwhile, British gambling firm Paddy Power Betfair has rallied after agreeing to merge with the U.S. fantasy sports company FanDuel.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks turned in a mixed performance on Thursday amid renewed trade tensions after U.S. President Donald Trump said that the current structure used in trade talks with China was ?too hard to get done.?
Investor optimism over the dovish Fed minutes was tempered by news reports that the U.S. is considering imposing new duties on automobile imports.
Chinese stocks extended losses after falling the most in a month in the previous session. The benchmark Shanghai Composite Index dropped 14.07 points or 0.4 percent to 3,154.89, although Hong Kong's Hang Seng Index rose 94.77 points or 0.3 percent to 30,760.41.
Japanese shares fell, led by automakers on worries about new tariffs after the U.S. launched a national security probe into car and truck imports.
The Nikkei 225 Index lost 252.73 points or 1.1 percent to finish at 22,437.01, the lowest closing level since May 9th. The broader Topix Index closed down 1.2 percent at 1,775.65.
Nissan Motor, Toyota Motor, Honda Motor and Mazda Motor tumbled 2-5 percent. Banks also fell, with Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial ending down 1-2 percent.
Australian shares closed little changed as banks extended recent losses amid the ongoing Royal Commission enquiry into the sector. Both the S&P/ASX 200 Index and the All Ordinaries Index closed marginally higher at 6,037.10 and 6,144.10, respectively.
Banks ANZ, Commonwealth and NAB ended down between 0.3 percent and 0.4 percent. Lower iron ore and copper price weighed on the mining sector, with Rio Tinto and South32 losing about 1 percent each.
Origin Energy shed half a percent after the oil & gas producer agreed to sell its metering business to a company co-owned by a Swiss smart metering firm for A$267 million.
Rival Woodside Petroleum declined 0.6 percent and Oil Search dropped 1.1 percent as oil prices fell on data showing a surprise surge in U.S. crude stockpiles and amid expectations that OPEC members could step up production.
Meanwhile, poker machine maker Aristocrat Leisure soared 8 percent after reporting an increase in its first-half profits.
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| | Commodities |
Crude oil futures are tumbling $0.87 to $70.97 a barrel after sliding $0.36 to $71.84 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,297.90, up $8.30 compared to the previous session?s close of $1,289.60. On Wednesday, gold fell $2.40.
On the currency front, the U.S. dollar is trading at 109.65 yen compared to the 110.08 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1730 compared to yesterday?s $1.697.
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