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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 mixed opening on Friday, with stocks likely to show a lack of direction following the strong upward move seen over the two previous sessions.
Traders may take a breather following the upward trend seen in recent sessions, which lifted the Nasdaq and the S&P 500 to their best closing levels in almost two months on Thursday.
Later in the day, traders are likely to keep an eye on Washington, as President Donald Trump is scheduled to deliver a speech on his plan to lower drug prices.
Reports say Trump?s plan will include a series of reforms to Medicare but will stop short of allowing the government to negotiate directly with drug makers.
Following the strength seen on Wednesday, stocks saw some further upside during trading on Thursday. With the continued upward move, the Nasdaq and the S&P 500 reached their best closing levels in almost two months.
The major averages ended the day firmly in positive territory. The Dow climbed 196.99 points or 0.8 percent to 24,739.53, the Nasdaq jumped 65.07 points or 0.9 percent to 7,404.98 and the S&P 500 advanced 25.28 points or 0.9 percent to 2,723.07.
The strength on Wall Street came following the release of a Labor Department report showing a slightly smaller than expected increase in consumer prices in the month of April.
The Labor Department said its consumer price index rose by 0.2 percent in April after edging down by 0.1 percent in March. Economists had expected consumer prices to climb by 0.3 percent.
Excluding food and energy prices, core consumer prices inched up by 0.1 percent in April after rising by 0.2 percent in the previous month. Core prices had been expected to rise by 0.2 percent.
Michael Pearce, Senior U.S. Economist at Capital Economics, said the smaller than expected increase in core prices suggests that the recent surge in underlying inflation is fading.
"Even so, core inflation on the Fed's preferred PCE measure has still accelerated faster than Fed officials anticipated just a few months ago, which will keep the Fed on track to raise interest rates again in June," Pearce said.
A separate report from the Labor Department showed initial jobless claims unexpectedly came in unchanged in the week ended May 5th.
The report said initial jobless claims came in at 211,000, unchanged from the previous week's unrevised level. Economists had expected jobless claims to rise to 218,000.
In geopolitical news, President Donald Trump announced his planned meeting with North Korean leader Kim Jong Un will be held in Singapore on June 12th.
Telecom stocks showed a significant move to the upside on the day, driving the NYSE Arca Telecom Index up by 2 percent. With the jump, the index reached its best closing level in over two months.
Within the telecom sector, Qualcomm (QCOM) posted a strong gain after announcing a new $10 billion stock repurchase.
Considerable strength was also visible among steel stocks, as reflected by the 1.8 percent gain posted by the NYSE Arca Steel Index.
Semiconductor, utilities, and healthcare stocks also saw notable strength on the day, moving higher along with most of the other major sectors.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Import prices in the U.S. increased by less than expected in the month of April, according to a report released by the Labor Department, although the report also showed stronger than expected export price growth.
The Labor Department said import prices rose by 0.3 percent in April after edging down by a revised 0.2 percent in March.
Economists had expected import prices to climb by 0.5 percent compared to the unchanged reading originally reported for the previous month.
Meanwhile, the report said export prices increased by 0.6 percent in April after rising by 0.3 percent in March. Export prices had been expected to rise by another 0.3 percent.
At 10 am ET, the University of Michigan is scheduled to release its preliminary report on consumer sentiment in the month of May. The consumer sentiment index is expected to edge down to 98.5 in May after falling to 98.8 in April.
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| | Stocks in Focus |
Shares of Trade Desk (TTD) are moving sharply higher in pre-market trading after the digital-advertising platform operator reported first quarter results that beat analyst estimates on both the top and bottom lines.
Steel giant ArcelorMittal (MT) may also move to the upside after reporting better than expected first quarter earnings and providing upbeat full-year guidance.
Shares of Verizon (VZ) are also seeing pre-market strength after J.P. Morgan upgraded its rating on the telecom giant to Overweight from Neutral.
On the other hand, shares of Nvidia (NVDA) are under pressure in pre-market trading even though the graphics chipmaker reported first quarter results that exceeded estimates and provided upbeat guidance.
Online real estate brokerage Redfin (RDFN) is also likely to open lower after reporting weaker than expected first quarter gross margins.
Shares of Symantec (SYMC) are moving sharply lower in pre-market trading after the cybersecurity company said its annual report may be delayed by an internal investigation in connection with concerns raised by a former employee. |
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| | Europe |
European stocks are flat to slightly lower on Friday as the dollar index eased from its 2018 high against a basket of six global currencies and oil prices also dipped from recent highs on expectations that alternative supplies could replace a looming drop in Iranian exports.
While the U.K.?s FTSE 100 Index is just above the unchanged line, the French CAC 40 Index and the German DAX Index are both down by 0.3 percent.
Sika shares have jumped after the Swiss chemicals company agreed to end a long-standing legal dispute with French building materials firm Saint-Gobain.
Air France KLM has also rallied in Paris after unveiling April traffic figures. Wood Group has soared in London after the energy services group said it has seen good trading momentum across its business in the first quarter.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed mostly higher on Friday, with higher commodity prices and easing rate hike fears helping underpin investor sentiment. While the dollar index eased somewhat after the release of tepid U.S. inflation data, oil prices hovered near multi-year highs reached in the previous session.
Geopolitical developments also remained in focus after U.S. President Donald Trump said he was optimistic of "doing something very meaningful" to curtail North Korea's nuclear ambitions at a summit in Singapore on June 12th.
Japanese shares hit a three-month high as chip-related shares advanced and several companies posted strong earnings. The Nikkei 225 Index jumped 261.30 points or 1.2 percent to 22,758.48, its highest level since February 5th. The broader Topix Index closed 1 percent higher at 1,794.96.
Technology stocks followed their U.S. peers higher, with Tokyo Electron rising 2.5 percent, Advantest adding 1 percent and Murata Manufacturing climbing 4.6 percent.
Suzuki Motor Corp soared 9 percent and Panasonic added 4.9 percent after posting strong results for the year ended in March.
SoftBank Group jumped 2 percent on a Nikkei report that Japan's three megabanks will participate in the Vision Fund, an investment fund formed by the technology conglomerate in 2017.
Australian markets ended little changed after four straight sessions of gains. The benchmark S&P/ASX 200 Index finished marginally lower at 6,116.20, while the broader All Ordinaries Index closed a tad higher at 6,216.40.
Gains in copper and zinc prices helped lift mining stocks, with South32, Rio Tinto, BHP Billiton and Fortescue Metals Group climbing 1-2 percent. Caltex Australia advanced 1.9 percent after the service station group reported a 6 percent increase in first quarter profits.
Meanwhile, wealth manager AMP hit a near seven-year low before closing down about 5.8 percent at $3.73. Grain handler GrainCorp dropped 1 percent after reporting a 60 percent decrease in its half-year profit on lower crop production in eastern Australia.
On the data front, the total number of owner occupied dwelling commitments in Australia dropped 2.2 percent month-over-month in March, faster than the 0.2 percent dip in February, official data showed.
China's Shanghai Composite Index fell 11.56 points or 0.4 percent to 3,162.85, while Hong Kong's Hang Seng Index jumped 312.84 points or 1percent to 31,122.06.
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| | Commodities |
Crude oil futures are edging down $0.01 to $71.35 a barrel after rising $0.22 to $71.36 a barrel on Thursday. Meanwhile, after jumping $9.30 to $1,322.30 an ounce in the previous session, gold futures are climbing $2.70 to $1,325 an ounce.
On the currency front, the U.S. dollar is trading at 109.23 yen compared to the 109.40 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1949 compared to yesterday?s $1.1915.
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