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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 give back ground after trending higher over the past several sessions.
Profit taking may contribute to initial weakness on Wall Street, as traders cash in on the recent strength in the markets that has lifted the Nasdaq and the S&P 500 to record highs.
Uncertainty about trade talks between the U.S., Canada and Mexico may also weigh on the markets along with concerns about the ongoing trade dispute between the U.S. and China.
The U.S. is considering imposing tariffs on another $200 billion worth of Chinese goods as early as next months, and the response from China may have significant consequences for the global economy and currencies.
Extending the upward trend seen in recent sessions, stocks moved mostly higher over the course of the trading session. The Nasdaq and the S&P 500 climbed to new record closing highs, while the Dow reached its best closing level in nearly seven months.
The major averages all closed in positive territory, although the Nasdaq outperformed its counterparts. While the Nasdaq jumped 79.65 points or 1 percent to 8,109.69, the S&P 500 climbed 16.52 points or 0.6 percent to 2,914.04 and the S&P 500 rose 60.55 points or 0.2 percent to 26,124.57.
The tech-heavy Nasdaq benefited from notable gains by Amazon (AMZN) and Google parent Alphabet (GOOGL), which surged up by 3.4 percent and 1.5 percent, respectively, after Morgan Stanley raised its price targets for both stocks.
The continued strength on Wall Street also reflected optimism about renewed trade talks between the U.S., Canada, and Mexico.
Canada rejoined the talks following President Donald Trump's announcement of a preliminary trade deal with Mexico on Monday.
In remarks to reporters on Tuesday, Canadian Foreign Affairs Minister Chrystia Freeland said "difficult" concessions by Mexico have set the stage for productive conversations in the coming days.
Freeland said she was due to engage into detailed discussions with U.S. Trade Representative Robert Lighthizer on Wednesday.
On the U.S. economic front, the Commerce Department released a report showing economic activity grew by more than initially estimated in the second quarter.
The report said real gross domestic product climbed by 4.2 percent in the second quarter compared to the previously reported 4.1 increase. The pace of growth had been expected to be downwardly revised to 4.0 percent.
With the unexpected upward revision, the GDP growth in the second quarter reflects a significant acceleration from the 2.2 percent advance in the first quarter.
Meanwhile, a separate report from the National Association of Realtors showed an unexpected pullback in pending home sales in the month of July.
NAR said its pending home sales index dropped by 0.7 percent to 106.2 in July after jumping by 1.0 percent to an upwardly revised 107.0 in June. Economists had expected pending home sales to rise by 0.3 percent.
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.
Biotechnology stocks turned in some of the market's best performances on the day, extending a recent upward trend. The NYSE Arca Biotechnology Index climbed by 1.3 percent to a new record closing high.
Significant strength also emerged among retail stocks, as reflected by the 1.2 percent gain posted by the Dow Jones Retail Index. The index also ended the session at its best closing level on record.
Energy stocks also saw considerable strength, moving higher along with the price of crude oil. Crude for October delivery jumped following the release of a report showing a bigger than expected weekly drop in crude oil inventories.
On the other hand, tobacco stocks extended a recent move to the downside, dragging the NYSE Arca Tobacco Index down by 1.4 percent to a three-month closing low.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
First-time claims for U.S. unemployment benefits showed a modest increase in the week ended August 25th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims crept up to 213,000, an increase of 3,000 from the previous week?s unrevised level of 210,000. Economists had expected jobless claims to edge up to 214,000.
A separate report released by the Commerce Department showed personal income and spending in the U.S. both increased in line with economist estimates in the month of July.
The Commerce Department said personal income rose by 0.3 percent in July after climbing by 0.4 percent in June. The increase in income matched expectations.
The report also said personal spending climbed by 0.4 percent in July, matching the increase in the previous month as well as economist estimates.
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| | Stocks in Focus |
Shares of Michaels (MIK) are moving sharply lower in pre-market trading after the arts and crafts retailer reported better than expected fiscal second quarter earnings but weaker than expected earnings and provided disappointing third quarter earnings guidance.
Apparel retailer Abercrombie & Fitch (ANF) is also likely to come under pressure after reporting an unexpected fiscal second quarter profit but sales that came in below analyst estimates.
Shares of Campbell Soup (CPB) are also seeing pre-market weakness after the soup maker reported fiscal fourth quarter revenues below analyst estimates. Campbell also said it is putting its international and refrigerated foods businesses up for sale.
On the other hand, shares of Guess (GES) are moving significantly higher in pre-market trading after the apparel maker reported fiscal second quarter earnings that exceeded analyst estimates.
Clothing company PVH Corp. (PVH) may also see early strength after reporting better than expected fiscal second quarter results and raising its full-year guidance.
Shares of Ciena (CIEN) are also seeing pre-market strength after the networking company reported fiscal third quarter results that beat expectations on both the top and bottom lines. |
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| | Europe |
European stocks have fallen on Thursday, as renewed concerns that Chinese growth is slowing and Brexit fears overshadowed signs of progress in NAFTA talks.
The U.S. is considering imposing tariffs on another $200 billion worth of Chinese goods as early as next months, and the response from China may have significant consequences for the global economy and currencies.
While the U.K.?s FTSE 100 Index has fallen by 0.6 percent, the German DAX Index and the French CAC 40 Index are both down by 0.5 percent.
The euro remained firm against the dollar despite a measure of Euro zone economic sentiment edging lower for an eight consecutive month in August.
Elsewhere, the number of unemployed in Germany fell by 8,000 from the previous month, in line with expectations, while the jobless rate remained stable at 5.2 percent in August, as expected, the Federal Labor Agency said. This was the lowest since German reunification in 1990.
The British pound slipped against the dollar and is heading for a fifth monthly loss after the European Union?s chief negotiator Michel Barnier warned the block must be prepared for a disorderly exit by the U.K.
British recruitment firm Hays has slumped after unveiling its financial results for the fiscal year ended June 30th.
Swedish radiosurgery firm Elekta has also plunged after reporting an unexpected drop in first quarter operating profit.
Shares of real estate company Unibail-Rodamco have tumbled in Paris despite the company posting improved results for the first half of 2018.
On the other hand, shares of Bouygues have rallied. The French industrial group confirmed its full-year view after reporting a rise in first-half profit, helped by improvements in profitability at its telecom and construction divisions.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks gave up early gains to end mostly lower on Thursday, as worries about the escalating Washington-Beijing trade war overshadowed investor optimism about the NAFTA trade talks.
Chinese shares extended losses for a third straight session as trade fears lingered and investors awaited cues from manufacturing data due on Friday. The benchmark Shanghai Composite Index fell 31.56 points or 1.1 percent to 2,737.74, while Hong Kong's Hang Seng Index dropped 252.39 points or 0.9 percent to 28,164.05.
Japanese shares gave up initial gains to end roughly flat. The Nikkei 225 Index hit a more than three-month high before ending the session up 21.28 points or 0.1 percent at 22,869.50. The broader Topix Index closed marginally lower at 1,739.14. Index heavyweights Fanuc, Fast Retailing and SoftBank Group rose between 0.2 percent and 0.9 percent.
Panasonic lost 1.2 percent on a Nikkei report that the company plans to move its European headquarters out of the U.K. to Amsterdam to avoid potential tax issues related to Brexit.
Retail sales in Japan rose a seasonally adjusted 0.1 percent sequentially in July, a government report showed. That missed expectations for an increase of 0.2 percent.
On an annual basis, retail sales climbed 1.5 percent, exceeding expectations for 1.2 percent but down from 1.8 percent in the previous month.
Australian shares gave up early gains to finish largely unchanged as TPG Telecom and Vodafone Group?s local subsidiary agreed to combine in a proposed merger of equals.
The benchmark S&P/ASX 200 Index finished marginally lower at 6,351.80, while the broader All Ordinaries Index edged up 3.50 points to 6,460.50.
TPG Telecom shares jumped more than 18 percent and rival Telstra advanced 2.9 percent. Westpac Banking dropped 0.8 percent after lifting mortgage rates, while Commonwealth lost 1.5 percent and NAB shed 0.6 percent. Energy stocks ended mixed despite oil prices rising more than one percent overnight.
Shipbuilder Austal rose 1.2 percent after reporting a full-year profit that more than doubled from last year. Private hospital operator Ramsay Healthcare slumped 6.3 percent as it reported a nearly 21 percent drop in full-year profits on write-downs and restructuring costs.
On the economic front, reports on new building approvals and private capital spending painted a gloomy picture of the Australian economy.
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| | Commodities |
Crude oil futures are rising $0.36 to $69.87 a barrel after jumping $0.98 to $69.51 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,212.30, up $0.80 compared to the previous session?s close of $1,211.50. On Wednesday, gold fell $2.90.
On the currency front, the U.S. dollar is trading at 111.38 yen compared to the 111.68 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1692 compared to yesterday?s $1.1707.
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