| The Biggest Day in the History of Cannabis Is Coming This historic day will unleash a multi-billion dollar industry, and a handful of stocks are primed to skyrocket! Free Report-Click here! | | | | The major U.S. index futures are pointing to a lower opening on Friday, with stocks likely to see further downside after ending the previous session significantly lower.
The downward momentum on Wall Street comes following the release of the Labor Department?s closely watched report on the employment situation in the month of September.
While the report showed weaker than expected job growth in September, the jump in employment in August was upwardly revised and the unemployment rate fell to its lowest level since 1969.
Stocks saw considerable weakness during the trading session on Thursday, extending the pullback seen in afternoon trading on Wednesday. With the drop on the day, the Dow gave back ground after ending yesterday's trading at a record closing high.
The major averages climbed well off their worst levels of the session but still finished the day firmly in the red. The Dow tumbled 200.91 points or 0.8 percent to 26,627.48, the Nasdaq plunged 145.57 points or 1.8 percent to 7,879.51 and the S&P 500 slumped 23.90 points or 0.8 percent to 2,901.61.
The notable weakness on Wall Street came as a recent jump by U.S. treasury yields has raised concerns about the outlook for interest rates.
With the ten-year yield reaching its highest levels in over seven years, traders seem worried the Federal Reserve may raise rates more aggressively than currently anticipated.
Adding to the concerns Fed Chairman Jerome Powell said in remarks at the Atlantic Festival in Washington, D.C. after the close of trading on Wednesday that interest rates are "a long way from neutral" even after recent increases.
"The really extremely accommodative low interest rates that we needed when the economy was quite weak, we don't need those anymore. They're not appropriate anymore," Powell told Judy Woodruff of PBS.
"Interest rates are still accommodative, but we're gradually moving to a place where they will be neutral," he added. "We may go past neutral, but we're a long way from neutral at this point."
On the U.S. economic front, the Labor Department released a report showing a bigger than expected drop in initial jobless claims in the week ended September 29th.
The Labor Department said initial jobless claims fell to 207,000, a decrease of 8,000 from the previous week's revised level of 215,000.
Economists had expected jobless claims to edge down to 213,000 from the 214,000 originally reported for the previous week.
A separate report from the Commerce Department showed a bigger than expected rebound in factory orders in the month of August.
The Commerce Department said factory orders surged up by 2.3 percent in August after falling by a revised 0.5 percent in July, while economists had expected factory orders to jump by 2.1 percent
Biotechnology stocks saw substantial weakness on the day, resulting in a 2.4 percent slump by the NYSE Arca Biotechnology Index. The index pulled back further off the record closing high set a week ago.
Celgene (CELG), Gilead Sciences (GILD), and Biogen (BIIB) turned in some of the biotech sector's worst performances.
Considerable weakness was also visible among tobacco stocks, which extended the pullback seen in the previous session. The NYSE Arca Tobacco Index plunged by 2 percent, largely offsetting the spike seen on Tuesday.
Semiconductor stocks also showed a significant move to the downside, dragging the Philadelphia Semiconductor Index down by 1.8 percent.
Retail, steel, housing, and computer hardware stocks also saw notable weakness on the day, while brokerage stocks bucked the downtrend.
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Employment in the U.S. rose by much less than expected in the month of September, according to a report released by the Labor Department.
The Labor Department said non-farm payroll employment climbed by 134,000 jobs in September, while economists had expected an increase of about 185,000 jobs.
However, the report also showed a significant upward revision to the pace of job growth in August, with employment spiking by 270,000 jobs compared to the originally reported jump of 201,000 jobs.
The Labor Department also said the unemployment rate fell to 3.7 percent in September from 3.9 percent in August. The unemployment rate had been expected to edge down to 3.8 percent.
Average hourly employee earnings rose by $0.08 or 0.3 percent to $27.24 in September, reflecting a year-over-year increase of 2.8 percent.
A separate report from the Commerce Department showed the U.S. trade deficit widened in August, reflecting an increase in imports and a decrease in exports.
The Commerce Department said the trade deficit widened to $53.2 billion in August from a revised $50.0 billion in July.
Economists had expected the trade deficit to widen to $53.5 billion from the $50.1 billion originally reported for the previous month.
At 12:30 pm ET, Dallas Federal Reserve President Robert Kaplan is scheduled to participate in a moderated Q&A session at a community luncheon sponsored by the Dallas Fed in Waco, Texas.
Atlanta Fed President Raphael Bostic is also due to give a speech at the 57th Annual Financial Literacy and Economic Education Conference in Atlanta, Georgia, at 12:30 pm ET.
At 3 pm ET, the Fed is scheduled to release its report on consumer credit in the month of August. Consumer credit is expected to increase by $15.0 billion in August after climbing by $16.6 billion in July.
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Shares of Costco (COST) are moving notably lower in pre-market trading after the warehouse retailer reported fiscal fourth quarter earnings that met analyst estimates but said it is reviewing its internal control over financial reporting.
Electric car maker Tesla (TSLA) may also see early weakness after CEO Elon Musk mocked the Securities and Exchange Commission in a post on Twitter just days after reaching a settlement with the agency on fraud charges.
Shares of HP Inc. (HPQ) could also move to the downside after J.P. Morgan downgraded its rating on the software company?s stock to Neutral from Overweight.
On the other hand, shares of SMART Global Holdings (SGH) are seeing significant pre-market strength after the company reported fiscal fourth quarter results that exceeded analyst estimates 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 stocks have fallen on Friday to extend losses from the previous session as upbeat U.S. data and hawkish comments from Federal Reserve officials boosted expectations for inflation and continued rate hikes by the Fed in the coming months. Concerns surrounding Italy and Brexit uncertainty have also kept investors nervous.
"We are trying to change this Europe from the inside and we hope that the May European elections will give us a hand," Italy's Deputy Prime Minister Matteo Salvini reportedly said.
While the French CAC 40 Index has fallen by 0.6 percent, the German DAX Index and the U.K.?s FTSE 100 Index are both down by 0.9 percent.
Danish lender Danske Bank, which is facing a criminal investigation by U.S. authorities over a money laundering scandal, has slumped.
Gold mining company Centamin has also fallen sharply in London after reporting a 25 percent drop in quarterly output and cutting its annual output target.
Freenet has also tumbled. After over a decade of service, Joachim Preisig has decided to leave the Executive Board of the company on December 31st.
Meanwhile, consumer goods company Unilever is marginally higher. The company's board has decided to withdraw its proposal to simplify Unilever's dual-headed legal structure.
Intu Properties has soared on news that a consortium including British billionaire John Whittaker and Canada's Brookfield Asset Management is considering a bid for the real estate investment trust. However, the company said it hasn't received any buyout offer.
In economic news, Germany factory orders rebounded on foreign demand in August, figures published by Destatis revealed. Factory orders grew by 2 percent in August, reversing a 0.9 percent drop in July. Orders were forecast to rise 0.8 percent.
U.K. house prices dropped unexpectedly in September, data from the Lloyds bank subsidiary Halifax and IHS Markit showed.
House prices decreased 1.4 percent in September from August, confounding expectations for an increase of 0.2 percent. This was also much bigger than the 0.2 percent drop posted in August.
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Asian stocks ended mostly lower on Friday as a recent surge in U.S. Treasury yields has raised concerns about the outlook for interest rates. Media reports suggesting that China secretly inserted surveillance microchips into servers used by Apple and Amazon also weighed on the markets.
Investors looked ahead to the U.S. jobs report for September due later in the day for clues over the next rate hike by the Federal Reserve.
Chinese markets continued to remain closed for national holidays. Hong Kong's Hang Seng Index slipped 51.30 points 0.2 percent to 26,572.57.
Japanese shares hit a two-week low after high-flying tech stocks led the decline on Wall Street overnight. The Nikkei 225 Index fell 191.90 points or 0.8 percent to 23,783.72, while the broader Topix Index closed 0.5 percent lower at 1,792.65.
Tokyo Electron, Murata Manufacturing and Advantest lost 3-4 percent in the technology sector. Banks gained ground, tracking an uptick in global bond yields and amid news that Japan is considering a consolidation of regional banks.
Mitsubishi UFJ Financial Group added 1.2 percent, Chiba Bank rallied 3.1 percent and Shizuoka Bank jumped 2.8 percent.
Average household spending in Japan grew an annual 2.8 percent in August, a government report showed. That beat expectations for an increase of 0.1 percent, which would have been unchanged from July.
Meanwhile, Australian shares closed slightly higher as investors lapped up beaten-down financials for their high dividend yields. The benchmark S&P/ASX 200 Index rose 9.20 points or 0.2 percent to 6,185.50, while the broader All Ordinaries Index inched up 7.20 points or 0.1 percent to 6,301.10.
Banks ANZ, Commonwealth and Westpac rose between 0.1 percent and 0.4 percent, investment bank Macquarie Group advanced 1.3 percent, wealth manager AMP rose 0.3 percent and insurer Suncorp added 0.4 percent.
Energy stocks also finished broadly higher as oil prices rose in Asian trade amid looming U.S. sanctions against Iran's crude exports.
However, Beach Energy tumbled 3.7 percent after cutting its fiscal year 2019 production and core earnings guidance and announcing an asset sale.
Mining heavyweights BHP Billiton and Rio Tinto rose 0.3 percent and 0.1 percent, respectively. Alumina dropped 1.3 percent after climbing almost 11 percent the previous day.
In economic news, Australia's retail turnover logged moderate growth in August, the Australian Bureau of Statistics said. Retail sales grew 0.3 percent month-on-month following a relatively unchanged estimate in July and a 0.4 percent rise in June.
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Crude oil futures are rising $0.15 to $74.48 a barrel after plunging $2.08 to $74.33 a barrel on Thursday. Meanwhile, after slipping $1.30 to $1,201.60 an ounce in the previous session, gold futures are climbing $3.40 to $1,205 an ounce.
On the currency front, the U.S. dollar is trading at 113.88 yen compared to the 113.91 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1524 compared to yesterday?s $1.1514.
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