From Briefing.com: The markets ended Wednesday trade on a relative lull. In the last few moments of trading, the Nasdaq Composite managed to dip just below flat lines to end the session lower, as did the other two major indices. Declines were led by the Dow Jones Industrial Average, which ended lower by 50.58 points, or -0.31%, to close at 16279.89. The S&P 500 also dipped lower on the session, ending down 3.98 points, or -0.20%, to close down 1938.76. The Nasdaq Composite attempted to strong-arm its way into the green on the session, but eventually closed lower with the others, losing 3.98 points, or -0.08%, to end at 4752.74.
Early fluctuation following European Central Bank President Mario Draghi's comments lasted from bell to bell. Draghi noted that the ECB needs more time to decide whether to step up stimulus measures. Draghi also spoke to many of the concerns outlined by the Fed earlier. He noted that downside risks continue to increase and that the ECB remains ready to act.
In reaction to Draghi's comments, the Euro posted some strength as the common currency advanced 0.5% versus the dollar. Draghi also noted that the central bank remains ready to ramp up its bond purchase program, which could hypothetically push the euro lower.
In U.S. equities, the Technology (XLK 39.88, +0.10 +0.25%) space traded much of the session in the green. Coming off yesterday's broad declines, names like MSI +1.83%, FIS +1.52%, FISV +1.27%, FB +1.09%, FTR +1.04%, V +1.00% led the sector higher. Edging the sector off daily highs, names like MU -3.89%, AMAT -3.28%, KLAC -3.08%, LRCX -2.97%, FSLR -2.36%, YHOO -2.17%, LVLT -1.82%, SNDK -1.60%
The technology sub-sector Software was the best performer on the day, as the PowerShares Dynamic Software (PSJ ) closed with the best percentage gains among notable ETFs. To the ETF's credit, names like LOGM +5.22%, CYBR +4.92%, QTWO +1.84%, DATA +1.27%, EA +1.12% outperformed, but TSRA -1.03%, ACIW -0.46%, CDK -0.35%, CDNS -0.14% took the edge off the top.
Also on the session, the S&P 500 Information Technology sector (669.33, +1.60 +0.24%) finished Wednesday slightly higher by %. Trading in the red only briefly today, the sector was led higher by names like PYPL +2.43%, QRVO +1.46%, ADBE +0.99%, ADS +0.97%, INTU +0.85%, AAPL +0.81%.
Other notable news items among sector components:
Facebook's (FB 93.97, +1.01 +1.09%) Instagram announced it has surpassed 400 million users.
Accenture (ACN 97.86, +0.19 +0.19%) acquired Sagacious Consultants, but financial terms of the deal were not disclosed. Sagacious Consultants is an electronic health record consulting practice.
Zscaler, the Internet security company, today announced the closing of its latest financing, a $25 million continuation of its oversubscribed Series D round from Google (GOOG 622.36, -0.33 -0.05%) Capital. This latest round of financing brings the company's total funding raised in the Series D to $110 million.
GoPro (GPRO 32.64, -0.67 -2.01%) announced it is bringing immersive, spherical videos to Facebook's (FB) News Feed.
TSYS (TSS 46.75, +0.10 +0.21%) announced that it has extended its payments agreement with ING Bank (ING 13.96, -0.07 -0.50%) for their commercial card portfolio. TSYS has been supporting ING Bank N.V. since 2009 with the TS2 processing platform, as well as providing additional services.
Elsewhere in the technology space:
TeleComm Sys (TSYS 3.47, +0.11 +3.27%) was awarded a five-year contract extension valued at about $68 million from the Department of Defense.
Digital Ally (DGLY 6.80, -0.18 -2.58%) re-launched its Laser Ally laser detection and ranging speed detection product line.
Aviat Networks (AVNW 1.13, +0.04 +3.67%) will provide microwave solutions to a Tier 1 mobile operator in the United States.
2U (TWOU 37.20, -1.31 -3.40%) announced a 3.1 million share public offering of common stock by the company, and a 400,000 common share offering by selling stockholders.
SunEdison (SUNE 9.31, -1.06 -10.22%) signed a power purchase agreement with Equinix (EQIX 2883.89, +0.44 +0.15%) for 105 megawatts of new solar power.
Open Text (OTEX 45.21, -0.13 -0.29%) announced Chief Accounting Officer Sujeet Kini has resigned effective October 16.
ReneSola's (SOL 0.98, -0.01 -1.40%) Board authorized a $20 million ADS repurchase program.
TigerLogic (TIGR 0.26, -0.10 -27.80%) to voluntarily withdraw its common stock from Nasdaq listing. The Company is currently taking the steps necessary so that its common stock may be quoted for trading in the OTCQX US Market, operated by OTC Markets, Inc., under its current trading symbol "TIGR" following the withdrawal from trading on the NCM.
Analyst actions:
SWKS was upgraded to Strong Buy from Buy at Charter Equity,
BIDU was upgraded to Buy from Underperform at Credit Agricole,
DAKT was upgraded to Buy from Hold at Needham,
INTC was upgraded to Mkt Perform from Underperform at Bernstein,
VIVHY was upgraded to Hold from Underperform at Jefferies,
MTNOY was upgraded to Neutral from Sell at Goldman,
SMGZY was upgraded to Buy from Hold at Numis;
LPL was downgraded to Underperform from Neutral at BofA/Merrill
4:10 pm : The major averages registered their second consecutive retreat on Wednesday with the S&P 500 shedding 0.2% while the Nasdaq Composite (-0.1%) ended just ahead.
Overall, the midweek session was a choppy affair that saw the benchmark index spend some time on both sides of its flat line. That trading dynamic resulted from mixed performance among the ten sectors as three top-weighted groups-technology (+0.2%), financials (+0.1%), and health care (-0.1%)-displayed flashes of intraday strength while most of the remaining sectors struggled.
Most notably, commodity-sensitive energy (-1.4%) and materials (-2.1%) finished at the bottom of the leaderboard while the industrial sector (-0.7%) also kept the market under pressure. Altogether, the three sectors responded negatively to last night's release of China's preliminary September Caixin Manufacturing PMI, which fell to a 6.5-year low of 47.0 from 47.3 (expected 47.5).
It is worth pointing out that the energy sector was also pressured by crude oil, which climbed in the morning, but reversed from its best level in a move that coincided with equities retreating from their morning highs. WTI crude continued its retreat into the afternoon, ending the pit session lower by 3.8% at $44.53/bbl.
On the upside, the top-weighted technology sector (+0.2%) settled in the lead thanks to gains among large cap names like Apple (AAPL 114.32, +0.92), Google (GOOGL 653.29, +0.09), Intel (INTC 28.74, +0.07), and Microsoft (MSFT 43.87, -0.03). However, high-beta chipmakers did not fare as well as Intel, evidenced by a 0.7% decline in the PHLX Semiconductor Index.
Elsewhere, financials (+0.1%) and health care (-0.1%) displayed intraday strength, but the health care sector could not stay in the green into the close as renewed weakness in biotechnology took a toll on the countercyclical sector. The iShares Nasdaq Biotechnology ETF (IBB 332.82, -2.58) surrendered 0.8%, extending this week's decline to 6.7%.
Today's choppy action in the stock market had little impact on Treasuries as the 10-yr note spent the day in the red, pushing its yield up two basis points to 2.15%.
Investor participation was on the light side with fewer than 800 million shares changing hands at the NYSE floor.
Economic data was limited to the weekly MBA Mortgage Index, which surged 13.9% to follow last week's 7.0% decrease.
Tomorrow, weekly Initial Claims (Briefing.com consensus 271K), August Durable Orders (expected -2.0%) will be reported at 8:30 ET while August New Home Sales (expected 515,000) will be announced at 10:00 ET.
Nasdaq Composite +0.4% YTD
Russell 2000 -5.3% YTD
S&P 500 -5.8% YTD
Dow Jones Industrial Average -8.7% YTD
DJ30 -50.58 NASDAQ -3.98 SP500 -3.98 NASDAQ Adv/Vol/Dec 1219/1.49 bln/1646 NYSE Adv/Vol/Dec 1255/763.2 mln/1795
3:40 pm :
Commodities were lower today, led by oil prices. The overall Bloomberg Commodity Index is about 0.6% in current trade
Despite an initial move higher following the weekly EIA storage data, oil prices collapsed today, falling as low as
By the end of today's session, Nov WTI crude lost 3.8% to close at $44.53/barrel, near its LoD of $44.44/barrel
Oct nat gas only fell one cent to $2.57/MMBtu
Metals, on the other hand, had a better day
Copper end flat at $2.30/lb, while precious metals rose
Dec gold climbed 0.6% at $1131.70/oz, while Dec silver +0.1% at $14.79/oz
12:08 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (259) outpacing new highs (26) (SCANX) :
Stocks that traded to 52 week highs: ADEP, AKO.B, AMSG, BGS, CBNJ, CCRN, CNCE, CSFL, CVT, EDUC, FBC, FLO, FNFG, HFWA, HRTX, IMPV, MATR, MCZ, MSEX, NBN, NSEC, RYAAY, SLP, SMED, TAST, UHAL
Stocks that traded to 52 week lows: ABB, ABEV, ACAS, ACW, ADTN, AEG, AES, AGTC, AIR, AKS, ALIM, AM, AMCO, AMG, APAM, APPS, ARC, ARCB, ARG, ARO, ATI, ATU, ATW, AVH, AVL, AXAS, AXLL, BBD, BBOX, BBVA, BCC, BEBE, BEN, BETR, BITI, BKD, BKE, BOJA, BOOM, BSBR, BTE, BWA, BWEN, CAFD, CAI, CAS, CAT, CBD, CCJ, CETC, CFX, CG, CGNT, CHEF, CHSP, CIG, CIG.C, CIR, CKP, CNHI, CNX, CPGX, CPPL, CQH, CR, CRMT, CRS, CTG, CU, CVA, CVGI, CZZ, DAVE, DB, DCIX, DDC, DELTW, DGI, DHX, DNR, DRYS, DWA, EBR, ECR, EEQ, EIGI, EMES, EMR, EQGP, EQM, FAST, FCH, FDML, FLDM, FLR, FMSA, FOGO, FREE, FSTR, FWM, GASS, GIGA, GLOG, GLOP, GLPW, GLRE, GMLP, GNK, GRIF, GSIT, HBM, HCLP, HIFR, HK, HNSN, HOS, HP, HSC, HSGX, HST, HSTM, HT, HUN, HWCC, HZO, I, IDSY, ININ, IP, IPHS, IPI, JOY, KAMN, KEYW, KMT, KS, KSS, LITE, LNG, LNN, LWAY, LXFR, LXU, M, MANT, MCFT, MDM, MELI, MEOH, MITL, MJN, MNK, MNKD, MOD, MOG.A, MON, MOS, MPEL, MSL, MSM, MT, MTSC, MUR, MXPT, NAV, NEP, NEWP, NEWS, NHF, NPO, NSLP, NSM, NSPR, NTK, NWPX, NWSA, OLN, OMED, OZM, PBR, PBR.A, PCH, PDFS, PDS, PERF, PICO, PJC, PKE, PLCM, PLTM, POT, PSIX, PSTR, PTR, PVA, PWE, QIWI, RBC, RCAP, RCON, RRTS, SAMG, SAN, SBS, SCHN, SD, SEP, SGNT, SGOC, SJT, SNCR, SNHY, SPW, SRF, SRV, SWFT, SWN, SXC, SXE, TDW, TEF, TERP, TEX, TG, TGI, THRX, TIME, TKR, TLK, TLN, TRIB, TRMB, TROX, TSU, TWI, TWIN, TX, UGP, ULTR, UNIS, UPL, USAP, UTI, UTX, VECO, VIV, VJET, VNCE, VRNT, VSCP, WCC, WDC, WDR, WOR, WPP, WPRT, X, XPO, XRA
ETFs that traded to 52 week highs: none
ETFs that traded to 52 week lows: EWP, EWZ, JO, MOO, PPLT, XME
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