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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 continue experiencing choppy trading after ending last week?s trading mixed.
Traders may be reluctant to make any significant moves ahead of the Federal Reserve?s monetary policy announcement on Wednesday.
The Fed is widely expected to leave interest rates unchanged, but traders are likely to keep a close eye on the accompanying statement for clues about the outlook for rates.
The release of the monthly jobs report on Friday along with the release of some other key economic data in the coming days may also keep some traders on the sidelines.
After turning in a lackluster performance early in the session, stocks moved mostly lower over the course of the trading day on Friday. The major averages slid firmly into negative territory after ending Thursday?s trading mixed.
The major averages ended the day in the red but off their lows of the session. The Dow fell 76.01 points or 0.3 percent to 25,451.06, the Nasdaq plunged 114.77 points or 1.5 percent to 7,737.42 and the S&P 500 slid 18.62 points or 0.7 percent to 2,818.82.
For the week, the Nasdaq tumbled by 1.1 percent, while the S&P 500 climbed by 0.6 percent and the Dow jumped by 1.6 percent.
The weakness that emerged on Wall Street reflected a negative reaction to earnings news from companies such as Twitter (TWTR), Intel (INTC) and Exxon Mobil (XOM).
Meanwhile, traders largely shrugged off a report from the Commerce Department showing a significant acceleration in the pace of U.S. economic growth in the second quarter.
The report said real gross domestic product jumped by 4.1 percent in the second quarter following a 2.2 percent increase in the first quarter. Economists had expected GDP to surge up by 4.2 percent.
The faster rate of GDP growth reflected accelerations in consumer spending and exports, a smaller decrease in residential fixed investment, and accelerations in federal government spending and in state and local spending.
A separate report from the University of Michigan showed consumer sentiment deteriorated by less than initially estimated in the month of July.
The report said the consumer sentiment index for July was upwardly revised to 97.9 from the preliminary reading of 97.1. Despite the upward revision, the index was still down from 98.2 in June.
Computer hardware stocks showed a substantial move to the downside on the day, dragging the NYSE Arca Computer Hardware Index down by 3.1 percent.
Significant weakness was also visible among natural gas stocks, as reflected by the 3 percent drop by the NYSE Arca Natural Gas Index.
Biotechnology, brokerage, and real estate stocks also saw notable weakness, while oil service stocks moved to the upside on the day.
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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 National Association of Realtors is scheduled to release its report on pending home sales in the month of June. Pending home sales are expected to inch up by 0.1 percent after falling by 0.5 percent in May.
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.
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| | Stocks in Focus |
Shares of Caterpillar (CAT) are moving notably higher in pre-market trading after the heavy equipment maker reported better than expected second quarter earnings and raised its full-year guidance.
Caterpillar also said it expects recently imposed tariffs to impact operating profit in the second half by up to $200 million but said it intends to largely offset the impacts with price increases.
E-commerce technology company First Data (FDC) may also move to the upside after reporting second quarter results that exceeded estimates and boosting its full-year revenue forecast.
On the other hand, shares of Bloomin? Brands (BLMN) may come under pressure after the parent of Outback Steakhouse reported better than expected second quarter earnings but weaker than expected revenues.
Synchrony Financial (SYF) may open lower after Barclays downgraded its rating on the financial services company?s stock to Equal Weight from Overweight. |
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| | Europe |
European stocks as turning in a mixed performance on Monday, as weak metal prices on concerns over slowing growth in China pull down miners but investors adopt a cautious stance ahead of key central bank meetings in the U.S., Japan and the U.K. this week.
While the U.K.?s FTSE 100 Index has inched up by 0.1 percent, the French CAC 40 Index and the German DAX Index are both down by 0.1 percent.
The Bank of Japan began its two-day policy meeting today, with analysts expecting the central bank to discuss reducing investments in ETFs tracking the Nikkei 225 Index.
The Federal Open Market Committee is widely expected to leave interest rates unchanged when it meets on Tuesday and Wednesday.
The Bank of England is set to increase U.K. interest rates by 25 basis points on Thursday, but cautious comments from Governor Mark Carney may hurt the pound.
In economic news, a gauge of Eurozone economic sentiment fell slightly in July due to increased trade tensions between the U.S. and the European Union.
Heineken NV shares have tumbled after the brewer cuts its full-year margin guidance amid an expansion into Brazil.
France's Air Liquide has also shown a notable move to the downside after its first-half operating income disappointed investors.
Meanwhile, betting group GVC Holdings has jumped after it entered into a joint venture with U.S. hotel and casino operator MGM Resorts to set up a sports and online gaming platform in the U.S.
German industrial machinery group GEA has also moved sharply higher after its second quarter earnings topped forecasts.
Deutsche Bank has also moved to the upside on news it is moving a large part of its euro clearing facility from London to Frankfurt.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian markets closed mostly lower on Monday after technology stocks led a slide in U.S. stocks on Friday. The dollar held steady against its peers, while oil traded mixed after the release of U.S. GDP data and amid renewed concerns around the U.S.-China trade war.
Investor focus shifted to key central bank meetings this week. The Bank of Japan began a two-day policy meeting today, with analysts expecting the central bank to discuss reducing investments in ETFs tracking the Nikkei 225 Index.
The Federal Open Market Committee is widely expected to leave interest rates unchanged when it meets on Tuesday and Wednesday.
Chinese stocks fell, dragged down by healthcare stocks after Changchun Changsheng Bio-technology became the latest pharmaceutical company to be embroiled in a vaccine scandal.
The benchmark Shanghai Composite Index dipped 4.54 points or 0.2 percent to 2,869.05, while Hong Kong's Hang Seng Index fell 71.15 points or 0.3 percent to 28,733.13.
Japanese shares slid as investors awaited cues from the BoJ meeting and the next batch of corporate earnings. The Nikkei 225 Index gave up 167.91 points or 0.7 percent to finish at 22,544.84, while the broader Topix Index closed 0.4 percent lower at 1,768.15.
Japan Steel Works, Daiichi Sankyo, Komatsu, Hitachi Construction Machinery and Eisai slumped 2-5 percent. Kansai Electric Power tumbled 3.6 percent after posting disappointing earnings for the April-June quarter.
Banks bucked the weak trend to close mostly higher on expectations that they will benefit from possible BoJ policy tweaks. Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group rallied around 1.6 percent, while Mizuho Financial added 1.3 percent.
Australian shares ended lower after weak earnings reports from major technology companies weighed on Wall Street on Friday. The benchmark S&P/ASX 200 Index fell 21.80 points or 0.4 percent to 6,278.40, while the broader All Ordinaries Index dropped 0.36 percent to finish at 6,368.80.
The big four banks fell between 0.3 percent and 0.6 percent. BHP Billiton shed 0.6 percent after climbing over 2 percent on Friday on news of its U.S. shale assets sale to BP. Rival Rio Tinto and South32 ended down over 1 percent each.
Healthscope declined 0.9 percent after it has agreed to sell its Asian pathology business to private equity firm TPG Capital for A$279 million.
On the other hand, wealth manager AMP jumped 4.2 percent after suffering heavy losses on Friday when it issued a profit warning. Telecom firm Telstra advanced 1.8 percent after announcing management changes.
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| | Commodities |
Crude oil futures are spiking $1.34 to $70.03 a barrel after tumbling $0.92 to $68.69 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,220.60, down $2.40 from the previous session?s close of $1,223. On Friday, gold fell $2.70.
On the currency front, the U.S. dollar is trading at 111.11 yen compared to the 111.05 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1683 compared to last Friday?s $1.1657.
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