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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 Friday, with stocks likely to move back to the upside following the weakness seen in the previous session.
The upward momentum on Wall Street comes on the heels of the release of a report from the Labor Department showing stronger than expected job growth in the month of May.
The markets may also benefit from easing concerns about political turmoil in Italy after the anti-establishment Five Star Movement and the far-right League party reached a deal to form a populist government
Following the rally seen on Wednesday, stocks moved mostly lower during trading on Thursday amid renewed trade concerns. The major averages fluctuated as the day progressed before closing firmly in negative territory.
The Dow plunged 251.94 points or 1 percent to 24,415.85, the Nasdaq fell 20.34 points or 0.3 percent to 7,442.12 and the S&P 500 slid 18.73 points or 0.7 percent to 2,705.28.
The weakness on Wall Street came following news the Trump administration plans to impose steel and aluminum tariffs on Canada, Mexico and the European Union.
Commerce Secretary Wilbur Ross told reporters the tariffs of 25 percent on steel imports and 10 percent on aluminum imports will take effect at midnight.
The move to impose the tariffs represents the latest in a series of protectionist moves by President Donald Trump and has drawn threats of retaliation by some of the major U.S. allies.
In U.S. economic news, a day ahead of the release of the closely watched monthly jobs report, the Labor Department released a report showing a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended May 26th.
The report said initial jobless claims fell to 221,000, a decrease of 13,000 from the previous week's unrevised level of 234,000. Economists had expected jobless claims to dip to 228,000.
Personal income in the U.S. increased in line with economist estimates in the month of April, according to a separate report released by the Commerce Department, while personal spending climbed by more than anticipated.
The Commerce Department said personal income rose by 0.3 percent in April after edging up by 0.2 percent in March. The increase in income matched economist estimates.
Meanwhile, the report said personal spending climbed by 0.6 percent in April following a 0.5 percent increase in the previous month. Spending had been expected to rise by 0.4 percent.
The National Association of Realtors also released a report unexpectedly showing a sharp decrease in pending home sales in the month of April.
NAR said its pending home sales index tumbled by 1.3 percent to 106.4 in April after rising by 0.6 percent to 107.2 in March. Economists had expected pending home sales to increase by 0.4 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Oil service stocks turned in some of the market's worst performances on the day, dragging the Philadelphia Oil Service Index down by 2.9 percent. The weakness among oil service stocks came amid a notable decrease by the price of crude oil.
Telecom, transportation, and computer hardware stocks also saw notable weakness, moving lower along with most of the other major sectors.
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Employment in the U.S. jumped by much more than anticipated in the month of May, according to a report released by the Labor Department on Friday.
The Labor Department said non-farm payroll employment surged up by 223,000 jobs in May after climbing by a downwardly revised 159,000 jobs in April.
Economists had expected employment to increase by 188,000 jobs compared to the addition of 164,000 jobs originally reported for the previous month.
With the stronger than expected job growth, the unemployment rate edged down to 3.8 percent in May from 3.9 percent in April. The unemployment rate had been expected to come in unchanged.
The report also said average hourly earnings in May were up by 2.7 percent compared to the same month a year ago, reflecting an acceleration from the 2.6 percent year-over-year growth seen in April.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on activity in the manufacturing sector in the month of May.
The ISM?s purchasing managers index is expected to come in at 56.6 in May, unchanged from April. A reading above 50 indicates growth in the manufacturing sector.
The Commerce Department is also due to release its report on construction spending in the month of April at 10 am ET. Construction spending is expected to climb by 0.8 percent. |
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| | Europe |
European stocks have moved sharply higher on Friday as investors shrugged off trade war worries and welcomed news on the formation of a new government in Italy, the eurozone's third-largest economy.
While the U.K.?s FTSE 100 Index is climbing by 0.7 percent, the German DAX Index is up by 1.2 percent and the French CAC 40 Index is up by 1.4 percent.
Italy's anti-establishment Five Star Movement and the far-right League reached a deal to form a populist government, helping avert the prospect of a snap election.
On the data front, the upturn in the Eurozone manufacturing sector showed further signs of cooling in May, final data from IHS Markit showed.
The factory Purchasing Managers' Index fell to a 15-month low of 55.5 in May from 56.2 in April, matching the flash estimate.
Separately, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed the U.K. manufacturing sector expanded at a faster pace in May.
The manufacturing Purchasing Managers' Index unexpectedly rose to 54.4 in May from a 17-month low of 53.9 in April. The score was expected to drop to 53.5.
Royal Bank of Scotland Group has moved to the upside after Standard & Poor's upgraded the long-term ratings of National Westminster Bank Plc.
Deutsche Bank shares have also rallied. Responding to media reports regarding the regulatory ratings of its U.S. entities, the German lender said that it is highly focused on addressing identified weaknesses in its U.S. operations.
Meanwhile, Dialog Semiconductor shares have slumped after a warning that Apple will source fewer main smartphone power chips from the company.
Swedish radiation therapy equipment maker Elekta has also dropped after its fiscal fourth quarter adjusted operating profit came in below analyst estimates.
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Asian stocks closed on a muted note Friday as trade war concerns resurfaced and investors looked ahead to the release of U.S. jobs data for May.
China's Shanghai Composite Index fell 20.01 points or 0.7 percent to 3,075.46 even as global index provider MSCI Inc. added around 230 mainland-listed Chinese stocks to its flagship Emerging Markets Index and other indexes. Hong Kong's Hang Seng Index inched up 24.35 points or 0.1 percent to 30,492.91.
On the data front, Chinese manufacturing activity expanded at a steady pace in May, survey data from IHS Markit showed. The Caixin Purchasing Managers' index remained unchanged at 51.1, while analysts expected the index to rise to 51.2.
Japanese shares ended a choppy session slightly lower as fears of a global trade war resurfaced and U.S. President Donald Trump downplayed the chances of reaching a quick resolution with North Korea.
The Nikkei 225 Index swung between gains and losses before ending down 30.47 points or 0.1 percent at 22,171.35. The broader Topix Index finished marginally higher at 1,749.17.
While market heavyweight Fast Retailing dropped 1.7 percent, automaker Mazda Motor rose 1.2 percent and Toyota Motor climbed 2.9 percent on a weaker yen.
Olympus Corp soared 4.0 percent after activist investor ValueAct Capital became a major shareholder in the medical equipment and camera maker.
Earlier in the day, upon arrival for a meeting of finance ministers and central bank governors of the Group of Seven advanced economies, Bank of Japan Governor Haruhiko Kuroda called for "rational" debate to prevent protectionist trade measures from disrupting the global economy.
On the data front, the latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in May, albeit at a slower rate, with a manufacturing PMI score of 52.8.
Separately, a government report showed that capital spending in Japan grew 3.4 percent in the first quarter of 2018, exceeding expectations for 3.1 percent but slowing from 4.3 percent in the previous three months.
Australian shares fell modestly, with banks falling heavily as ANZ faced criminal cartel charges relating to 2015 equity placement.
The benchmark S&P/ASX 200 Index dropped 21.50 points or 0.4 percent to 5,990.40, while the broader All Ordinaries Index ended down 19.50 points or 0.3 percent at 6,104.
ANZ shares fell 1.5 percent, while the other three major banks ended down between 0.4 percent and 0.9 percent. Mining heavyweight Rio Tinto, which has aluminum smelters in Canada, shed 0.6 percent.
Woodside Petroleum, Santos, Oil Search and Beach Energy all fell around 1 percent after crude oil prices declined almost 2 percent overnight.
Meanwhile, healthcare stocks bucked the weak trend, with Cochlear climbing 3.7 percent and Sonic Healthcare closing up 1 percent.
Australian manufacturing activity maintained strong growth momentum in May despite easing from April, survey data published by the Australian Industry Group showed. The corresponding index dropped to 57.5 from 58.3 in the previous month.
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| | Commodities |
Crude oil futures are falling $0.66 to $66.38 a barrel after tumbling $1.17 to $67.04 a barrel on Thursday. Meanwhile, after dipping $1.80 to $1,304.70 an ounce in the previous session, gold futures are slumping $8.90 to $1,295.80 an ounce.
On the currency front, the U.S. dollar is trading at 109.57 yen compared to the 108.82 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1681 compared to yesterday?s $1.1693.
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