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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 move back to the upside after turning lower over the course of the previous session.
The markets may benefit from a positive reaction to earnings news from Dow component Home Depot (HD), with the home improvement retailer climbing by 2.1 percent in pre-market trading.
The advance by Home Depot comes after the company reported second quarter results that exceeded expectations and raised its full-year guidance.
Easing concerns about the financial crisis in Turkey may also generate buying interest, as the lira continues to recover from a record lower after Turkey?s central bank pledged to provide liquidity and cut reserve requirements for banks.
Overall trading activity may be somewhat subdued, however, as traders look ahead to the release of key reports on retail sales, industrial production, and housing starts in the coming days.
Stocks moved mostly lower over the course of the trading session on Monday after failing to sustain an early move to the upside. The major averages all pulled back off their highs of the session and into negative territory.
The major averages closed in the red but off their lows of the session. The Dow slid 125.44 points or 0.5 percent to 25,187.70, the Nasdaq fell 19.40 points or 0.3 percent to 7,819.71 and the S&P 500 dropped 11.35 points or 0.4 percent to 2,821.93.
The downturn by stocks reflected lingering concerns about the Turkish economy and the recent sell-off by the country's currency.
The Turkish lira hit a new record low against the U.S. dollar in Asian trading before regaining some ground after Turkey's central bank took measures to boost liquidity in the foreign exchange market.
Over the weekend, Turkish Finance Minister Berat Albayrak announced the government plans to calm the highly volatile financial markets.
A report from Reuters noted Albayrak pledged to take "necessary steps" but did not provide details on what those steps included.
In a research note, Canaccord Genuity asset class strategist Brian Reynolds predicted the Turkish panic would be less impactful than the Greek financial panic circa 2010-2011.
Reynolds noted Turkey's external debt, at $447 billion, is only about three-quarters of Greece's when that country ran into trouble.
Additionally, Reynolds said Greek external debt was about 4 percent of U.S. GDP in 2010 and less than 11 percent of the U.S. public credit market, while Turkish external debt currently represents less than 2.5 percent of U.S. GDP and just over 5 percent of the U.S. public credit market.
Reynolds subsequently said, "The U.S. credit boom is likely going to persist and eventually take stocks higher after worries over this situation crest."
Trading activity remained somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
The economic calendar picks up in the coming days with the release of reports on retail sales, industrial production, homebuilder confidence, housing starts, and consumer sentiment.
Sector News
Gold stocks moved sharply lower over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 3.4 percent. The index tumbled to its lowest closing level in well over two years. The sell-off by gold stocks came amid a steep drop by the price of the precious metal.
Significant weakness was also visible among oil service stocks, which moved lower along with the price of crude oil. The Philadelphia Oil Service Index slumped by 2.8 percent.
Housing and natural gas stocks also saw considerable weakness on the day, while financial, steel, and chemical stocks also moved to the downside.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
With a jump in prices for fuel imports offset by a drop in prices for non-fuel imports, the Labor Department released a report showing import prices in the U.S. came in unchanged in the month of July.
The Labor Department 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 compared to the 0.4 percent decrease originally reported for the previous month.
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 compared to the 0.3 percent increase originally reported for the previous month.
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| | Stocks in Focus |
Shares of Advance Auto Parts (AAP) are moving significantly higher in pre-market trading after the auto parts retailer reported better than expected second quarter results and raised its full-year guidance. The company also announced a new $600 million share repurchase authorization.
Accessories maker Tapestry (TPR) is also likely to see early strength after reporting second quarter results that exceeded analyst estimates on both the top and bottom lines.
On the other hand, shares of Switch (SWCH) are falling sharply in pre-market trading after the data center operator reported second quarter results that missed expectations and lowered its full-year guidance.
Chinese online discount retailer Vipshop (VIPS) is also likely to come under pressure after reporting weaker than expected second quarter results. |
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| | Europe |
European stocks have turned mixed on Tuesday even as concerns over Turkey eased somewhat and a slew of European data painted a positive picture.
While the U.K.?s FTSE 100 Index has fallen by 0.3 percent, the French CAC 40 Index and the German DAX Index are both up by 0.1 percent.
Dental implant maker Straumann has moved sharply higher after the company raised its full-year revenue target.
German utility RWE has also rallied after its first-half core profit came in line with expectations.
On the other hand, Chilean copper miner Antofagasta has tumbled after its first-half earnings fell 16 percent from last year.
In economic news, German consumer price inflation moderated to a 3-month low of 2.0 percent in July from 2.1 percent in June, a government report showed.
Another report showed German GDP climbed 0.5 percent sequentially in the second quarter, slightly faster than the 0.4 percent growth estimated by analysts and the revised 0.4 percent increase in the first quarter.
The German ZEW economic sentiment index improved in August and Eurozone GDP figures for the second quarter came in slightly better than expected, helping support regional sentiment.
Elsewhere, the U.K. jobless rate hit a 43-year-low in the three months to June, but wage growth slowed to the weakest rate in almost a year, official data showed.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian shares ended mixed on Tuesday as Chinese data disappointed and worries about Turkey eased slightly after the country?s central bank announced a raft of measures aimed at soothing markets.
China?s Shanghai Composite Index eased 4.91 points or 0.2 percent to finish at 2,780.96 after a slew of Chinese data on industrial output, retail sales and fixed asset investment came in slightly below expectations. Hong Kong's Hang Seng Index closed 183.64 points or 0.7 percent lower at 27,752.93.
Retail sales in China jumped an annual 8.8 percent in July, a tad below expectations for a 9.1 percent gain and down from 9.0 percent in June.
Industrial production advanced an annual 6.0 percent, unchanged from a month earlier but again beneath forecasts for 6.3 percent. Fixed asset investment grew 5.5 percent from a year earlier, missing expectations for 6.0 percent growth.
Meanwhile, Japanese shares rose sharply as the yen pared some of Monday?s rise after Turkey?s central bank pledged to provide liquidity and cut reserve requirements for banks.
The Nikkei 225 Index jumped 498.65 points or 2.3 percent to 22,356.08, snapping a four-day losing streak. The broader Topix index closed 1.6 percent higher at 1,710.95.
Exporters led the surge, with Toyota, Panasonic, Canon, Honda Motor and Sony climbing 1-2 percent. Softbank rallied 3.7 percent on a Bloomberg report that the company is in talks to invest up to $750 million in Zume Inc., a startup that makes fresh pizzas with the aid of robots.
In economic news, Japanese industrial production decreased less than initially estimated in June, figures from the Ministry of Economy, Trade and Industry showed.
Industrial production dropped a seasonally adjusted 1.8 percent sequentially in June, faster than the 0.2 percent fall in the previous month. That was slower than the 2.1 percent decline in the flash data.
Australian markets finished notably higher, led by gains by banks and mining stocks. The benchmark S&P/ASX 200 Index climbed 47.40 points or 0.8 percent to 6,299.60, while the broader All Ordinaries Index ended up 44.90 points or 0.7 percent at 6,386.20.
Higher iron ore prices boosted miners, with heavyweight BHP Billiton climbing 1.5 percent. Shares of Whitehaven Coal advanced 1.3 percent after the miner reported a nearly 30 percent increase in full-year profits on improved volumes and higher prices for thermal coal.
Lender ANZ added 1.6 percent after its impaired assets fell in the third quarter. National Australia Bank gained 1.5 percent despite the bank warning of additional provisions relating to regulatory compliance. Commonwealth Bank rose 1.2 percent and Westpac rallied 2.2 percent.
On the other hand, fast-food chain Domino's Pizza Enterprises plunged 6.5 percent after its annual profit missed estimates. Hearing implant maker Cochlear tumbled 3 percent and investment management firm Challenger fell almost 7 percent on disappointing earnings results.
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| | Commodities |
Crude oil futures are climbing $0.80 to $68 a barrel after falling $0.43 to $67.20 a barrel on Monday. Meanwhile, after plunging $20.10 to $1,198.90 an ounce in the previous session, gold futures are rising $3.70 to $1,202.60 an ounce.
On the currency front, the U.S. dollar is trading at 110.91 yen compared to the 110.70 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1394 compared to yesterday?s $1.1410.
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