MARKETS AT A GLANCE
LAST CHANGE % CHG
DJIA 17924.06 82.08 0.46%
Nasdaq 4945.54 25.9 0.53%
S&P 500 2088 7.85 0.38%
Japan: Nikkei 225 19291.99 -239.64 -1.23%
Hang Seng 27289.97 -350.94 -1.27%
Shanghai Composite 4112.21 -117.05 -2.77%
S&P BSE Sensex 26599.11 -118.26 -0.44%
Australia: S&P/ASX 5645.7 -46.5 -0.82%
UK: FTSE 100 6886.95 -46.79 -0.67%
PRICE CHG YIELD
U.S. 2 Year 0/32 0.631
U.S. 5 Year 4/32 1.563
U.S. 10 Year 17/32 2.183
Australia 10 Year -17/32 2.999
China 10 Year 5/32 3.47
India 10 Year -4/32 7.985
Japan 10 Year -24/32 0.438
German 10 Year -2/32 0.595
LAST(MID) CHANGE
Australia $ (AUD/USD) 0.7907 0
Yen (USD/JPY) 119.74 0
S. Korean Won (USD/KRW) 1094.16 0.15
Chinese Yuan (USD/CNY) 6.2059 0.0046
Euro (EUR/USD) 1.1268 0.0001
WSJ Dollar Index 85.24 0
LAST CHANGE % CHG
Crude Oil 58.97 -1.96 -3.22%
Brent Crude 65.6 -2.17 -3.20%
Gold 1183.6 -6.7 -0.56%
(Data as of approximately 5 p.m. ET)
SNAPSHOT:
U.S. stocks ended higher Thursday as traders prepped for the April jobs report and continued to guess when the Fed will decide to start lifting interest rates. The dollar rose and gold fell on U.S. jobless claims data. Oil slipped on the stronger dollar. Treasurys rose after eight straight losing sessions.
OPENING CALL:
The Bank of Japan on Friday will release its April monetary policy meeting minutes. The major move to come out of last week's meeting was a postponement in the BOJ's target date for achieving its 2% inflation target. It will be interesting to see how that was debated, especially given that Governor Haruhiko Kuroda's hyper-easy monetary policy has come under some criticism from one or two board members.
EQUITIES:
U.S. stocks rose, a day after they fell in the wake of the Federal Reserve chief's warning over high equity valuations.
The Dow Jones Industrial Average climbed 82.08 points, or 0.5%, to 17924.06. The S&P 500 added 7.85 points, or 0.4%, to 2088 and the Nasdaq Composite gained 25.90 points, or 0.5%, to 4945.54.
Stocks bounced around the flatline in early trading before drifting higher through the afternoon. Traders said many investors were on the sidelines, looking ahead to Friday's employment report. Investors are waiting to see if the weak first quarter extended past winter, traders said.
"There is a lot of expectation building around the employment report," said Justin Wiggs, managing director in equity trading at Stifel Nicolaus. He added that equity-trading volumes have been relatively light as investors wait for the next headline on which to trade.
In earnings news, Alibaba Group Holding said its revenue rose 45% in the March quarter, beating expectations. Shares jumped 7.5%.
Stocks across Asia fell Thursday on concerns about the sluggish U.S. economy and overvalued equity markets, with Shanghai dropping the most and extending a deep two-day correction.
FOREX:
The dollar rose against its rivals as a weekly gauge of the U.S. labor market revived optimism among investors.
The market has been sensitive to jobs data this week as it anticipates the April nonfarm payrolls report, a key metric watched by the Federal Reserve in determining when to adjust interest rates. On Wednesday, the dollar fell on a surprisingly weak April private-sector jobs report compiled by Automatic Data Processing and Moody's Analytics.
But on Thursday, the Labor Department said initial jobless claims rose by 3,000 to a seasonally adjusted 265,000 in the week ended May 2, which was below economists' forecasts and just above last week's 15-year low. Investors saw the data as a sign that the labor market was weathering the uneven recovery of the U.S. economy.
The dollar advanced 0.7% against the euro in late-afternoon trade, with one euro buying $1.1265. The dollar rose 0.3% against the yen to Yen119.79, trading within the Yen116-Yen122 range it has held this year.
The Wall Street Journal Dollar Index, which tracks the greenback against a basket of commonly traded currencies, rose 0.5% to 85.25, backing away from a two-month low it reached Wednesday.
"The dollar rebounded from a 10-week low against the euro after the latest jobless claims fared better than expected and suggested the labor market was holding up solidly in the face of an otherwise sluggish economy," said Joe Manimbo, senior market analyst at Western Union, in a research note.
BONDS:
U.S. Treasurys gained for the first time in nine sessions as investors took advantage of the recent price drop ahead of a key employment report.
Prices on U.S. government bonds rounded out at session highs, with benchmark 10-year notes up 15/32 to yield 2.184%, marking its biggest one-day gain in a month. The 30-year bond advanced 1 20/32 to yield 2.90%. Bond yields come down when prices rise.
Those gains came after the market endured eight losing sessions in a row, the longest selling streak since March 2011. The selloff hit a fever pitch overnight as several eurozone government bond markets continued to get hit, lifting the 10-year Treasury yield to a fresh 2015 high of 2.31%. The yield on 10-year German bunds rose to nearly 0.8% from a record-low 0.047% just three weeks ago.
Still unclear about the U.S. economy's ability to rebound from a sluggish winter, market participants said buyers stepped in to take advantage of the sharp price drop.
"We have had such an enormous move in rates over the last week, a rebound is warranted," said Tom di Galoma, head of rates and credit trading in New York at ED&F Man Capital Markets, pointing to bargain hunters finding appeal in a 2.3% yield on 10-year Treasurys. "It feels to me as rates have peaked for now."
COMMODITIES:
Oil prices slumped, its biggest drop in a month, as traders reassessed the market following a strong rally a day earlier and the dollar's appreciation.
Prices had jumped to a near-five-month high Wednesday after weekly U.S. inventory data showed that crude-oil stockpiles fell from record highs. The data confirmed expectations that the glut of crude oil in the U.S. is set to shrink due to lower spending on exploration and production following last year's plunge in prices.
But stockpiles remain near the highest level in more than 80 years, and production is holding near multi-decade highs.
"There's some general concern that oil prices have run up pretty quickly from the lows here," said Brian Hicks, a portfolio manager for U.S. Global Investors' $160 million Global Resources Fund. "It's just natural to see some profit-taking."
Light, sweet crude for June delivery settled down $1.99, or 3.3%, at $58.94 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $2.23, or 3.3%, to $65.54 a barrel on ICE Futures Europe.
Gold prices fell as better-than-expected U.S. labor market data fanned investors' concerns about higher interest rates from the Federal Reserve.
TODAY'S HEADLINES:
Alibaba Names New CEO as Revenue Tops Views
Alibaba unveiled a broad management shuffle that included a new CEO and a younger generation of leaders, as it reported a better-than-expected 45% increase in revenue on continued growth in mobile transactions.
Lumber Liquidators Pulls Chinese-Made Laminate Flooring
Lumber Liquidators is pulling all of its Chinese-made laminate flooring and has brought on a former Federal Bureau of Investigation director to review its sourcing procedures amid widespread concern over the safety of its products.
Indonesia Considers Rejoining OPEC, Minister Says
Indonesia is considering rejoining the Organization of the Petroleum Exporting Countries as an observer after leaving the group six years ago, a minister said.
HTSC Gets Regulatory Approval for Hong Kong IPO
HTSC, China's fifth-largest brokerage, got listing approval from the Hong Kong stock exchange to launch an up to $3.5 billion initial public offering, a person familiar with the situation said.
Yelp is Exploring a Sale
Business-reviews website Yelp is exploring a sale, according to people familiar with the matter. The firm is working with investment bankers and has been in touch with potential buyers in recent weeks.
Appeals Court Rules NSA Program Not Authorized by Patriot Act
A federal appeals court ruled the National Security Agency's controversial collection of millions of Americans' phone records isn't authorized by the Patriot Act, as the Bush and Obama administrations have long maintained.
Senate Passes Bill Giving Congress Review of Iran Nuclear Deal
The Senate overwhelmingly passed a bill establishing Congress's right to weigh in on global negotiations to curb Iran's nuclear program, capping weeks of bipartisan efforts to strike a delicate deal.
CBS Earnings Fall But Top Views
CBS said its first-quarter earnings fell 19% on lower revenue that was hurt by the airing of fewer National Football League playoff games and a decline in advertising revenues at its local broadcasting business.
U.S. Jobless Claims Hover Near 15-Year Low
Initial jobless claims, a proxy for layoffs across the U.S. economy, increased by 3,000 to a seasonally adjusted 265,000 in the week ended May 2, the Labor Department said.
ISS, Glass Lewis: Vote Against Deutsche Bank Management
Deutsche Bank's management faces mounting opposition to a new restructuring plan ahead of the German lender's annual general meeting later this month.
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(MORE TO FOLLOW) Dow Jones Newswires
May 07, 2015 17:30 ET (21:30 GMT)
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TODAY'S CALENDAR
(Times in GMT, followed by country and event)
2350 JPN Apr Bank of Japan Monetary Policy Meeting Minutes
0130 AUS Reserve Bank of Australia Quarterly Statement on Monetary Policy
0600 GER Mar Industrial Production Index
0600 GER Mar Foreign Trade
0700 UK Apr Halifax House Price Index
0730 THA Weekly International Reserves
0800 TAI Apr Merchandise trade
0800 ITA Mar Industrial Production
0830 UK Mar UK trade
1130 IND Weekly foreign exchange reserves
1215 CAN Apr Housing Starts
1230 US Apr U.S. Employment Report
1230 CAN Apr Labour Force Survey
1345 US Federal Reserve Bank of New York President William Dudley speech at the Annual Bronx Bankers Breakfast
1400 US Mar Monthly Wholesale Trade
1800 CAN Bank of Canada Weekly Financial Statistics
(END) Dow Jones Newswires
May 07, 2015 17:30 ET (21:30 GMT)
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