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Current Futures: Dow +33.00, S&P +5.90, NASDAQ +16.00
European markets closed Tuesday’s session trading again mixed. U.S. markets followed a similar patter, and so far, the major U.S. indexes traded within the range of the last few days of trading.
European markets saw light volume of trading, as the major indexes from the region were unable to break-free from the sideways trading seen lately. Both the German Dax and the U.K. Ftse closed the trading session slightly under the break-even line, even though the two indexes opened almost 1% higher on Tuesday morning. In Europe, the major gains were seen in the technologic sector as Texas Instruments raised its earnings forecasts, and in the financial sector.
In the U.S., the gains observed in the technologic and raw materials sectors helped to offset the declines seen in the consumer and industrial shares. Similar to the price-action from the overnight session, technologic shares were lifted after Texas Instruments, one of the biggest chipmakers in the world, updated its earnings forecasts, TheLFB-Forex.com Trade Team said. Raw materials advanced, as crude oil gained almost 2.50%, while the industrial metals rose 4% throughout Tuesday’s trading session.
Consumer and industrial shares declined after Procter & Gamble said that the conditions in the consumer’s market remain tough. On top of this, a release pointed out that wholesalers reduced their inventories for a seven month in a row, maintaining a similar contraction speed as in the previous months. To some extent, this does not justify the market’s belief that businesses are currently building up inventories, TheLFB-Forex.com Trade Team said.
Overnight, the Japanese Nikkei fell 78.81 points (0.80%) to 9,786.82. The Australian S&P/Asx declined 36.30 points (0.91%) to 3,934.90. The U.K. Ftse fell 0.43 points (0.01%) to 4,404.79, while the German Dax fell 6.86 points (0.14%) to 4,997.86. The Dow Jones added 20.94 points (0.24%) to 8,785.43, while the S&P 500 rose 4.91 points (0.52%) to 944.05.
Crude oil for July delivery was recently trading at $68.80 per barrel, higher by $1.70.
Gold for July delivery was recently trading higher by $2.50 to $955.00.
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