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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 following the pullback seen in the previous session.
The upward momentum on Wall Street comes amid easing trade war concerns after news of U.S. threats of a new 10 percent tariff on $200 billion worth of Chinese imports contributed to the weakness on Wednesday.
China vowed to take countermeasures in response to the new tariffs, although the markets may respond positively to the lack of the announcement of specific retaliation by the Chinese.
Traders also seem optimistic the continued tariff threats will eventually bring the U.S. and China to the table for talks that could result in a long-term trade agreement.
After trending higher over the past several sessions, stocks gave back some ground during trading on Wednesday amid renewed trade concerns. With the drop on the day, the S&P 500 pulled back off its best closing level in five months.
The major averages ended the session firmly in negative territory but off their worst levels of the day. The Dow slumped 219.21 points or 0.9 percent to 24,700.45, the Nasdaq fell 42.59 points or 0.6 percent to 7,716.61 and the S&P 500 slid 19.82 points or 0.7 percent to 2,774.02.
The weakness on Wall Street came amid renewed concerns about the economic impact of a global trade war after President Donald Trump's administration proposed new tariffs on China.
Trump has ordered U.S. Trade Representative Robert Lighthizer to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports.
The move comes after the U.S. imposed a 25 percent tariff on $34 billion worth of Chinese imports last Friday, leading China to retaliate by imposing tariffs on $34 billion worth of U.S. exports.
"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition," Lighthizer said. "We have been very clear and detailed regarding the specific changes China should undertake."
"Unfortunately, China has not changed its behavior - behavior that puts the future of the U.S. economy at risk," he added. "Rather than address our legitimate concerns, China has begun to retaliate against U.S. products. There is no justification for such action."
In U.S. economic news, the Labor Department released a report showing producer prices increased by slightly more than expected in the month of June.
The Labor Department said its producer price index for final demand rose by 0.3 percent in June after climbing by 0.5 percent in May. Economists had expected prices to edge up by 0.2 percent.
Excluding food and energy prices, core producer prices also climbed by 0.3 percent in June, matching the increase seen in May. Core prices had been expected to rise by 0.2 percent.
Compared to the same month a year ago, producer prices were up by 3.4 percent in June, representing the largest 12-month increase since a 3.7 percent jump in November of 2011.
Gold stocks moved sharply lower over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 2.9 percent. The weakness among gold stocks came amid a notable decrease by the price of the precious metal.
Substantial weakness was also visible among steel stocks, as reflected by the 2.8 percent drop by the NYSE Arca Steel Index. The index pulled back after closing higher for four straight sessions.
Energy stocks also came under pressure on the day amid a steep drop by the price of crude oil. Semiconductor, telecom and computer hardware stocks also saw considerable weakness, moving lower along with most of the other major sectors.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Consumer prices in the U.S. edged slightly higher in the month of June, the Labor Department revealed a closely watched report released on Thursday.
The Labor Department said its consumer price index inched up by 0.1 percent in June after rising by 0.2 percent in May. Economists had expected consumer prices to increase by 0.2 percent.
Excluding food and energy prices, core consumer prices rose by 0.2 percent for the second consecutive month, matching economist estimates.
While consumer prices showed only a modest monthly increase, the annual rate of growth still accelerated to a more than six-year high of 2.9 percent in June from 2.8 percent in May.
Core consumer price growth also edged up to 2.3 percent in June from 2.2 percent in May, reaching its highest level since January of 2017.
A separate report from the Labor Department showed first-time claims for unemployment benefits fell by more than expected in the week ended July 7th.
The report said initial jobless claims dropped to 214,000, a decrease of 18,000 from the previous week?s revised level of 232,000.
Economists had expected jobless claims to edge down to 225,000 from the 231,000 originally reported for the previous week.
At 12:15 pm ET, Philadelphia Federal Reserve President Patrick Harker is due to participate in a conversation at the Global Interdependence Center?s Tenth Annual Rocky Mountain Economic Summit in Victor, Idaho.
The Treasury Department is scheduled to announce the results of its auction of $14 billion worth of thirty-year bonds at 1 pm ET.
At 8 pm ET, Minneapolis Fed President Neel Kashkari is due to discuss immigration at the Worthington International Festival in Worthington, Minnesota.
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| | Stocks in Focus |
Shares of CA Technologies (CA) are moving sharply higher in pre-market trading after the software company agreed to be acquired by Broadcom (AVGO) in a deal valued at $18.9 billion.
Delta Air Lines (DAL) may also move to the upside after reporting better than expected second quarter and raised its quarterly dividend. However, the airline also cut its full-year earnings forecast due to higher fuel costs.
Shares of Commerce Bancshares (CBSH) are also seeing pre-market strength after the bank holding company reported second quarter results that exceeded analyst estimates on both the top and bottom lines.
On the other hand, shares of Bank of the Ozarks (OZRK) may come under pressure after the national bank chain reported second quarter earnings that met estimates but weaker than expected revenues.
Video streaming service provider Netflix (NFLX) may also move to the downside after UBS downgraded its rating on the company?s stock to Neutral from Buy amid valuation concerns. |
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| | Europe |
European stocks have rebounded on Thursday as investors hold out hopes that the U.S. and China will eventually have new trade talks that end with a bilateral solution to the ongoing trade dispute.
While the German DAX Index has climbed by 0.5 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both up by 0.9 percent.
Gerresheimer has soared in Frankfurt after announcing the acquisition of Swiss technology company Sensile Medical.
Capita Group has also jumped in London. The outsourcing firm has announced an agreement to sell its parking management business, ParkingEye, to a vehicle owned by Macquarie and funds advised by MML Capital Partners for a cash consideration of 235 million pounds.
Sky Plc shares have also advanced after Comcast Corp. (CMCSA) increased its takeover bid for the British broadcaster.
On the other hand, Norwegian bank DNB has slumped after its second quarter earnings fell short of estimates.
In economic news, German consumer prices climbed 2.1 percent year-over-year in June, just below the 2.2 percent rise in May, final data from Destatis revealed. The increase was in line with the flash estimate published on June 28th.
French consumer prices climbed 2.0 percent year-over-year in June, the same rate of growth as in May, final figures from the statistical office Insee showed. The preliminary estimate for June was 2.1 percent.
Eurozone industrial production data for May came more or less in line with estimates.
Meanwhile, the European Commission trimmed its growth forecast for the euro area this year to 2.1 percent from 2.3 percent, as economic momentum moderated in the first half of 2018 after five straight quarters of vigorous expansion.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed mostly higher on Thursday on expectations that U.S. threats to expand tariffs are bluff and bluster and trade agreements will ultimately be reached.
Oil steadied after going into free fall on Wednesday amid supply concerns and the yen weakened ahead of U.S. consumer price inflation due tonight, while gold held steady near a one-week low.
China's Shanghai Composite Index soared 60.53 points or 2.2 percent to 2,838.30 after plunging 1.8 percent in the previous session on trade worries.
China has vowed to take countermeasures in response to the new U.S. tariffs, which will not take effect until after a two-month review process. Hong Kong's Hang Seng Index rose 169.14 points or 0.6 percent to finish at 28,480.83.
Japanese shares recovered from sharp losses in the previous session after the dollar hit a six-month high against the yen on the back of strong producer price inflation data released overnight.
The Nikkei 225 Index rallied 255.75 points or 1.2 percent to 22,187.96, while the broader Topix Index closed 0.5 percent higher at 1,709.68.
Electronics maker Sony rose 0.9 percent, automaker Honda Motor gained 0.7 percent and Toyota Motor added 1.4 percent. Market heavyweight Fast Retailing jumped 3.8 percent.
Mobile carrier SoftBank soared 6.4 percent after U.S. investment fund Tiger Global acquired a stake of more than $1 billion in the company.
Australian shares advanced as investors brushed aside trade war fears. The benchmark S&P/ASX 200 Index rose steadily to end the session up by 52.70 points or 0.9 percent at 6,268.30, while the broader All Ordinaries Index climbed 49.60 points or 0.8 percent to 6,349.80.
The big four banks jumped between 1.6 percent and 2.2 percent after the sector watchdog said there is no evidence of a mortgage credit crunch. Healthcare stocks also gained ground, with CSL rising 2.6 percent and Cochlear adding 1.3 percent.
Meanwhile, a plunge in base metal prices weighed on miners, with heavyweights BHP Billiton and Rio Tinto ending down 0.6 percent and 0.3 percent, respectively. Woodside Petroleum shed 0.9 percent and Origin Energy tumbled over 3 percent after oil prices fell 5 percent overnight on supply worries.
On the data front, Australia's inflationary expectations declined in July, survey data from the Melbourne Institute showed. The expected inflation rate fell by 0.3 percentage points to 3.9 percent from 4.2 percent in June.
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| | Commodities |
Crude oil futures are rebounding $0.68 to $71.06 a barrel after plunging $3.73 to $70.38 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,245.80, up $1.40 compared to the previous session?s close of $1,244.40. On Wednesday, gold slumped $11.
On the currency front, the U.S. dollar is trading at 112.48 yen compared to the 112.01 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is unchanged compared to yesterday?s $1.1674.
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