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| US Market |
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The major U.S. index futures are pointing to a higher opening on Thursday, with stocks poised to move back to the upside after ending the previous session modestly lower.
The markets may benefit from a positive reaction to the latest batch of earnings news, as a number of well-known companies have reported better than expected quarterly results.
Stocks finished Wednesday's trading modestly lower after seeing strength for much of the trading session. The major averages pulled back going into the close, ending the session just below the unchanged line.
The Dow dipped 21.03 points or 0.1 percent to 20,975.09, the Nasdaq edged down 0.27 points or less than a tenth of a percent to 6,025.23 and the S&P 500 slipped 1.16 points or 0.1 percent to 2,387.45.
The lower close on Wall Street came after officials from President Donald Trump's administration unveiled the president's highly anticipated tax reform plan.
White House chief economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin outlined Trump's plan in a briefing to reporters at the White House.
Trump's tax reform plan would reduce the number of income tax brackets from seven to three, with a top rate of 35 percent and lower rates of 25 percent and 10 percent.
The president's proposal would also lower the corporate tax rate to 15 percent from the current 35 percent.
Trump's plan would also eliminate the alternative minimum tax as well as the estate tax, which is also known as the "death tax."
Among individual stocks, shares of Twitter (TWTR) moved sharply higher after the social media giant reported better than expected first quarter results.
Restaurant chain Chipotle Mexican Grill (CMG) also saw notable strength after reporting first quarter results that exceeded analyst estimates on both the top and bottom lines.
Boeing (BA) also reported first quarter earnings that exceeded analyst estimates, although the aerospace giant reported revenues that came in below expectations.
Consumer products giant Procter & Gamble (PG) also reported better than expected third quarter earnings on weaker than expected revenues.
Shares of U.S. Steel (X) came under pressure after the steel giant reported a wider than expected first quarter loss on weaker than expected revenues.
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| US Economic Reports |
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The Labor Department released a report showing an unexpected increase in initial jobless claims in the week ended April 22nd.
The report said initial jobless claims climbed to 257,000, an increase of 14,000 from the previous week's revised level of 243,000.
The increase surprised economists, who had expected jobless claims to edge down to 241,000 from the 244,000 originally reported for the previous week.
A separate report released by the Commerce Department showed that new orders for manufactured durable goods climbed by less than expected in the month of March.
The Commerce Department said durable goods orders rose by 0.7 percent in March after jumping by a revised 2.3 percent in February.
Economists had expected orders to surge up by 1.2 percent compared to the 1.8 percent increase that had been reported for the previous month.
Excluding a jump in orders for transportation equipment, durable goods orders edged down by 0.2 percent in March after climbing by 0.7 percent in February.
At 10 am ET, the National Association of Realtors is due to release its report on pending home sales in the month of March. Economists expect pending home sales to drop by 1.0 percent in March after spiking by 5.5 percent in February.
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 scheduled to announce the results of its auction of $28 billion worth of seven-year notes at 1 pm ET.
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| Europe markets |
The major European markets have moved to the downside on the day following the European Central Bank’s monetary policy announcement.
While the German DAX Index is down by 0.1 percent, the French CAC 40 Index is down by 0.3 percent and the U.K.’s FTSE 100 Index is down by 0.5 percent.
The ECB left its key interest rates and the volume of asset purchases unchanged on Thursday and signaled that it was ready to boost stimulus if the economic outlook turned less favorable.
Sweden's central bank left its key rate unchanged but extended the purchases of government bonds and delayed its expected timing for an interest rate hike until mid-2018.
Deutsche Bank has moved lower after German lender more than doubled its first-quarter profit, but its revenue dropped due to the negative impact of credit spreads. Airline Lufthansa have tumbled after its first quarter net loss widened from last year.
AstraZeneca has come under pressure after the drug giant reported weak profit and revenues in its first quarter amid declining sales of cholesterol treatment Crestor, which lost patent protection last year.
On the other hand, Nokia shares have soared after the telecoms giant narrowed its first-quarter loss and said it was cautiously optimistic for the full year.
Mediclinic shares have also spiked higher after the Abu Dhabi government canceled a requirement for citizens to make co-payments for private medical treatment.
Lloyds Banking Group has rallied after the British bank more than doubled its first-quarter profit despite challenging trading conditions and the HBOS scandal.
In economic news, German consumer confidence is set to improve markedly in May after two consecutive declines, survey data from market research group GfK showed.
Separately, a monthly survey from the European Union showed that its economic sentiment indicator across the 19-country euro zone rose by 1.6 points in April to 109.6, the highest level in nearly a decade.
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| Asia markets |
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Asian stocks fluctuated before closing mostly higher on Thursday after top White House officials finally unveiled the president's highly anticipated tax reform plan that includes significant reductions in both individual and corporate income tax rates.
The proposal would lower the corporate tax rate to 15 percent from the current 35 percent and also eliminate the so-called "Death Tax" on estates.
Analysts initially greeted President Donald Trump's tax plan as a starting point to simplify the U.S. tax code but warned that there were obstacles ahead.
Chinese shares reversed initial losses to close modestly higher after official data showed profits earned by Chinese industrial firms climbed markedly in March, though at a slower pace than in the first two months of the year.
Industrial profits surged an annual 23.8 percent, well below the 31.5 percent spike in the January to February period. However, it was much faster than the 8.5 percent growth in the year 2016.
The benchmark Shanghai Composite Index rose 11.34 points or 0.36 percent to 3,152.19, while Hong Kong's Hang Seng Index climbed 120.05 points or 0.49 percent to 24,698.48.
Australian shares moved in a narrow range before finishing higher, led by financial and gold mining stocks. The benchmark S&P/ASX 200 Index inched up 9.50 points or 0.16 percent to 5,921.50, while the broader All Ordinaries Index closed 7.60 points or 0.13 percent higher at 5,944.40.
The big four banks rose between 0.6 percent and 1 percent ahead of earnings due next week. Gold miners Evolution and Northern Star climbed 3-5 percent as gold prices rebounded in Asian trading on skepticism over Trump's proposed tax reform.
Energy major Santos fell as much 5.5 percent after the conservative government proposed a radical plan to restrict exports of liquefied natural gas when required. Lower copper prices weighed on mining stocks, with BHP Billiton, Rio Tinto and Fortescue Metals Group losing 1-3 percent.
Ten Network slumped 19 percent after the company reported a massive half-year loss and warned of "material uncertainty" that may cast significant doubt on the group's ability to continue as a going concern. Wesfarmers dropped 1.5 percent on reporting muted growth in supermarket sales for the third quarter.
Meanwhile, Japanese shares snapped a four-day rally as the Bank of Japan kept its policy steady while sounding more upbeat on the economy, citing a pick-up in overseas demand. The Nikkei 225 Index shed 37.56 points or 0.19 percent to finish at 19,251.87, and the broader Topix index closed 0.05 percent lower at 1,536.67.
Takata shares plummeted 19.5 percent after reports that the airbag maker was considering filing for bankruptcy protection and then selling its core operations. Canon jumped 3.7 percent after lifting its full-year outlook.
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| Forbes mag says this strategy "like finding money in the street" |
And Reuters magazine calls this type of trading "the new baby boomer hobby." An anonymous trader -- living at the base of the Smoky Mountains -- just released a free report revealing a step-by-step system to generating an extra $5,000 per month in income thanks to this trading strategy. The report is free until Sunday.Click here for the FREE REPORT...
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| Currency and Commodities Markets |
Crude oil futures are sliding $0.82 to $48.80 a barrel after inching up $0.06 to $49.62 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,264.50, up $0.30 from the previous session’s close of $1,264.20. On Wednesday, gold fell $3.
On the currency front, the U.S. dollar is trading at 111.40 yen compared to the 111.06 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0918 compared to yesterday’s $1.0904.
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