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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 mixed opening on Wednesday as traders look ahead to the Federal Reserve?s monetary policy announcement.
Traders may be reluctant to make any significant moves ahead of the Fed?s announcement of its latest monetary policy decision, which is due at 2 pm ET.
The Fed is widely expected to leave interest rates unchanged, but the accompany statement could provide clues about the outlook for rates.
At its June meeting, the Fed raised interest rates by 25 basis points to a range of 1.75 percent to 2 percent and forecast two additional rate hikes this year.
Traders are also digesting the latest news regarding the escalating trade dispute between the U.S. and China, the world?s two largest economies.
Reports said President Donald Trump?s administration is considering raising the proposed tariff on $200 billion worth of Chinese imports to 25 percent from the 10 percent announced last month.
A spokesman for China?s Foreign Ministry responded by accusing the U.S. of ?blackmail? and warning of inevitable countermeasures if the U.S. takes further escalatory steps.
Stocks showed a strong move to the upside in morning trading on Tuesday and managed to hold on to most of their gains throughout the afternoon. The upward move on the day came on the heels of the notable weakness seen in the previous session.
The major averages pulled back off their best levels of the day but still closed firmly in positive territory. The Dow rose 108.36 points or 0.4 percent to 25,415.19, the Nasdaq advanced 41.78 points or 0.6 percent to 7,671.79 and the S&P 500 climbed 13.69 points or 0.5 percent to 2,816.29.
The strength on Wall Street came following a report from Bloomberg indicating the U.S. and China are trying to restart talks aimed at averting a full-blown trade war.
Citing two people familiar with the effort, Bloomberg said representatives for U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are having private conversations.
The two people cautioned that a specific timetable, the issues to be discussed and the format for talks aren't finalized, Bloomberg said.
Traders were also digesting the latest batch of U.S. economic data, including a report from the Commerce Department showing personal income and spending both increased in line with economist estimates in the month of June.
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.
A separate report from the Conference Board showed a modest rebound in consumer confidence in the month of July.
The Conference Board said its consumer confidence index inched up to 127.4 in July from an upwardly revised 127.1 in June. Economists had expected the index to rise to 127.0 from the 126.4 originally reported for the previous month.
Telecom stocks saw considerable strength on the day, resulting in a 1.6 percent advance by the NYSE Arca Telecom Index. With the gain, the index reached its best closing level in well over four months.
Significant strength was also visible among transportation stocks, as reflected by the 1.3 percent gain posted by the Dow Jones Transportation Average.
Matson (MATX), FedEx (FDX), and Landstar Systems (LSTR) turned in some of the transportation sector's best performances.
Tobacco, real estate, and biotechnology stocks also saw notable strength on the day, moving higher along with most of the other major sectors.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
With the release of the Labor Department?s more closely watched monthly jobs report looming on Friday, payroll processor ADP released a report showing private sector employment in the U.S. increased by much more than expected in the month of July.
ADP said private sector employment jumped by 219,000 jobs in July after climbing by an upwardly revised 181,000 jobs in June.
Economists had expected an increase of about 185,000 jobs compared to the addition of 177,000 jobs originally reported for the previous month.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on activity in the manufacturing sector in the month of July.
The ISM?s purchasing managers index is expected to edge down to 59.5 in July from 60.2 in June, although a reading above 50 would still indicate growth in the manufacturing sector.
The Commerce Department is also due to release its report on construction spending in the month of June at 10 am ET. Construction spending is expected to rise by 0.3 percent in June after climbing by 0.4 percent in May.
At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended July 27th.
Crude oil inventories are expected to drop by 3.2 million barrels after tumbling by 6.1 million barrels in the previous week.
The Federal Reserve is due to announced its latest monetary policy decision at 2 pm ET following a two-day meeting of the Federal Open Market Committee.
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| | Stocks in Focus |
Shares of Apple (AAPL) are moving notably higher in pre-market trading after the tech giant reported better than expected fiscal third quarter results and provided upbeat guidance.
Music streaming company Pandora Media (P) are also seeing significant pre-market strength after reporting a narrower than expected second quarter loss on revenues that exceeded expectations.
Shares of Campbell Soup (CPB) may also move to the upside after a Wall Street Journal report said Daniel Loeb?s Third Point LLC has acquired a more than 2.5 stake in the soup maker.
On the other hand, shares of Synaptics (SYNA) are moving sharply lower in pre-market trading on news the human interface solutions developer has terminated discussions regarding a takeover by Dialog Semiconductor.
Restaurant chain The Cheesecake Factory (CAKE) may also come under pressure after reporting second quarter results that missed analyst estimates on both the top and bottom lines.
Shares of Restaurant Brands International (QSR) are also seeing pre-market weakness after the parent of Tim Hortons, Burger King, and Popeyes reported better than expected second quarter earnings but weaker than expected sales. |
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| | Europe |
European stocks are broadly lower on Wednesday as Chinese manufacturing data disappointed and media reports suggested the Trump administration is considering imposing additional tariffs on Chinese imports.
The Federal Reserve's policy decision also remains in focus, although no change to the fed funds rate is expected. The Bank of England announces its rate decision tomorrow, with analysts expecting a 25 basis point hike despite Brexit gloom.
Meanwhile, Eurozone manufacturing activity remained subdued at the start of the third quarter, as initially estimated, final data from IHS Markit showed. The factory PMI rose to 55.1 in July from 54.9 in June, in line with the flash estimate.
Elsewhere, data from IHS Markit and Chartered Institute of Procurement & Supply showed the U.K. manufacturing sector expanded at the slowest pace in three months in July.
While the French CAC 40 Index is just below the unchanged line, the German DAX Index is down by 0.6 percent and the U.K.?s FTSE 100 Index is down by 1.1 percent.
Among individual stocks, outsourcer Capita has plunged after lowering its profit guidance. Building materials company Compagnie de Saint-Gobain has also fallen on news the company has acquired Germany-based HKO for an undisclosed amount.
German engineering group Thyssenkrupp has also moved to the downside after cutting its profit guidance for the current year.
On the other hand, paper and packaging group Smurfit Kappa has rallied after it posted 5 percent revenue growth in the first half of the year.
Power provider Aggreko and lender Lloyds Banking Group have also moved notably higher after posting solid first-half results.
ArcelorMittal has advanced after its second quarter earnings topped forecasts, and Airline Air France-KLM has soared after its second quarter operating profit came in above expectations.
Dialog Semiconductor has also moved sharply higher in Frankfurt. The company said it has ended talks to buy Synaptics.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended Wednesday?s session on a mixed note as Chinese manufacturing data disappointed and investors remained focused on the U.S. Federal Reserve's monetary policy decision due later in the day.
The Fed is widely expected to leave interest rates unchanged, but the accompanying statement may offer clues about the outlook for U.S. interest rates.
Traders also digested news that the Trump administration is considering more than doubling its planned tariffs on $200 billion in Chinese imports.
China?s Shanghai Composite Index tumbled 51.87 points or 1.8 percent to 2,824.53 after the release of weak data. Hong Kong's Hang Seng Index fell 242.27 points or 0.9 percent to 28,340.74.
The manufacturing sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin revealed with a PMI score of 50.8, down from 51.0 in June.
Japanese shares closed on a positive note, thanks to a weaker yen and upbeat corporate earnings results from the likes of Sharp, Sony and Nintendo.
The Nikkei 225 Index climbed 192.98 points or 0.9 percent to 22,746.70, while the broader Topix Index gained 0.9 percent to finish at 1,769.76.
Sharp soared 7.2 percent and Sony rallied 4.8 percent after they posted solid results and the yen slid to near two-week lows against the dollar.
Nintendo climbed 6.4 percent after its fiscal first quarter profit jumped 44 percent on increased sales of Nintendo Switch games.
Electronic component maker Kyocera gained 5.9 percent and display manufacturer Nitto Denko advanced 8 percent after Apple reported strong results for its fiscal third quarter.
In economic news, the manufacturing sector in Japan continued to expand in July, albeit at a slower pace, the latest survey from Nikkei revealed with a PMI score of 52.3, down from 53.0 in June.
Australian shares finished marginally lower as banks followed their U.S. peers lower, offsetting gains in the mining sector. Mixed manufacturing data also weighed on markets.
The big four banks fell between 0.8 percent and 1.4 percent. A rise in commodity prices on hopes of new trade talks between the U.S. and China helped lift mining stocks, with heavyweights BHP Billiton and Rio Tinto rising around half a percent.
Debt collector and lender Credit Corp Group soared 6.4 percent after it reported a 17 percent increase in full-year profits on higher revenues.
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| | Commodities |
Crude oil futures are slumping $1.02 to $67.74 a barrel after tumbling $1.37 to $68.76 a barrel on Tuesday. Meanwhile, after rising $2.10 to $1,223.60 an ounce in the previous session, gold futures are falling $2.70 to $1,230.90 an ounce.
On the currency front, the U.S. dollar is trading at 111.87 yen compared to the 111.86 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1692 compared to yesterday?s $1.1691.
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