| Up to $6,129 a Month Last year an obscure loophole allowed a handful of regular Americans to take back over $6.6 billion of the mortgage payments they made. Find Out How..  | | | | The major U.S. index futures are pointing to a lower opening on Friday, with stocks likely to move back to the downside after ending the previous session mostly higher.
Lingering trade concerns may weigh on Wall Street as the U.S. and Canada approach a September 30th deadline to reach an agreement for Canada to join a trade deal struck between the U.S. and Mexico.
U.S. Trade Representative Robert Lighthizer recently said the U.S. is prepared to move ahead with the deal replacing the North American Free Trade Agreement without Canada.
Concerns about the situation in Italy may also generate some selling pressure after the new Italian government offered a budget with a deficit target three times larger than the previous administration's goal.
After moving mostly higher in the morning, stocks gave back some ground in afternoon trading on Thursday. The major averages pulled back off their highs of the session but managed to remain in positive territory.
The major averages all ended the day higher, although the tech-heavy Nasdaq outperformed its counterparts. The Nasdaq climbed 51.60 points or 0.7 percent to 8,041.97, while the Dow edged up 54.65 points or 0.2 percent to 26,439.93 and the S&P 500 rose 8.03 points or 0.3 percent to 2,914.00.
A notable advance by shares of Apple (AAPL) contributed to the higher close on Wall Street, with the tech giant jumping by 2.1 percent after J.P. Morgan initiated coverage of the company's stock with an Overweight rating.
Traders were also reacting to a slew of U.S. economic data, including a report from the Commerce Department showing a much bigger than expected jump in durable goods orders in the month of August.
The Commerce Department said durable goods orders surged up by 4.5 percent in August after falling by a revised 1.2 percent in July.
Economists had expected durable goods orders to climb by 2.0 percent compared to the 1.7 percent slump that had been reported for the previous month.
Excluding a spike in orders for transportation equipment, durable goods orders inched up by just 0.1 percent in August after rising by 0.2 percent in July. Ex-transportation orders had been expected to increase by 0.5 percent.
A separate report released by the Commerce Department showed the pace of U.S. economic growth in the second quarter was unrevised from the previous estimate.
The report said gross domestic product increased at an annual rate of 4.2 percent in the second quarter, unchanged from the estimate released last month. The unrevised growth also matched economist estimates.
Meanwhile, the Labor Department released a report showing a modest rebound in initial jobless claims in the week ended September 22nd.
The report said initial jobless claims rose to 214,000, an increase of 12,000 from the previous week's revised level of 202,000. Economists had expected jobless claims to rise to 210,000.
The slightly bigger than expected increase came after jobless claims hit their lowest level since December of 1969 in the previous week.
The National Association of Realtors also released a report showing pending home sales dropped by much more than expected in the month of August.
NAR said its pending home sales index tumbled by 1.8 percent to 104.2 in August after falling to 106.1 in July. Economists had expected pending home sales to fall by 0.4 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.
Despite the higher close by the broader markets, most of the major sectors ended the session showing only modest moves.
Biotechnology, natural gas, and utilities stocks showed notable moves to the upside, while tobacco and chemical stocks came under pressure.
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Personal income in the U.S. rose by slightly less than expected in the month of August, according to a report released by the Commerce Department, while personal spending increased in line with economist estimates.
The report said personal income climbed by 0.3 percent in August, matching the increase seen in July. Economists had expected income to rise by 0.4 percent.
Meanwhile, the Commerce Department said personal spending rose by 0.3 percent in August after climbing by 0.4 percent in the previous month. Spending had been expected to increase by 0.3 percent.
At 9:45 am ET, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of September.
The Chicago business barometer is expected to dip to 62.5 in September from 63.6 in August, although a reading above 50 still indicates growth.
At 10 am ET, the University of Michigan is due to release its revised reading on consumer sentiment in the month of September. The consumer sentiment index is expected to be unrevised at 100.8.
New York Federal Reserve President is scheduled to speak a conference jointly sponsored by Columbia University?s School of International and Public Affairs and the New York Fed at 4:45 pm ET.
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Shares of Tesla (TSLA) are moving sharply lower in pre-market trading after the Securities and Exchange Commission sued the automaker?s CEO Elon Musk for fraud.
Resort operator Vail Resorts (MTN) may also come under pressure after reporting a narrower than expected fiscal fourth quarter loss but on weaker than expected revenues.
Shares of Progress Software (PRGS) are also seeing significant pre-market weakness after the business software maker reported mixed fiscal third quarter results and CEO Yogesh Gupta said he?s disappointed in the company?s moderated revenue outlook for the year.
On the other hand, shares of CalAmp (CAMP) are likely to see initial strength after the wireless communications company reported better than expected fiscal second quarter adjusted earnings and revenues.
Communications software maker BlackBerry (BB) may also move to the upside after reporting fiscal second quarter results that beat analyst estimates on both the top and bottom lines.
Shares of Eli Lilly (LLY) may also open higher after the FDA approved the drugmaker?s Emgality 120 mg injection for the preventive treatment of migraine in adults. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have retreated on Friday, with banks succumbing to heavy selling pressure after Italy's new government offered a budget with a deficit target three times as big as the previous administration's goal, putting the country at odds with the European Union.
While the German DAX Index has plunged by 1.8 percent, the French CAC 40 Index has slumped by 1.3 percent and the U.K.?s FTSE 100 Index has slid by 0.7 percent.
UniCredit, Banco BPM and UBI Banca have plummeted as yields on Italian government bonds hit three-week highs on worries about the country's ability to pay its debts.
Regional banks Deutsche Bank, Commerzbank, Credit Agricole and Societe Generale have also moved to the downside on the day.
RSA Insurance have plunged in London, as the general insurance company warned of lower profits this year after its U.K. underwriting business suffered a loss of 70 million pounds in the third quarter.
German chemical producer BASF has also tumbled after it signed an agreement with LetterOne to merge their respective oil and gas businesses in a joint venture.
Automaker Volkswagen has fallen after reports that it is about to expel Rupert Stadler, Audi CEO. Royal Bank of Scotland has also dropped on news that it plans to launch a new standalone consumer bank.
Meanwhile, Saab shares have soared after Boeing (BA) and the Swedish aerospace company won a $9.2 billion contract from the U.S. Air Force.
In economic news, Eurozone inflation accelerated in September on food and energy prices, flash data from Eurostat showed. Inflation rose marginally to 2.1 percent from 2 percent a month ago, in line with expectations.
The number of unemployed people in Germany declined by 23,000 from the previous month to 2.3 million in September, figures from the Federal Agency revealed. Economists had forecast a moderate drop of 9,000.
French inflation eased to 2.2 percent in September from 2.3 percent in August, the provisional estimate from statistical office Insee revealed. The rate was expected to remain at 2.3 percent.
A government report showed the U.K. economy grew by 0.5 percent in the first half of this year, marking the weakest half-year growth since 2011.
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Asian stocks followed their U.S. peers higher on Friday as news of robust U.S. economic growth and remarks from Federal Reserve Chairman Jerome Powell that the central bank's gradual interest rate increases are helping sustain the economic expansion bolstered investor optimism about the world's largest economy.
Chinese stocks rose to post their second consecutive weekly gain amid expectations for stimulus and on hopes that more Chinese shares will be included in mainstream global benchmarks.
The benchmark Shanghai Composite Index jumped 29.58 points or 1.1 percent to 2,821.35, while Hong Kong's Hang Seng Index rose 72.85 points or 0.3 percent to 27,788.52.
Japanese shares moved notably higher, with export-oriented stocks surging as the dollar hit a nine-month high versus the yen after the release of upbeat U.S. data.
The Nikkei 225 Index surged up 323.30 points or 1.4 percent to 24,120.04, a tad below its highest level in 27 years on hopes for continued corporate earnings growth. The broader Topix Index closed 1 percent higher at 1,817.25.
Honda Motor, Nissan Motor, Mazda Motor and Toyota Motor all rose around 1 percent amid indications the U.S. will not impose additional tariffs on the Japanese auto sector.
Electronics maker Sony jumped 4.5 percent, and SoftBank Group rallied 4.7 percent after launching a taxi-hailing service using a smartphone app developed by Chinese ride-share firm Didi Chuxing Technology.
On the data front, Japanese industrial output rose in August for the first time in four months, government data showed. The value of retail sales grew 0.9 percent sequentially in the month and the unemployment rate fell to 2.4 percent from 2.5 percent, while consumer prices in the region rose an annual 1.3 percent in September, a slew of reports showed.
Australian stocks also moved to the upside after news of robust U.S. economic growth. The benchmark S&P/ASX200 Index rose 26.40 points or 0.4 percent to 6,207.60, while the broader All Ordinaries Index ended up 26.20 points or 0.4 percent at 6,325.50.
Lender Westpac advanced 1.2 percent despite cutting its earnings forecast. The other three banks climbed 1-2 percent after the release of an interim report from the Royal Commission.
Mining heavyweights BHP Billiton and Rio Tinto ended on a mixed note, while energy stocks such as Woodside Petroleum, Oil Search and Santos fell between 0.2 percent and 1 percent.
Investment bank Macquarie Group dropped 1.3 percent. The company?s chief executive Nicholas Moore and his successor, Shemara Wikramanayake, are expected to be interviewed by German police over the bank's alleged role in a share-trading case.
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Crude oil futures are inching up $0.06 to $72.18 a barrel after rising $0.55 to $72.12 a barrel on Thursday. Meanwhile, after slumping $11.70 to $1,187.40 an ounce in the previous session, gold futures are edging down $0.10 to $1,187.30 an ounce.
On the currency front, the U.S. dollar is trading at 113.43 yen compared to the 113.38 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1582 compared to yesterday?s $1.1641.
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