Luke KawaThe Globe and Mail
The Before the Bell report is updated throughout the premarket to reflect the latest news developments and market moves. Check back later for updates.
Janet Yellen's dovish Congressional testimony continues to support U.S. equities, as futures were pointing towards a higher open this morning before trio of economic data changed the tone.
As traders digested durable goods, inflation, and initial jobless claims, U.S. equity futures dipped into the red as yields on Treasuries rose and the greenback strengthened.
On Tuesday and Wednesday, the Federal Reserve Chair signalled that rate hikes were not as imminent as some may have feared.
European stocks are up amid Germany's announcement that unemployment declined by 20,000 in February, double what had been expected.
"While Greece headlines have quietened down a bit, the situation will remain active in the background," said IG market strategist Stan Shamu. "No doubt the fact deeper negotiations are on the way will see Greece being front and centre again in the not-too-distant future."
In Asia, China's central bank signalled that more monetary stimulus is on the way, propelling the Shanghai Composite and Hang Seng indexes higher.
Canadians are keyed in on the price of crude oil, which has moderated overnight after hitting $51 per barrel (U.S.) on Wednesday afternoon, and another busy day of corporate earnings. S&P/TSX 60 futures are indicating a slightly lower open for the composite index despite encouraging quarterly results from Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce.
Here's a look at the latest market numbers and other highlights ahead of the trading day.
Futures:
S&P 500 -0.07 per cent; Dow -0.08 per cent; Nasdaq +0.12 per cent
Equities:
Hong Kong's Hang Seng +0.5 per cent
Shanghai composite index +2.15 per cent
Japan's Nikkei +1.08 per cent
London's FTSE 100 unchanged
Germany's DAX +0.32 per cent
France's CAC 40 +0.2 per cent
Stoxx 600 +0.34 per cent
Commodities:
WTI crude oil (Nymex Apr) -2.45 per cent at $49.74 (U.S.) a barrel
Natural gas (Nymex Apr) -1.99 per cent at $2.805
Gold (Comex Apr) +1.41 per cent at $1,218.50 (U.S.) an ounce
Copper (Comex May) +2.16 per cent at $2.7005 (U.S.) a pound
Currencies:
Canadian dollar at 80.21 (U.S.), down 0.0019
U.S. dollar index up 0.128 at 94.341
Bonds:
U.S. 10-year Treasury yield 1.9445 per cent, down 0.0242
ECONOMIC INDICATORS:
Canadian headline and core inflation both exceeded expectations in January, rising 1 and 2.2 per cent year-over-year. Economists expected annual increases of 0.8 and 2.1 per cent, respectively.
U.S. initial jobless claims for last week rose 31,000 to 313,000, a worse showing than the consensus estimate of 290,000.
The U.S. consumer price index fell 0.1 per cent year-over-year in January, in line with the consensus estimate. Core prices rose 1.6 per cent year-over-year, which also matched economists' expectations.
U.S. durable goods orders rose 2.8 per cent month-over-month in January, well above the consensus estimate for a 1.6 per cent advance. However, excluding transportation, durable goods rose just 0.3 per cent, two tenths of a percentage point below what economists had anticipated.
(9 a.m. ET) U.S. FHFA house price index. Consensus is for a 4.9 per cent year-over-year increase.
STOCKS TO WATCH:
Canadian Imperial Bank of Commerce posted adjusted earnings of $2.36 in its fiscal first quarter, beating the consensus estimate by 9 cents. The bank also upped its quarterly dividend by 2.9 per cent to $1.06.
Toronto-Dominion Bank recorded adjusted earnings per share in line with analysts' expectations, while revenues of $6.92-billion came in shy of the Street's estimate. Management also announced a dividend hike of 8.5 per cent to $0.51 per quarter.
Catamaran Corp. posted better than anticipated profits and revenues in the fourth quarter, but published full-year earnings guidance that was shy of the consensus estimate. The company also announced that it was buying Healthcare Solutions for $405-million in an all-cash deal.
Canadian Tire Corp. Ltd. reported adjusted earnings per share of $2.44 in the fourth quarter, 8 cents below the consensus estimate. Revenues of $3.65-billion, however, exceeded analysts' estimates by $120-million. Management also announced plans to buy back up to 5.6 per cent of shares outstanding.
Loblaw Companies Ltd. booked fourth-quarter adjusted profits that were higher than the Street had anticipated, with revenues of $11.4-billion also marginally besting the consensus estimate.
Altagas reported Q4 adjusted EPS of 36 cents vs. the Street estimated 40 cents.
Maple Leaf Foods reported a Q4 adjusted loss of 8 cents a share vs. the Street estimate for a 1 cent profit.
Other earnings today include: AMC Networks; Ambev; Anheuser-Busch; Autodesk; Gap; Herbalife; J.C. Penney; Kohl's; L Brands; Main Street Capital; Marriott Vacations Worldwide; Monster Beverage; North Atlantic Drilling; Pembina Pipeline; Pengrowth Energy; Ritchie Bros. Auctioneers; Seadrill; Sempra Energy; Weight Watchers International; Artis REIT; Canam Group; Canam Group; CCL Industries; Chartwell; Cominar; Crombie REIT; Enerflex; Laurentian Bank of Canada; Progressive Waste Solutions; Ritchie Bros.; Stantec.