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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 Wednesday, with stocks likely to move back to the downside after ending the previous session firmly positive.
Renewed concerns about Turkey may weigh on the markets after the Turkish government announced an increase in tariffs on American cars, alcohol and cigarettes.
The move is likely to intensify the dispute between the U.S. and Turkey, which recently dragged the Turkish lira down to a record low.
The clash between the U.S. and Turkey also comes amid the ongoing trade dispute between the U.S. and China, which has raised concerns about the global economy.
The futures remained negative following the release of a slew of U.S. economic data, including a Commerce Department report showing stronger than expected retail sales growth in the month of July.
Stocks moved notably higher over the course of the trading day on Tuesday after turning lower over the course of the previous session. The major averages all moved to the upside, with the Dow and the S&P 500 rebounding after closing lower for four consecutive sessions.
The major averages ended the day firmly in positive territory. The Dow rose 112.22 points or 0.5 percent to 25,299.92, the Nasdaq advanced 51.19 points or 0.7 percent to 7,870.89 and the S&P 500 climbed 18.03 points or 0.6 percent to 2,839.98.
The strength on Wall Street partly reflected easing concerns about the financial crisis in Turkey amid a rebound by the country's currency.
The Turkish lira continued to recover from a record low after Turkey's central bank pledged to provide liquidity and cut reserve requirements for banks.
Buying interest may also have been generated by a positive reaction to earnings news from Dow component Home Depot (HD).
Before the start of trading, Home Depot reported second quarter results that exceeded expectations and raised its full-year guidance.
However, traders seemed somewhat reluctant to make more significant moves ahead of the release of key economic reports in the coming days.
The Labor Department released a report showing import prices were unchanged in the month of July, as a jump in prices for fuel imports was offset by a drop in prices for non-fuel imports.
The report said import prices were unchanged in July after edging down by a revised 0.1 percent in June. Economists had expected import prices to inch up by 0.1 percent.
Meanwhile, the report said export prices fell by 0.5 percent in July after rising by a downwardly revised 0.2 percent in June. Export prices had been expected to rise by 0.2 percent.
Computer hardware stocks turned in some of the market's best performances on the day, driving the NYSE Arca Computer Hardware Index up by 1.9 percent. The index bounced off a three-month closing low.
Significant strength also emerged among banking stocks, as reflected by the 1.4 percent gain posted by the KBW Bank Index. The advance by the index came after it closed lower for three straight days.
Tobacco, retail and telecom stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.
Meanwhile, gold stocks bucked the uptrend, dragging the NYSE Arca Gold Bugs Index down by 1.3 percent to its lowest closing level in well over two years.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Retail sales in the U.S. climbed by much more than expected in the month of July, the Commerce Department revealed in a report, although the report also showed a significant downward revision to the sale growth in June.
The Commerce Department said retail sales rose by 0.5 percent in July following a revised 0.2 percent uptick in June.
Economists had expected retail sales to inch up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month.
Excluding a modest increase in sales by motor vehicle and parts dealers, retail sales still climbed by 0.6 percent in July after edging up by 0.2 percent in June. Ex-auto sales had been expected to rise by 0.3 percent.
A separate report released by the Labor Department on Wednesday showed labor productivity in the U.S. spiked by more than expected in the second quarter, while unit labor costs unexpectedly decreased.
The Labor Department said productivity shot up by 2.9 percent in the second quarter after rising by a revised 0.3 percent in the first quarter.
Economists had expected productivity to jump by 2.3 percent compared to the 0.4 percent increase that had been reported for the previous quarter.
The report also said unit labor costs fell by 0.9 percent in the second quarter after surging up by a revised 3.4 percent in the first quarter.
Labor costs had been expected to rise by 0.3 percent compared to the previously reported 2.9 percent spike in the first quarter.
Meanwhile, New York manufacturing activity remained robust in the month of August, according to a report released by the Federal Reserve Bank of New York.
The New York Fed said its general business conditions index climbed to 25.6 in August from 22.6 in July, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to dip to 20.0.
The Federal Reserve is scheduled to release its report on industrial production in the month of July at 9:15 am ET. Production is expected to rise by 0.3 percent.
At 10 am ET, the National Association of Home Builders is due to release its report on homebuilder confidence in the month of August. The housing market index is expected to dip to 67 in August from 68 in July.
The Commerce Department is also scheduled to release its report on business inventories in the month of June at 10 am ET. Inventories are expected to inch up by 0.1 percent.
At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended August 10th.
Crude oil inventories are expected to drop by 2.7 million barrels after falling by 1.4 million barrels in the previous week.
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| | Stocks in Focus |
Shares of Macy?s (M) are moving sharply lower in pre-market trading even though the department store chain reported better than expected second quarter results and raised its full-year earnings guidance.
Scientific instrument maker Agilent (A) is also seeing pre-market weakness despite reporting fiscal third quarter earnings that exceeded analyst estimates.
Shares of Western Digital (WDC) may also moved to the downside after Cowen downgraded its rating on the hard drive maker?s stock to Market Perform from Outperform.
On the other hand, shares of Canopy Growth (CGC) are soaring in pre-market trading on news spirits producer Constellation Brands is investing $4 billion in the Canadian cannabis company.
Pet medications and products maker PetIQ (PETQ) is also likely to see early strength after reporting second quarter results that beat expectations on both the top and bottom lines.
Shares of Chipotle (CMG) may also move to the upside after Morgan Stanley raised its rating on the restaurant operator to Overweight from In-Line. |
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| | Europe |
After showing a lack of direction earlier in the session, European stocks have moved sharply lower over the course of the trading day on Wednesday.
While the German DAX Index has slumped by 1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both down by 1.1 percent.
Italian bank UniCredit has shown a significant move to the downside on the day amid concerns about its Turkish operations.
On the other hand, Danish wind turbine maker Vestas Wind Systems has soared after announcing a 200 million euro ($227 million) share buyback.
U.K. homebuilder Balfour Beatty has also jumped after its profits quadrupled in the first half of the year, helped by cost cutting and divestment gains.
Hikma Pharmaceuticals has also moved sharply higher. The drug maker raised its full-year guidance after posting improved first-half results.
On the data front, official data showed U.K. inflation rose for the first time since November, a development that could weigh on consumer spending in the second half of the year.
Consumer prices climbed 2.5 percent year-on-year in July, as expected, but slightly faster than the 2.4 percent increase in June.
Meanwhile, a separate report from the Office for National Statistics revealed that U.K. house price inflation was the lowest in nearly five years as London witnessed its worst decline in house prices since 2009.
House prices rose 3 percent year-on-year after a 3.5 percent gain in May. The latest increase was the smallest since August of 2013, when prices grew 3 percent.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed mostly lower on Wednesday, with Chinese and Hong Kong markets pacing the declines as Turkey?s lira resumed its decline after rebounding more than 8 percent against the dollar overnight.
Turkish President Recep Erdogan threatened to boycott U.S. electronic goods, including Apple's iPhone device, retaliating in a dispute with Washington that has contributed to the lira?s plunge to record lows.
Chinese shares fell sharply to close just off their 2018 lows as investors fretted about Turkey?s future and the spillover of the crisis to other emerging markets.
The benchmark Shanghai Composite Index plunged 57.71 points or 2.1 percent to 2,723.36, while Hong Kong's Hang Seng Index slumped 429.34 points or 1.6 percent to 27,323.59.
Japanese shares fell on profit taking after sharp gains in the previous session. The Nikkei 225 Index shed 151.86 points or 0.7 percent to finish at 22,204.22 after spiking by 2.3 percent in the previous session, its biggest single-day gain since March. The broader Topix index closed 0.8 percent lower at 1,698.03.
Heavyweights SoftBank Group and Fanuc Corp gave up 2.6 percent and 1.8 percent, respectively, while exporters Canon, Panasonic and Honda Motor fell more than 1 percent.
Gaming stocks fell across the board after Chinese regulators froze approval of game licenses amid a government shake-up. Nintendo, Square Enix and Capcom all lost around 3 percent.
Meanwhile, Australian shares closed higher as CSL and Wesfarmers posted strong gains. The benchmark S&P/ASX 200 Index rose 29.40 points or 0.5 percent to 6,329 and the broader All Ordinaries Index ended up 29.50 points or 0.5 percent at 6,415.70.
Blood products giant CSL soared 6.4 percent. The company raised its dividend after reporting a 29 percent jump in full-year net profit, thanks to strong sales in the United States.
Wesfarmers rallied 3.2 percent despite the company reporting a sharp drop in full-year profits due to $1.41 billion in discontinued operations and $300 million in write-downs.
Lender Commonwealth Bank fell 2.5 percent on going ex-dividend, while the other three banks rose between 0.8 percent and 1.7 percent.
On the other hand, insurer Insurance Australia Group slumped 5.8 percent after its annual profit fell slightly due to a drop in investment income and a higher tax bill. Suncorp Group shares tumbled 3 percent.
A decrease in base metal prices pulled down mining stocks, with Rio Tinto, South32, Alumina and Fortescue Metals Group falling 1-4 percent.
Oil & gas explorer Woodside Petroleum slid half a percent despite the company reporting a 6 percent rise in net profit and raising its 2018 production outlook.
Media firm Fairfax Media dropped 1.7 percent as it reported a full-year net loss on lower revenues and one-time charges.
In economic news, the latest survey from Westpac Bank revealed that consumer confidence in Australia ebbed in August, sinking 2.3 percent to a score of 103.6 after a 3.9 percent jump in July.
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| | Commodities |
Crude oil futures are sliding $0.67 to $66.37 a barrel after slipping $0.16 to $67.04 a barrel on Tuesday. Meanwhile, after rising $1.80 to $1,200.70 an ounce in the previous session, gold futures are falling $6.70 to $1,194 an ounce.
On the currency front, the U.S. dollar is trading at 110.91 yen compared to the 111.15 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1330 compared to yesterday's $1.344.
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