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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 notably lower opening on Thursday, with stocks likely to come under pressure following the mixed performance seen in the previous session.
Renewed trade concerns are likely to weigh on the markets after President Donald Trump?s administration confirmed reports it is considering raising tariffs on Chinese imports.
U.S. Trade Representative Robert Lighthizer said Trump has directed him to consider increasing the proposed tariff rate on $200 billion worth of Chinese goods to 25 percent from the previously announced 10 percent.
?The Trump Administration continues to urge China to stop its unfair practices, open its market, and engage in true market competition,? Lighthizer said. ?We have been very clear about the specific changes China should undertake.?
He added, ?Regrettably, instead of changing its harmful behavior, China has illegally retaliated against U.S. workers, farmers, ranchers and businesses.?
In response, China reiterated its threat to retaliate, with the Chinese Ministry of Commerce declaring the communist country fully prepared to defend its dignity and the interests of its people.
After failing to sustain an initial move to the upside, stocks turned mixed over the course of the trading session on Wednesday. The Dow and the S&P 500 pulled back into negative territory, while the Nasdaq added to yesterday's gains.
The major averages ended the day on opposite sides of the unchanged line. While the Nasdaq climbed 35.50 points or 0.5 percent to 7,707.29, the Dow fell 81.37 points or 0.3 percent to 25,333.82 and the S&P 500 edged down 2.93 points or 0.1 percent to 2,813.36.
The tech-heavy Nasdaq benefited from a significant advance by shares of Apple (AAPL), with the iPod and iPhone maker jumping by 5.9 percent on the day.
The rally by Apple came after the company reported better than expected fiscal third quarter results and provided upbeat guidance.
Trade concerns may have weighed on the Dow and the S&P 500 after 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.
The latest news came on the heels of yesterday's report from Bloomberg indicating the U.S. and China are trying to restart trade talks.
The major averages remained mixed following the Federal Reserve's announcement of its widely expected decision to leave interest rates unchanged.
The unanimous decision to leave interest rates unchanged came after the Fed raised rates by a quarter point in June and forecast two additional rate hikes this year.
With the decision widely anticipated, closer attention was paid to the accompanying statement, which included only minor changes from the June statement.
The Fed said economic activity has been rising at a "strong rate," compared to the assessment in June that economic activity had been rising at a "solid rate."
The central bank also reiterated that "further gradual increases" in interest rates will be consistent with its objectives and once again called risks to the economic outlook "roughly balanced."
"Trade policy remains a threat, but for now the positives significantly outweigh the negatives, hence the Fed's decision to stick to the 'gradual' rate hike path," said James Knightley, Chief International Economist at ING.
"As such we look for rate hikes in September and 4Q 2018 - probably December - with two more coming in 2019," he added. "The risks, in our view remain skewed to the upside."
The Fed is scheduled to hold its next monetary policy meeting in late September, with CME Group's FedWatch Tool currently indicating a 91 percent chance for a quarter-point rate hike.
On the U.S. economic front, payroll processor ADP released a report showing private sector employment 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.
Meanwhile, a separate report from the Institute for Supply Management showed a slowdown in the pace of growth in manufacturing activity in the month of July.
The ISM said its purchasing managers index fell to 58.1 in July after unexpectedly climbing to 60.2 in June. While a reading above 50 still indicates growth in the manufacturing sector, economists had expected the index to show a more modest drop to 59.5.
"Demand remains robust, but the nation's employment resources and supply chains continue to struggle," said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee.
He added, "Respondents are again overwhelmingly concerned about how tariff-related activity, including reciprocal tariffs, will continue to affect their business."
Many of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Energy stocks saw significant weakness, however, with another steep drop by the price of crude oil weighing on the sector.
Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index and the NYSE Arca Oil Index dropped by 1.5 percent and 1.4 percent, respectively, and the NYSE Arca Natural Gas Index fell by 1.2 percent.
Steel and gold stocks also showed notable moves to the downside on the day, while some strength was visible among biotechnology stocks.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report showing first-time claims for U.S. unemployment benefits edged slightly higher in the week ended July 28th.
The report said initial jobless claims inched up to 218,000, an uptick of 1,000 from the previous week?s unrevised level of 217,000. Economists had expected jobless claims to rise to 220,000.
At 10 am ET, the Commerce Department is scheduled to release its report on new orders for manufactured goods in the month of June. Factory orders are expected to climb by 0.7 percent in June after rising by 0.4 percent in May.
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| | Stocks in Focus |
Shares of TripAdvisor (TRIP) are moving sharply lower in pre-market trading after the travel and restaurant website operator reported better than expected second quarter earnings but on weaker than expected revenues.
Casino operator Wynn Resorts (WYNN) may also come under pressure after reporting second quarter results that missed analyst estimates on both the top and bottom lines.
Shares of Yum! Brands (YUM) are also seeing pre-market weakness after the parent of KFC, Taco Bell, and Pizza Hut reported better than expected second quarter earnings and revenues but weaker than expected same-store sales growth.
On the other hand, shares of Tesla (TSLA) are moving notably higher in pre-market trading after the electric car maker reported second quarter revenues that exceeded expectations and forecast a profitable second half.
Chemical giant DowDuPont (DWDP) may also see early strength after reporting second quarter results that beat analyst estimates on both the top and bottom lines.
Shares of Cigna (CI) are also likely to move to the upside after the health insurer reported better than expected second quarter results. |
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| | Europe |
European stocks have fallen sharply on Thursday, with auto and resource stocks pacing the declines on news the Trump administration is considering raising tariffs on Chinese goods.
Traders are also digesting the widely expected news that the Bank of England lifted its key benchmark rate by a quarter point to bring inflation sustainably to the target.
The Monetary Policy Committee, headed by Governor Mark Carney, unanimously decided to lift the benchmark rate by 25 basis points to 0.75 percent, the bank said in a statement.
While the German DAX Index has tumbled by 1.5 percent, the U.K.?s FTSE 100 Index is down by 0.9 percent and the French CAC 40 Index is down by 0.6 percent.
German luxury carmaker BMW has moved sharply lower on the day after reporting a drop in second-quarter earnings.
Daimler, Volkswagen, Renault and Peugeot have also fallen on worries an escalating tariff war will hurt their margins and sales.
German engineering giant Siemens is posting a steep loss after announcing a new company structure under Vision 2020+ to give individual businesses significantly more entrepreneurial freedom.
Dialog Semiconductor has also plummeted on news the company expects third quarter gross margin to be broadly in line with second quarter and fiscal 2018 to be broadly in line with fiscal 2017.
Inmarsat has also tumbled in London. The satellite operator cut its dividend after reporting a 20 percent drop in second quarter earnings.
On the other hand, Rolls-Royce Holdings has rallied as the company sounded upbeat about its full-year profit outlook after reporting a pre-tax loss in the first half.
Asset manager Amundi has also soared after reporting a 14 percent increase in second quarter net profits.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks fell across the board on Thursday as trade tensions intensified and the U.S. Federal Reserve signaled it remains on course to increase borrowing costs in September and likely again in December.
U.S. President Donald Trump has escalated his trade war with China, ordering his administration to consider raising the proposed tariff on $200 billion worth of Chinese imports to 25 percent from the 10 percent announced earlier.
A spokesperson for China's Foreign Ministry accused the U.S. of "blackmail" and warned of inevitable countermeasures if the U.S. takes further escalatory steps.
Chinese stocks fell heavily, with rising trade tensions as well as speculation over even tighter property restrictions weighing on markets.
The benchmark Shanghai Composite Index plunged 56.51 points or 2 percent to close at 2,768.02, while Hong Kong's Hang Seng Index gave up 626.18 points or 2.2 percent to close at 27,714.56.
Japanese shares tumbled as the yen strengthened on safe-haven demand after an escalation in the U.S.-China trade war. The Nikkei 225 Index slumped 234.17 points or 1 percent to 22,512.53, and the broader Topix Index closed 1 percent lower at 1,752.09.
Mitsui Chemicals, Mazda Motor, Kawasaki Kisen Kaisha, Komatsu and Sumitomo Heavy Industries declined 3-4 percent.
Kobe Steel plunged 9.6 percent and Furukawa Electric plummeted 10 percent after posting disappointing earnings results for the April-June quarter.
Australian shares fell as weaker commodity prices as well slightly disappointing first-half results from Rio Tinto pulled down mining stocks.
The benchmark S&P/ASX 200 Index dropped 34.80 points or 0.6 percent to 6,240.90, while the All Ordinaries Index ended down 34.40 points or 0.5 percent at 6,327.70.
Rio Tinto slumped 4.9 percent despite the company announcing an additional share buyback and dividend increase. BHP Billiton, Fortescue Metals Group and South32 lost 2-3 percent as the U.S. upped the ante in the trade war with China.
ANZ Bank and NAB shed around 0.6 percent, while Commonwealth and Westpac ended marginally lower.
In economic news, Australia's trade surplus rose to A$1.87 billion in June from A$725 million in May, the Australian Bureau of Statistics revealed. Exports grew 3 percent from the previous month, while imports dropped 1 percent.
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| | Commodities |
Crude oil futures are sliding $0.44 to $67.22 a barrel after slumping $1.10 to $67.66 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,224.90, down $2.70 compared to the previous session?s close of $1,227.60. On Wednesday, gold fell $6.
On the currency front, the U.S. dollar is trading at 111.39 yen compared to the 111.73 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1623 compared to yesterday?s $1.1660.
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