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 Post subject: April 19th Thurs Price Action Trade Result Profit $2125.00
PostPosted: Thu Apr 19, 2018 8:53 pm 
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The Market at 04:25PM ET
Dow: -83.18… | Nasdaq: -57.18… | S&P: -15.51…
NASDAQ Vol: 1.96 bln… Adv: 1070… Dec: 1831…
NYSE Vol: 754.4 mln… Adv: 905… Dec: 2004…

Moving the Market

Apple supplier Taiwan Semi (TSM) tumbles after disappointing Q1 results; top-weighted information technology sector underperforms

Yield curve steepens, helping to underpin the financial sector; upbeat earnings from American Express (AXP) have also helped the group

Consumer staples sector drops with Procter & Gamble (PG) and Philip Morris (PM) leading the retreat after reporting their Q1 results

Sector Watch
Strong: Financials, Energy, Utilities
Weak: Technology, Consumer Staples, Materials, Real Estate

04:25PM ET

[BRIEFING.COM] Stocks dropped for the first time this week on Thursday, giving back around a third of their weekly gains, as investors tried to sort through the latest pile of corporate earnings. The S&P 500 declined 0.6%, closing a step above its 50-day moving average (2687), while the Dow and the Nasdaq lost 0.3% and 0.8%, respectively.

Nine of the eleven S&P 500 sectors finished Thursday in negative territory, with consumer staples (-3.1%) taking the biggest hit. Tobacco giant Philip Morris (PM 85.64, -15.80) paced the consumer staples retreat, plunging 15.6% to its lowest level since late 2015, after reporting a decline in cigarette shipment volume for the first quarter and slower-than-expected growth for its IQOS product -- which heats tobacco instead of burning it. Procter & Gamble (PG 74.95, -2.53) also weighed on the sector, losing 3.3%, despite reporting above-consensus Q1 profits.

The top-weighted technology sector (-1.1%) finished a ways up from consumer staples, but still in the lower half of the sector standings as chipmakers weighed, evidenced by a 4.3% decline in the Philadelphia Semiconductor Index. Apple supplier Taiwan Semi (TSM 39.53, -2.39) was a driver of the bearish bias, losing 5.7%, after its first quarter earnings and revenues came in below estimates; the chipmaker also lowered its guidance for Q2. News that China has concerns about Qualcomm's (QCOM 52.57, -2.66) acquisition of NXP Semi (NXPI 107.17, -5.82) also had a negative impact.

At the opposite end of the sector standings, the influential financial sector (+1.5%) had a strong outing, helped by a steepening of the yield curve and upbeat Q1 results from American Express (AXP 102.37, +7.22); AmEx beat both earnings and revenue estimates in addition to raising its guidance for FY18. As for the yield curve, the 2s10s spread, which hit a 10-year low earlier this week, increased four basis points to 49 bps. The benchmark 10-yr yield accounted for all of that gain, advancing four basis points to 2.91% -- its highest level in eight weeks.

The energy sector was also relatively strong, adding 0.1%, even though WTI crude futures gave back all of a 1.6% intraday advance (and then some), closing lower by 0.2% at $68.30 per barrel. A stronger dollar weighed on the commodity, which -- despite Thursday's downtick -- is still hovering near its highest level in more than three years. The U.S. Dollar Index advanced 0.3% to 89.61 -- its highest level in more than a week -- with the greenback's most notable move coming against the British pound; the GBP/USD dropped 0.8% to 1.4092.

A Bloomberg report, which claims that Deputy Attorney General Rod Rosenstein told President Donald Trump last week that he isn't a target of any part of Special Counsel Robert Mueller's investigation, helped equities pair some of their losses ahead of the closing bell. Volume was light once again though, with just 754 million shares changing hands at the New York Stock Exchange.

Reviewing Thursday's economic data, which included the weekly Initial Claims report, the Philadelphia Fed Index for April, and the Conference Board's Leading Economic Index for March:

The latest weekly initial jobless claims count totaled 232,000, while the Briefing.com consensus expected a reading of 226,000. Today's tally was below the unrevised prior week count of 233,000. As for continuing claims, they declined to 1.863 million from a revised count of 1.878 million (from 1.871 million).
The key takeaway from this report is that it covered the period in which the survey for the April employment report was conducted, so it will fuel expectations for a strong gain in nonfarm payrolls.
The Philadelphia Fed Survey for April rose to 23.2 (Briefing.com consensus 21.0) from an unrevised 22.3 in March.
The key takeaway from this report is that there was a notable uptick in the Prices Paid Index (from 42.6 to 56.4), as well as the Prices Received Index (from 20.7 to 29.8), which will pique interest about budding inflation pressure.
The Conference Board Leading Economic Index increased 0.3% in March (Briefing.com consensus +0.4%). The prior month's reading was revised to +0.7% from +0.6%.
The key takeaway from the report is that the 4.3% growth rate for the index for the six-month period ending March 2018 was much faster than the 1.9% growth rate over the previous six months.

Investors will not receive any economic data on Friday.

Nasdaq Composite: +4.9% YTD
Russell 2000: +2.5% YTD
S&P 500: +0.7% YTD
Dow Jones Industrial Average: -0.2% YTD

Dow: -83.18… | Nasdaq: -57.18… | S&P: -15.51…
NASDAQ Adv/Dec 1070/1831. …NYSE Adv/Dec 905/2004.

03:40PM ET

[BRIEFING.COM] Commodities moved broadly lower today, evidenced by a 0.5% decline in the Bloomberg Commodity Index, which dropped half a point to 89.97. An increase in the U.S. dollar weighed on the market, making commodities -- which are priced in dollars -- more expensive for holders of foreign currencies; the U.S. Dollar Index advanced 0.3% to 89.63.

Energy:
May Crude Oil fell $0.16 (-0.23%) to $68.3/barrel, but traded as high as $69.56/barrel (+1.59%)
May Natural Gas settled $0.08 lower (-2.92%) at $2.66/MMBtu
Metals:
June gold settled today's session down $5.00 (-0.37%) at $1348.6/oz
May silver settled today's session $0.04 higher (+0.12%) at $17.25/oz
May copper settled $0.04 lower (-1.27%) at $3.12/lb
Other notable moves:
May lumber hit a new all-time high before settling down $1.10 (-0.20%) at $549.60

Dow: -69.78… | Nasdaq: -46.99… | S&P: -13.18…
NASDAQ Adv/Dec 1058/1036. …NYSE Adv/Dec 936/2000.

02:55PM ET

[BRIEFING.COM] The major averages are near session lows moving into the final hour of trading, showing losses between 0.6% and 0.9%.

Nine sectors are lower this afternoon, including consumer discretionary (-0.6%), industrials (-0.6%), materials (-1.2%), technology (-1.3%), health care (-0.9%), consumer staples (-3.3%), utilities (-0.4%), telecoms (-0.6%), and real estate (-1.9%), while two groups are in the green -- financials (+1.3%) and energy (+0.1%).

Looking ahead, Skechers (SKX 42.10, -0.13) and E*TRADE (ETFC 58.39, +0.33) will report earnings following today's close, while industrial giants General Electric (GE 13.83, +0.17) and Honeywell (HON 147.96, -1.41) are due to report tomorrow morning.
Dow: -126.66… | Nasdaq: -67.10… | S&P: -20.37…
NASDAQ Adv/Dec 1013/1337. …NYSE Adv/Dec 814/2108.

02:30PM ET

[BRIEFING.COM] The broader market once again is just a stone's throw away from session lows as the tech-heavy Nasdaq Composite "leads" the declines, showing losses of 1.1%.

Shares of tobacco product manufacturer Philip Morris International (PM 86.19, -15.25) currently show losses of 15.0% vs lows of 17.7%; at those +17% losses today, PM's stock touched worse than two-year lows dating back to November of 2015. The consumer staples (-3.3%) company is weaker today in response to lower than expected Q1 shipments and overall sales in tandem with a full year 2018 earnings outlook raise which did not match up to the caliber of the Q1 earnings beat.

Philip Morris, which exclusively does business overseas, reported slipping European Union unit shipments, weaker than expected sales of devices to consumers in Japan, and gave commentary about the pricing environment in Russia and ongoing volume challenges in the Gulf Cooperation Council region -- which includes areas like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Tobacco peers Altria (MO 57.47, -4.03, -6.6%), British American Tobacco (BTI 51.84, -3.00, -5.5%), and Japan Tobacco (JAPAY 13.41, -0.41, -3.0%) also slip lower on Thursday -- MO is scheduled to report April 26, and BTI will hold its Annual General Meeting a day earlier.
Dow: -144.65… | Nasdaq: -74.17… | S&P: -21.15…
NASDAQ Adv/Dec 986/1407. …NYSE Adv/Dec 770/2144.

02:00PM ET

[BRIEFING.COM] Broader market action takes a brief reprieve from making lows since our last update; still, the major averages post losses between 0.6 and 1.0% on the day.

Gold futures fell a measured 0.4% on Thursday at $1,348.80/oz, erasing its weakly gains. Elsewhere in metals, silver futures and copper futures split the difference by posting gains of 0.1% and losses of 1.3%, respectively. After yesterday's one-week high, the yellow metal loses ground with gold stocks Randgold Resources (GOLD 81.08, -0.98, -1.2%) and Goldcorp (GG 14.37, -0.03, -0.2%) display relative weakness. The commodity, which is priced in U.S. dollars, sees pressure from a firmer buck.

The greenback posts slight gains in the face of the weaker broader market; the U.S. Dollar Index gains about 0.2% at 89.84 in recent trade.
Dow: -139.82… | Nasdaq: -60.82… | S&P: -22.88…
NASDAQ Adv/Dec 975/1473. …NYSE Adv/Dec 781/2144.

01:35PM ET

[BRIEFING.COM] The major U.S. indices continue to drift lower as stocks set new session lows in afternoon trading.

A look inside the Dow Jones Industrial Average shows that Procter & Gamble (PG 74.85, -2.63), Intel (INTC 51.96, -1.65), & DowDuPont (DWDP 66.30, -1.76) are underperforming. P&G is under meaningful pressure as shares of the consumer staple giant slip to 2 1/2 year lows after reporting slower organic sales growth and warning that it sees 2018 organic sales growth at the low-end of prior guidance. Meanwhile, Intel is lower as chip stocks across the board drop on disappointing quarterly results and guidance from Taiwan Semi (TSM 39.35, -2.57).

Conversely, American Express (AXP 100.63, +5.48) is the best-performing Dow component after reporting a first quarter top and bottom-line beat, and detailing that it expected full-year profit to be at the high-end of its past projections.

The DJIA is currently up 0.94% this week.
Dow: -172.34… | Nasdaq: -75.45… | S&P: -25.02…
NASDAQ Adv/Dec 920/1567. …NYSE Adv/Dec 718/2186.

01:05PM ET

[BRIEFING.COM] Stocks have given back about a third of their weekly gains today, as investors try to digest a heap of corporate news -- most of which is earnings related. The major averages have extended their opening losses over the course of the session and are currently trading at their lowest marks of the day; the Dow is down 0.5%, the S&P 500 is down 0.8%, and the Nasdaq is down 1.0%.

Today's sector standings have largely been influenced by the latest batch of first quarter earnings. For instance, the financial sector (+1.2%) is the top-performing group -- and the only group in positive territory -- after American Express (AXP 101.05, +5.90) reported better-than-expected earnings and revenues and raised its profit guidance for FY18; shares of the Dow component are currently up 6.2%.

Conversely, the consumer staples sector (-3.5%) is the worst-performing sector, with Dow component Procter & Gamble (PG 75.10, -2.38) and tobacco giant Philip Morris (PM 84.99, -16.46) weighing heavily following their respective earnings reports. Procter & Gamble actually beat Q1 profit estimates, but its shares are down 3.2% nonetheless. Philip Morris shares, meanwhile, have plunged 16.3% in reaction to the company's worse-than-expected Q1 sales.

The top-weighted technology sector (-1.2%) is also lagging, with chipmakers leading the retreat; the Philadelphia Semiconductor Index is down 3.8%. Apple supplier Taiwan Semi (TSM 39.61, -2.31) has had a bearish influence within the space after its first quarter earnings and revenues came in below estimates; the company also lowered its guidance for Q2. News that China has concerns about Qualcomm's (QCOM 52.84, -2.38) acquisition of NXP Semiconductors (NXP 13.90, 0.00) has also had a negative impact.

Meanwhile, the energy sector has shown relative strength, currently hovering near its unchanged mark, as crude futures continue to rally -- although they've come off their best marks of the day. West Texas Intermediate crude futures are currently up 0.5% at $68.82 per barrel and are on track for their best close in over three years. Earlier in the session, WTI crude futures were up as much as 1.6%.

In the bond market, U.S. Treasuries are under pressure, but longer-dated issues have shown particular weakness, resulting in a steepening of the yield curve. The yield on the benchmark 10-yr Treasury note is up five basis points at 2.92%, while the yield on the 2-yr Treasury note is up one basis point at 2.43%. Yields move inversely to prices.

Reviewing today's economic data, which included the weekly Initial Claims report, the Philadelphia Fed Index for April, and the Conference Board's Leading Economic Index for March:

The latest weekly initial jobless claims count totaled 232,000, while the Briefing.com consensus expected a reading of 226,000. Today's tally was below the unrevised prior week count of 233,000. As for continuing claims, they declined to 1.863 million from a revised count of 1.878 million (from 1.871 million).
The key takeaway from this report is that it covered the period in which the survey for the April employment report was conducted, so it will fuel expectations for a strong gain in nonfarm payrolls.
The Philadelphia Fed Survey for April rose to 23.2 (Briefing.com consensus 21.0) from an unrevised 22.3 in March.
The key takeaway from this report is that there was a notable uptick in the Prices Paid Index (from 42.6 to 56.4), as well as the Prices Received Index (from 20.7 to 29.8), which will pique interest about budding inflation pressure.
The Conference Board Leading Economic Index increased 0.3% in March (Briefing.com consensus +0.4%). The prior month's reading was revised to +0.7% from +0.6%.
The key takeaway from the report is that the 4.3% growth rate for the index for the six-month period ending March 2018 was much faster than the 1.9% growth rate over the previous six months.

Dow: -148.48… | Nasdaq: -65.32… | S&P: -22.29…
NASDAQ Adv/Dec 1022/1519. …NYSE Adv/Dec 792/2091.

12:30PM ET

[BRIEFING.COM] Stocks have been trending sideways over the last 30 minutes, keeping the major averages at session lows. The S&P 500 is down 0.8%.

FAANG names are mixed today, with Apple (AAPL 173.73, -4.10, -2.5%) and Netflix (NFLX 331.67, -2.85, -0.9%) moving lower, Facebook (FB 166.38, +0.02, unch) trading flat, and Alphabet (GOOG 1077.68, +5.60, +0.5%) and Amazon (AMZN 1555.91, +28.07, +1.8%) moving higher. Amazon is up after CEO Jeff Bezos revealed the number of "Prime" subscribers for the first time ever, which are now over 100 million in total after the company saw more additions in 2017 than in any prior year.

In Europe, the major bourses finished Thursday relatively flat; the UK's FTSE and France's CAC added 0.2% apiece, while Germany's DAX shed 0.2%. For the week, the Euro Stoxx 50 is up 1.1%.
Dow: -129.66… | Nasdaq: -67.39… | S&P: -21.68…
NASDAQ Adv/Dec 1022/1561. …NYSE Adv/Dec 791/2083.

12:00PM ET

[BRIEFING.COM] Equity indices continue to drift at their lowest marks of the session, with the S&P 500 lower by 0.7%.

The Philadelphia Semiconductor Index is down 3.9% today, as a couple of developments are weighing on investor sentiment. First, there's Apple supplier Taiwan Semi's (TSM 39.25, -2.69, -6.4%) first quarter results, which showed lower-than-expected profits and sales; Taiwan Semi also lowered its guidance for Q2. Second, reports highlighting China's concerns about Qualcomm's (QCOM 53.05, -2.18, -4.0%) acquisition of NXP Semiconductors (NXP 13.95, -0.01, unch) has added some fuel to the selling fire.

Meanwhile, in currencies, the U.S. Dollar Index is up 0.3% at 89.60, hitting its highest level in over a week. The greenback is up 0.3% against the euro (1.2335), 0.1% against the British pound (1.4191), and 0.2% against the Japanese yen (107.45).
Dow: -94.99… | Nasdaq: -60.22… | S&P: -19.47…
NASDAQ Adv/Dec 1085/1565. …NYSE Adv/Dec 859/1974.

11:30AM ET

[BRIEFING.COM] Stocks have slipped to new lows in recent trading, extending their earlier losses. The S&P 500 and the Nasdaq Composite are now down 0.6% and 0.7%, respectively, while the Dow Jones Industrial Average outperforms with a loss of 0.2%.

Shares of Allergan (AGN 154.92, -10.66) are down 6.4% after the company confirmed its interest in acquiring competing drugmaker Shire (SHPG 169.47, +6.93). Allergan will be going up against Japan's Takeda Pharmaceutical though, which offered $61 billion for Shire -- a bid that Shire rejected.

Elsewhere within the health care space (-0.7%), shares of Align Tech (ALGN 250.52, -26.55) are down 9.4% after being downgraded to 'Equal-Weight' at Morgan Stanley, while the iShares Nasdaq Biotechnology ETF (IBB 106.55, -0.80) shows a loss of 0.8%.
Dow: -54.83… | Nasdaq: -50.05… | S&P: -15.22…
NASDAQ Adv/Dec 1096/1619. …NYSE Adv/Dec 958/1863.

10:55AM ET

[BRIEFING.COM] The S&P 500 is on course for its first loss this week, showing a loss of 0.5%.

Six sectors are trading in the red -- materials (-0.7%), technology (-0.9%), health care (-0.5%), consumer staples (-3.0%), utilities (-0.3%), and real estate (-1.1%) -- two groups are flat -- consumer discretionary (unch) and industrials (unch) -- and three are trading in the green -- financials (+1.2%), energy (+0.2%), and telecoms (+0.1%).

In the bond market, U.S. Treasuries are still lower this morning, keeping near their pre-market lows. The yield on the benchmark 10-yr Treasury note is up four basis points at 2.91%, challenging the four-year high it hit in late February.
Dow: -42.50… | Nasdaq: -44.38… | S&P: -13.65…
NASDAQ Adv/Dec 1265/1485. …NYSE Adv/Dec 1079/1703.

10:35AM ET

[BRIEFING.COM] Crude oil is extending this week's move to a near four-year high following bullish inventory and production data earlier in the week. US shale producers are reportedly facing bottlenecks, restricting higher production in the face of elevated prices. Notably, Russia and OPEC members are meeting in Saudi Arabia tomorrow. May crude oil futures are up $0.2 (+1%) $69.19/barrel.

Natural Gas futures are down 2% at $2.69 MMBtu. The EIA just reported a weekly draw in inventories of 36 bcf.

Industrial metals are pulling back a bit after hitting multiyear highs yesterday on supply concerns stemming in part from sanctions against Russia. Aluminum is down 1% after hitting a seven-year high yesterday. Nickel futures are down 1% after hitting a four-year high yesterday.

In precious metals, May silver futures are up 0.6% to $17.35/oz while June gold futures are down 0.2% to 1351/oz.

Notably, lumber futures are up 1% making new all-time highs.
Dow: -19.87… | Nasdaq: -34.16… | S&P: -9.76…
NASDAQ Adv/Dec 1286/1361. …NYSE Adv/Dec 1145/1331.

10:00AM ET

[BRIEFING.COM] Equity indices continue to trade near their opening levels, with the S&P 500 down 0.4%.

Just in, the Conference Board Leading Economic Index increased 0.3% in March (Briefing.com consensus +0.4%). The prior month's reading was revised to +0.7% from +0.6%.
Dow: -74.43… | Nasdaq: -35.27… | S&P: -12.10…
NASDAQ Adv/Dec 1204/1553. …NYSE Adv/Dec 911/1747.

09:45AM ET

[BRIEFING.COM] The major averages are down this morning, holding losses between 0.2% and 0.4%.

Most S&P sectors are in the red, with consumer staples (-2.5%) pacing the retreat. Within the consumer staples group, Dow component Procter & Gamble (PG 74.87, -2.61) is down 3.4% despite reporting above-consensus Q1 earnings, and tobacco giant Philip Morris (PM 87.49, -13.67) has plunged 13.6% after missing Q1 revenue estimates.

On the flip side, the financial sector is the top-performing group, up 0.9%. American Express (AXP 101.01, +5.96) is leading the financial rally with a gain of 6.2% after reporting better-than-expected earnings and revenues for the first quarter and issuing upbeat guidance for FY18.
Dow: -52.07… | Nasdaq: -30.70… | S&P: -10.14…
NASDAQ Adv/Dec 1358/1342. …NYSE Adv/Dec 1053/1525.

09:13AM ET
[BRIEFING.COM] S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -28.30.

The equity market is on course to begin today's session modestly lower, as the S&P 500 futures are trading eight points, or 0.3%, below fair value.

In earnings news, shares of financial firms American Express (AXP 98.28, +3.13) and BNY Mellon (BK 54.24, +1.98) are higher in pre-market trading, up 3.3% and 3.8%, respectively, after both companies reported better-than-expected earnings and revenues for the first quarter. Conversely, shares of Apple supplier Taiwan Semi (TSM 39.90, -2.02) are down 4.9% after the chipmaker reported disappointing Q1 earnings and revenues and lowered its second quarter sales forecast.

Crude oil has continued rallying this morning, jumping another 0.9% to $69.05 per barrel -- which marks a three-and-a-half year high -- as investors look ahead to tomorrow's producer meeting between OPEC and non-OPEC nations. The energy sector could get another boost from the crude price increase, extending its weekly gain, which currently sits at 3.0%.

Investors received a modest dose of economic data this morning that included the weekly Initial Claims report and the Philadelphia Fed Index for April. The latest weekly initial jobless claims count totaled 232,000, while the Briefing.com consensus expected a reading of 226,000. Today's tally was below the unrevised prior week count of 233,000. As for continuing claims, they declined to 1.863 million from a revised count of 1.878 million (from 1.871 million).

Separately, the Philadelphia Fed Survey for April rose to 23.2 (Briefing.com consensus 21.0) from an unrevised 22.3 in March.

The Treasury market has been ticking lower since the release of the economic data, extending overnight losses. The yield on the benchmark 10-yr Treasury note is currently up four basis points at 2.91% -- which marks its highest level in eight weeks. Meanwhile, the 2-yr yield is up one basis point at 2.43%. Yields move inversely to prices.

Today's last economic report -- the Conference Board's Leading Economic Index for March (Briefing.com consensus +0.4%) -- will be released at 10:00 AM ET.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -21.80.

The S&P 500 futures are trading six points, or 0.2%, below fair value.

Equity indices in the Asia-Pacific region ended Thursday on a higher note. The overnight Hong Kong Interbank Offered Rate continued its climb, rising to 0.95%, the highest level in nearly ten years. The Korean press reported that a sharp increase in South Korea's minimum wage is causing a considerable number of small companies to fire workers. In China, the National Development and Reform Commission noted that commercial and industrial electricity prices have been cut by about 10.0%. China's Ministry of Commerce warned Qualcomm that an initial review of Qualcomm's offer to acquire NXP Semiconductors unearthed "issues that are hard to resolve."

In economic data:
South Korea's March PPI 0.0% month-over-month (last 0.4%); +1.4% year-over-year (last 1.3%)
New Zealand's Q1 CPI +0.5% quarter-over-quarter (expected 0.4%; last 0.1%); +1.1% year-over-year, as expected (last 1.6%) Weekly foreign investment in Japanese stocks JPY308.30 billion (last JPY332.60 billion)
Australia's March Employment Change 4,900 (expected 20,300; last -6,300) and Full Employment Change -19,900 (last 20,100). March Participation Rate 65.5% (expected 65.7%; last 65.6%). March Unemployment Rate 5.5%, as expected (last 5.5%)
Hong Kong's March Unemployment Rate 2.9% (last 2.9%)

---Equity Markets---

Japan's Nikkei added 0.2%. Sumitomo Metal Mining, Pacific Metals, Mitsui Mining and Smelting, Toho Zinc, Mitsubishi Materials, Kobe Steel, Nippon Steel & Sumitomo Metal, Hitachi Construction, and Komatsu gained between 2.8% and 7.8%.
Hong Kong's Hang Seng rose 1.4% amid broad strength. PetroChina, CNOOC, China Shenhua Energy, and China Petrol & Chemical rallied between 2.7% and 5.7%. Financials like ICBC, Bank of China, China Life Insurance, BoC Hong Kong, and Bank of East Asia added between 1.4% and 2.8%.
China's Shanghai Composite gained 0.8%. Shanghai Nine Dragon Tourism, Shandong Nashan Aluminium, China Avionics Systems, Top Energy, Tongwei, and Shenghe Resources Holding rose between 5.9% and 6.4%.
India's Sensex added 0.3%. Tata Steel, Yes Bank, Dr. Reddy's Labs, Tata Consultancy, and Infosys climbed between 0.6% and 3.2%. On the downside, AXIS Bank, Coal India, and Kotak Mahindra Bank lost between 0.7% and 0.9%.

Major European indices hover near their flat lines. Italy's Lega has until the end of the week to decide whether it would like to break its allegiance with Forza Italia and form a government with Movimento 5 Stelle. Lega leader Matteo Salvini has called on M5S to show greater responsibility and end its refusal to work with Silvio Berlusconi's Forza Italia. French Finance Minister Bruno Le Maire said that the IMF's forecast for global growth of 3.9% in 2018 is optimistic and that a potential trade war presents a major risk to the global economy. Germany's leading economic institutes raised their 2018 GDP forecast for Germany to 2.2% from 2.0%. Growth is expected to slow to 2.0% in 2019.

In economic data:
Eurozone February Current Account surplus EUR35.10 billion (expected surplus EUR32.30 billion; last surplus EUR39.00 billion)
UK's March Retail Sales -1.2% month-over-month (expected -0.5%; last 0.8%); +1.1% year-over-year (consensus 2.0%; last 1.5%). March core Retail Sales -0.5% month-over-month (expected -0.4%; last 0.4%); +1.1% year-over-year (consensus 1.4%; last 1.2%)

---Equity Markets---

Germany's DAX is lower by 0.3% amid losses in more than half of its components. Thyssenkrupp, Lufthansa, Deutsche Bank, Infineon, Bayer, Volkswagen, and Daimler show losses between 0.4% and 1.3%. On the upside, Continental and Merck hold respective gains of 1.4% and 0.6%.
UK's FTSE is higher by 0.1%. Shire has jumped 3.8% after receiving an official offer from Takeda while consumer names like Paddy Power, Dixons Carphone, Compass, Merlin Entertainments, ITV, and GKN show gains between 0.7% and 1.8%.
France's CAC is up 0.1%. Publicis Groupe and Schneider Electric show respective gains of 8.5% and 1.9% after beating earnings expectations. Carrefour, Accor, Michelin, and Total are up between 0.2% and 1.9%.


08:33AM ET
[BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -21.80.

The S&P 500 futures are trading six points, or 0.2%, below fair value.

Just in, the latest weekly initial jobless claims count totaled 232,000, while the Briefing.com consensus expected a reading of 226,000. Today's tally was below the unrevised prior week count of 233,000. As for continuing claims, they declined to 1.863 million from a revised count of 1.878 million (from 1.871 million).

Separately, the Philadelphia Fed Survey for April rose to 23.2 (Briefing.com consensus 21.0) from an unrevised 22.3 in March.

07:58AM ET
[BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -8.00.

The U.S. stock market is on course for a slightly lower open this morning following a flat finish on Wednesday, but remains solidly higher for the week. The S&P 500 futures are currently trading two points, or 0.1%, below fair value. For the week, the benchmark index is up 2.0%.

West Texas Intermediate crude futures have continued to rally this morning, jumping another 1.4% to $69.43 per barrel -- their highest level in three and a half years. Reports that top crude exporter Saudi Arabia is looking to push prices even higher has helped underpin the commodity. The Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, are set to meet in Saudi Arabia on Friday and could possibly signal an extension of their current supply-cut agreement.

Meanwhile, U.S. Treasuries are under pressure in a curve-steepening trade, bringing the 2s10s spread up from the ten-year low it hit earlier this week. The yield on the 2-yr Treasury note is flat at 2.42%, while the yield on the benchmark 10-yr Treasury note is up two basis points at 2.89% -- which marks a four-week high.

Overseas, stock indices in Asia finished Thursday on a higher note, with Hong Kong's Hang Seng (+1.4%) and China's Shanghai Composite (+0.8%) leading the charge. Meanwhile, in Europe, the major bourses are roughly flat this morning, with Germany's DAX (-0.1%) showing relative weakness. For the week, the Global Dow index is up 1.7%.

Investors will receive several economic reports today, including the weekly Initial Claims report (Briefing.com consensus 226K) and the Philadelphia Fed Index for April (Briefing.com consensus 21.0) at 8:30 AM ET, and the Conference Board's Leading Economic Index for March (Briefing.com consensus +0.4%) at 10:00 AM ET.

In U.S. corporate news:

American Express (AXP 98.61, +3.46): +3.6% after beating earnings and revenue estimates for Q1 and raising its profit guidance for FY18.
Amazon (AMZN 1558.38, +30.54): +2.0% after disclosing that it added more 'Prime' subscribers in 2017 than in any prior year and that it now has more than 100 million 'Prime' subscribers worldwide.
Procter & Gamble (PG 77.50, +0.02): unch after reporting above-consensus first quarter profits.
Philip Morris (PM 98.33, -3.11): -3.1% after missing sales estimates for the first quarter.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a higher note. Japan's Nikkei +0.2%, Hong Kong's Hang Seng +1.4%, China's Shanghai Composite +0.8%, India's Sensex +0.3%.
In economic data:
South Korea's March PPI 0.0% month-over-month (last 0.4%); +1.4% year-over-year (last 1.3%)
New Zealand's Q1 CPI +0.5% quarter-over-quarter (expected 0.4%; last 0.1%); +1.1% year-over-year, as expected (last 1.6%) Weekly foreign investment in Japanese stocks JPY308.30 billion (last JPY332.60 billion)
Australia's March Employment Change 4,900 (expected 20,300; last -6,300) and Full Employment Change -19,900 (last 20,100). March Participation Rate 65.5% (expected 65.7%; last 65.6%). March Unemployment Rate 5.5%, as expected (last 5.5%)
Hong Kong's March Unemployment Rate 2.9% (last 2.9%)
In news:
The overnight Hong Kong Interbank Offered Rate continued its climb, rising to 0.95%, the highest level in nearly ten years.
The Korean press reported that a sharp increase in South Korea's minimum wage is causing a considerable number of small companies to fire workers.
In China, the National Development and Reform Commission noted that commercial and industrial electricity prices have been cut by about 10.0%.
China's Ministry of Commerce warned Qualcomm that an initial review of Qualcomm's offer to acquire NXP Semiconductors unearthed "issues that are hard to resolve."

Major European indices hover near their flat lines. Germany's DAX -0.1%, UK's FTSE +0.2%, France's CAC +0.2%.
In economic data:
Eurozone February Current Account surplus EUR35.10 billion (expected surplus EUR32.30 billion; last surplus EUR39.00 billion)
UK's March Retail Sales -1.2% month-over-month (expected -0.5%; last 0.8%); +1.1% year-over-year (consensus 2.0%; last 1.5%). March core Retail Sales -0.5% month-over-month (expected -0.4%; last 0.4%); +1.1% year-over-year (consensus 1.4%; last 1.2%)
In news:
Italy's Lega has until the end of the week to decide whether it would like to break its allegiance with Forza Italia and form a government with Movimento 5 Stelle. Lega leader Matteo Salvini has called on M5S to show greater responsibility and end its refusal to work with Silvio Berlusconi's Forza Italia.
French Finance Minister Bruno Le Maire said that the IMF's forecast for global growth of 3.9% in 2018 is optimistic and that a potential trade war presents a major risk to the global economy.
Germany's leading economic institutes raised their 2018 GDP forecast for Germany to 2.2% from 2.0%. Growth is expected to slow to 2.0% in 2019.

07:31AM ET
[BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -6.30.

06:55AM ET
[BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -14.00.

06:55AM ET
[BRIEFING.COM] Nikkei...22191...+33.00...+0.20%. Hang Seng...30708...+424.20...+1.40%.

06:55AM ET
[BRIEFING.COM] FTSE...7325.27...+7.90...+0.10%. DAX...12577.67...-13.20...-0.10%.

04:20PM ET

[BRIEFING.COM] The major averages were range-bound on Wednesday, finishing the session little changed. Investors took in the latest batch of first quarter earnings, which featured reports from IBM (IBM 148.79, -12.12) and Morgan Stanley (MS 53.26, +0.02), and watched crude oil futures return to their highest level in more than three years. The S&P 500 and the Nasdaq Composite finished higher by 0.1% and 0.2%, respectively, closing in the green for a third straight session, while the Dow Jones Industrial Average lagged, finishing lower by 0.2%.

IBM shares dropped 7.5% on Wednesday, as investors looked past the tech giant's above-consensus first quarter profits and revenues, instead focusing on its disappointing gross margin rate, the quality of its revenue (more from hardware and less from cloud), and its relatively conservative profit guidance for fiscal year 2018. The broader technology sector finished a tick lower, shedding 0.2%, closing near the middle of the sector standings.

The financial group, meanwhile, declined 0.4%, continuing to struggle despite blow-out Q1 results from Morgan Stanley -- which included better-than-expected earnings and revenues. Shares of the investment bank were up and down on Wednesday before eventually finishing flat. Morgan Stanley joins a list of financial firms that have struggled after reporting upbeat Q1 results -- including JPMorgan Chase (JPM 109.32, -0.89), Wells Fargo (WFC 50.39, -0.18), Citigroup (C 68.98, -0.76), Bank of America (BAC 29.53, -0.51), and Goldman Sachs (GS 254.00, +0.37).

A slight steepening of the yield curve helped underpin financials to some degree however, bringing the 2s10s spread up from the more than 10-year low it touched on Tuesday. The yield on the benchmark 10-yr Treasury note climbed five basis points to 2.87%, while the yield on the 2-yr Treasury note advanced two basis points to 2.42%.

Meanwhile, West Texas Intermediate crude futures rallied 2.7% to $68.31 per barrel, rebounding from back-to-back down days. WTI crude futures have surged 10.0% since April 6, initially underpinned by the belief that heightened tensions in the oil-rich Middle East could lead to a slowdown in production. Tensions appear to have been dialed back following a one-off U.S.-led strike on Syria over the weekend, but the commodity continues to challenge its best level since November-December 2014. The Department of Energy's weekly inventory report, which showed that U.S. crude stockpiles declined by 1.1 million barrels last week, helped fuel Wednesday's crude rally.

The energy sector has unsurprisingly benefited from the increase in crude prices, adding another 1.6% on Wednesday to extend its April gain to 9.1%; for comparison, the S&P 500 is up 2.6% month to date. Energy finished at the top of Wednesday's sector standings, with industrials (+1.0%) being the next-best performer. Within the industrial space, transports showed particular strength, pushing the Dow Jones Industrial Average higher by 1.7%, after United Continental (UAL 70.58, +3.24, +4.8%) and CSX (CSX 61.01, +4.44, +7.9%) reported above-consensus first quarter results.

On the downside, the consumer staples space was the worst-performing sector, losing 0.9%, with tobacco names leading the retreat after analysts at Goldman downgraded shares of Altria (MO 61.50, -2.48) to 'Neutral' from 'Buy'; Altria shares lost 3.9%. In general, countercyclical sectors underperformed their cyclical peers, but, as mentioned above, the cyclical financials and technology groups -- which are the two most influential sectors -- were notable laggards, keeping the broader market's gain in check.

Trading volume was light once again on Wednesday, with just 770 million shares changing hands at the New York Stock Exchange -- about 17% less than the 50-day moving average.

Reviewing Wednesday's economic data, which was limited to the Fed's Beige Book for March and the weekly MBA Mortgage Applications Index:

The Fed's Beige Book showed that economic activity continued to expand at a modest to moderate pace across the 12 Federal Reserve Districts in March and early April. Outlooks remained positive, but contacts in various sectors including manufacturing, agriculture, and transportation expressed concern about the newly imposed and/or proposed tariffs. Upward wage pressures persisted, but generally did not escalate; most Districts reported wage growth as only modest.
The weekly MBA Mortgage Applications Index increased 4.9% to follow last week's 1.9% decline.

On Thursday, investors will receive the weekly Initial Claims report (Briefing.com consensus 226K), the Philadelphia Fed Index for April (Briefing.com consensus 21.0), and the Conference Board's Leading Economic Index for March (Briefing.com consensus +0.4%).

Nasdaq Composite: +5.7% YTD
Russell 2000: +3.1% YTD
S&P 500: +1.3% YTD
Dow Jones Industrial Average: +0.1% YTD

Dow: -38.56… | Nasdaq: +14.14… | S&P: +2.25…
NASDAQ Adv/Dec 1508/1386. …NYSE Adv/Dec 1615/1280.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links and data will be useful for you. gm

Image Price Action Trading @ http://www.thestrategylab.com/price-action-trading.htm

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Image The Strategy Lab: Valforex - The Manipulative Review Scam @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3676

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Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis. The risk of loss can be substantial. Therefore, you must carefully consider if trading is suitable for you within the context of your financial condition. TheStrategyLab.com is an education and research site. The resources on this site are provided for informational purposes only and should not be used to replace professional educational and professional research because we are retail traders only. TheStrategyLab.com does not accept liability for your use of the website and its resources.

We make no guarantees of success and your level of success is dependent upon other factors including your skill as a trader, knowledge, financial condition, market conditions and other factors. Trading is stressful and you should always consult a doctor in all matters relating to physical and mental health of you & your family because trading can impact beyond your financial condition regardless if you're a profitable or losing trader. Also, you can read our full disclaimer statement @ http://www.thestrategylab.com/Disclaimer.htm


Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850 & http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading (no indicators)
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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