| | The major U.S. index futures are pointing to a roughly flat opening on Thursday, with stocks likely to show a lack of direction following the release of a slew of U.S. economic data.
Traders may initially be reluctant to make significant moves as they digest key economic data, including reports on retail sales and weekly jobless claims.
Stocks fluctuated wildly over the course of the trading session on Wednesday after failing to sustain an initial move to the downside. The major averages pulled back firmly into negative territory in morning trading before staging an unsuccessful recovery attempt in the afternoon.
By the close of trading, the major averages were significantly lower once again. The Dow fell 205.99 points or 0.8 percent to 25,080.50, the Nasdaq tumbled 64.48 points or 0.9 percent to 7,136.39 and the S&P 500 slid 20.60 points or 0.8 percent to 2,701.58.
A continued decline by shares of Apple (AAPL) weighed on stocks on Wall Street, with the tech giant slumping by 2.8 percent to a four-month closing low.
Apple extended a recent downtrend after Guggenheim Partners downgraded its rating on the company's stock to Neutral from Buy amid expectations of a 5 percent drop in iPhone units sold in 2019.
Negative sentiment may also have been generated by comments by Congresswoman Maxine Waters, D-Calif., who is expected to take over the powerful House Financial Services Committee in the next Congress.
Ahead of testimony by Federal Reserve Vice Chairman for Supervision Randal Quarles, Waters suggested she would halt President Donald Trump's efforts to roll back banking regulations.
"Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end," Waters said.
Meanwhile, traders largely shrugged off a report from the Labor Department showing consumer prices increased in line with economist estimates in the month of October.
The Labor Department said its consumer price index rose by 0.3 percent in October after inching up by 0.1 percent in September. Economists had expected prices to climb by 0.3 percent.
Excluding food and energy prices, core consumer prices edged up by 0.2 percent in October after creeping up by 0.1 percent in September. The uptick in core prices also matched expectations.
The annual rate of consumer price growth accelerated to 2.5 percent in October from 2.3 percent in September, while the annual rate of core consumer price growth slowed to 2.1 percent from 2.2 percent.
Biotechnology stocks moved sharply lower over the course of the trading day, extending the steep decline seen over the past several sessions.
Reflecting the weakness in the biotech sector, the NYSE Arca Biotechnology Index tumbled by 2.2 percent to its lowest closing level in seven months.
Significant weakness also emerged among utilities stocks, as reflected by the 1.5 percent slump by the Dow Jones Utilities Average.
Financial, retail, software, and natural gas stocks also saw considerable weakness, moving lower along with most of the other major sectors.
Meanwhile, gold stocks bucked the downtrend on the day, resulting in a 3.6 percent spike by the NYSE Arca Gold Bugs Index. The index bounced off a two-month closing low. The rebound by gold stocks came amid an increase by the price of the precious metal.
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Retail sales in the U.S. increased by more than anticipated in the month of October, the Commerce Department revealed in a report released on Thursday.
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, 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.
At 10 am ET, Federal Reserve Vice Chairman for Supervision Randal Quarles is due to testify before the Senate Banking Committee on the Fed?s supervision and regulation of the financial system.
The Commerce Department is also scheduled to release its report on business inventories in the month of September. Business inventories are expected to rise by 0.3 percent.
At 11 am ET, The Energy Information Administration is due to release its report on oil inventories in the week ended November 9th.
Crude oil inventories are expected to rise by 3.1 million barrels after jumping by 5.8 million barrels in the previous week.
Atlanta Fed President Raphael Bostic is scheduled to deliver speech at the GIC's Central Banking Series Conference in Madrid, Spain, at 1 pm ET.
At 3 pm ET, Minneapolis Fed President Neel Kashkari is due to participate in a moderated Q&A with the Minnesota AgriGrowth Council in Minneapolis, Minnesota.
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Shares of Cisco Systems (CSCO) are moving significantly higher in pre-market trading after the networking giant reported fiscal first quarter results that exceeded analyst estimates on both the top and bottom lines.
Business software giant Oracle (ORCL) may also move to the upside after Warren Buffett?s Berkshire Hathaway reported a 41.4 million share stake in the company as of the end of September.
Shares of Walmart (WMT) are also seeing pre-market strength after the retail giant reported better than expected third quarter earnings and raised its full-year guidance.
On the other hand, shares of J.C. Penny (JCP) are moving sharply lower in pre-market trading after the department store operator reported a narrower than expected third quarter loss but weaker than expected revenues. J.C. Penney also lowered its full-year comparable-store sales forecast.
Energy delivery company Con Edison (ED) could also move to the downside after announcing the pricing of an offering of 13.6 million of its common shares at $77.00 per share.
Shares of NetApp (NTAP) may see initial weakness even though the data management company reported fiscal second quarter adjusted earnings that beat expectations. | | | | | 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 are turning in a lackluster performance on Thursday after Brexit Secretary Dominic Raab and Northern Ireland minister Shailesh Vara announced their resignations, dealing a severe blow to Prime Minister Theresa May's Brexit plans.
Traders are also digesting media reports suggesting that China has outlined a series of potential concessions to the Trump administration to resolve trade issues.
While the French CAC 40 Index is down by 0.5 percent, the German DAX Index and the U.K.?s FTSE 100 Index are both nearly flat.
BMW, Daimler, Volkswagen, Renault and Peugeot have slumped after industry data showed EU new car registration decreased by 7.3 percent year-on-year in October.
Premier Oil has also moved notably lower. The company said it expects full-year output to be at the bottom of the range previously forecast.
Royal Mail is also posting a steep loss after its profit before tax for the half year ended September 23rd dropped to 33 million pounds from 77 million pounds last year.
Meanwhile, shares of Bouygues have risen in Paris. The industrial group confirmed its full-year outlook after reporting a rise in net profit in the first nine months of the year.
German consumer goods maker Henkel has also rallied after reporting an increase in third quarter sales and confirming full-year guidance.
Tullow Oil has also moved to the upside in London. The oil exploration company raised its full-year free cash flow forecast and said its net debt would drop to $2.8 billion by the end of the year.
Shares of Antofagasta have also advanced after the Chilean miner was granted approval to expand its Los Pelambres mine.
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Asian stocks ended mixed on Thursday as U.S. stocks fell for a fifth day overnight and oil declined once again after rising on Wednesday.
Beijing's pledge of support for the economy and news that European Union leaders will meet on November 25th to endorse the divorce deal with Britain helped regional stock finish off their day's lows.
Chinese shares closed sharply higher on hopes for possible government action to boost growth. The benchmark Shanghai Composite Index rallied 35.93 points or 1.4 percent to close at 2,668.17, while Hong Kong's Hang Seng Index surged up 448.91 points or 1.8 percent to 26,103.34.
Meanwhile, Japanese shares edged lower, dragged down by financials and Apple suppliers. The Nikkei 225 Index dipped 42.86 points or 0.2 percent to 21,803.62, and the broader Topix Index edged down 0.1 percent to 1,638.97.
Heavyweight SoftBank lost 2.7 percent and Fanuc declined 1.9 percent. Apple supplier TDK Corp tumbled 3.1 percent and Taiyo Yuden plunged 4.8 percent after Apple shares fell for a fifth day on concerns about iPhone demand. Exporters Canon, Panasonic and Sony fell around 1 percent.
Banks fell on apprehensions over the earnings outlook after a U.S. Democratic lawmaker vowed to halt easing of banking regulations. Both Mitsubishi Financial UFJ and Sumitomo Mitsui Financial Group ended down over 3 percent.
Australian markets fluctuated before ending marginally higher as data showed the country's labor market experienced stronger than expected employment growth in October.
The Australian economy added 32,800 jobs last month, beating forecasts for 20,000 jobs following the addition of 7,800 jobs in the previous month. The unemployment rate came in at a seasonally adjusted 5.0 percent, unchanged from the September reading.
The big four banks as well as mining heavyweights BHP Billiton and Rio Tinto finished flat to slightly lower. Gold miners Evolution and Newcrest climbed 2-3 percent as gold prices held steady on dollar weakness.
Grain handler Graincorp dropped 1.4 percent after posting a big drop in full-year profits. Wesfarmers fell 1.7 percent ahead of a crucial shareholder vote on the demerger of Coles later in the day.
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Crude oil futures are rising $0.20 to $65.45 a barrel after climbing $0.56 to $56.25 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,211.60, up $1.50 compared to the previous session?s close of $1,210.10. On Wednesday, gold advanced $8.70.
On the currency front, the U.S. dollar is trading at 113.31 yen compared to the 113.63 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1302 compared to yesterday?s $1.1310.
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