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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 Tuesday, with stocks likely to extend the lackluster performance seen in the previous session.
Traders may remain reluctant to make significant moves ahead of Federal Reserve Chairman Jerome Powell?s semiannual monetary policy testimony before the Senate Banking Committee.
Powell?s remarks are likely to be closely watched for clues about the outlook for interest rate hikes after the Fed previously signaled two more rate hikes this year.
Nonetheless, a notable decline by shares of Netflix (NFLX) may weigh on the tech-heavy Nasdaq, with the video streaming service tumbling by 12.9 percent in pre-market trading.
Following the strong upward move seen last week, stocks turned in a lackluster performance during trading on Monday. The major averages showed a lack of direction, spending the day bouncing back and forth across the unchanged line.
The major averages eventually ended the session mixed. While the Dow rose 44.95 points or 0.2 percent to 25,064.36, the Nasdaq dipped 20.26 points or 0.3 percent to 7,805.72 and the S&P 500 edged down 2.88 points or 0.1 percent to 2,798.43.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of quarterly financial results from a number of big-name companies this week.
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, traders largely refrained from cashing in on last week's gains after a report from the Commerce Department showed retail sales in the U.S. increased in line with economist estimates in the month of June.
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.
The Commerce Department also released a report showing business inventories increased in line with economist estimates in the month of May.
Many of the major sectors showed only modest moves on the day, although considerable weakness was visible among energy stocks. The sell-off by energy stocks came amid a sharp drop by the price of crude oil.
Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index plunged by 2 percent, while the Philadelphia Oil Service Index and the NYSE Arca Oil Index slumped by 1.7 percent and 1.5 percent, respectively.
Significant weakness is also visible among tobacco stocks, as reflected by the 2.9 percent drop by the NYSE Arca Tobacco Index.
Biotechnology and transportation stocks also moved notably lower, while Bank of America (BAC) helped lead the banking sector higher after reporting better than expected second quarter results
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 9:15 am, the Federal Reserve is scheduled to release its report on industrial production in the month of June. Production is expected to climb by 0.5 percent in June after edging down by 0.1 percent in May.
Federal Reserve Chairman Jerome Powell is due to deliver his semiannual monetary policy testimony before the Senate Banking Committee at 10 am ET.
Also at 10 am ET, the National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of July. The housing market index is expected to inch up to 69 in July from 68 in June.
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| | Stocks in Focus |
Shares of Netflix (NFLX) are moving sharply lower in pre-market trading after the video streaming service reported better than expected second quarter earnings but weaker than expected revenues and subscriber growth.
Advertising company Omnicom (OMC) may also come under pressure after reporting second quarter earnings that beat estimates but on revenues that came in slightly below expectations.
Shares of UnitedHealth (UNH) are also moving to the downside in pre-market trading even though the health insurer reported second quarter earnings that exceeded estimates and raised its full-year guidance.
On the other hand, shares of Johnson & Johnson (JNJ) may move to the upside after the healthcare giant reported second quarter results that beat analyst estimate on both the top and bottom lines.
Financial giant Goldman Sachs (GS) is also likely to be in focus after reporting better than expected second quarter results and confirming David Solomon will succeed Lloyd Blankfein as Chairman and CEO. |
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| | Europe |
European stocks are struggling for direction on Tuesday as oil extended the previous session's losses, corporate earnings proved a mixed bag and investors awaited Federal Reserve Chairman Jerome Powell's testimony for possible clues on the outlook for U.S. interest rates.
While the U.K.?s FTSE 100 Index is just below the unchanged line, the German DAX Index is down by 0.1 percent and the French CAC 40 Index is down by 0.3 percent.
Norwegian telecom company Telenor has moved to the downside after its underlying sales growth slowed in the second quarter.
Property giant British Land Co. has also dropped after it warned of a challenging retail market.
On the other hand, ThyssenKrupp has soared on restructuring hopes after Ulrich Lehner informed the company?s Executive Board that he will resign from his office as Chairman of the Supervisory Board.
Casino Group shares have also climbed in Paris. The French retailer kept all its annual financial goals after posting second quarter revenue that topped forecasts.
In economic news, Britain's employment level set a fresh record high in the three months to May and unemployment was unchanged, yet pay growth eased to its lowest in six months, figures from the Office for National Statistics showed.
The number of employment was a record high 32.399 million in the March to May period, rising by 137,000 from the previous three months. Economists had forecast employment growth of 115,000.
The employment rate rose to a record 75.7 percent from 75.6 percent in the three months to April period.
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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 Tuesday as oil prices extended declines for a second straight session, worries over the U.S.-China trade war persisted and investors looked ahead to Congressional testimony from Fed Chairman Jerome Powell for clues on the interest rate outlook.
Chinese stocks fell for a third straight session, with energy firms pacing the declines. The benchmark Shanghai Composite Index dropped 15.42 points or 0.6 percent to 2,798.61. Hong Kong's Hang Seng Index tumbled 357.98 points or 1.3 percent to close at 28,181.68.
Australian shares fell as weak commodity prices weighed on resource stocks. The benchmark S&P/ASX 200 Index dropped 37.90 points or 0.6 percent to 6,203.60, while the broader All Ordinaries index ended down 38.30 points or 0.6 percent at 6,288.40.
Woodside Petroleum, Santos, Oil Search and Origin Energy lost 2-3 percent after oil prices fell more than 4 percent on Monday amid reports that Russia and other oil producers could raise output by 1 million barrels per day if shortages hit the global oil market.
Rio Tinto shares shed 0.3 percent. The mining giant reported a 14 percent increase in second quarter iron ore shipments and projected 2018 shipments at the upper end of its guidance range. BHP Billiton fell 1.7 percent and Whitehaven Coal declined 1.5 percent on concerns over softening Chinese growth.
Financials bucked the downtrend, with banks Commonwealth, NAB and Westpac rising between 0.2 percent and 0.3 percent.
In economic news, members of the Reserve Bank of Australia's monetary policy board said that the country's economic growth is continuing at an acceptable race, minutes from the central bank's July 3rd meeting revealed.
A gauge of Australian consumer confidence climbed to 121.5 during the week ended July 15th from 120.1 in the preceding week, a survey compiled by the ANZ Bank and Roy Morgan Research showed. It was the first increase in five weeks.
Meanwhile, Japanese shares hit a one-month high as a weak yen helped lift exporters, offsetting weakness in machinery stocks on concerns over slowing growth in China.
The Nikkei 225 Index climbed 100.01 points or 0.4 percent to 22,697.36, while the broader Topix index closed 0.9 percent higher at 1,745.05.
Canon, Panasonic, Honda Motor and Toyota Motor all rose about 1 percent as the dollar hovered near a six-month high against the yen.
Defensive stocks also attracted buying, with East Japan Railway and Ajinomoto rising around 2 percent each.
On the other hand, robot maker Fanuc lost 4.1 percent and Kawasaki Heavy Industries slumped 7.3 percent.
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| | Commodities |
Crude oil futures are unchanged after plunging $2.95 to $68.06 a barrel on Monday. Meanwhile, after dipping $1.50 to $1,239.70 an ounce in the previous session, gold futures are inching up $0.80 to $1,240.50 an ounce.
On the currency front, the U.S. dollar is trading at 112.64 yen compared to the 112.29 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1701 compared to yesterday?s $1.1711.
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