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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 Friday, with stocks likely to show a lack of direction following the mixed performance seen in the previous session.
A mixed batch of earnings news from big-name companies may lead choppy trading on Wall Street early in the trading session.
While online retail giant Amazon (AMZN) is seeing significant pre-market strength after reporting better than expected quarterly earnings, oil giant Exxon Mobil (XOM) is likely to move to the downside after reporting earnings that missed analyst estimates.
Trading may also be impacted by reaction to a Commerce Department report showing a significant acceleration in the pace of U.S. economic growth in the second quarter.
Stocks turned in a mixed performance during trading on Thursday following the strong upward move seen on Wednesday.
While the Dow climbed 112.97 points or 0.4 percent to 25,527.07, the Nasdaq slumped 80.05 points or 1 percent to 7,852.18 and the S&P 500 dropped 8.63 points or 0.3 percent to 2,837.44.
A notable decline by Facebook (FB) weighed on the Nasdaq after the social media giant reported better than expected second quarter earnings but weaker than expected revenues.
Other stocks benefited from news President Donald Trump and European Commission president Jean-Claude Juncker agreed to work towards eliminating trade barriers on industrial goods.
The U.S. and the EU have agreed to work for zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods. They also agreed to increase trade in services and agriculture, including greater U.S. soybean exports to the EU.
In U.S. economic news, first-time claims for unemployment benefits in the U.S. showed a modest increase in the week ended July 21st, according to a report released by the Labor Department.
The report said initial jobless claims rose to 217,000, an increase of 9,000 from the previous week's revised level of 208,000.
Economists had expected jobless claims to rise to 215,000 from the 207,000 originally reported for the previous week.
A separate report released by the Commerce Department showed a notable increase in new orders for U.S. manufactured durable goods in the month of June.
The Commerce Department said durable goods orders jumped by 1.0 percent in June after falling by a revised 0.3 percent in May. Economists had expected durable goods orders to spike by 3.0 percent.
Telecom stocks showed a significant move to the upside on the day, driving the NYSE Arca Telecom Index up by 3.6 percent.
Semiconductor, housing and chemical stocks also saw considerable strength, while notable weakness was visible among gold and retail stocks.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Economic growth in the U.S. saw a significant acceleration in the second quarter, according to a report released by the Commerce Department.
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.
At 10 am ET, the University of Michigan is scheduled to release its final reading on consumer sentiment in the month of July. The consumer sentiment index for July is expected to be unrevised from the preliminary reading of 97.1. |
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| | Europe |
European stocks have risen on Friday and remain on track to end the week at six-week highs as earnings optimism and easing of U.S.-EU trade tensions helped support underlying sentiment.
In economic news, an ECB survey predicted faster inflation and slower eurozone growth this year.
While the French CAC 40 Index has edged up by 0.2 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 0.4 percent and 0.5 percent, respectively.
LafargeHolcim has rallied after the company confirmed its full-year growth view despite reporting a sharp drop in first-half net profits.
British telecommunications holding company BT Group has also soared after backing its full-year guidance.
Consumer goods giant Reckitt Benckiser has also advanced. The company lifted its full-year revenue growth forecast after posting slightly higher first-half profit before tax.
Carrefour has moved sharply higher after the French retailer confirmed its financial targets after reporting a rise in first-half operating profits.
Media conglomerate Lagardere has also moved to the upside. The company upgraded its 2018 group recurring EBIT after reporting a rise in first-half profit.
On the flip side, French luxury group Kering has slumped. The company said it hasn't seen any slowdown in demand from Chinese clients but would remain "very vigilant."
Personal care company L'Oreal has also dropped after sales growth of its mass-market brands fell short of estimates.
International consulting firm Capgemini has tumbled after its first-half profit dropped to 314 million from 375 million euros last year.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks finished broadly higher on Friday, although growth concerns kept Chinese markets under pressure. While easing of U.S.-EU trade tensions supported underlying sentiment, the upside remained limited ahead of U.S. GDP data and the Bank of Japan policy meeting due next week.
Chinese stocks closed lower, with the benchmark Shanghai Composite Index ending down 8.63 points or 0.3 percent at 2,873.59. Meanwhile, Hong Kong's Hang Seng Index inched up 23.14 points or 0.1 percent to 28,804.28.
Japanese shares closed higher even as underlying sentiment remained cautious on speculation that the Bank of Japan might signal plans to unwind its massive stimulus program next week.
The Nikkei 225 Index rose 125.88 points or 0.6 percent to 22,712.75, while the broader Topix index closed 0.6 percent higher at 1,775.76.
Japan Tobacco, Eisai, Shin-Etsu Chemical, Yahoo Japan and Fuji Electric rallied 2-6 percent. On the flip side, securities brokerage Nomura Holdings dropped 5.8 percent after reporting a 91 percent drop in its profit for the June quarter.
On the data front, consumer prices in the Tokyo area advanced an annual 0.9 percent in July, the Ministry of Internal Affairs and Communications said.
That exceeded expectations for an increase of 0.7 percent and was up from 0.6 percent in June. Core CPI, which excludes volatile food costs, advanced an annual 0.8 percent.
Australian shares rallied as investors cheered news that BHP Billiton will sell its troubled U.S. shale oil and assets to BP for $10.5 billion. The benchmark S&P/ASX 200 Index climbed 55.70 points or 0.9 percent to 6,300.20, while the broader All Ordinaries Index ended up 53.90 points or 0.9 percent at 6,391.50.
BHP Billiton shares jumped 2.3 percent. The big four banks rose between 0.7 percent and 1.6 percent. Energy stocks such as Origin Energy, Oil Search, Santos and Woodside Petroleum rose 1-2 percent after crude oil prices extended gains to a third session overnight.
Gold Miner Newcrest Mining advanced 1.7 percent after reporting a 15 percent increase in fourth-quarter gold output.
On the other hand, AMP plunged 5.2 percent after the wealth manager lowered profit expectations and announced a series of actions being taken to reset the business. Treasury Wine Estates lost 2.5 percent to extend losses for a third straight session.
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| | Commodities |
Crude oil futures are slipping $0.07 to $69.54 a barrel after rising $0.31 to $69.61 a barrel on Thursday. Meanwhile, after falling $6.10 to $1,225.70 an ounce in the previous session, gold futures are sliding $4.50 to $1,221.20 an ounce.
On the currency front, the U.S. dollar is trading at 111.09 yen compared to the 111.23 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1632 compared to yesterday's $1.1643.
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