AI
Saturday, January 13, 2007 11:34:53 AM
Market Update 070112
http://biz.yahoo.com/mu/update.html
4:20 pm : More evidence that a soft landing for the U.S. economy remains on track helped extend Thursday's broad-based buying efforts. The Dow finished in record territory again while the Nasdaq hit a new six-year high.
December retail sales checking in with their biggest gain (+0.9%) since July - providing further evidence that the consumer is alive and kicking - was the biggest reason behind Friday's impressive follow-through effort. Retail sales (ex-autos) were also stronger than economists expected, rising 1.0% - the largest increase since January. Not only did the data alleviate concerns about the slowdown in housing curtailing consumption, but the absence of significant weakness increased the likelihood that Q4 GDP estimates will be revised higher.
Of the eight sectors closing in positive territory, Energy led the charge (+2.6%). The return of Energy's leadership, following four straight down days that had the sector down 3.5% for the week and off more than 8% already this year, more than acted as an offset to the 2.1% bounce in oil prices.
After plunging 13% so far this year and selling off over the last four days, a rebound of some sort in oil prices was not a big surprise. It is also worth noting that oil was still down nearly 6% for the week and is 33% below record levels reached last July.
Materials turned in the day's second best performance; but its 1.1% advance still didn't provide as much support as continued upward momentum in Technology. The more influential sector was in focus Friday after Advanced Micro Devices (AMD 18.27 -1.91) said Q4 revenue will miss expectations. AMD's warning prompted several analyst downgrades and initially renewed concerns about earnings prospects of other chip makers.
However, ongoing fears of missing out on an extended tech rally overshadowed AMD's expected revenue shortfall. Case in point, rival Intel (INTC 22.13 +0.21) was down as much as 1.4%, but the stock, which is also a recommended holding in the Briefing.com Active Portfolio, bounced back to close up nearly 1%. Fellow Dow component and tech bellwether Hewlett-Packard (HPQ 43.57 +0.93), which is a big beneficiary of the ongoing price wars between AMD and Intel, surged 2.2% to a multi-year high.
Building on Thursday's impressive 3.5% advance, Microsoft (MSFT 31.21 +0.51) hitting a new 4 1/2-year high also lent notable support for all three major averages for a second straight day. DJ30 +41.10 NASDAQ +17.97 SP500 +6.91 NASDAQ Dec/Adv/Vol 1147/1900/2.15 bln NYSE Dec/Adv/Vol 1113/2140/1.50 bln
3:30 pm : The bulls remain in control of the action with only a half hour left to go in this year's first full trading week. Helping to keep all three major averages on pace to record their best weekly finish in about two months has been another multi-year high on the very stock that carries a lot of weight on all three -- Microsoft (MSFT 31.32 +0.62). Nasdaq-listed Microsoft, a Dow component that also ranks as the fourth most influential constituent on the S&P 500, is tacking a 2.0% gain onto yesterday's impressive 3.5% advance. The Dow is on pace to close at a new all-time high for a second straight day and its 24th record close since October.DJ30 +41.57 NASDAQ +16.24 SP500 +6.87 NASDAQ Dec/Adv/Vol 1238/1791/1.80 bln NYSE Dec/Adv/Vol 1158/2066/1.20 bln
3:00 pm : Stocks are settling back into their relatively narrow afternoon trading ranges. The market's holding pattern has been further evidenced in the A/D line, as advancers on the NYSE still hold the same 20-to-11 edge over decliners they've enjoyed for the last three hours. Those on the Nasdaq maintain a smaller 16-to-13 advantage, but that ratio too has barely changed all afternoon. Diminishing volumes going into the close, as trading desks continue to empty early ahead of the long holiday weekend, also underscore the fairly sideways action seen in stocks throughout most of the afternoon. DJ30 +31.32 NASDAQ +11.46 SP500 +5.31 NASDAQ Dec/Adv/Vol 1350/1664/1.67 bln NYSE Dec/Adv/Vol 1196/2013/1.11 bln
2:30 pm : The major averages are pulling back from their best levels, but remain comfortably above the unchanged mark. A recent reversal in Consumer Staples removes some notable leadership. After hitting a new all-time high in each of the last four trading sessions. Altria Group (MO 88.69 -0.71) is succumbing to some modest profit taking. Oil prices retracing their highest levels of the day and eclipsing $53/bbl heading into the close of trading on NYMEX, without further upside momentum in energy stocks, is also taking some of the steam out of today's follow-through efforts. DJ30 +31.24 NASDAQ +10.64 SP500 +5.35 NASDAQ Dec/Adv/Vol 1303/1688/1.53 bln NYSE Dec/Adv/Vol 1138/2044/1.01 bln
12:00 pm : Stocks are trading near session highs midday, but there is not a whole lot of conviction on the part of buyers as investors juggle a strong retail sales report with another warning in the tech sector.
Before the bell, retail sales for December checked in with their biggest gain (+0.9%) since July. Sales (ex-autos) were also stronger than economists expected, rising 1.0% -- the largest increase since January. Not only have the data eased concerns about weakness in housing curtailing consumption but the absence of significant weakness may even lead to upward revisions to Q4 GDP estimates.
Be that as it may, the data also all but rule out a Fed rate cut anytime soon. Those concerns are weighing on Treasuries and preventing an even more persuasive follow-through effort in stocks on the heels of yesterday's broad-based rally. The 10-year note is down 8 ticks to yield 4.76%, an 11-week high.
Of the eight sectors trading to the upside, the fact that oil prices aren't selling off again is helping Energy turn in today's best performance (+1.5%). ConocoPhillips (COP 63.42 +1.60) is leading the sector's recovery effort after announcing plans to repurchase as much as $1.0 bln in stock. The return of Energy's leadership following four straight down days is being applauded, especially since Materials (+1.0%) and Telecom (+0.7%) -- the two least influential of the 10 S&P 500 sectors, are the only other areas sporting strong gains.
A recent turnaround in Technology is certainly noteworthy. Dow component Hewlett-Packard (HPQ 43.43 +0.79) surging nearly 2% to a new multi-year high is providing the bulk of recent sector support. Tech was under modest selling pressure most of the morning after Advanced Micro Devices (AMD 17.79 -2.38) said Q4 revenues will miss expectations. The chip maker's warning has prompted several analyst downgrades, is weighing on rival Intel (INTC 21.77 -0.15), and has renewed worries about earnings prospects throughout the influential sector.
If tech companies start lowering forecasts, it will pull the rug out from under what many expect to be a leading sector this year. Notable weakness in Apple (AAPL 94.87 -0.93), this week's biggest tech story (+12.6%) is another reason keeping intraday gains on this year's best performing S&P 500 sector at a minimum. BTK +0.8% DJ30 +23.52 DJTA +0.8% DJUA -0.5% DOT +0.2% NASDAQ +7.62 NQ100 +0.3% R2K +0.3% SOX -0.5% SP400 +0.4% SP500 +3.99 XOI +2.1% NASDAQ Dec/Adv/Vol 1257/1610/930 mln NYSE Dec/Adv/Vol 1179/1889/602 mln
11:30 am : More of the same for the indices as stocks continue to look a bit tired. That isn't all that surprising, though, as yesterday's run-up left the Dow, S&P 500 and Nasdaq up 0.9%, 1.0%, and 2.1%, respectively, for the week as of Thursday’s close. It is worth noting that, unlike previous sessions that have been influenced by sell-offs in oil prices, crude for February delivery at $51.88/bbl is relatively unchanged. DJ30 +0.56 NASDAQ +4.12 SP500 +1.71 NASDAQ Dec/Adv/Vol 1341/1461/802 mln NYSE Dec/Adv/Vol 1262/1758/504 mln
11:00 am : Range-bound trading persists in equities, but a recent reversal in Industrials and further weakness in Tech have been just enough to inch all three majors back below the flat line. Boeing (BA 87.71 -1.13) is today's worst performer (-1.3%) on the Dow. Fellow component Intel (INTC 21.66 -0.26) is a close second (-1.2%), giving up some of this week's nearly 4% advance in the wake of an expected revenue shortfall from its rival AMD (-11%). DJ30 -15.02 NASDAQ -0.84 SOX -0.8% SP500 -0.26 NASDAQ Dec/Adv/Vol 1384/1356/652 mln NYSE Dec/Adv/Vol 1284/1711/392 mln
10:30 am : Not much has changed since the last update as all three major indices still cling to small gains. Stalling a more persuasive follow-through effort on the heels of yesterday's broad-based rally is the absence of upside leadership from Technology. Aside from AMD's warning prompting some consolidation in Tech, this year's best performing S&P 500 sector (+3.9%), is notable weakness in Apple (AAPL 93.35 -2.44). The stock, which was up 12.6% this week as of yesterday's close and hit an all-time high on Wednesday, is now down 2.6% amid more option back-dating concerns and removing some notable enthusiasm behind this week's big move in the sector (+1.9%). Advanced Micro Devices (AMD 17.74 -2.44) is now down 12% for the day and trading only 5% above its 52-week low (July 24, 2006).DJ30 +1.14 NASDAQ +3.63 SP500 +2.16 NASDAQ Dec/Adv/Vol 1138/1510/476 mln NYSE Dec/Adv/Vol 960/1934/268 mln
10:00 am : The indices have recently inched above the flat line, but split industry leadership subsequently reflects the lack of conviction on the part of buyers. Of the five sectors trading higher, Energy is pacing the way. Even though oil prices are only rebounding to the tune of +0.3%, it's not all that surprising to see such a beaten-down group bounce back. Excluding today's 1.3% advance in Energy, the sector is down 3.5% this week alone and more than 8% already this year.
Also lending minimal confidence behind the sustainability of current recovery efforts is the fact that the only other two sectors turning in notable performances -- Materials (+0.8%) and Telecom (+0.7%) -- are also the two least influential of the 10 S&P 500 sectors. They combine to account for only 6.5% of the total weighting on the broader market. The remaining seven sectors are either up or down only 0.1%.DJ30 +6.32 NASDAQ +5.07 SP500 +2.42 NASDAQ Dec/Adv/Vol 1115/1361/190 mln NYSE Dec/Adv/Vol 1145/1515/80 mln
09:40 am : As expected, stocks kick off the last trading day of the week on a slightly downbeat note. Advanced Micro Devices (AMD 18.63 -1.55) has opened sharply lower (-7.7%) after saying Q4 revenue will miss expectations. The chip maker's warning has prompted several analyst downgrades and renewed worries about the earnings prospects throughout the influential Tech sector.
On a positive note, further analysis of a strong retail sales report is acting as somewhat of an offset, especially for investors still preoccupied with the pace of economic growth. Earlier, the Commerce Dept. showed that retail sales and sales ex-autos were surprisingly strong in December, providing further evidence that the consumer is alive and kicking and possibly leading to upward revisions in Q4 GDP estimates. However, with the market also sensitive to the potential of strong economic data diminishing the likelihood of a Fed rate cut, and November's figures being revised lower, it remains to be seen how today's report will play out. DJ30 -7.21 NASDAQ -1.01 SP500 -0.04 NASDAQ Vol 86 mln NYSE Vol 56 mln
09:15 am : S&P futures vs fair value: -2.4. Nasdaq futures vs fair value: -3.0.
09:00 am : S&P futures vs fair value: -3.1. Nasdaq futures vs fair value: -2.0. Negative disposition persists in pre-market action as futures trade still languishes below fair value heading into the open. AMD's warning continues to act as an overhang, reviving concerns about corporate profit growth as earnings season picks up in earnest next week. Stocks are also taking a bearish cue from weakness in Treasuries, which have sold off after strong retail sales data all but ruled out a Fed easing anytime soon.
08:33 am : S&P futures vs fair value: -1.7. Nasdaq futures vs fair value: -0.5. December retail sales rose 0.9% (consensus 0.7%) while sales, ex-autos, rose a surprisingly strong 1.0% (consensus 0.5%) to also suggest consumer spending remains solid, especially during the crucial holiday shopping season. However, with the market still sensitive to the potential of stronger than expected data diminishing the likelihood of a Fed rate cut, and November's data being revised lower, the reaction in S&P 500 and Nasdaq 100 futures has so far been muted. Bonds, in contrast, have weakened as the 10-yr note is now down 7 ticks to yield 4.75%.
08:00 am : S&P futures vs fair value: -2.3. Nasdaq futures vs fair value: -2.0. With the Dow closing at a new record high and the Nasdaq hitting its best level in six years yesterday, it's not surprising to see sentiment a day later questioning the sustainability of those advances. Exacerbating the nervousness, however, is another warning in Technology, which may trigger some consolidation in this year's best performing sector. Intel (INTC) rival Advanced Micro Devices (AMD) is plunging nearly 9% in pre-market action after warning Q4 revenue will miss expectations. Investors are also showing some reserve ahead of the upcoming Retail Sales report (8:30 ET).
06:20 am : S&P futures vs fair value: -1.3. Nasdaq futures vs fair value: +0.8.
http://biz.yahoo.com/mu/update.html
4:20 pm : More evidence that a soft landing for the U.S. economy remains on track helped extend Thursday's broad-based buying efforts. The Dow finished in record territory again while the Nasdaq hit a new six-year high.
December retail sales checking in with their biggest gain (+0.9%) since July - providing further evidence that the consumer is alive and kicking - was the biggest reason behind Friday's impressive follow-through effort. Retail sales (ex-autos) were also stronger than economists expected, rising 1.0% - the largest increase since January. Not only did the data alleviate concerns about the slowdown in housing curtailing consumption, but the absence of significant weakness increased the likelihood that Q4 GDP estimates will be revised higher.
Of the eight sectors closing in positive territory, Energy led the charge (+2.6%). The return of Energy's leadership, following four straight down days that had the sector down 3.5% for the week and off more than 8% already this year, more than acted as an offset to the 2.1% bounce in oil prices.
After plunging 13% so far this year and selling off over the last four days, a rebound of some sort in oil prices was not a big surprise. It is also worth noting that oil was still down nearly 6% for the week and is 33% below record levels reached last July.
Materials turned in the day's second best performance; but its 1.1% advance still didn't provide as much support as continued upward momentum in Technology. The more influential sector was in focus Friday after Advanced Micro Devices (AMD 18.27 -1.91) said Q4 revenue will miss expectations. AMD's warning prompted several analyst downgrades and initially renewed concerns about earnings prospects of other chip makers.
However, ongoing fears of missing out on an extended tech rally overshadowed AMD's expected revenue shortfall. Case in point, rival Intel (INTC 22.13 +0.21) was down as much as 1.4%, but the stock, which is also a recommended holding in the Briefing.com Active Portfolio, bounced back to close up nearly 1%. Fellow Dow component and tech bellwether Hewlett-Packard (HPQ 43.57 +0.93), which is a big beneficiary of the ongoing price wars between AMD and Intel, surged 2.2% to a multi-year high.
Building on Thursday's impressive 3.5% advance, Microsoft (MSFT 31.21 +0.51) hitting a new 4 1/2-year high also lent notable support for all three major averages for a second straight day. DJ30 +41.10 NASDAQ +17.97 SP500 +6.91 NASDAQ Dec/Adv/Vol 1147/1900/2.15 bln NYSE Dec/Adv/Vol 1113/2140/1.50 bln
3:30 pm : The bulls remain in control of the action with only a half hour left to go in this year's first full trading week. Helping to keep all three major averages on pace to record their best weekly finish in about two months has been another multi-year high on the very stock that carries a lot of weight on all three -- Microsoft (MSFT 31.32 +0.62). Nasdaq-listed Microsoft, a Dow component that also ranks as the fourth most influential constituent on the S&P 500, is tacking a 2.0% gain onto yesterday's impressive 3.5% advance. The Dow is on pace to close at a new all-time high for a second straight day and its 24th record close since October.DJ30 +41.57 NASDAQ +16.24 SP500 +6.87 NASDAQ Dec/Adv/Vol 1238/1791/1.80 bln NYSE Dec/Adv/Vol 1158/2066/1.20 bln
3:00 pm : Stocks are settling back into their relatively narrow afternoon trading ranges. The market's holding pattern has been further evidenced in the A/D line, as advancers on the NYSE still hold the same 20-to-11 edge over decliners they've enjoyed for the last three hours. Those on the Nasdaq maintain a smaller 16-to-13 advantage, but that ratio too has barely changed all afternoon. Diminishing volumes going into the close, as trading desks continue to empty early ahead of the long holiday weekend, also underscore the fairly sideways action seen in stocks throughout most of the afternoon. DJ30 +31.32 NASDAQ +11.46 SP500 +5.31 NASDAQ Dec/Adv/Vol 1350/1664/1.67 bln NYSE Dec/Adv/Vol 1196/2013/1.11 bln
2:30 pm : The major averages are pulling back from their best levels, but remain comfortably above the unchanged mark. A recent reversal in Consumer Staples removes some notable leadership. After hitting a new all-time high in each of the last four trading sessions. Altria Group (MO 88.69 -0.71) is succumbing to some modest profit taking. Oil prices retracing their highest levels of the day and eclipsing $53/bbl heading into the close of trading on NYMEX, without further upside momentum in energy stocks, is also taking some of the steam out of today's follow-through efforts. DJ30 +31.24 NASDAQ +10.64 SP500 +5.35 NASDAQ Dec/Adv/Vol 1303/1688/1.53 bln NYSE Dec/Adv/Vol 1138/2044/1.01 bln
12:00 pm : Stocks are trading near session highs midday, but there is not a whole lot of conviction on the part of buyers as investors juggle a strong retail sales report with another warning in the tech sector.
Before the bell, retail sales for December checked in with their biggest gain (+0.9%) since July. Sales (ex-autos) were also stronger than economists expected, rising 1.0% -- the largest increase since January. Not only have the data eased concerns about weakness in housing curtailing consumption but the absence of significant weakness may even lead to upward revisions to Q4 GDP estimates.
Be that as it may, the data also all but rule out a Fed rate cut anytime soon. Those concerns are weighing on Treasuries and preventing an even more persuasive follow-through effort in stocks on the heels of yesterday's broad-based rally. The 10-year note is down 8 ticks to yield 4.76%, an 11-week high.
Of the eight sectors trading to the upside, the fact that oil prices aren't selling off again is helping Energy turn in today's best performance (+1.5%). ConocoPhillips (COP 63.42 +1.60) is leading the sector's recovery effort after announcing plans to repurchase as much as $1.0 bln in stock. The return of Energy's leadership following four straight down days is being applauded, especially since Materials (+1.0%) and Telecom (+0.7%) -- the two least influential of the 10 S&P 500 sectors, are the only other areas sporting strong gains.
A recent turnaround in Technology is certainly noteworthy. Dow component Hewlett-Packard (HPQ 43.43 +0.79) surging nearly 2% to a new multi-year high is providing the bulk of recent sector support. Tech was under modest selling pressure most of the morning after Advanced Micro Devices (AMD 17.79 -2.38) said Q4 revenues will miss expectations. The chip maker's warning has prompted several analyst downgrades, is weighing on rival Intel (INTC 21.77 -0.15), and has renewed worries about earnings prospects throughout the influential sector.
If tech companies start lowering forecasts, it will pull the rug out from under what many expect to be a leading sector this year. Notable weakness in Apple (AAPL 94.87 -0.93), this week's biggest tech story (+12.6%) is another reason keeping intraday gains on this year's best performing S&P 500 sector at a minimum. BTK +0.8% DJ30 +23.52 DJTA +0.8% DJUA -0.5% DOT +0.2% NASDAQ +7.62 NQ100 +0.3% R2K +0.3% SOX -0.5% SP400 +0.4% SP500 +3.99 XOI +2.1% NASDAQ Dec/Adv/Vol 1257/1610/930 mln NYSE Dec/Adv/Vol 1179/1889/602 mln
11:30 am : More of the same for the indices as stocks continue to look a bit tired. That isn't all that surprising, though, as yesterday's run-up left the Dow, S&P 500 and Nasdaq up 0.9%, 1.0%, and 2.1%, respectively, for the week as of Thursday’s close. It is worth noting that, unlike previous sessions that have been influenced by sell-offs in oil prices, crude for February delivery at $51.88/bbl is relatively unchanged. DJ30 +0.56 NASDAQ +4.12 SP500 +1.71 NASDAQ Dec/Adv/Vol 1341/1461/802 mln NYSE Dec/Adv/Vol 1262/1758/504 mln
11:00 am : Range-bound trading persists in equities, but a recent reversal in Industrials and further weakness in Tech have been just enough to inch all three majors back below the flat line. Boeing (BA 87.71 -1.13) is today's worst performer (-1.3%) on the Dow. Fellow component Intel (INTC 21.66 -0.26) is a close second (-1.2%), giving up some of this week's nearly 4% advance in the wake of an expected revenue shortfall from its rival AMD (-11%). DJ30 -15.02 NASDAQ -0.84 SOX -0.8% SP500 -0.26 NASDAQ Dec/Adv/Vol 1384/1356/652 mln NYSE Dec/Adv/Vol 1284/1711/392 mln
10:30 am : Not much has changed since the last update as all three major indices still cling to small gains. Stalling a more persuasive follow-through effort on the heels of yesterday's broad-based rally is the absence of upside leadership from Technology. Aside from AMD's warning prompting some consolidation in Tech, this year's best performing S&P 500 sector (+3.9%), is notable weakness in Apple (AAPL 93.35 -2.44). The stock, which was up 12.6% this week as of yesterday's close and hit an all-time high on Wednesday, is now down 2.6% amid more option back-dating concerns and removing some notable enthusiasm behind this week's big move in the sector (+1.9%). Advanced Micro Devices (AMD 17.74 -2.44) is now down 12% for the day and trading only 5% above its 52-week low (July 24, 2006).DJ30 +1.14 NASDAQ +3.63 SP500 +2.16 NASDAQ Dec/Adv/Vol 1138/1510/476 mln NYSE Dec/Adv/Vol 960/1934/268 mln
10:00 am : The indices have recently inched above the flat line, but split industry leadership subsequently reflects the lack of conviction on the part of buyers. Of the five sectors trading higher, Energy is pacing the way. Even though oil prices are only rebounding to the tune of +0.3%, it's not all that surprising to see such a beaten-down group bounce back. Excluding today's 1.3% advance in Energy, the sector is down 3.5% this week alone and more than 8% already this year.
Also lending minimal confidence behind the sustainability of current recovery efforts is the fact that the only other two sectors turning in notable performances -- Materials (+0.8%) and Telecom (+0.7%) -- are also the two least influential of the 10 S&P 500 sectors. They combine to account for only 6.5% of the total weighting on the broader market. The remaining seven sectors are either up or down only 0.1%.DJ30 +6.32 NASDAQ +5.07 SP500 +2.42 NASDAQ Dec/Adv/Vol 1115/1361/190 mln NYSE Dec/Adv/Vol 1145/1515/80 mln
09:40 am : As expected, stocks kick off the last trading day of the week on a slightly downbeat note. Advanced Micro Devices (AMD 18.63 -1.55) has opened sharply lower (-7.7%) after saying Q4 revenue will miss expectations. The chip maker's warning has prompted several analyst downgrades and renewed worries about the earnings prospects throughout the influential Tech sector.
On a positive note, further analysis of a strong retail sales report is acting as somewhat of an offset, especially for investors still preoccupied with the pace of economic growth. Earlier, the Commerce Dept. showed that retail sales and sales ex-autos were surprisingly strong in December, providing further evidence that the consumer is alive and kicking and possibly leading to upward revisions in Q4 GDP estimates. However, with the market also sensitive to the potential of strong economic data diminishing the likelihood of a Fed rate cut, and November's figures being revised lower, it remains to be seen how today's report will play out. DJ30 -7.21 NASDAQ -1.01 SP500 -0.04 NASDAQ Vol 86 mln NYSE Vol 56 mln
09:15 am : S&P futures vs fair value: -2.4. Nasdaq futures vs fair value: -3.0.
09:00 am : S&P futures vs fair value: -3.1. Nasdaq futures vs fair value: -2.0. Negative disposition persists in pre-market action as futures trade still languishes below fair value heading into the open. AMD's warning continues to act as an overhang, reviving concerns about corporate profit growth as earnings season picks up in earnest next week. Stocks are also taking a bearish cue from weakness in Treasuries, which have sold off after strong retail sales data all but ruled out a Fed easing anytime soon.
08:33 am : S&P futures vs fair value: -1.7. Nasdaq futures vs fair value: -0.5. December retail sales rose 0.9% (consensus 0.7%) while sales, ex-autos, rose a surprisingly strong 1.0% (consensus 0.5%) to also suggest consumer spending remains solid, especially during the crucial holiday shopping season. However, with the market still sensitive to the potential of stronger than expected data diminishing the likelihood of a Fed rate cut, and November's data being revised lower, the reaction in S&P 500 and Nasdaq 100 futures has so far been muted. Bonds, in contrast, have weakened as the 10-yr note is now down 7 ticks to yield 4.75%.
08:00 am : S&P futures vs fair value: -2.3. Nasdaq futures vs fair value: -2.0. With the Dow closing at a new record high and the Nasdaq hitting its best level in six years yesterday, it's not surprising to see sentiment a day later questioning the sustainability of those advances. Exacerbating the nervousness, however, is another warning in Technology, which may trigger some consolidation in this year's best performing sector. Intel (INTC) rival Advanced Micro Devices (AMD) is plunging nearly 9% in pre-market action after warning Q4 revenue will miss expectations. Investors are also showing some reserve ahead of the upcoming Retail Sales report (8:30 ET).
06:20 am : S&P futures vs fair value: -1.3. Nasdaq futures vs fair value: +0.8.
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