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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 lower opening on Thursday, with stocks likely to move back to the downside after ending the previous session modestly higher.
Profit taking may contribute to initial weakness on Wall Street following the upward trend seen over the past several sessions.
A negative reaction to earnings news from several big-name companies may also weigh on the markets early in the trading day.
Stocks moved modestly higher over the course of the trading session on Wednesday after initially showing a lack of direction. The Dow reached its best closing level in a month, while the S&P 500 rose to a more than five-month closing high.
While the Dow and the S&P 500 closed in positive territory, the Nasdaq edged down 0.67 points or less than a tenth of a percent to 7,854.44. The Dow rose 79.40 points or 0.3 percent to 25,199.29 and the S&P 500 ticked up 6.07 points or 0.2 percent to 2,815.62.
The modest strength on Wall Street was partly due to a positive reaction to earnings news from companies such as United Continental (UAL) and Morgan Stanley (MS).
United surged up by 8.8 percent after reporting better than expected second quarter results and raising its full-year guidance, while Morgan Stanley jumped by 2.8 percent after reporting second quarter results that beat analyst estimates.
Late in the trading day, the Federal Reserve released its Beige Book, which said economic activity continued to expand across the U.S.
Ten of the twelve Fed districts reported moderate or modest growth, while the Dallas district reported strong growth due to strength in the energy sector and the St. Louis district described growth as slight.
The Fed noted manufacturers across the country expressed concern about tariffs, with many districts citing new trade policies for higher prices and supply disruptions.
Overall, prices increased at a modest to moderate pace on average, with several districts reporting upticks in inflation.
The Beige Book noted employment continued to rise at a modest to moderate pace in most districts. All districts reported that labor markets were tight and many said that the inability to find workers constrained growth, the Fed added.
The Fed is scheduled to hold a two-day meeting policy meeting on July 31st and August 1st, with the central bank widely expected to leave interest rates unchanged.
After raising rates twice this year to the current range of 1.75 to 2 percent, the Fed has signaled two more rate hikes before the end of the year.
Earlier in the day, the Commerce Department released a report showing a sharp pullback in new residential construction in the U.S. in the month of June.
The Commerce Department said housing starts plunged by 12.3 percent to an annual rate of 1.173 million in June after jumping by 4.8 percent to a revised rate of 1.337 million in May.
Economists had expected housing starts to drop by 2.2 percent to a rate of 1.320 million from the 1.350 million originally reported for the previous month.
With the much bigger than expected decrease, housing starts fell to their lowest annual rate since hitting 1.158 million last September.
Building permits, an indicator of future housing demand, also fell by 2.2 percent to an annual rate of 1.273 million in June after tumbling by 4.6 percent to a rate of 1.301 million in May.
The continued decrease came as a surprise to economists, who had expected building permits to climb to an annual rate of 1.330 million.
Transportation stocks showed a significant move to the upside over the course of the session, driving the Dow Jones Transportation Average up by 2.3 percent. With the gain, the average reached its best closing level in almost a month.
United Continental and CSX Corp. (CSX) helped to lead the transportation sector higher after reporting better than expected second quarterly results.
Considerable strength also emerged among financial stocks, with the NYSE Arca Broker/Dealer Index and the KBW Bank Index climbing by 1.7 percent and 1.2 percent, respectively.
Steel stocks also turned in a strong performance on the day, while most of the other major sectors ended the session showing only modest moves.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
A report released by the Labor Department showed an unexpected decrease in first-time claims for U.S. unemployment benefits in the week ended July 14th.
The Labor Department said initial jobless claims fell to 207,000, a decrease of 8,000 from the previous week?s revised level of 215,000. Economists had expected jobless claims to inch up to 220,000 from the 214,000 originally reported for the previous week.
With the unexpected decrease, jobless claims dropped to their lowest level since hitting 202,000 in December of 1969.
After reporting a notable slowdown in the pace of growth in regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report showing the pace of growth in manufacturing activity rebounded more than expected in July.
The Philly Fed said its index for current general activity climbed to 25.7 in July from 19.9 in June, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 22.0.
At 9 am ET, Federal Reserve Vice Chairman Randal Quarles is due to give pre-recorded introductory remarks at the Alternative Reference Rates Committee Roundtable in New York.
The Conference Board is scheduled to release its report on leading economic indicators in the month of June at 10 am ET. The leading economic index is expected to climb by 0.4 percent.
At 11 am ET, the Treasury Department is due to announce the details of next week?s auctions of two-year, five-year, and seven-year notes.
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| | Stocks in Focus |
Shares of eBay (EBAY) are moving sharply lower in pre-market trading after the e-commerce giant reported better than expected second quarter earnings but provided disappointing full-year guidance.
Insurance giant Travelers (TRV) is also likely to come under pressure after reporting second quarter earnings below analyst estimates.
Shares of American Express (AXP) may also move to the downside after the credit card giant reported second quarter earnings that beat expectations but on weaker than expected revenues.
On the other hand, shares of IBM Corp. (IBM) are seeing pre-market strength after the tech giant reported second quarter results that exceeded analyst estimates on both the top and bottom lines.
Networking giant Cisco Systems (CSCO) may also move to the upside after a report from MarketWatch said Amazon Web Services is not planning to start selling network switches.
Shares of Snap-On (SNA) are also moving notably higher in pre-market trading after the tool and diagnostic equipment maker reported better than expected second quarter earnings. |
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| | Europe |
European stocks are subdued on Thursday as investors digest mixed earnings updates and awaited new developments on global trade disputes.
While the U.K.?s FTSE 100 Index has edged up by 0.2 percent, the French CAC 40 Index and the German DAX Index are both down by 0.4 percent.
U.K. retail sales unexpectedly declined in June, but the quarterly growth rate was the fastest since 2015, preliminary data from the Office for National Statistics showed.
Retail sales dropped 0.5 percent from the previous month, while economists were looking for a 0.2 percent increase. The decline came after two months of strong growth.
Swiss engineering firm ABB has jumped after its second quarter net income climbed 30 percent on higher revenues.
Anglo-Dutch consumer goods giant Unilever has also moved to the upside. The company reported lower-than-expected second quarter sales but said it expects improvement in the second half.
Iliad shares have soared after the telecom firm said it has gained 1 million customers in Italy in the 50 days since launching there on May 29th.
Meanwhile, Anglo American has moved notably lower after the mining giant lowered its full-year guidance for iron ore.
Sports Direct International has also come under pressure in London as it reported a 73 percent slump in annual profits.
French advertising agency Publicis Groupe has also plunged after reporting a surprise drop in second quarter sales.
German business software provider SAP have moved to the downside after the company posted better-than-expected results for the second quarter and raised its full-year revenue forecast but reported lower-than-expected license growth.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks finished broadly lower on Thursday as renewed concerns about the impact of tariffs offset earnings optimism and upbeat comments from U.S. Federal Reserve Chairman Jerome Powell during his two days of testimony.
China's Shanghai Composite Index fell 14.28 points or 0.5 percent to 2,772.98 despite moves by the central bank to boost the liquidity of commercial banks. Hong Kong's Hang Seng Index eased 106.56 points or 0.4 percent to close at 28,010.86.
The offshore yuan weakened to linger near a twelve-month low after the central bank weakened its fixing beyond 6.7.
Japanese shares ended a choppy session modestly lower as the yen strengthened against major currencies after the Bank of Japan reduced purchases of longer-dated bonds for the first time since January.
The Nikkei 225 Index edged down 29.51 points or 0.1 percent to 22,764.68, snapping a four-day winning streak. The broader Topix Index finished marginally lower at 1,749.59.
Japan posted a merchandise trade surplus of 721.408 billion yen in June, the Ministry of Finance said today. That exceeded expectations for a surplus of 531.2 billion yen following the 578.3 billion yen deficit in May.
Exports advanced an annual 6.7 percent to 7.052 trillion yen, while imports were up just 2.5 percent from a year earlier.
Meanwhile, Australian shares rose, led by banks and mining stocks after data showed employment surged by the most this year in June.
The jobless rate in Australia came in at a seasonally adjusted 5.4 percent in June, matching expectations and unchanged from the previous month. The economy added 50,900 jobs last month - shattering expectations for an increase of 16,500 jobs following the addition of 12,000 jobs in May.
The benchmark S&P/ASX 200 Index rose 17.60 points or 0.3 percent to 6,262.70, while the All Ordinaries Index ended up 25.90 points or 0.4 percent at 6,355.
Banks ANZ, Commonwealth and NAB rose between half a percent and 0.7 percent as the jobs report topped forecasts on all fronts, helping ease recent concerns over weak property demand.
Mining giant BHP Billiton edged up slightly to extend Wednesday's gains after reporting record annual iron ore output. BHP's spin-off South32 rallied 2 percent. Santos advanced 1.7 percent despite the oil and gas producer reporting a 3 percent decline in second-quarter production.
On the other hand, gold miners extended losses for the fifth straight session, with Newcrest Mining losing 1.2 percent and Evolution tumbling 4.4 percent.
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| | Commodities |
Crude oil futures are sliding $0.48 to $68.28 a barrel after climbing $0.68 to $68.76 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,212.30, down $15.60 compared to the previous session?s close of $1,227.90. On Wednesday, gold inched up $0.60.
On the currency front, the U.S. dollar is trading at 113.07 yen compared to the 112.86 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1587 compared to yesterday?s $1.1639.
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