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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 Thursday following the strength seen in the previous session.
The Dow may benefit from continued strength among financial stocks following the rally on Wednesday, while the Nasdaq may give back ground after climbing to record highs.
Trading activity may be somewhat subdued, as traders look ahead to a G-7 summit in Canada this week as well as the planned meeting between President Donald Trump and North Korean leader Kim Jong Un next week.
Stocks moved mostly higher over the course of the trading session on Wednesday after initially showing a lack of direction. The strength on the day lifted the Nasdaq to another new record closing high, while the Dow and the S&P 500 both rose to their best closing levels in nearly three months.
The major averages saw further upside going into the close, reaching new highs for the session. The Dow soared 346.41 points or 1.4 percent to 25,146.39, the Nasdaq climbed 51.38 points or 0.7 percent to 7,689.24 and the S&P 500 advanced 23.55 points or 0.9 percent to 2,772.35.
Financial stocks helped to lead the upward move on Wall Street amid a pullback by U.S. treasuries after European Central Bank chief economist Peter Praet indicated the ECB will discuss ending its bond purchasing program at a meeting next week.
Reflecting the strength in the financial sector, the KBW Bank Index jumped by 2.1 percent and the NYSE Arca Broker/Dealer Index advanced by 1.8 percent.
"Next week, the Governing Council will have to assess whether progress so far has been sufficient to warrant a gradual unwinding of our net purchases," Praet said in a speech in Berlin.
He added, "In making its assessment, it will consider the underlying strength of the euro area economy and the pass-through to wage and price formations."
Chemical, steel, and biotechnology stocks also saw considerable strength on the day, while notable weakness was visible among interest-rate sensitive utilities stocks.
Amid ongoing concerns about a global trade war, the Commerce Department released a report this morning showing the U.S. trade deficit unexpectedly narrowed in the month of April.
The Commerce Department said the trade deficit narrowed to $46.2 billion in April from a revised $47.2 billion in March.
Economists had expected the deficit to come in unchanged compared to the $49.0 billion originally reported for the previous month.
A separate report from the Labor Department showed labor productivity in the U.S. increased by less than previously estimated in the first quarter.
The report said labor productivity rose by 0.4 percent in the first quarter compared to the previously estimated 0.7 percent growth. Economists had expected the increase in productivity to be downwardly revised to 0.6 percent.
Meanwhile, the rate of growth in unit labor costs in the first quarter was upwardly revised to 2.9 percent from 2.7 percent. The increase in costs had been expected to be revised to 2.8 percent.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended June 2nd, according to a report released by the Labor Department.
The report said initial jobless claims edged down to 222,000, a decrease of 1,000 from the previous week?s revised level of 223,000.
Economists had expected jobless claims to rise to 225,000 from the 221,000 originally reported for the previous week.
At 11 am ET, the Treasury Department is scheduled to announce the details of next week?s auctions of three-year and ten-year notes and thirty-year bonds.
The Federal Reserve is due to release its report on consumer credit in the month of April at 3 pm ET. Consumer credit is expected to increase by $13.8 billion.
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| | Stocks in Focus |
Shares of Thor Industries (THO) are moving significantly lower in pre-market trading after the recreational vehicle maker reported weaker than expected fiscal third quarter earnings. Thor also said it sees headwinds due to steel and aluminum tariffs.
Food maker J.M. Smucker (SJM) is also likely to come under pressure after reporting fiscal fourth quarter results that came in below analyst estimates.
Shares of TrueCar (TRUE) are also likely to move to the downside after Goldman Sachs downgraded its rating on the automotive pricing and information website to Sell from Neutral.
On the other hand, shares of Five Below (FIVE) are spiking in pre-market trading after the discount retailer reported fiscal first quarter results that exceeded expectations on both the top and bottom lines.
Drug maker Allergan (AGN) may also move to the upside following reports billionaire investor Carl Icahn has acquired a small stake in the company.
Resort operator Vail Resorts (MTN) is also likely to see early strength after reporting better than expected fiscal third quarter results. |
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| | Europe |
European markets are broadly higher on Thursday, even as U.K. stocks have struggled for direction as trading commenced following a delay by one hour due to a technical issue.
While the German DAX Index is up by 0.1 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both up by 0.2 percent.
Cyclicals such as banks and automakers are moving higher after the German Bund yield rose back to above 0.5 percent on speculation the European Central Bank may discuss ending its bond purchasing program at a meeting next week.
Meanwhile, Danish drug maker Lundbeck has dropped after it agreed to settle a U.S. probe into its financial support of patient assistance charitable foundations.
French wine & spirits company Rémy Cointreau has also moved to the downside after posting disappointing annual results.
On the data front, the euro area economy expanded as initially estimated in the first quarter, the latest estimate from Eurostat showed. GDP grew 0.4 percent sequentially in the first quarter, slower than the 0.7 percent expansion seen in the fourth quarter.
German factory orders slid 2.5 percent sequentially in April, bigger than the revised 1.1 percent decrease seen in March, figures from Destatis revealed. Orders were forecast to rebound 0.8 percent.
U.K. house prices rebounded at a faster than expected pace in May, data from the Lloyds bank subsidiary Halifax and IHS Markit showed. House prices grew 1.5 percent month-on-month, reversing a 3.1 percent slump in April. Prices were forecast to rise 1 percent in May.
France's trade deficit remained stable in April, as an increase in exports was offset by an increase in imports, figures from the Customs Office showed.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mostly higher on Thursday as fears over trade disputes abated and remarks by a European Central Bank board member eased worries about the new Italian government's spending plans.
The euro rose against the dollar after the ECB indicated it will discuss ending its bond purchasing program at a meeting next week. Oil inched higher after falling yesterday on supply worries, while gold rose on dollar weakness.
Japan's Nikkei 225 Index climbed 197.53 points or 0.9 percent to 22,823.26 on receding worries about a full-blown global trade war. The broader Topix Index closed 0.6 percent higher at 1,789.01.
Exporters Honda Motor, Toyota and Panasonic rallied 1-3 percent, while lender Mitsubishi UFJ Financial gained 1.4 percent and Sumitomo Mitsui Financial advanced 0.8 percent.
Australian shares closed higher for a second consecutive session, led by mining and energy stocks. The benchmark S&P/ASX200 Index rose 32.20 points or 0.5 percent to 6,057.30, while the broader All Ordinaries Index ended up 32 points or 0.5 percent at 6,169.40.
Mining heavyweights BHP Billiton and Rio Tinto rallied over 2 percent after China's iron ore futures hit a two-week high.
Energy stocks also gained ground despite oil prices finishing down over 1 percent overnight on worries over rising supply. Woodside Petroleum, Origin Energy, Beach Energy and Santos jumped 1-4 percent.
Banks ANZ and Westpac rose 0.8 percent and 0.6 percent, respectively, while wealth manager AMP, which is facing a fourth shareholder class action over the scandals revealed at the banking royal commission, tumbled 3 percent.
Chicken producer Inghams Group slumped 9 percent on news that its chief executive Mick McMahon is leaving the company.
In economic news, the latest survey from the Australian Industry Group showed that the construction sector in Australia continued to expand in May, albeit at a slower pace. Another report showed that Australia's foreign trade surplus decreased in April, led by a drop in exports.
Meanwhile, Chinese shares closed slightly lower, with the benchmark Shanghai Composite Index edging down 6.20 points or 0.2 percent to 3,109.50. Hong Kong's Hang Seng Index climbed 253.33 points or 0.8 percent to finish at 31,512.63.
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| | Commodities |
Crude oil futures are climbing $0.62 to $65.35 a barrel after tumbling $0.79 to $64.73 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,305.50, up $4.10 compared to the previous session?s close of $1,301.40. On Wednesday, gold dipped $0.80.
On the currency front, the U.S. dollar is trading at 109.99 yen compared to the 110.18 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1838 compared to yesterday?s $1.1774.
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