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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 higher opening on Tuesday, with stocks likely to regain some ground after moving mostly lower over the course of the previous session.
The markets may benefit from bargain hunting following the weakness seen in the technology sector over the past few days.
Positive sentiment may also be generated by a report from the Commerce Department showing personal income and spending both increased in line with economist estimates in the month of June.
Overall trading activity may be somewhat subdued, however, as traders look ahead to the Federal Reserve?s money policy announcement Wednesday afternoon.
While the Fed is widely expected to leave interest rates unchanged, the accompanying statement is likely to be closely examined for any hints about future rate hikes.
Stocks moved mostly lower over the course of the trading session on Monday, with technology stocks leading the way after seeing considerable weakness late last week. The tech-heavy Nasdaq pulled back further off the record closing high set last Wednesday.
The major averages all closed in negative territory, although the Nasdaq underperformed its counterparts. While the Nasdaq tumbled 107.42 points or 1.4 percent to 7,630.00, the Dow slid 144.23 points or 0.6 percent to 25,306.82 and the S&P 500 fell 16.22 points or 0.6 percent to 2,802.60.
The weakness on Wall Street came as tech stocks saw further downside, with Twitter (TWTR), Netflix (NFLX), Facebook (FB) and Amazon (AMZN) all moving sharply lower.
Twitter plunged by 8 percent and Netflix slumped by 5.7 percent, while Facebook and Amazon fell by 2.2 percent and 2.1 percent, respectively.
Shares of Caterpillar (CAT) also moved to the downside even though 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.
In U.S. economic news, the National Association of Realtors released a report showing a much bigger than expected rebound in pending home sales in the month of June.
NAR said its pending home sales index climbed by 0.9 percent to 106.9 in June after falling by 0.5 percent to 105.9 in May. Economists had expected pending home sales to inch up by 0.1 percent.
Despite the much bigger than expected increase, pending home sales in June were down by 2.5 percent compared to the same month a year ago, reflecting the sixth straight year-over-year decrease.
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.
Brokerage stocks moved notably lower over the course of the trading session, dragging the NYSE Arca Broker/Dealer Index down by 1.4 percent.
Considerable weakness also remained visible among biotechnology stocks, as reflected by the 1.4 percent loss posted by the NYSE Arca Biotechnology Index. The index extended the 1.9 percent slump seen last Friday.
Retail, semiconductor, and computer hardware stocks also moved to the downside on the day, while energy stocks moved higher along with the price of crude oil.
Reflecting the strength in the energy sector, the Philadelphia Oil Service Index surged up by 1.7 percent, the NYSE Arca Natural Gas Index climbed by 1.3 percent and the NYSE Arca Oil Index rose by 1 percent.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
U.S. personal income and spending both increased in line with economist estimates in the month of June, according to a report released by the Commerce Department on Tuesday.
The report said personal income climbed by 0.4 percent in June, matching the increase seen in May as well as expectations.
The Commerce Department said personal spending also rose by 0.4 percent in June after climbing by an upwardly revised 0.5 percent in May.
Economists had expected spending to increase by 0.4 percent compared to the 0.2 percent uptick originally reported for the previous month.
At 9:45 am ET, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of July.
The Chicago business barometer is expected to dip to 62.3 in July from 64.1 in June, although a reading above 50 would still indicate growth.
The Conference Board is due to release its report on consumer confidence in the month of July at 10 am ET. The consumer confidence index is expected to inch up to 127.0 in July from 126.4 in June.
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| | Stocks in Focus |
Shares of Archer Daniels Midland (ADM) are moving notably higher in pre-market trading after the agricultural processing company reported much stronger than expected second quarter earnings growth.
Consumer electronics giant Sony (SNE) is also seeing pre-market strength after reporting strong fiscal first quarter results and raising its full-year guidance.
Shares of Twitter (TWTR) may regain ground following recent weakness after Nomura/Instinet upgraded its rating on the social media giant to Neutral from Reduce.
On the other hand, shares of Texas Roadhouse (TXRH) are moving sharply lower in pre-market trading after the restaurant chain reported weaker than expected second quarter results.
Consumer products giant Procter & Gamble (PG) may also move to the downside after reporting fiscal fourth quarter earnings that beat estimates but on revenues that came in below expectations.
Shares of AK Steel (AKS) are also likely to come under pressure after the steel maker missed second quarter earnings estimates. |
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| | Europe |
European stocks are moving in a narrow range on Tuesday as investors digest a barrage of earnings reports and look forward to the Fed and BoE meetings.
While the German DAX Index has edged down by 0.2 percent, the French CAC 40 Index is up by 0.2 percent and the U.K.?s FTSE 100 Index is up by 0.7 percent.
In economic news, the euro area economy grew at a slower pace in the second quarter, the preliminary flash estimate from Eurostat showed.
GDP grew 0.3 percent from the first quarter, when the economy expanded 0.4 percent. A similar slower rate of growth was last seen in the second quarter of 2016.
A separate report showed euro area inflation accelerated for a third straight month in July to its highest level since late 2012.
The harmonized index of consumer prices rose 2.1 percent year-on-year in July after climbing 2 percent in June. Economists had expected the rate to remain unchanged.
German retail sales recovered in June after falling a month ago, while France?s consumer price inflation accelerated at a faster-than-expected pace in July, separate reports showed.
Swiss banking giant Credit Suisse Group has moved to the upside on the day after its second quarter profit more than doubled.
Lufthansa has also jumped. The German airline posted weak second-quarter earnings but said cost cuts and higher fares will help it reach full-year targets.
French media conglomerate Vivendi has also moved higher after the company said it is exploring the sale of up to 50 percent of Universal Music Group's share capital.
Vedanta has soared in London as Chairman Anil Agarwal's family trust offered about $1 billion in cash to take the company private.
Oilfield services provider Petrofac has also rallied after it agreed to sell 49 percent of its operations in Mexico to Perenco International.
On the other hand, Standard Chartered has moved lower despite the bank reporting a 34 percent increase in its first-half pretax profit.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended Tuesday's session on a muted note after the Bank of Japan tweaked its policy to make its stimulus program more flexible and data showed manufacturing growth in China slowed in July amid a worsening trade dispute with Washington.
Traders also awaited cues from the Federal Reserve and Bank of England monetary policy announcements later this week.
The Federal Reserve's monetary policy announcement is due on Wednesday, with traders likely to keep a close eye on the accompanying statement for clues about the outlook for interest rates.
The Bank of England is widely expected to increase rates by a quarter point when it concludes its policy meeting on Thursday.
China's Shanghai Composite Index rose 7.35 points or 0.3 percent to 2,876.40 after the release of official manufacturing data. Hong Kong's Hang Seng Index dropped 150.12 points or 0.5 percent to 28,583.01.
A gauge of Chinese manufacturing activity slid to 51.2 in July from 51.5 a month ago, while analysts expected the index to ease marginally to 51.3. The non-manufacturing PMI dropped to 54.0 from 55 in June.
Japanese shares ended on a lackluster note as economic data proved to be a mixed bag and the Bank of Japan announced steps to make its monetary policy flexible.
The Nikkei 225 Index closed marginally higher at 22,553.72, while the broader Topix Index fell 0.8 percent to 1,753.29.
The Bank of Japan kept its monetary policy steady, as widely expected, but announced policy tweaks to make its policy framework more flexible for the long-term yield target.
On the data front, industrial output in Japan was down 1.2 percent year-on-year in June, the Ministry of Economy, Trade and Industry said. That missed forecasts for an increase of 0.6 percent following the 4.2 percent jump in the previous month.
The jobless rate in Japan came in at a seasonally adjusted 2.4 percent in June, exceeding expectations for 2.3 percent and up from 2.2 percent in May.
Australian shares fluctuated before closing roughly flat. The benchmark S&P/ASX 200 Index finished marginally higher, while the broader All Ordinaries Index ended little changed with a negative bias.
BHP Billiton rallied 2 percent on expectations the mining giant will pay its biggest ever dividend next month. Telecom firm Telstra rose 1.1 percent to extend gains for the third day after announcing a management shakeup.
Banks ended narrowly mixed, while energy majors such as Origin Energy, Oil Search and Woodside Petroleum climbed 1-2 percent. Gold miner Regis Resources slumped as much as 10.8 percent after releasing its quarterly update.
The total number of building approvals issued in Australia surged up by 6.4 percent in June, reversing a 2.5 percent slump in May, a government report showed. That was well above the 1.0 percent increase economists had forecast.
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| | Commodities |
Crude oil futures are falling $0.41 to $69.72 a barrel after spiking $1.44 to $70.13 a barrel on Monday. Meanwhile, after slipping $1.70 to $1,221.30 an ounce in the previous session, gold futures are inching up $0.20 to $1,221.50 an ounce.
On the currency front, the U.S. dollar is trading at 111.43 yen compared to the 111.04 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1742 compared to yesterday?s $1.1706.
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