| | The major U.S. index futures are pointing to a lower open on Friday, with stocks likely to move back to the downside following the rebound seen over the course of the previous session.
Semiconductor stocks may lead the markets lower amid a negative reaction to earnings news from graphics chip maker Nvidia (NVDA) and semiconductor equipment maker Applied Materials (AMAT).
Lingering concerns about the global economic outlook as well as concerns along with renewed anxiety Brexit may also weigh on the markets.
After extending a recent downward trend early in the session, stocks showed a substantial turnaround over the course of the trading session on Thursday. The major averages bounced well off their lows of the session and firmly into positive territory.
The major averages pulled back off their best levels but held on to strong gains into the close. The Dow advanced 208.77 points or 0.8 percent to 25,289.27, the Nasdaq soared 122.64 points or 1.7 percent to 7,259.03 and the S&P 500 jumped 28.62 points or 1.1 percent to 2,730.20.
The rebound on Wall Street came amid optimism about trade after a report from the Financial Times said the U.S. and China have intensified efforts to reach a trade agreement at the G20 summit later this month.
The FT said negotiators stepped up efforts following a telephone call between U.S. President Donald Trump and Chinese President Xi Jinping earlier this month.
In a post on Twitter following the call, Trump said he had a "very good" conversation with Xi with a "heavy emphasis on trade."
The FT said China subsequently responded to U.S. requests to address a range of sticking points, with senior U.S. and Chinese officials discussing the possibility of concessions.
One person familiar with the situation told the FT that U.S. Trade Representative Robert Lighthizer had told some industry executives the next round of tariffs on Chinese imports was already on hold.
The early weakness in the markets came amid lingering concerns about the global economic outlook as well as news of the resignation of U.K. Brexit Secretary Dominic Raab.
Traders were also digesting a slew of U.S. economic data, including reports on retail sales and weekly jobless claims.
Retail sales in the U.S. increased by more than anticipated in the month of October, the Commerce Department revealed in a report.
The Commerce Department said retail sales advanced by 0.8 percent in October following a revised 0.1 percent dip in September.
Economists had expected retail sales to climb by 0.5 percent compared to the 0.1 percent uptick originally reported for the previous month.
Excluding a jump in auto sales, retail sales still rose by 0.7 percent in October after edging down by 0.1 percent in September. Ex-auto sales had been expected to increase by 0.5 percent.
Meanwhile, closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, rose by 0.3 percent in October, matching the downwardly revise increase in September.
"The plunge in oil prices in recent weeks will boost households' real disposable incomes by close to $40 billion, with surging natural gas prices likely to offset only a small fraction of that improvement in purchasing power," said Michael Pearce, Senior U.S. Economist at Capital Economics.
"With consumer confidence still high, much of this extra cash is likely to filter through to spending on other goods and services," he added. "But we doubt that will be enough to replace the boost from the earlier fiscal stimulus or offset all of the headwind from tighter monetary policy."
A separate report from the Labor Department showed a slight increase in first-time claims for U.S. unemployment benefits in the week ended November 10th.
The report said initial jobless claims inched up to 216,000, an increase of 2,000 from the previous week's unrevised level of 214,000. Economists had expected jobless claims to edge down to 212,000.
The Labor Department also released a report showing import and export prices both rose by more than expected in the month of October.
The Labor Department said import prices climbed by 0.5 percent in October after rising by a downwardly revised 0.2 in September.
Economists had expected import prices to inch up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month.
The report also said export prices rose by 0.4 percent in October after coming in unchanged in September. Export prices had also been expected to tick up by 0.1 percent.
Reports released by the Federal Reserve Banks of New York and Philadelphia showed mixed readings on the pace of growth in regional manufacturing activity in the month of November.
Semiconductor stocks moved sharply higher over the course of the session, driving the Philadelphia Semiconductor Index up by 3.3 percent.
Significant strength also emerged among biotechnology stocks, as reflected by the 2.9 percent jump by the NYSE Arca Biotechnology Index. The index rebounded after ending the previous session at a seven-month closing low.
Gold stocks extended yesterday's rally amid a continued increase by the price of the precious metal, with the NYSE Arca Gold Bugs Index surging up by 2.1 percent.
Software, steel, networking and banking stocks also moved notably higher on the day, while considerable weakness remained visible among interest rate-sensitive utilities and housing stocks.
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At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of October. Industrial production is expected to edge up by 0.2 percent in October after rising by 0.3 percent in September.
Chicago Fed President Charles Evans is due to speak about current economic conditions and monetary policy at the Fixed Income Forum Roundtable in Chicago, Illinois, at 11:30 am ET.
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Shares of Nvidia (NVDA) are moving sharply lower in pre-market trading after the graphics chip maker reported third quarter earnings that beat estimates but also reported weaker than expected revenues and provided disappointing revenue guidance for the current quarter.
Semiconductor equipment maker Applied Materials (AMAT) is also likely to come under pressure after reporting fiscal fourth quarter earnings that matched expectations but forecasting fiscal first quarter results below estimates.
Shares of Williams-Sonoma (WSM) are also seeing significant pre-market weakness after the cookware and home furnishings retailer reported third quarter earnings that exceeded estimates but weaker than expected revenues.
On the other hand, shares of PG&E (PCG) are spiking in pre-market trading after falling sharply in recent sessions amid concerns the utility company?s equipment was responsible for starting the California wildfires.
Electronics maker Sonos (SONO) is also likely to see initial strength after reporting a narrower than expected fiscal fourth quarter loss on revenues that beat expectations. Sonos also provided upbeat revenue guidance.
Shares of Viacom (VIAB) may also move to the upside after the mass media conglomerate 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 moved mostly lower over the course of the session amid Brexit uncertainty and Italy's budget showdown with the European Commission.
While the German DAX Index is down by 0.2 percent, the French CAC 40 Index is down by 0.3 percent and the U.K.?s FTSE 100 Index is down by 0.4 percent.
Chocolate producer Barry Callebaut has slumped after the Jacobs family sold a 2.7 percent stake in the company. Danish cable producer NKT has also plunged after issuing a profit warning.
AstraZeneca has also dropped after its key lung cancer treatment failed to meet main goals in a late-stage trial.
Meanwhile, German automaker Volkswagen has risen after its supervisory board votes on changes to the company's manufacturing operations.
Deutsche Telekom has also moved higher after Swedish carrier Tele2 argued for a combination of its Dutch unit with the Netherlands unit of the German telecom provider.
Vivendi shares have also jumped in Paris. The French media conglomerate delivered better than expected third quarter results and clarified that it does not intend to sell its stake in Telecom Italia.
Swiss industrial firm ABB has rallied on reports that it is in talks with three Asian suitors for its Power Grids business.
Imperial Brands has also moved notably higher. The British tobacco company has welcomed the U.S. FDA's moves to prevent youth access to tobacco and vapour products.
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Asian stocks ended mixed on Friday, with anxiety around Brexit and conflicting reports about progress in U.S.-China trade talks keeping investors nervous.
Investors remained focused on the political turmoil in the U.K. after several ministers, including Brexit Minister Dominic Raab, resigned in protest to Prime Minister Theresa May's draft Brexit agreement.
China's Shanghai Composite Index rose 0.4 percent to hit a fresh one-month high of 2,679.11 after Beijing reportedly delivered a written response to U.S. trade demands, raising hopes of a thaw in trade relations. Hong Kong's Hang Seng Index finished higher by 0.3 percent at 26,183.53.
Meanwhile, Japanese shares fell as Nvidia's weaker than expected revenues pulled down semiconductor-related stocks. The Nikkei 225 Index dropped 0.6 percent to 21,680.34, while the broader Topix index closed 0.6 percent lower at 1,629.30.
Gaming giant Nintendo slumped more than 9 percent to post its biggest daily drop since July 2016 after Nvidia said that that demand for its Tegra chips from the game console market would be weak in the upcoming quarter. Advantest lost 7.6 percent and Tokyo Electron tumbled 4.3 percent.
Fanuc fell 2 percent and Jtekt Corp. declined 0.4 percent. The Nikkei Asian Review reported that China's Ministry of Commerce has launched an investigation into alleged dumping of machine tools by Fanuc and Jtekt as well as two other Japanese companies.
Australian markets finished marginally lower amid uncertainty surrounding Brexit and ongoing vitality in oil prices. The benchmark S&P/ASX 200 Index edged down 0.1 percent to 5,730.60, taking the weekly loss to 3.2 percent.
Oil majors closed mostly lower, although Origin Energy climbed 1.5 percent. Santos shed 0.6 percent after the competition watchdog approved its $2.15 billion acquisition of Quadrant Energy.
The big four banks slipped between 0.1 percent and half a percent. Investment bank Macquarie Group inched up 0.2 percent after upgrading its profit guidance.
Gold miners Newcrest and Evolution dropped 1-2 percent. Struggling department store chain Myer Holdings entered a trading halt, pending an announcement on reports of declining sales.
Higher commodity prices on hopes for a resolution in the U.S.-China relations helped lift resource stocks. Mining heavyweights BHP Billiton and Rio Tinto rose 1-2 percent, while smaller rival Fortescue Metals Group jumped 3.8 percent.
South Korea's Kospi rose 0.2 percent to 2,092.40 as investor concerns over the U.S.-China trade friction eased. Pharmaceutical giant Celltrion jumped 2.5 percent, while tech heavyweight SK Hynix lost 2.4 percent.
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Crude oil futures are jumping $0.92 to $57.38 a barrel after rising $0.21 to $56.46 a barrel on Thursday. Meanwhile, after climbing $4.90 to $1,215 an ounce in the previous session, gold futures are edging up $1.90 to $1,216.90 an ounce.
On the currency front, the U.S. dollar is trading at 113.20 yen compared to the 113.63 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1341 compared to yesterday?s $1.1328.
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