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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 roughly flat opening on Monday, with stocks likely to show a lack of direction following the strong upward move seen last week.
Traders may be reluctant to make significant moves ahead of the release of quarterly financial results from a number of big-name companies this week.
Netflix (NFLX), Goldman Sachs (GS), Johnson & Johnson (JNJ), Morgan Stanley (MS), American Express (AXP), IBM Corp. (IBM), Microsoft (MSFT), and General Electric (GE) are among the companies due to report their results in the coming days.
Nonetheless, some buying interest may be generated in reaction to a report from the Commerce Department showing retail sales in the U.S. increased in line with economist estimates in the month of June.
After ending Thursday?s trading substantially higher, stocks turned in a relatively lackluster performance during trading on Friday. Despite the choppy trading, the Nasdaq hit a new record high and the S&P 500 reached its best closing level in five months.
The major averages fluctuated over the course of the session before closing modestly higher. The Dow rose 94.52 points or 0.4 percent to 25,019.41, the Nasdaq inched up 2.06 points or less than a tenth of a percent to 7,825.98 and the S&P 500 edged up 3.02 points or 0.1 percent to 2,801.31.
For the week, the Dow surged up by 2.3 percent, while the Nasdaq and the S&P 500 jumped by 1.8 percent and 1.5 percent, respectively.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves on the heels of the considerable volatility seen over the past few sessions.
Traders were also digesting mixed quarterly results from financial giants JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC).
JPMorgan Chase ended the day moderately lower despite reporting second quarter results that exceeded expectations on both the top and bottom lines.
Meanwhile, shares of Wells Fargo showed a significant move to the downside after the bank reported second quarter earnings and revenues that came in below analyst estimates.
Citigroup also came under pressure after reporting better than expected second quarter earnings but on revenues that came in below expectations.
In U.S. economic news, the Federal Reserve delivered its semi-annual monetary policy to Congress, offering few surprises.
The Fed described economic growth in the first half of the year as solid and reiterated it expects further gradual increases in interest rates.
"The Federal Reserve remains positive on the U.S. economic outlook with barely any mention of the trade or yield curve worries that are preoccupying markets," said James Knightley, Chief International Economist at ING.
Meanwhile, the University of Michigan released a report showing an unexpected decrease in consumer sentiment in the month of July due to concerns about potential impact of tariffs.
The preliminary report said the consumer sentiment index dipped to 97.1 in July from the final June reading of 98.2. Economists had expected the index to come in unchanged.
A separate report released by the Labor Department showed an unexpected decrease in import prices in the month of June but a slightly bigger than expected increase in export prices.
The Labor Department said import prices fell by 0.4 percent in June after climbing by an upwardly revised 0.9 percent in May.
The pullback surprised economists, who had expected import prices to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.
On the other hand, the report also said export prices rose by 0.3 percent in June following a 0.6 percent increase in May. Economists had expected export prices to edge up by 0.2 percent.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Energy stocks saw some strength amid a rebound by the price of crude oil, while weakness was visible in the telecom and banking sectors.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Retail sales in the U.S. increased in line with economist estimates in the month of June, according to a report released by the Commerce Department on Monday.
The report said retail sales climbed by 0.5 percent in June after soaring by an upwardly revised 1.3 percent in May. Economists had expected sales to rise by 0.5 percent compared to the 0.8 percent increase originally reported for the previous month.
Excluding a jump in auto sales, retail sales still rose by 0.4 percent in June following a 1.4 percent spike in May. The increase in ex-auto sales also matched economist estimates.
A separate report from the Federal Reserve Bank of New York showed New York manufacturing activity continued to grow at a fairly brisk pace in July, although the pace of growth slowed from the previous month.
While the New York Fed said its general business conditions index dipped to 22.6 in July from 25.0, a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 22.0.
At 10 am ET, the Commerce Department is scheduled to release its report on business inventories in the month of May. Business inventories are expected to climb by 0.4 percent.
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| | Stocks in Focus |
Shares of J.B. Hunt Transport Services (JBHT) are moving sharply higher in pre-market trading after the trucking company reported better than expected second quarter results.
Financial giant Bank of America (BAC) may also moved to the upside after reporting second quarter results that exceeded analyst estimates.
On the other hand, shares of BlackRock (BLK) are moving lower in pre-market trading even though the asset management firm reported second quarter results that exceeded expectations. |
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| | Europe |
European stocks have moved to the downside on Monday after a raft of Chinese data proved to be a mixed bag.
The euro is little changed against the dollar after Eurostat data showed Eurozone trade surplus dropped to 16.9 billion euros in May from 18.0 billion euros in April, as imports grew faster than exports.
While the U.K.?s FTSE 100 Index has slumped by 1 percent, the French CAC 40 Index is down by 0.3 percent and the German DAX Index is down by 0.1 percent.
Mining and energy stocks are moving lower on concerns about slowing growth in China.
Meanwhile, elevator firm Kone has moved notably higher on a report that it has held merger talks with Germany's Thyssenkrupp.
SDL shares have also rallied. The British software and professional services firm has agreed to acquire the business and assets of Donnelley Language Solutions on a cash-free, debt-free basis for a cash consideration of $77.5 million (60.1 million pounds).
Drugmaker Indivior has soared after a U.S. district court granted a preliminary injunction against India's Dr. Reddy's on generic (buprenorphine and naloxone) sublingual film.
French technology consultancy firm Altran has also jumped after losing 30 percent on Friday on news that it had uncovered forged orders at its recently acquired U.S. business Aricent.
Dialog Semiconductor has advanced. The firm expects higher than anticipated profitability in the second quarter of 2018, driven by manufacturing cost efficiencies.
Deutsche Bank shares have also jumped after the German lender said it expects second quarter income before income taxes of approximately 700 million euros and net income of approximately 400 million euros.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed mostly lower on Monday as a raft of Chinese data proved to be a mixed bag and investors awaited Federal Reserve Chairman Jerome Powell's semi-annual congressional testimony on Tuesday and Wednesday for directional cues. The Japanese market was closed in observance of Marine Day.
China's Shanghai Composite Index shed 17.27 points or 0.6 percent to close at 2,813.92 after official data showed Chinese GDP growth slowed to 6.7 percent in the second quarter, its slowest pace since 2016. That matched forecasts but was a tad lower than 6.8 percent in the first quarter.
Retail sales numbers for June exceeded expectations and fixed asset investment grew in line with expectations, while industrial output growth came in shy of forecasts.
Hong Kong's Hang Seng Index inched up 14.22 points or 0.1 percent to 28,539.66. Telecommunications equipment maker ZTE soared 10 percent after the Trump administration lifted a ban on the company from purchasing technology from U.S. corporations.
Australian shares fell modestly as investors awaited quarterly production results from mining and energy companies and weak weekend property auction results weighed on the banking sector.
The benchmark S&P/ASX 200 Index dropped 26.90 points or 0.4 percent to 6,241.50, while the broader All Ordinaries Index ended down 25.20 points or 0.4 percent at 6,326.70.
Banks Commonwealth, NAB and Westpac fell between 0.4 percent and 0.8 percent, and mining heavyweights BHP Billiton and Rio Tinto declined 0.8 percent and half a percent, respectively. Whitehaven Coal lost 2.1 percent after the coal miner flagged a rise in earnings.
Seoul stocks closed lower on lingering trade war fears and concerns over slowing Chinese growth. The benchmark Kospi eased 8.91 points or 0.4 percent to 2,301.99 after the previous session's rally.
Financials and tech stocks were among the biggest decliners, with LG Electronics, Woori Bank and KB Financial ending down 2-3 percent. Automakers bucked the weak trend, with Hyundai Motor climbing 2.9 percent and Kia Motors rising 1.6 percent.
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| | Commodities |
Crude oil futures are plunging $1.59 to $69.42 a barrel after climbing $0.68 to $71.01 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,241.90, up $0.70 from the previous session?s close of $1,241.20. On Friday, gold fell $5.40.
On the currency front, the U.S. dollar is trading at 112.34 yen compared to the 112.38 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1714 compared to last Friday?s $1.1685.
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