| 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 modestly higher opening on Thursday, with stocks likely to move back to the upside following the late-day pullback seen in the previous session.
Traders continue to digest the Federal Reserve?s monetary policy announcement on Wednesday, as the Fed raised interest rates by 25 basis points and hinted at another rate hike this year and three more in 2019.
A slew of U.S. economic data may also impact trading on Wall Street, with a report from the Commerce Department showing a much bigger than expected jump in durable goods orders in the month of August.
After initially responding positively to the Federal Reserve's monetary policy announcement, stocks came under pressure going into the close of trading on Wednesday. The major averages pulled back off their highs of the session and into negative territory.
The major averages ended the session just off their worst levels of the day. The Dow slid 106.93 points or 0.4 percent to 26,385.28, the Nasdaq dipped 17.10 points or 0.2 percent to 7,990.37 and the S&P 500 fell 9.59 points or 0.3 percent to 2,905.97.
Stocks initially moved higher after the Fed announced its widely expected decision to raise the target range for the federal funds rate by 25 basis points to 2 to 2.25 percent.
The accompany statement said data received since the Fed's August meeting indicates the labor market has continued to strengthen and that economic activity has been rising at a strong rate.
The central bank also reiterated that average job gains have been strong in recent months and noted annual inflation remains near 2 percent.
Traders seemed to react positively to the Fed removing word "accommodative" from its statement describing monetary policy as well as the fact the central bank's projections for future rate hikes were largely unchanged from June.
The Fed's projections for future rate hikes points to one more increase in rates this year and three rate hikes next year.
However, Fed Chairman Jerome Powell later told reporters in his subsequent press conference that dropping "accommodative" from the statement does not signal a shift in the outlook for rates.
"The change does not signal any change in the likely path of policy," Powell said. "Instead it is a sign that policy is proceeding in line with our expectations."
Meanwhile, Powell also said it is not in the Fed's forecasts to see inflation surprise to the upside when asked about what could lead the central bank to raise rates faster than currently anticipated.
On the U.S. economic front, the Commerce Department released a report showing new home sales rebounded much more than expected in the month of August.
The report said new home sales soared by 3.5 percent to an annual rate of 629,000 in August after slumping by 1.6 percent to a revised rate of 608,000 in July. Economists had expected new home sales to rise by 0.5 percent.
Gold stocks showed a significant move to the downside on the day, dragging the NYSE Arca Gold Bugs Index down by 2.9 percent. The weakness among gold stocks came amid a decrease by the price of the precious metal.
Notable weakness also emerged among energy stocks, as reflected by the 2.9 percent and 2 percent losses posted by the NYSE Arca Natural Gas Index and the Philadelphia Oil Service Index, respectively.
Financial stocks also came under pressure as traders reacted to Powell's comments, resulting in 1.5 percent drops by both the NYSE Arca Broker/Dealer Index and the KBW Bank Index.
Utilities, commercial real estate, and steel stocks also came under pressure, contributing to the late-day pullback by the broader markets.
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Reflecting a substantial rebound in orders for transportation equipment, the Commerce Department released a report showing new orders for U.S. manufactured durable goods jumped much more than expected 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 the 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 from the 201,000 originally reported for the previous week.
At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of August. Pending home sales are expected to drop 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.
The Treasury Department is due to announce the results of its auction of $31 billion worth of seven-year notes at 1 pm ET.
At 2 pm ET, Dallas Federal Reserve President Robert Kaplan is scheduled to participate in a moderated Q&A session on ?What You Really Need to Lead? at the Third Annual Banking and the Economy Forum for Minorities and Banking in Charlotte, North Carolina.
Fed Chairman Jerome Powell is due to give brief remarks on the U.S. economy at Senator Jack Reed?s, D-R.I., Rhode Island Business Leaders Day at 4:30 pm ET.
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Shares of WellCare Health Plans (WCG) are moving notably higher in pre-market trading after the managed care provider agreed to acquire Aetna?s (AET) Medicare Part D prescription drug plan business.
Tech giant Apple (AAPL) may also move to the upside after J.P. Morgan initiated coverage of the company?s stock with an Overweight rating.
Shares of CyberArk Software (CYBR) are also seeing significant pre-market strength after Morgan Stanley upgraded its rating on the cybersecurity software company?s stock to Overweight from Equal-Weigh.
On the other hand, shares of Conagra Brands (CAG) are likely to come under pressure after the food producer reported fiscal first quarter results below analyst estimates.
Household goods retailer Bed Bath & Beyond (BBBY) is also falling sharply in pre-market trading after reporting weaker than expected fiscal second quarter results and provided disappointing full-year earnings guidance.
Shares of H.B. Fuller (FUL) may also see initial weakness after the adhesives company reported fiscal third quarter results that missed expectations on both the top and bottom lines. | | | | | 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 markets are seeing modest strength during trading on Thursday as traders digest the Federal Reserve?s monetary policy announcement.
While the U.K.?s FTSE 100 Index has risen by 0.3 percent, the French CAC 40 Index and the German DAX Index are both up by 0.1 percent.
Specialty pharmaceutical company Indivior has fallen sharply after cutting its revenue outlook for its opioid addiction drug Sublocade.
IG Group is also posting a steep loss after the British online financial trading firm said its CEO Peter Hetherington is stepping down.
On the other hand, shares of TUI AG have moved notably higher after the Germany-based travel and tourism company reaffirmed its full-year earnings guidance.
In economic news, survey data from the European Commission showed eurozone consumers confidence weakened in September. The consumer sentiment index declined to -2.9 from -1.9 a month ago, in line with flash estimate.
Another report from the EU showed that the business climate index remained unchanged at +1.21 in September. Managers' production expectations as well as their views on the stocks of finished products worsened in September.
In contrast, managers' appraisals of their overall order books, past production and export order books improved slightly.
Meanwhile, German consumer confidence is set to improve in October despite political turbulence, survey data from market research group GfK showed.
The forward-looking consumer sentiment index rose 0.1 points to 10.6. The index was forecast to remain unchanged at 10.5 points.
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Asian markets moved mostly lower on Thursday, with investors treading cautiously after the U.S. Federal Reserve raised interest rates by 25 basis points and hinted at another rate hike this year and a few more in 2019.
Japanese stocks moved to the downside, snapping an 8-day winning streak amid profit taking. The benchmark Nikkei 225 Index slumped 237.05 points or 1 percent to 23,796.74.
Fanuc, Tokyo Electron and Nitori Holdings posted sharp losses, while a few stocks from the automobile sector moved higher on reports the U.S. is unlikely to impose further tariffs on Japanese automotive products for now.
The Chinese markets also closed lower, led by losses in the technology, services and energy sectors. China?s Shanghai Composite Index slid 15.04 points or 0.5 percent to 2,791.78, and Hong Kong?s Hang Seng Index fell 101.20 points or 0.4 percent to 27,715.67.
Data from the National Bureau of Statistics showing Chinese industrial profits increased at a slower pace in August weighed on the markets.
Industrial profits climbed 9.2 percent year-on-year in August, which was much weaker than the 16.2 percent increase seen in July.
Shandong Binzhou Bohai Piston and Tianjin Tianhai Investment declined sharply, while Shandong Swan Cotton Industrial Machinery, Xinjiang Baihuacun Co., and Shanghai Hongda Mining were among the prominent gainers.
Australian stocks edged down marginally. The benchmark S&P/ASX 200 Index dipped 11.10 points or 0.2 percent to 6,181.20, and the broader All Ordinaries Index slipped 8.50 points or 0.1 percent to 6,299.30.
Evolution Mining, Cromwell Property Group, Northern Star Resources and Invocare declined sharply, losing between 1.8 percent and 2.6 percent.
Meanwhile, Beach Energy shares jumped 7.5 percent, Speedcast surged up 6.1 percent and Nanosonics spiked 5.5 percent. Eclipx and Afterpay Touch also rose sharply.
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Crude oil futures are climbing $0.84 to $72.41 a barrel after falling $0.71 to $71.57 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,191.80, down $7.30 compared to the previous session?s close of $1,199.10. On Wednesday, gold slid $6.
On the currency front, the U.S. dollar is trading at 112.98 yen compared to the 112.73 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1676 compared to yesterday?s $1.1739.
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