AI
Monday, January 22, 2007 8:07:49 PM
Market Update 070122
http://biz.yahoo.com/mu/update.html
4:20 pm : Stocks stumbled out of the gate Monday and never recovered as ongoing concerns that companies will not live up to the market's lofty earnings expectations kicked off a new week on a negative note.
Worries about disappointing guidance kept Technology in focus again. Microsoft (MSFT 30.72 -0.39), which hit a multi-year high last week, gave back some of those gains as investors grew concerned about its Q2 report this Thursday.
As a reminder, the Tech sector tumbled 3.4% last week, contributing heavily to the Nasdaq's worst weekly performance (-2.1%) since last July, after reports from Apple (AAPL 86.79 -1.71) and Intel (INTC 20.79 -0.03) failed to impress investors. With most of the bad news already priced into shares of Texas Instruments (TXN 28.67 +0.28), which warned in early December, the stock was one of the sector's few bright spots today heading into its Q4 report after the close.
Industrials was the day's biggest disappointment among the 10 sectors that closed lower. An analyst downgrade on Boeing (BA 85.57 -3.06), the Dow's leading laggard (-3.5%), left Aerospace & Defense (-1.7%) as one of today's worst performing S&P industry groups. Construction & Farming (-2.1%) fared even worse as Caterpillar (CAT 58.21 -1.16) dropped 2.0% to a new 52-week low.
Fellow Dow component Pfizer (PFE 26.98 -0.24), which was up 10% after bottoming out in early December, topped Wall Street expectations in its fourth quarter. However, not even plans to cut costs by $2 bln annually (i.e. slashing 10% of workforce, closing plants) were enough to offset a Q4 report that showed Lipitor sales missed 2006 targets while Zoloft sales plunged 79%. Pfizer's nearly 1.0% decline was a big reason why investors consolidated gains throughout this year's best performing sector, Health Care.
The absence of any upside leadership from Financials was also noteworthy. JP Morgan Chase (JPM 49.75 +0.99) and Morgan Stanley (MS 83.47 +1.97) surged to multi-year highs while Citigroup (C 54.80 +0.30), which was up nearly 2.0% following news that Sallie L. Krawcheck is stepping aside as CFO to become CEO of the bank's Global Wealth Management division, also advanced. However, losses in REITS and weakness in insurance names acted as offsetting factors.
Meanwhile, oil prices relinquished more than half of Friday's 3.0% rebound; but subsequent weakness in the Energy sector that removed more notable leadership reminded investors that nearly four years of double digit profit growth on the S&P 500 may be over.BTK -0.6% DJ30 -88.37 DJTA -1.0% DJUA -0.2% DOT -0.9% NASDAQ -20.24 NQ100 -1.0% R2K -0.9% SOX -1.0% SP400 -0.5% SP500 -7.55 XOI -0.7% NASDAQ Dec/Adv/Vol 2007/1053/1.87 bln NYSE Dec/Adv/Vol 2045/1215/1.39 bln
3:30 pm : The indices continue to chalk up broad-based losses in the absence of spirited leadership from a number of blue chips. On the Dow, 24 out of 30 components are still trading lower, led by a 3.5% sell-off in Boeing (BA 85.50 -3.13). While Boeing's decline earmarks Aerospace & Defense (-1.8%) as one of today's worst performing S&P industry groups, Construction & Farming (-2.0%) is faring even worse as Caterpillar (CAT 58.16 -1.21) languishes at a new 52-week low. Fellow components DuPont (DD 50.18 -0.66), Johnson & Johnson (JNJ 67.25 -0.51) and United Technologies (UTX 64.20 -0.98), all three of which report earnings before the bell tomorrow, are also among today's disappointments. At its lowest level of the day, the Dow was in negative territory for the year. DJ30 -99.66 NASDAQ -20.89 SP500 -8.26 NASDAQ Dec/Adv/Vol 1959/1080/1.60 bln NYSE Dec/Adv/Vol 2077/1164/1.20 bln
3:00 pm : Stocks are still on the defensive as investors continue to brace themselves for what may be the end to nearly four years of double-digit profit growth for the S&P 500. One stock bucking today's earnings-induced bearish bias, though, is Texas Instruments (TXN 28.80 +0.41). The chip maker is up 1.4% ahead of its Q4 report after the bell; but the market overall isn't exactly convinced TXN's report will be a good barometer for the rest of the semiconductor space. Fifteen of the 18 components in the PHLX Semiconductor Sector Index are trading lower and it's down 3.4% for the year.DJ30 -90.91 NASDAQ -18.08 SOX -1.0% SP500 -6.93 NASDAQ Dec/Adv/Vol 1960/1081/1.47 bln NYSE Dec/Adv/Vol 2030/1204/1.10 bln
2:30 pm : Range-bound trading persists for the blue-chip averages, but the Nasdaq continues to pare its losses. Albeit still the day's worst performer among the majors, the tech-heavy Composite is getting some help from a couple of non-tech names. Amgen (AMGN 76.09 +1.84) is up 2.5% after Bear Stearns raised its price target to $83. Apollo Group (APOL 42.39 +1.19) is up nearly 3% after the Department of Education lifted restrictions forbidding competitor Career Education (CECO 26.97 +1.57) from making domestic acquisitions.DJ30 -90.11 NASDAQ -18.10 SP500 -6.82 NASDAQ Dec/Adv/Vol 1946/1072/1.37 bln NYSE Dec/Adv/Vol 1988/1213/1.03 bln
2:00 pm : Little changed since the last update as the major averages continue to vacillate in roughly the same ranges. With earnings in focus all week, Dow component American Express (AXP 58.10 +0.01) recently reporting results is garnering some attention. The stock, which initially spiked to session lows (-1.6%) after Q4 earnings checked in a penny shy of analysts' forecasts, is now flat as investors continue to sift through the details. DJ30 -94.93 NASDAQ -21.16 SP500 -7.72 NASDAQ Dec/Adv/Vol 1987/1013/1.28 bln NYSE Dec/Adv/Vol 2079/1108/952 mln
1:30 pm : The major averages are off their lowest levels of the session, but are still posting hefty losses. Oil prices recently reversing course are helping to improve sentiment, but not enough to overshadow further consolidation in the Energy sector (-0.8%). The latter is now down nearly 5.0% for the year as oil prices are off about 14% year to date. Crude for February delivery, which was up as much as 2.8% at $53.44/bbl earlier, is now down 1.1% at $51.42/bbl. The more-active March contract is down 1.5% at $52.60/bbl. DJ30 -94.61 NASDAQ -21.62 SP500 -8.32 XOI -1.1% NASDAQ Dec/Adv/Vol 2021/962/1.19 bln NYSE Dec/Adv/Vol 2085/1094/880 mln
1:00 pm : The indices continue to sport losses across the board as buyers remain a reluctant bunch. Meanwhile, investors are currently sifting through restructuring details from Pfizer's (PFE 26.75 -0.47) analyst meeting. However, plans to cut costs by $2 bln annually (i.e. slashing 10% of workforce, closing plants) don't appear to be enough to offset a Q4 report that earlier showed Lipitor sales missed the company's 2006 target of $13 bln. Pfizer's 1.7% decline is a big reason why investors are consolidating gains throughout this year's best performing sector, Health Care (-0.7%).DJ30 -109.19 NASDAQ -25.71 SP500 -9.54 NASDAQ Dec/Adv/Vol 2015/931/1.09 bln NYSE Dec/Adv/Vol 2028/1112/794 mln
12:30 pm : Stocks enter the afternoon trading session hitting new intraday lows. On the Dow, 24 of 30 components are now trading lower; 15 of those down at least 1.0%. The Nasdaq is now down more than 1.0% as nearly every component within the Tech sector continues to consolidate. In fact, Home Entertainment Software (-3.0%) remains today's worst performing S&P industry group following reports that Take-Two Interactive (TTWO 17.03 -0.46) said it found a "significant" number of backdated stock options grants. DJ30 -105.31 NASDAQ -25.57 SP500 -9.02 NASDAQ Dec/Adv/Vol 2018/900/980 mln NYSE Dec/Adv/Vol 1989/1132/708 mln
12:00 pm : The major averages are still trading near their worst levels of the session midday as the lack of key sector leadership, amid concerns that analyst forecasts for earnings remain too high, weighs on sentiment. Renewed worries that the inflationary potential of higher fuel prices will limit spending and weigh on corporate profitability are also sidelining buyers.
As if last week's 3.4% sell-off in Technology didn't deal a big enough blow to the bulls, another 1.3% decline not only earmarks the influential sector as today's biggest disappointment but also pushes it into negative territory for the year. Just last Tuesday, Tech was this year's best performing S&P 500 sector (+3.9%).
Apple (AAPL 85.73 -2.77) is tacking a 3.0% decline onto last week's 6.5% earnings-related dismantling while Microsoft (MSFT 30.56 -0.55), which hit a multi-year high last week, is consolidating some of those gains as investors grow concerned about its Q2 report Thursday afternoon.
The Industrials sector is also off more than 1.0%, due in large part to a 3.4% sell-off in Boeing (BA 85.64 -2.99). Today's worst performing Dow component was downgraded at Wachovia. Eaton Corp (ETN 72.78 -4.87) forecasting flat 2007 sales and a 2.0% surge in oil prices making transportation stocks less attractive are also weighing on the sector.
The inability by the Energy sector to benefit whatsoever from oil prices climbing back above $53/bbl further underscores the lack of excitement for owning equities today.
On a positive note, Citigroup (C 55.06 +0.56) is up 1.0% as investors applaud news that Sallie L. Krawcheck is stepping aside as CFO; but consolidation in brokers and other banks is acting as an offset within the Financials sector and removing some notable leadership. BTK -0.5% DJ30 -98.20 DJTA -1.3% DOT -1.4% NASDAQ -24.24 NQ100 -1.1% R2K -1.1% SOX -1.5% SP400 -0.6% SP500 -8.15 XOI -1.4% NASDAQ Dec/Adv/Vol 2026/871/864 mln NYSE Dec/Adv/Vol 2007/1094/630 mln
11:30 am : More of the same for stocks as consolidation remains widespread across most areas. Bonds, however, are catching a flight-to-quality bid at the expense of the decline in equities. The absence of more economic data providing further evidence that economic growth remains solid may also be contributing to the modest rebound in Treasuries. The 10-year note is up 5 ticks to yield 4.75%.DJ30 -91.41 NASDAQ -26.66 SP500 -7.88 NASDAQ Dec/Adv/Vol 2018/860/758 mln NYSE Dec/Adv/Vol 2003/1060/536 mln
11:00 am : Selling remains the name of the game this morning as the indices continue to languish near session lows. Adding to the market's recent struggles has been a failure by the Dow, S&P 500 and Nasdaq to find support near key technical levels of 12490, 1424 and 2434, respectively. Technology (-1.3%) remains today's biggest disappointment while the Industrials sector now down more than 1.0% as well also weighs heavily on the proceedings. DJ30 -98.33 NASDAQ -24.08 SP500 -7.49 NASDAQ Dec/Adv/Vol 1943/874/570 mln NYSE Dec/Adv/Vol 1891/1115/390 mln
10:30 am : The indices spike lower within the last 30 minutes, spearheaded by further deterioration in Tech (-1.1%). The sector, which was this year's best performing S&P 500 sector (+3.9%) a week ago, is now in negative territory for the year as investors continue to sell everything from hardware (HWI -1.1%) and software (GSO -1.0%) to semiconductors (SOX -1.4%) and networking (NWX -1.6%). A recent reversal in Financials also removes some notable leadership while the inability by the Energy sector (+0.1%) to more decisively take advantage of oil prices at session highs (up 2.2% and back above $53/bbl) further underscores the lack of excitement for owning equities today.DJ30 -91.23 NASDAQ -22.03 SP500 -6.70 XOI +0.2% NASDAQ Dec/Adv/Vol 1908/827/400 mln NYSE Dec/Adv/Vol 1799/1106/252 mln
10:00 am : The major averages extend their reach to the downside as the bulk of industry leadership remains negative. Pacing the way lower is Technology, as UBS lowering its price target on Dell (DELL 24.67 -0.35) to $26 leaves the hardware group slipping further into red for the year. Of the seven other sectors losing ground, Industrials is a close second due largely to the downgrade on Boeing while a 1.0% gain in oil prices makes transportation stocks less attractive. On a positive note, Financials is today's best performing sector; but its modest 0.2% advance is doing little to offset the broad-based nature of current selling efforts.DJ30 -34.93 DJTA -0.7% NASDAQ -7.19 SP500 -1.49 NASDAQ Dec/Adv/Vol 1526/1043/144 mln NYSE Dec/Adv/Vol 1329/1160/70 mln
09:40 am : Stocks stumble out of the gate as the cautious underlying tone from last week carries over into this morning's opening bell. Boeing (BA 86.90 -1.76) is acting as the biggest obstacle for blue chips as an analyst downgrade leaves it as the Dow's worst performer this morning. In fact, Boeing's 1.9% decline is offsetting a 1.7% advance in Citigroup (C 55.44 +0.94), which is getting a boost following reports that Sallie L. Krawcheck will step aside as CFO. Evidently there's still a lack of enthusiasm surrounding tech stocks as follow-through selling from last week's 2.1% drubbing on the Nasdaq leaves the tech-heavy Composite pacing the way lower among the majors in early action. DJ30 -19.75 NASDAQ -4.39 SP500 -0.65 NASDAQ Vol 88 mln NYSE Vol 52 mln
09:15 am : S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +2.5.
09:00 am : S&P futures vs fair value: +1.4. Nasdaq futures vs fair value: +2.5. Positive bias persists in pre-market trading, but there still isn't a whole lot of conviction on the part of buyers. Minimizing early blue-chip gains is an analyst downgrade on Dow component Boeing (BA). The absence of influential economic data to provide further evidence that economic growth remains solid is also stalling a more decisive rebound following last week's sell-off in tech.
08:30 am : S&P futures vs fair value: +1.1. Nasdaq futures vs fair value: +2.5. Both the S&P 500 and Nasdaq 100 futures are off their best levels but still trade above fair value and point to a positive start for stocks. Citigroup (C), which is paying $3 bln for ABN Amro's mortgage unit, has recently gotten a boost as investors applaud the promotion of CFO Sallie L. Krawcheck to Chairman and CEO of its Global Wealth Management division. Pfizer (PFE) is also trading higher after beating expectations by a penny while fellow Dow component Intel (INTC) is getting a lift as Sun Microsystems (SUNW) is reportedly near an agreement to use Intel chips instead of AMD.
08:00 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +4.0. Early indications suggest stocks will open on a slightly higher note. While there isn't much in the way of market-moving news to account for the positive disposition, a sense that stocks are oversold on a short-term basis is contributing to the improved underlying tone. The Nasdaq, which plunged 2.1% last week, appears to be attracting the majority of early bargain-hunting interest. As a reminder, the S&P 500 Technology sector tumbled 3.4% last week after reports from IBM (IBM), Apple (AAPL) and Intel (INTC) failed to impress investors.
06:17 am : FTSE...6270.20...+33.00...+0.5%. DAX...6757.44...+10.27...+0.2%.
http://biz.yahoo.com/mu/update.html
4:20 pm : Stocks stumbled out of the gate Monday and never recovered as ongoing concerns that companies will not live up to the market's lofty earnings expectations kicked off a new week on a negative note.
Worries about disappointing guidance kept Technology in focus again. Microsoft (MSFT 30.72 -0.39), which hit a multi-year high last week, gave back some of those gains as investors grew concerned about its Q2 report this Thursday.
As a reminder, the Tech sector tumbled 3.4% last week, contributing heavily to the Nasdaq's worst weekly performance (-2.1%) since last July, after reports from Apple (AAPL 86.79 -1.71) and Intel (INTC 20.79 -0.03) failed to impress investors. With most of the bad news already priced into shares of Texas Instruments (TXN 28.67 +0.28), which warned in early December, the stock was one of the sector's few bright spots today heading into its Q4 report after the close.
Industrials was the day's biggest disappointment among the 10 sectors that closed lower. An analyst downgrade on Boeing (BA 85.57 -3.06), the Dow's leading laggard (-3.5%), left Aerospace & Defense (-1.7%) as one of today's worst performing S&P industry groups. Construction & Farming (-2.1%) fared even worse as Caterpillar (CAT 58.21 -1.16) dropped 2.0% to a new 52-week low.
Fellow Dow component Pfizer (PFE 26.98 -0.24), which was up 10% after bottoming out in early December, topped Wall Street expectations in its fourth quarter. However, not even plans to cut costs by $2 bln annually (i.e. slashing 10% of workforce, closing plants) were enough to offset a Q4 report that showed Lipitor sales missed 2006 targets while Zoloft sales plunged 79%. Pfizer's nearly 1.0% decline was a big reason why investors consolidated gains throughout this year's best performing sector, Health Care.
The absence of any upside leadership from Financials was also noteworthy. JP Morgan Chase (JPM 49.75 +0.99) and Morgan Stanley (MS 83.47 +1.97) surged to multi-year highs while Citigroup (C 54.80 +0.30), which was up nearly 2.0% following news that Sallie L. Krawcheck is stepping aside as CFO to become CEO of the bank's Global Wealth Management division, also advanced. However, losses in REITS and weakness in insurance names acted as offsetting factors.
Meanwhile, oil prices relinquished more than half of Friday's 3.0% rebound; but subsequent weakness in the Energy sector that removed more notable leadership reminded investors that nearly four years of double digit profit growth on the S&P 500 may be over.BTK -0.6% DJ30 -88.37 DJTA -1.0% DJUA -0.2% DOT -0.9% NASDAQ -20.24 NQ100 -1.0% R2K -0.9% SOX -1.0% SP400 -0.5% SP500 -7.55 XOI -0.7% NASDAQ Dec/Adv/Vol 2007/1053/1.87 bln NYSE Dec/Adv/Vol 2045/1215/1.39 bln
3:30 pm : The indices continue to chalk up broad-based losses in the absence of spirited leadership from a number of blue chips. On the Dow, 24 out of 30 components are still trading lower, led by a 3.5% sell-off in Boeing (BA 85.50 -3.13). While Boeing's decline earmarks Aerospace & Defense (-1.8%) as one of today's worst performing S&P industry groups, Construction & Farming (-2.0%) is faring even worse as Caterpillar (CAT 58.16 -1.21) languishes at a new 52-week low. Fellow components DuPont (DD 50.18 -0.66), Johnson & Johnson (JNJ 67.25 -0.51) and United Technologies (UTX 64.20 -0.98), all three of which report earnings before the bell tomorrow, are also among today's disappointments. At its lowest level of the day, the Dow was in negative territory for the year. DJ30 -99.66 NASDAQ -20.89 SP500 -8.26 NASDAQ Dec/Adv/Vol 1959/1080/1.60 bln NYSE Dec/Adv/Vol 2077/1164/1.20 bln
3:00 pm : Stocks are still on the defensive as investors continue to brace themselves for what may be the end to nearly four years of double-digit profit growth for the S&P 500. One stock bucking today's earnings-induced bearish bias, though, is Texas Instruments (TXN 28.80 +0.41). The chip maker is up 1.4% ahead of its Q4 report after the bell; but the market overall isn't exactly convinced TXN's report will be a good barometer for the rest of the semiconductor space. Fifteen of the 18 components in the PHLX Semiconductor Sector Index are trading lower and it's down 3.4% for the year.DJ30 -90.91 NASDAQ -18.08 SOX -1.0% SP500 -6.93 NASDAQ Dec/Adv/Vol 1960/1081/1.47 bln NYSE Dec/Adv/Vol 2030/1204/1.10 bln
2:30 pm : Range-bound trading persists for the blue-chip averages, but the Nasdaq continues to pare its losses. Albeit still the day's worst performer among the majors, the tech-heavy Composite is getting some help from a couple of non-tech names. Amgen (AMGN 76.09 +1.84) is up 2.5% after Bear Stearns raised its price target to $83. Apollo Group (APOL 42.39 +1.19) is up nearly 3% after the Department of Education lifted restrictions forbidding competitor Career Education (CECO 26.97 +1.57) from making domestic acquisitions.DJ30 -90.11 NASDAQ -18.10 SP500 -6.82 NASDAQ Dec/Adv/Vol 1946/1072/1.37 bln NYSE Dec/Adv/Vol 1988/1213/1.03 bln
2:00 pm : Little changed since the last update as the major averages continue to vacillate in roughly the same ranges. With earnings in focus all week, Dow component American Express (AXP 58.10 +0.01) recently reporting results is garnering some attention. The stock, which initially spiked to session lows (-1.6%) after Q4 earnings checked in a penny shy of analysts' forecasts, is now flat as investors continue to sift through the details. DJ30 -94.93 NASDAQ -21.16 SP500 -7.72 NASDAQ Dec/Adv/Vol 1987/1013/1.28 bln NYSE Dec/Adv/Vol 2079/1108/952 mln
1:30 pm : The major averages are off their lowest levels of the session, but are still posting hefty losses. Oil prices recently reversing course are helping to improve sentiment, but not enough to overshadow further consolidation in the Energy sector (-0.8%). The latter is now down nearly 5.0% for the year as oil prices are off about 14% year to date. Crude for February delivery, which was up as much as 2.8% at $53.44/bbl earlier, is now down 1.1% at $51.42/bbl. The more-active March contract is down 1.5% at $52.60/bbl. DJ30 -94.61 NASDAQ -21.62 SP500 -8.32 XOI -1.1% NASDAQ Dec/Adv/Vol 2021/962/1.19 bln NYSE Dec/Adv/Vol 2085/1094/880 mln
1:00 pm : The indices continue to sport losses across the board as buyers remain a reluctant bunch. Meanwhile, investors are currently sifting through restructuring details from Pfizer's (PFE 26.75 -0.47) analyst meeting. However, plans to cut costs by $2 bln annually (i.e. slashing 10% of workforce, closing plants) don't appear to be enough to offset a Q4 report that earlier showed Lipitor sales missed the company's 2006 target of $13 bln. Pfizer's 1.7% decline is a big reason why investors are consolidating gains throughout this year's best performing sector, Health Care (-0.7%).DJ30 -109.19 NASDAQ -25.71 SP500 -9.54 NASDAQ Dec/Adv/Vol 2015/931/1.09 bln NYSE Dec/Adv/Vol 2028/1112/794 mln
12:30 pm : Stocks enter the afternoon trading session hitting new intraday lows. On the Dow, 24 of 30 components are now trading lower; 15 of those down at least 1.0%. The Nasdaq is now down more than 1.0% as nearly every component within the Tech sector continues to consolidate. In fact, Home Entertainment Software (-3.0%) remains today's worst performing S&P industry group following reports that Take-Two Interactive (TTWO 17.03 -0.46) said it found a "significant" number of backdated stock options grants. DJ30 -105.31 NASDAQ -25.57 SP500 -9.02 NASDAQ Dec/Adv/Vol 2018/900/980 mln NYSE Dec/Adv/Vol 1989/1132/708 mln
12:00 pm : The major averages are still trading near their worst levels of the session midday as the lack of key sector leadership, amid concerns that analyst forecasts for earnings remain too high, weighs on sentiment. Renewed worries that the inflationary potential of higher fuel prices will limit spending and weigh on corporate profitability are also sidelining buyers.
As if last week's 3.4% sell-off in Technology didn't deal a big enough blow to the bulls, another 1.3% decline not only earmarks the influential sector as today's biggest disappointment but also pushes it into negative territory for the year. Just last Tuesday, Tech was this year's best performing S&P 500 sector (+3.9%).
Apple (AAPL 85.73 -2.77) is tacking a 3.0% decline onto last week's 6.5% earnings-related dismantling while Microsoft (MSFT 30.56 -0.55), which hit a multi-year high last week, is consolidating some of those gains as investors grow concerned about its Q2 report Thursday afternoon.
The Industrials sector is also off more than 1.0%, due in large part to a 3.4% sell-off in Boeing (BA 85.64 -2.99). Today's worst performing Dow component was downgraded at Wachovia. Eaton Corp (ETN 72.78 -4.87) forecasting flat 2007 sales and a 2.0% surge in oil prices making transportation stocks less attractive are also weighing on the sector.
The inability by the Energy sector to benefit whatsoever from oil prices climbing back above $53/bbl further underscores the lack of excitement for owning equities today.
On a positive note, Citigroup (C 55.06 +0.56) is up 1.0% as investors applaud news that Sallie L. Krawcheck is stepping aside as CFO; but consolidation in brokers and other banks is acting as an offset within the Financials sector and removing some notable leadership. BTK -0.5% DJ30 -98.20 DJTA -1.3% DOT -1.4% NASDAQ -24.24 NQ100 -1.1% R2K -1.1% SOX -1.5% SP400 -0.6% SP500 -8.15 XOI -1.4% NASDAQ Dec/Adv/Vol 2026/871/864 mln NYSE Dec/Adv/Vol 2007/1094/630 mln
11:30 am : More of the same for stocks as consolidation remains widespread across most areas. Bonds, however, are catching a flight-to-quality bid at the expense of the decline in equities. The absence of more economic data providing further evidence that economic growth remains solid may also be contributing to the modest rebound in Treasuries. The 10-year note is up 5 ticks to yield 4.75%.DJ30 -91.41 NASDAQ -26.66 SP500 -7.88 NASDAQ Dec/Adv/Vol 2018/860/758 mln NYSE Dec/Adv/Vol 2003/1060/536 mln
11:00 am : Selling remains the name of the game this morning as the indices continue to languish near session lows. Adding to the market's recent struggles has been a failure by the Dow, S&P 500 and Nasdaq to find support near key technical levels of 12490, 1424 and 2434, respectively. Technology (-1.3%) remains today's biggest disappointment while the Industrials sector now down more than 1.0% as well also weighs heavily on the proceedings. DJ30 -98.33 NASDAQ -24.08 SP500 -7.49 NASDAQ Dec/Adv/Vol 1943/874/570 mln NYSE Dec/Adv/Vol 1891/1115/390 mln
10:30 am : The indices spike lower within the last 30 minutes, spearheaded by further deterioration in Tech (-1.1%). The sector, which was this year's best performing S&P 500 sector (+3.9%) a week ago, is now in negative territory for the year as investors continue to sell everything from hardware (HWI -1.1%) and software (GSO -1.0%) to semiconductors (SOX -1.4%) and networking (NWX -1.6%). A recent reversal in Financials also removes some notable leadership while the inability by the Energy sector (+0.1%) to more decisively take advantage of oil prices at session highs (up 2.2% and back above $53/bbl) further underscores the lack of excitement for owning equities today.DJ30 -91.23 NASDAQ -22.03 SP500 -6.70 XOI +0.2% NASDAQ Dec/Adv/Vol 1908/827/400 mln NYSE Dec/Adv/Vol 1799/1106/252 mln
10:00 am : The major averages extend their reach to the downside as the bulk of industry leadership remains negative. Pacing the way lower is Technology, as UBS lowering its price target on Dell (DELL 24.67 -0.35) to $26 leaves the hardware group slipping further into red for the year. Of the seven other sectors losing ground, Industrials is a close second due largely to the downgrade on Boeing while a 1.0% gain in oil prices makes transportation stocks less attractive. On a positive note, Financials is today's best performing sector; but its modest 0.2% advance is doing little to offset the broad-based nature of current selling efforts.DJ30 -34.93 DJTA -0.7% NASDAQ -7.19 SP500 -1.49 NASDAQ Dec/Adv/Vol 1526/1043/144 mln NYSE Dec/Adv/Vol 1329/1160/70 mln
09:40 am : Stocks stumble out of the gate as the cautious underlying tone from last week carries over into this morning's opening bell. Boeing (BA 86.90 -1.76) is acting as the biggest obstacle for blue chips as an analyst downgrade leaves it as the Dow's worst performer this morning. In fact, Boeing's 1.9% decline is offsetting a 1.7% advance in Citigroup (C 55.44 +0.94), which is getting a boost following reports that Sallie L. Krawcheck will step aside as CFO. Evidently there's still a lack of enthusiasm surrounding tech stocks as follow-through selling from last week's 2.1% drubbing on the Nasdaq leaves the tech-heavy Composite pacing the way lower among the majors in early action. DJ30 -19.75 NASDAQ -4.39 SP500 -0.65 NASDAQ Vol 88 mln NYSE Vol 52 mln
09:15 am : S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +2.5.
09:00 am : S&P futures vs fair value: +1.4. Nasdaq futures vs fair value: +2.5. Positive bias persists in pre-market trading, but there still isn't a whole lot of conviction on the part of buyers. Minimizing early blue-chip gains is an analyst downgrade on Dow component Boeing (BA). The absence of influential economic data to provide further evidence that economic growth remains solid is also stalling a more decisive rebound following last week's sell-off in tech.
08:30 am : S&P futures vs fair value: +1.1. Nasdaq futures vs fair value: +2.5. Both the S&P 500 and Nasdaq 100 futures are off their best levels but still trade above fair value and point to a positive start for stocks. Citigroup (C), which is paying $3 bln for ABN Amro's mortgage unit, has recently gotten a boost as investors applaud the promotion of CFO Sallie L. Krawcheck to Chairman and CEO of its Global Wealth Management division. Pfizer (PFE) is also trading higher after beating expectations by a penny while fellow Dow component Intel (INTC) is getting a lift as Sun Microsystems (SUNW) is reportedly near an agreement to use Intel chips instead of AMD.
08:00 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +4.0. Early indications suggest stocks will open on a slightly higher note. While there isn't much in the way of market-moving news to account for the positive disposition, a sense that stocks are oversold on a short-term basis is contributing to the improved underlying tone. The Nasdaq, which plunged 2.1% last week, appears to be attracting the majority of early bargain-hunting interest. As a reminder, the S&P 500 Technology sector tumbled 3.4% last week after reports from IBM (IBM), Apple (AAPL) and Intel (INTC) failed to impress investors.
06:17 am : FTSE...6270.20...+33.00...+0.5%. DAX...6757.44...+10.27...+0.2%.
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