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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 Thursday, with stocks likely to move back to the upside after turning lower over the course of the previous session.
Easing trade concerns may contribute to strength on Wall Street amid reports President Donald Trump might suspend threats to impose tariffs on cars imported from Europe if duties on U.S. cars are lifted.
Traders may also react to a report from payroll processor ADP showing private sector employment increased by less than expected in the month of June.
After failing to sustain an initial move to the upside, stocks came under pressure over the course of the abbreviated trading session on Tuesday. The major averages pulled back off their highs of the session and into negative territory.
The major averages ended the session just off their worst levels of the day. The Dow fell 132.36 points or 0.5 percent to 24,174.82, the Nasdaq slid 65.01 points or 0.9 percent to 7,502.67 and the S&P 500 dropped 13.49 points or 0.5 percent to 2,713.22.
The pullback by stocks came amid lingering trade concerns as tariffs on billions of dollars worth of U.S. and Chinese goods are set to take effect later this week.
In a move that could further inflame trade tensions between the U.S. and China, President Donald Trump's administration has recommended blocking China Mobile from offering telecommunications services from within the U.S.
A statement from the National Telecommunications and Information Administration, an agency of the Commerce Department, attributed the recommendation to national security concerns.
"After significant engagement with China Mobile, concerns about increased risks to U.S. law enforcement and national security interests were unable to be resolved," said David Redl, NTIA Administrator and Assistant Secretary of Commerce for Communications and Information.
Redl said the NTIA subsequently recommends that the Federal Communications Commission deny China Mobile's Section 214 license request.
Trading activity was light ahead of an earlier than normal close for the markets, with many traders looking to get a head start on the July 4th holiday.
On the U.S. economic front, the Commerce Department released a report showing an unexpected rebound in new orders for manufactured goods in the month of May.
The Commerce Department said factory orders climbed by 0.4 percent in May after falling by a revised 0.4 percent in April.
Economists had expected orders to come in unchanged compared to the 0.8 percent decrease originally reported for the previous month.
Semiconductor stocks showed a significant move to the downside over the course of the trading session, dragging the Philadelphia Semiconductor Index down by 1.8 percent.
With the decrease on the day, the semiconductor index more than offset the modest gain posted in the previous session, falling to its lowest closing level in two months.
Considerable weakness also emerged among computer hardware and banking stocks, with the NYSE Arca Computer Hardware Index and the KBW Bank Index falling by 1.3 percent and 1.2 percent, respectively.
On the other hand, substantial strength remained visible among gold stocks, as reflected by the 2.1 percent jump by the NYSE Arca Gold Bugs Index. The rally by gold stocks came amid a rebound by the price of the precious metal
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Private sector employment in the U.S. increased by less than expected in the month of June, according to a report released by payroll processor ADP on Thursday.
ADP said private sector employment climbed by 177,000 jobs in June after jumping by an upwardly revised 189,000 jobs in May.
Economists had expected employment to rise by about 190,000 jobs compared to the addition of 178,000 jobs originally reported for the previous month.
A separate report from the Labor Department showed a modest uptick in first-time claims for U.S. unemployment benefits in the week ended June 30th.
The report said initial jobless claims inched up to 231,000, an increase of 3,000 from the previous week's revised level of 228,000.
The modest increase came as a surprise to economists, who had expected jobless claims to edge down to 225,000 from the 227,000 originally reported for the previous week.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on activity in the service sector in the month of June.
The ISM?s non-manufacturing index is expected to dip to 58.3 in June after climbing to 58.6 in May, although a reading above 50 would still indicate service sector growth.
The Energy Information Administration is due to release its report on oil inventories in the week ended June 29th at 11 am ET.
Crude oil inventories are expected to slump by 8.2 million barrels after tumbling by 9.9 million barrels in the previous week.
At 2 pm ET, the Federal Reserve is scheduled to release the minutes of its monetary policy meeting held last month.
The Fed raised interest rates by 25 basis points in June and forecast two additional rate hikes this year after previously predicting one rate increase. |
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| | Europe |
European stocks are broadly higher on Thursday, with automakers leading the gainers amid reports the Trump administration might suspend threats to impose tariffs on cars imported from the European Union if the block lifted duties on U.S. cars.
Investors also cheered data from Destatis showing German factory orders rebounded at a faster than expected pace in May.
Germany factory orders jumped 2.6 percent month-on-month in May, in contrast to a revised 1.6 percent drop in April. Analysts expected orders to climb 1.1 percent.
While the U.K.?s FTSE 100 Index has risen by 0.6 percent, the French CAC 40 Index and the German DAX Index are jumping by 1.2 percent and 1.5 percent, respectively.
Italian insurance group Assicurazioni Generali has jumped after it entered into an agreement with Generali Deutschland to sell its 89.9 percent stake in Generali Leben to Viridium Gruppe.
Sodexo shares have also advanced. The French food services and facilities management group has maintained its full-year goals after posting third quarter sales that topped forecasts.
British fashion retailer SuperDry has soared almost 9 percent after announcing a special dividend.
On the other hand, Primark-owner Associated British Foods has slumped after releasing a trading update for the 40 weeks to June 23rd.
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Asian stocks ended on a mixed note Thursday as lingering trade war fears and a public holiday in the U.S. discouraged traders from taking long positions ahead of the July 6th deadline when the U.S. administration is due to slap tariffs on $34 billion worth of Chinese goods.
The minutes from the Federal Reserve's June meeting, due out later in the day, and Friday's U.S. jobs report were also on investors' radar.
Chinese shares fell sharply as tariff worries overshadowed positive economic data. China's private sector expanded at the fastest pace in four months in June on stronger increases across manufacturing and services, data from IHS Markit showed. The benchmark Shanghai Composite Index fell 25.15 points or 0.9 percent to 2,733.98.
Hang Kong's Hang Seng Index gave up 59.58 points or 0.2 percent to end at 28,182.09 after data from IHS Markit showed the country's private sector activity deteriorated at the steepest pace in nearly two years in June.
Japanese shares hit three-month lows as the deadline neared for the U.S. to start imposing tariffs on Chinese goods. The Nikkei 225 Index dropped 170.05 points or 0.8 percent to 21,546.99, its lowest close since April 4th. The broader Topix Index closed 1 percent lower at 1,676.20, with banks, retailers and nonferrous metal companies pacing the declines.
Index heavyweight Fast Retailing tumbled 2.5 percent. Ryohin Keikaku, which sells lifestyle goods under the "MUJI" brand, slumped 12.2 percent after unveiling financial results for the first quarter.
Mitsui Mining and Smelting plunged 4 percent and Sumitomo Metal Mining declined 3.8 percent as investors fretted about the prospect of an all-out trade war.
ANA Holdings shed 1.2 percent. The airline said it would cancel 113 domestic flights for mandatory checks to help assess possible glitches in the Rolls-Royce engines powering its Boeing 787 Dreamliners.
Meanwhile, Australian shares eked out modest gains in light trade, led by financials. The benchmark S&P/ASX 200 Index rose 32.10 points or 0.5 percent to 6,215.50, while the broader All Ordinaries index ended up 29.20 points or 0.47 percent at 6,302.90.
The big four banks rose between half a percent and 1.2 percent. Telecom stocks also rose, with Telstra climbing 1.9 percent to extend gains for a fourth straight session.
On the flip side, mining heavyweight BHP Billiton shed 0.6 percent and Rio Tinto dropped 1.2 percent as base metal prices retreated.
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| | Commodities |
Crude oil futures are rising $0.27 to $74.41 a barrel after edging up $0.20 to $74.14 a barrel on Tuesday. Meanwhile, after jumping $11.80 to $1,253.50 an ounce in the previous session, gold futures are climbing $3 to $1,256.50 an ounce.
On the currency front, the U.S. dollar is trading at 110.60 yen compared to the 110.49 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1711 compared to Tuesday?s $1.1657.
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