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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 once again pointing to a lower opening on Wednesday, with stocks likely to move to the downside following the strength seen in the previous session.
The downward momentum on Wall Street comes after General Motors (GM) and Boeing (BA) provided disappointing guidance.
GM reported better than expected second quarter results but lowered its full-year earnings forecast due to rising steel and aluminum costs as a result of the tariffs imposed by President Donald Trump's administration.
Aerospace giant Boeing also reported second quarter results that exceeded analyst estimates but warned of lower than expected margins for its defense business in 2018.
After an early move to the upside, stocks remained mostly positive during trading on Tuesday. The Dow and the S&P 500 closed firmly in positive territory, although the tech-heavy Nasdaq ended the day just below the unchanged line.
The Nasdaq edged down 1.11 points or less than a tenth of a percent to 7,840.77, while the Dow climbed 197.65 points or 0.8 percent to 25,241.94 and the S&P 500 rose 13.42 points or 0.5 percent to 2,820.40.
The strength on Wall Street partly reflected a positive reaction to the latest earnings news from big-name companies such as Google parent Alphabet (GOOGL).
Shares of Alphabet jumped by 3.9 percent on the day after the tech giant reported better than expected quarterly results.
Drug giant Eli Lilly (LLY) also saw significant strength after reporting second quarter results that exceed expectations and announcing plans to spin off its Elanco Animal Health unit.
Trading activity was somewhat subdued, however, with a lack of major U.S. economic data likely keeping some traders on the sidelines.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 10 am ET, the Commerce Department is due to release its report on new home sales in the month of June. New home sales are expected to drop by 2.8 percent in June after jumping by 6.7 percent in May.
The Energy Information Administration is scheduled to release its report on oil inventories in the week ended July 20th at 10:30 am ET.
Crude oil inventories are expected to decrease by 2.3 million barrels after climbing by 5.8 million barrels in the previous week.
At 1 pm ET, the Treasury Department is due to announce the results of its auction of $36 billion worth of five-year notes. |
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| | Europe |
European stocks have moved lower on Wednesday as investors digest a slew of mixed earnings reports and look ahead to a key meeting between U.S. President Donald Trump and European Commission President Jean-Claude Juncker on trade.
Weak German business sentiment data is weighing on markets. According to survey results from the Ifo Institute, the German business confidence index fell to 101.7 in July from 101.8 in June. Analysts expected the score to fall to 101.5.
Companies were slightly more satisfied with their current business situation but scaled back their business expectations slightly, said Ifo President Clemens Fuest.
While the French CAC 40 Index has dipped by 0.1 percent, the German DAX Index is down by 0.6 percent and the U.K.?s FTSE 100 Index is down by 0.8 percent.
Ageas has soared after reports that Fosun International is considering an offer for all or parts of the Belgian insurer.
Italian telecom giant Telecom Italia has also advanced. The company said it would consider strategic options for its subsidiaries and would press ahead with the sale of its stake in broadcasting unit Persidera.
Swiss drug ingredients maker Lonza has climbed after reporting a surge in half-year profit on strong sales.
Meanwhile, drug company Indivior has plunged in London. The company has warned of a bigger-than-expected hit from the launch of a copycat of its opioid addiction treatment.
BHP Billiton has also moved to the downside amid a potential disruption to production at Chile's Escondida copper mine.
Miner Antofagasta has also moved lower after reporting an 8.5 percent drop in copper production for the first six months of the year.
French metals group Eramet has slumped after the company has warned that current favorable markets could be hurt by rising tensions and uncertainty in international trade relations.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mixed on Wednesday as optimism over Chinese stimulus plans was offset by fears that the Bank of Japan will scale back stimulus next week.
Investors also looked ahead to a key meeting between U.S. President Donald Trump and European Commission President Jean-Claude Juncker for directional cues.
Chinese stocks fell slightly after three days of gains. The benchmark Shanghai Composite Index fluctuated before closing marginally lower at 2,903.65, while Hong Kong's Hang Seng Index climbed 0.9 percent to 28,920.90.
Japanese shares extended gains for a second day as commodity-related steel and metal firms rallied on promises of more stimulus from Beijing.
The Nikkei 225 Index gained 103.77 points or 0.5 percent to close at 22,614.25. The broader Topix Index rose 0.4 percent to 1,753.48. Steelmaker JFE Holdings jumped 3 percent and Sumitomo Metal Mining surged up 3.8 percent.
Market heavyweight Fast Retailing shed 0.7 percent to extend losses for the third straight session on expectations the Bank of Japan could wind back its exchanged-traded fund purchases.
Mitsubishi Motors tumbled 3.9 percent on profit taking after reaching a nine-month high the previous day. Yamato Holdings' shares declined 1.7 percent after the company said it overcharged corporate uses of its moving service by 1.7 billion yen over the 24 months through June.
Australian shares finished lower, dragged down by financial and healthcare stocks. Tepid inflation data also weighed on markets. The benchmark S&P/ASX 200 Index dropped 18.20 points or 0.3 percent to 6,247.60, while the broader All Ordinaries Index ended down 13.50 points or 0.2 percent at 6,341.70.
A rise in commodity prices helped lift miners, with BHP Billiton, Rio Tinto and Alumina closing up between 1.5 percent and 2.2 percent.
The big four banks fell between 0.3 percent and 1 percent after June-quarter consumer price inflation numbers came in below expectations, quelling any expectations of a rate hike in the foreseeable future.
Consumer prices in Australia rose 0.4 percent sequentially in the second three months of 2018, the Australian Bureau of Statistics said, slightly lower than expectations for an increase of 0.5 percent.
Healthcare stocks such as CSL and Cochlear dropped around 2 percent, weighed down by a strong Aussie dollar after China pledged to lower corporate taxes and encourage infrastructure projects.
Shares of Wattle Health Australia soared 8.1 percent after the infant formula company won regulatory approval to sell milk powder in China.
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| | Commodities |
Crude oil futures are inching up $0.07 to $68.59 a barrel after climbing $0.63 to $68.52 a barrel on Tuesday. Meanwhile, after edging down $0.10 to $1,224.50 an ounce in the previous session, gold futures are rising $6.60 to $1,232.10 an ounce.
On the currency front, the U.S. dollar is trading at 111.08 yen compared to the 111.20 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1692 compared to yesterday?s $1.1687.
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