The S&P 500 Futures are back in the red after they rebounded yesterday as investors were encouraged to see more signs in U.S. economic recovery.
Later today, the U.S. Commerce Department will report September personal spending (+1.0% on month expected) and personal income (+0.4% on month expected). The Market News International will release Chicago PMI for October (58.0 expected). The University of Michigan will publish final readings of its Consumer Sentiment Index for October (81.2 expected).
European indices are searching for a trend. The European Commission has posted eurozone’s 3Q GDP at -4.3% (vs -8.0% on month expected), October CPI at +0.2% (vs +0.2% on month expected) and September jobless rate at 8.3% (vs 8.2% expected). The German Federal Statistical Office has released 3Q GDP at +8.2% (vs +7.2% on quarter expected) and September retail sales at -2.2% (vs -0.6% on month expected). France’s INSEE has reported 3Q GDP at +18.2% (vs +15.1% on quarter expected) and October CPI at -0.1% (vs +0.2% on month expected). In the U.K., the Nationwide Building Society has posted its House Price Index for October at (vs +0.4% on month expected).
Asian indices faced a drop. This morning, official data showed that Japan’s jobless rate was unchanged at 3.0% in September (3.1% expected), while industrial production rose 4.0% on month (+3.0% expected).
WTI Crude Oil futures remain on the downside. Later today, Baker Hughes will report the total number of rig counts for the U.S. and Canada.
US indices closed up on Thursday, lifted by Media (+3.3%), Energy (+3.2%) and Technology Hardware & Equipment (+3.06%) sectors.
Approximately 58% of stocks in the S&P 500 Index were trading above their 200-day moving average and 12% were trading above their 20-day moving average. The VIX Index fell 3.08pts (-7.65%) to 37.2, while Gold declined $7.62 (-0.41%) to $1869.57, and WTI Crude Oil dropped $1.10 (-2.94%) to $36.29 at the close.
On the US economic data front, Initial Jobless Claims fell to 751K for the week ending October 24th (770K expected), from a revised 791K in the week before. Continuing Claims declined to 7,756K for the week ending October 17th (7,775K expected), from a revised 8,465K in the prior week. GDP surged to +33.1% on quarter for the third quarter advanced reading (+32.0% expected), from -31.4% in the second quarter third reading, marking an all-time high. Finally, Pending Home Sales slipped 2.2% on month in September (+2.9% expected), compared to +8.8% in August.
Gold rose 10.63$ (+0.57%) to 1878.22.
the dollar index fell 0.12pt to 93.834 the day’s range was 93.767 – 93.978 compared to 93.335 – 94.102 the previous session.
U.S. Equity Snapshot
Apple (AAPL), the tech giant, slid after hours as quarterly iPhone sales missed estimates. The company did not give guidance for the current quarter.
Source: TradingView, GAIN Capital
Amazon.com (AMZN), the world’s largest online retailer and web services provider, lost some ground postmarket after forecasting current quarter operating income that missed estimates.
Facebook (FB), the social network, fell in extended trading after the company said that its business may slow in 2021.
Alphabet (GOOGL), Google’s holding company, surged after hours as quarterly earnings beat estimates.
Twitter (TWTR), the social networking platform, plunged postmarket as user growth missed estimates.
Starbucks (SBUX), the global specialty coffee chain, is expected to lose some ground at the open despite posting quarterly earnings above expectations.
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