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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 Friday, with stocks likely to extend the pullback seen in the previous session.
Renewed trade war concerns may weigh on the markets after President Donald Trump indicated a willingness to impose tariffs on all Chinese imports to the U.S.
?I?m ready to go to 500,? Trump said in an interview with CNBC that aired this morning, apparently referring to the $505.5 billion of Chinese imports to the U.S. in 2017.
?I?m not doing this for politics, I?m doing this to do the right thing for our country,? Trump said. ?We have been ripped off by China for a long time.?
The Trump administration previously imposed tariffs of $34 billion worth of Chinese imports and has threatened to impose tariffs on another $200 billion worth of goods.
Trump argued the strength in the stock market since his election has allowed him to be more aggressive on trade, claiming, ?We?re playing with the bank?s money.?
Stocks moved mostly lower during trading on Thursday, giving back some ground after trending higher over the past several sessions. The major averages moved to the downside early in the session and remained stuck in the red throughout the day.
The major averages ended the day firmly in negative territory. The Dow slid 134.79 points or 0.5 percent to 25,064.50, the Nasdaq fell 29.15 points or 0.4 percent to 7,825.30 and the S&P 500 dropped 11.13 points or 0.4 percent to 2,804.49.
Profit taking contributed to the pullback on Wall Street, as some traders cashed in on the upward move seen in recent sessions.
Recent strength in the markets lifted the Nasdaq to a record closing high on Tuesday, while the S&P 500 ended the previous session at its best closing level in over five months. The Dow also reached a monthly closing high.
A negative reaction to disappointing earnings news from several big-name companies also weighed on the markets on the day.
Shares of eBay (EBAY) moved sharply lower after the e-commerce giant reported better than expected second quarter earnings but provided disappointing full-year guidance.
Insurance giant Travelers (TRV) also came under pressure after reporting second quarter earnings below analyst estimates.
Shares of American Express (AXP) also moved 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) jumped after the tech giant reported second quarter results that exceeded analyst estimates on both the top and bottom lines.
Traders were also reacting to comments by President Donald Trump, who said in an excerpt of an interview with CNBC that he is "not thrilled" with interest rate hikes by the Fed.
"I'm not thrilled," Trump said in the interview set to air in full on Friday. "Because we go up and every time you go up they want to raise rates again. I don't really ? I am not happy about it."
At the same time, Trump noted he is letting the Fed do "what they feel is best," and a subsequent statement from the White House said the president respects the independence of the central bank.
Meanwhile, traders largely shrugged off a report from the Labor Department showing initial jobless claims unexpectedly dropped to their lowest level in almost five decades 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.
With the unexpected decrease, jobless claims dropped to their lowest level since hitting 202,000 in December of 1969.
A separate report from the Conference Board also showed a slightly bigger than expected increase by its index of leading U.S. economic indicators in the month of June.
Steel stocks turned in some of the market's worst performances on the day after moving sharply higher over the two previous sessions. Reflecting the weakness in the sector, the NYSE Arca Steel Index slumped by 2 percent.
Considerable weakness was also visible among financial stocks, with the NYSE Arca Broker/Dealer Index and the KBW Bank Index both falling by 1.4 percent.
Pharmaceutical, telecom, and gold stocks also moved notably lower, while natural gas, real estate, and housing stocks moved to the upside.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
There are no major U.S. economic reports scheduled to be released on the day.
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| | Stocks in Focus |
Shares of Microsoft (MSFT) are moving notably higher in pre-market trading after the software giant reported better than expected fiscal fourth quarter results and provided upbeat guidance for the current quarter.
Industrial conglomerate Honeywell (HON) is also likely to see early strength after reporting second quarter results that exceeded analyst estimates and raising its full-year guidance.
Shares of General Electric (GE) may also move to the upside after the industrial conglomerate reported second quarter results that beat expectations on both the top and bottom lines.
On the other hand, shares of Skechers (SKX) are falling sharply in pre-market trading after the footwear company reported weaker than expected second quarter earnings.
Oil services provider Baker Hughes (BHGE) may also come under pressure after reporting second quarter revenues below analyst estimates.
Shares of State Street (STT) are also seeing pre-market weakness after the custodian bank reported second quarter earnings that missed estimates and announced an agreement to acquire investment management firm Charles River Systems for $2.6 billion in cash. |
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| | Europe |
European stocks have moved mostly lower on Friday as investors digest President Donald Trump's comments on the Federal Reserve and watch movements in the Chinese yuan.
Trump said that he is "not thrilled" with interest rate hikes by the Fed but claimed he respects the independence of the central bank.
China's central bank lowered its yuan midpoint for the seventh straight trading day, stoking concerns that Beijing could turn a trade war into a currency war.
While the U.K.?s FTSE 100 Index has edged down by 0.2 percent, the French CAC 40 Index and the German DAX Index are down by 0.6 percent and 0.7 percent, respectively.
Automakers BMW, Volkswagen, Renault and Peugeot have moved to the downside as U.S. officials work towards slapping tariffs on foreign cars and vehicle parts.
Finland's Stora Enso, a pulp and paper manufacturer, has moved sharply lower after its second quarter earnings came in below expectations. Food processor Wessanen has also slumped after posting weaker-than-expected second-quarter results.
Suedzucker has tumbled in Frankfurt. The company's CEO Wolfgang Heer said the situation in the sugar market would normalize after a transition phase.
British insurer Beazley has also fallen after its first-half profits dropped by almost two-thirds due to rising U.S. interest rates.
Meanwhile, Anglo-Dutch consumer giant Unilever has advanced after announcing the successful completion of a share buyback program.
French technology company Thales has also moved to the upside. The company confirmed its full-year objectives after reporting a sharp jump in first-half net profit.
Rémy Cointreau has also jumped after the wine and spirits company confirmed its guidance after posting muted growth in first quarter sales.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed mostly higher on Friday despite concerns that an escalation of trade tensions could harm global growth.
Chinese shares finished sharply higher, with the benchmark Shanghai Composite Index jumping 56.73 points or 2.1 percent to 2,829.27 after China's central bank lowered its yuan midpoint for the seventh straight trading day.
Investors believe the yuan's slide will cushion the impact on exporters from the planned next round of U.S. tariffs. Hong Kong's Hang Seng Index climbed 213.62 points or 0.8 percent to 28,224.48.
Meanwhile, Japanese shares ended a choppy session lower after China allowed its currency to slide further to its lowest level in a year, stoking concerns that China could turn a trade war into a currency war.
The Nikkei 225 Index slid 66.80 points or 0.3 percent to 22,697.88, while the broader Topix Index closed 0.3 percent lower at 1,744.98.
Kobe Steel lost 2.3 percent after it was indicted by prosecutors for allegedly violating competition law. Tokyo Electron and Sumco tumbled 3-4 percent after Apple supplier TSMC trimmed its outlook for 2018 revenue.
Advertising firm Dentsu slumped 6.8 percent after its French rival Publicis Groupe reported a decline in revenue in the first half of 2018.
In economic news, Japanese consumer price inflation rose 0.7 percent year-on-year in June, the Ministry of Internal Affairs and Communications said. That was unchanged from the May reading, although it was shy of expectations for 0.8 percent.
Australian shares eked out modest gains as financials and healthcare stocks gained ground, offsetting losses in the mining sector.
The benchmark S&P/ASX 200 Index rose 23.20 points or 0.4 percent to 6,285.90, while the broader All Ordinaries Index ended up 22.40 points or 0.4 percent at 6,377.40.
The big four banks gained between half a percent and 0.7 percent, while vaccine and blood products firm CSL advanced 1.2 percent, benefiting from a weaker Aussie dollar.
Oil Search rose over 1 percent as its part-owned PNG LNG project signed a three-year gas supply deal with PetroChina. Santos climbed 2.5 percent and Origin Energy added 1.4 percent after crude oil prices rose 1 percent overnight.
On the other hand, miners BHP Billiton, South32 and Alumina shed 2-4 percent after commodity prices fell overnight on Chinese demand concerns.
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| | Commodities |
Crude oil futures are rising $0.35 to $69.81 a barrel after climbing $0.70 to $69.46 a barrel on Thursday. Meanwhile, after falling $3.90 to $1,224 an ounce in the previous session, gold futures are inching up $0.60 to $1,224.60 an ounce.
On the currency front, the U.S. dollar is trading at 112.15 yen compared to the 112.47 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1677 compared to yesterday's $1.1642.
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