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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 Wednesday, with stocks likely to move to the upside following the lackluster performance seen in the previous session.
The markets may benefit from continued strength among technology stocks, which helped to lift the Nasdaq to a new record closing high on Tuesday.
Trading activity may remain somewhat subdued, however, 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.
After ending Monday?s trading mostly higher, stocks showed a lack of direction over the course of the trading day on Tuesday. Despite the choppy trading, the tech-heavy Nasdaq reached another new record closing high.
The major averages eventually ended the session mixed. While the Dow edged down 13.71 points or 0.1 percent to 24,799.98, the Nasdaq climbed 31.40 points or 0.4 percent to 7,637.86 and the S&P 500 inched up 1.93 points or 0.1 percent to 2,748.80.
The lack of direction shown by stocks came as traders seemed to be expressing some uncertainty about the near-term outlook for the markets.
Traders largely shrugged off a report from the Institute for Supply Management showing activity in the U.S. service sector grew at a faster than expected rate in the month of May.
The ISM said its non-manufacturing index climbed to 58.6 in May from 56.8 in April, with a reading above 50 indicating growth in the service sector. Economists had expected the index to rise to 57.5.
"The majority of respondents are optimistic about business conditions and the overall economy," said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee.
He added, "There continue to be concerns about the uncertainty surrounding tariffs, trade agreements and the impact on cost of goods sold."
Most of the major sectors showed only modest moves on the day, contributing to the lackluster performance by the broader markets.
Computer hardware, retail, and gold stocks saw notable strength on the day, while weakness was visible among utilities and tobacco stocks.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
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.
At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended June 1st.
Crude oil inventories are expected to decrease by 1.8 million barrels after slumping by 3.6 million barrels in the previous week. |
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| | Europe |
European stocks are broadly higher on Wednesday, with technology and commodity-related stocks leading the gainers.
The upside remains capped somewhat amid concerns that big spending plans and other changes proposed by the new coalition government in Italy will increase the country's debt burden.
The euro rose against the dollar after ECB Executive Board member Peter Praet said that next week's policy meeting will be crucial for reaching a decision on the termination of a further extension of net purchases.
While the French CAC 40 Index has inched up by 0.1 percent, the U.K.?s FTSE 100 Index and the German DAX Index are up by 0.4 percent and 0.5 percent, respectively.
Deutsche Lufthansa has moved higher after the airline offered its shareholders the option of receiving their dividend of 0.80 euros per share in the form of new shares in the company.
Shares of Duerr AG have also jumped. The company announced that it is taking over the industrial environmental technology business of Babcock & Wilcox Enterprises, Inc.
Smurfit Kappa Group shares have also rallied in London. The company said it remains excited about the Group's prospects in the short, medium and long-term after International Paper confirmed that it will not make a bid for the Irish company.
Meanwhile, British packaging group RPC has fallen sharply after reporting full-year results.
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Asian stocks finished mostly higher on Wednesday as higher commodity prices lifted resource stocks and the Japanese yen weakened on solid U.S. non-manufacturing activity data released overnight. Nevertheless, renewed trade concerns helped to limit overall gains to some extent.
China's Shanghai Composite Index finished marginally higher at 3,115.68, while Hong Kong's Hang Seng Index gained half a percent to close at 31,259.10.
Japanese shares hit a two-week high as technology stocks followed their U.S. peers higher. The Nikkei 225 Index closed up 86.19 points or 0.4 percent at 22,625.73. The broader Topix Index closed 0.2 percent higher at 1,777.59.
Exporters like Panasonic, Toyota Motor and Sony climbed 1-3 percent. Sharp Corp. gained about 1 percent after it agreed to acquire Toshiba's personal computer business for 4 billion yen, or $36 million.
Meanwhile, Subaru Corp. shares shed 1.4 percent after the automaker said it found more cars affected by data fabrication.
Australian shares finished modestly higher after the Nasdaq hit a record high for the second consecutive session overnight. The benchmark S&P/ASX200 Index rose 30.20 points or 0.5 percent to 6,025.10, while the broader All Ordinaries Index ended up 28.90 points or 0.5 percent at 6,137.40.
Higher base metal prices helped lift miners, with BHP Billiton, Fortescue Metals Group and Rio Tinto closing up between 1 percent and 2.5 percent. Gold miner Newcrest Mining rallied 2.1 percent after an increase in gold prices.
Energy stocks like Woodside Petroleum, Santos Oil Search and Origin Energy jumped 2-3 percent after crude oil futures rose more than 1 percent on Tuesday.
On the other hand, ANZ slid half a percent after criminal charges were laid against the bank. The other three big banks dropped 1-2 percent.
Metcash fell 2.2 percent after the IGA supermarkets supplier said it would take a $352 million impairment in its full-year results.
On the data front, Australia's gross domestic product gained a seasonally adjusted 1.0 percent sequentially in the first three months of 2018, the Australian Bureau of Statistics said.
That beat expectations for an increase of 0.8 percent following the 0.4 percent gain in the previous three months. On a yearly basis, GDP expanded 3.1 percent, up from 2.4 percent in the three months prior.
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| | Commodities |
Crude oil futures are falling $0.43 to $65.09 a barrel after climbing $0.77 to $65.52 a barrel on Tuesday. Meanwhile, after rising $4.90 to $1,302.20 an ounce in the previous session, gold futures are edging down $0.10 to $1,302.10 an ounce.
On the currency front, the U.S. dollar is trading at 110.08 yen compared to the 109.79 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1767 compared to yesterday?s $1.1718.
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