AI
Tuesday, October 30, 2007 7:47:42 PM
Market Update 071030
http://biz.yahoo.com/mu/update.html
4:25 pm : The broader market traded lower Tuesday in a session of profit taking before Wednesday's FOMC decision.
A weaker than expected consumer confidence report for October from the Conference Board garnered most of the blame for the retreat, but that was a fairly weak excuse given the poor correlation between confidence and spending.
At the same time, given all of the headlines in the past month regarding rising oil prices and falling home prices, it shouldn't have been a surprise to anyone that confidence levels would be down from the prior month. Specifically, the reading for October was 95.6 versus 99.5 in September. Economists were expecting a reading of 99.5.
Separately, the S&P/Case-Shiller home price index, which few people paid attention to when home prices were rising, indicated that home prices declined 4.4% in the 12-months ended in August. This, too, shouldn't have come as much of a surprise, but it was just another negative focal point that spurred investors to take some money off the table following a run in the last six sessions that saw the S&P 500 gain 2.7%.
The hardest hit area today was the energy sector (-3.0%) which got clubbed in the wake of oil prices dropping 3.4% to $90.38 per barrel. The sudden drop was precipitated by a call from Goldman Sachs to take profits from the commodity's rally.
The Goldman Sachs recommendation carried a lot of weight with traders who were cognizant that the firm has correctly called the move up in oil prices.
The lone pocket of strength Tuesday was the technology sector (+0.6%), which was underpinned by the relative strength of large-cap leaders Microsoft (MSFT 35.57, +1.00), Apple (AAPL 187.00, +1.91) and Google (GOOG 694.77, +15.54).
All other sectors registered a loss on Tuesday with materials (-2.2%) and telecom services (-1.3%) joining energy in the worst-performers circle.
Procter & Gamble (PG 68.95, -2.88), in turn, was a notable laggard outside the aforementioned areas following the company's fiscal first quarter report and outlook. While Procter & Gamble met first quarter estimates, it failed to deliver on the market's heightened expectations when its earnings guidance for the second quarter of $0.95 to $0.97 merely bracketed the current consensus estimate and contained a warning about gross margin pressures.
Solid reports and guidance from Colgate-Palmolive (CL 75.26, +1.00) and Avon Products (AVP 40.77, +1.77) helped offset the weakness in Procter & Gamble.
Another stock of note was Merrill Lynch (MER 65.56, -1.86), which ran into selling interest following the firm's announcement that CEO Stanley O'Neal would be retiring effective immediately. O'Neal's departure was expected by many after Merrill's woeful third quarter performance, but investors didn't like the idea that Merrill Lynch refrained from naming a permanent replacement.
On Wednesday the market will turn its full attention to the FOMC decision at 2:15 p.m. ET. Briefing.com sides with the expectation that the fed funds rate will be cut 25 basis points to 4.50% and that the discount rate will also be cut by 25 basis points to 5.00%.
Prior to the FOMC decision participants will be digesting more earnings results, the weekly energy inventory report, and a large batch of economic data that includes the advanced reading for third quarter GDP, the third quarter employment cost index, the Chicago Purchasing Manager's Index for October, and September construction spending data.DJ30 -77.79 NASDAQ -9.96 SP500 -0.73 NASDAQ Dec/Adv/Vol 1827/1118/2.16 bln NYSE Dec/Adv/Vol 2047/1190/1.13 bln
3:30 pm : The major indices are largely unchanged since the last update, with the exception of the Dow which has had a modest dip.
Tomorrow stands to be an interesting, and possible volatile day of trading. On top of the highly anticipated FOMC announcement, third quarter GDP, Chicago PMI and energy inventories will also be released. Briefing.com expects the Fed to cut the fed funds and discount rates by 25 basis points.
Furthermore, the market will be digesting information from the 67 companies reporting their earnings after today's close and the 71 companies reporting before the open tomorrow. DJ30 -37.55 NASDAQ +8.64 SP500 -4.94 NASDAQ Dec/Adv/Vol 1733/1198/1.67 bln NYSE Dec/Adv/Vol 1779/1437/851 mln
3:00 pm : The major indices are trading near their intraday highs. Since the Consumer Confidence Index at 10:00 ET, there has not been much market moving news.
Oil prices have extended this session's losses and are now down 3.9% to $89.88. This profit taking move in oil is small considering it is up 38.5% year-to-date. On a related note, the energy sector is now down 3.0%, but is still up 30% year-to-date.DJ30 -23.33 NASDAQ +6.90 SP500 -4.56 NASDAQ Dec/Adv/Vol 1697/1224/1.54 bln NYSE Dec/Adv/Vol 1789/1409/800 mln
2:30 pm : The major indices have traded mostly sideways over the past half hour, but are now slightly below their best levels of the session following a recent dip.
15 of the 30 Dow Jones Industrial Average components are in the green. Boeing (BA 98.24, +1.25), Microsoft (MSFT 35.29, +0.72) and Wal-Mart (WMT 45.62, +0.61) are providing leadership. Procter & Gamble (PG 68.90, -2.93), Exxon Mobil (XOM 91.95, -1.66) and Alcoa (AA 39.73) are laggards.
Fellow Dow component General Motors (GM 38.45, +0.49) received a boost this session after UBS upgraded the company to Buy from Sell and raised its price target to $48 from $24. DJ30 -28.12 NASDAQ +7.50 SP500 -4.66 NASDAQ Dec/Adv/Vol 1657/1241/1.40 bln NYSE Dec/Adv/Vol 1710/1461/738 mln
2:00 pm : The stock market has extended its mid afternoon gains. All three major indices are now trading at their best levels of the session.
Four of the ten economic sectors are now in the green, including tech (+0.8%), utilities (+0.5%), consumer discretionary (+0.2%) and healthcare (+0.1%).DJ30 -18.77 NASDAQ +7.89 SP500 -3.17 NASDAQ Dec/Adv/Vol 1676/1217/1.27 bln NYSE Dec/Adv/Vol 1781/1378/665 mln
1:30 pm : The major indices are currently trading at or near their best levels of the session. The recent gains have been due to broad-based buying interest, but there has been a notable pickup in the influential financial sector (-0.3%).
The telecom sector (-1.0%) is a laggard this session. Qwest’s (Q 7.18, -1.00) stock is getting clipped, and is a drag on the sector after the company reported third quarter results below expectations due to declines in its core phone business.
DJ30 -33.08 NASDAQ +4.78 SP500 -4.97 NASDAQ Dec/Adv/Vol 1711/1147/1.16 bln NYSE Dec/Adv/Vol 1799/1339/605 mln
1:00 pm : Since the last update, the Nasdaq has made a decent recovery and is now close to the unchanged mark. The Nasdaq is up 16.7% year-to-date, handily outperforming the Dow (+11.3%) and S&P 500 (+8.7%)
Meanwhile, the Dow and S&P have had slight gains, but continue to trade with modest losses. Separately, small and mid-cap stocks are outperforming on a relative basis, but not by much. DJ30 -36.01 NASDAQ +0.13 R2K +0.3% SP400 +0.2% SP500 -6.41 NASDAQ Dec/Adv/Vol 1764/1076/1.03 bln NYSE Dec/Adv/Vol 1892/1229/541 mln
12:30 pm : The stock market continues to trade with modest losses, but is off its intraday lows. The major indices have been somewhat choppy today, but their ranges have been pretty tight.
The Steel Index (-3.9%) is one of the worst performing groups today after U.S. Steel (X 105.48, -7.02) reported earnings of $2.50 per share, which missed estimates by $0.13. The company also offered a relatively pessimistic outlook, stating it expects a decline in overall results for the fourth quarter.
Fellow steelmakers Nucor (NUE 61.18, -1.75) and Allegheny Technologies (ATI 101.70, -2.43) have followed U.S. Steel lower, as has the materials sector (-1.2%). DJ30 -56.90 NASDAQ -4.32 SP500 -8.23 NASDAQ Dec/Adv/Vol 1789/1018/930 mln NYSE Dec/Adv/Vol 1861/1226/489 mln
12:00 pm : The stock market got off to a negative start as market participants locked in some profits ahead of tomorrow's FOMC announcement. A disappointing economic report has also acted as a damper.
The October Conference Board Consumer Confidence, a monthly household survey, came in at 95.6, which is its weakest level since October 2005. Economists were expecting a reading of 99.0. Last month had a reading of 99.5.
With oil prices rising, headlines on lower home prices, etc., the drop in confidence shouldn't be seen as shocking. Still, this index does not correlate well with consumer spending and has little economic value. The market places too much emphasis on it, particularly on small moves such as this. Stocks dipped following the report, and have been choppy up to the East Coast lunch hour.
Merrill Lynch (MER 65.01, -2.41) confirmed today that CEO Stanley O'Neal has decided to "retire" after 21 years at the company effective immediately. It is widely believed that O'Neal was forced out in response to Merrill's dismal third quarter. Although specific details of Mr. O'Neal's retirement package haven't been released, press reports indicate he could walk away with somewhere between $100 million and $200 million based on pension benefits and the value of his stock and stock option holdings.
Earnings reports were decent. Procter & Gamble (PG 69.08, -2.75) reported in line with expectations. Colgate-Palmolive (CL 75.54, +1.28), Donnelley & Sons (RRD 40.40, +2.89), and Masco (MAS 24.37, +1.00) beat estimates. Liz Claiborne (LIZ 29.14, +0.79), Qwest (Q 7.32, -0.86), and US Steel (X 104.34, 8.16) missed.
Crude oil, down 1.6% to $92.08, has had a nice slip this session. Given the decline in oil prices, it is not surprising that the energy sector (-2.2%) is the main laggard.
Utilities (+0.4%) and tech (+0.2%) are currently the only sectors in positive territory. DJ30 -53.65 NASDAQ -5.59 SP500 -8.44 NASDAQ Dec/Adv/Vol 1791/1003/810 mln NYSE Dec/Adv/Vol 1856/1210/422 mln
11:30 am : Since the last update, the major indices have had a slight dip. The stock market has not had any concerted movements thus far, though, as investors continue to be cautious prior to tomorrow's FOMC announcement.
The Amex Airline Index (+2.1%) and the Dow Jones Transportation Average (-0.2%) are benefiting from the decline in crude oil prices DJ30 -53.08 NASDAQ -4.69 SP500 -8.49 NASDAQ Dec/Adv/Vol 1633/1090/683 mln NYSE Dec/Adv/Vol 1755/1278/346 mln
11:00 am : The Dow and S&P continue to trade with modest losses. The Nasdaq has made it back to the unchanged mark thanks to the leadership of Google (GOOG 692.99, +13.76) and Apple (AAPL 186.45, +1.36).
Consumer product maker Procter & Gamble (PG 98.91, -2.92) is trading lower despite reporting earnings that were in-line with expectations. The decline is being attributed to the company's guidance for the October to December quarter.That, however, is just a convenient excuse because the guidance isn't disappointing.
That P&G would trade down on its report and outlook is really little more than a case of the company having failed to satisfy the market's high expectations. Keep in mind that at yesterday's closing price, the stock had risen 18% since its June low. The lack of a strong upside surprise on the guidance front, then, is being viewed as a profit taking opportunity. DJ30 -33.08 NASDAQ +0.20 SP500 -5.74 NASDAQ Dec/Adv/Vol 1648/1030/547 mln NYSE Dec/Adv/Vol 1742/1211/254 mln
10:30 am : The stock market dipped following the Consumer Confidence Index report. The market has since recovered a portion of its losses, but is still trading lower than its pre-data release level.
With oil prices rising, headlines on lower home prices, etc., the drop in confidence shouldn't be seen as shocking. Still, this index does not correlate well with consumer spending and has little economic value. The market places too much emphasis on it, particularly on small moves such as this. DJ30 -37.71 NASDAQ -3.84 SP500 -6.13 NASDAQ Dec/Adv/Vol 1678/920/374 mln NYSE Dec/Adv/Vol 1560/1249/117 mln
10:00 am : Just reported, the October Conference Board Consumer Confidence Index came in at 95.6, which is down from September's revised reading of 99.5. Economists were expecting the number to come in at 99.5.
The market is trading with modest losses, with seven of the ten economic sectors are in the red. The energy sector (-1.3%) is the main laggard, which is expected considering crude oil is down 1.6% to $92.07. The tech sector is a relative leader, but is only posting a slight 0.1% gain.DJ30 -35.84 NASDAQ -3.37 SP500 -4.98
09:40 am : The stock market opened with modest losses. Investors are likely locking in profits ahead of tomorrow's FOMC announcement.
Dow component Procter & Gamble (PG) met its consensus earnings estimate, while fellow consumer product company Colgate-Palmolive (CL) topped its earnings expectations. U.S. Steel (X) and Qwest (Q) missed their earnings expectations.
Merrill Lynch (MER) has confirmed that CEO Stan O'Neil has retired. Board member Alberto Cribiore will serve as interim non-executive Chairman and chair search committee. DJ30 -32.92 NASDAQ -8.20 SP500 -4.92
09:15 am : S&P futures vs fair value: -8.0. Nasdaq futures vs fair value: -13.8.
09:00 am : S&P futures vs fair value: -8.0. Nasdaq futures vs fair value: -13.3. The consumer confidence index from the Conference Board will be out at 10:00 ET.
08:30 am : S&P futures vs fair value: -5.3. Nasdaq futures vs fair value: -10.0. Futures continue to point to a lower start. Energizer (ENR) missed its earnings expectation by $0.03 per share.
07:59 am : S&P futures vs fair value: -7.0. Nasdaq futures vs fair value: -12.5. The stock market is poised for a lower start. Investors are likely securing profits ahead of tomorrow’s FOMC meeting. For the most part, news is positive this morning. Procter & Gamble (PG), Avon (AVP) and Colgate-Palmolive (CL) either met, or exceeded their third quarter earnings expectations. General Motors (GM) was upgraded, and had its price target raised at UBS. Meanwhile, oil is down 1.4% to $92.29.
06:21 am : S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -10.3.
http://biz.yahoo.com/mu/update.html
4:25 pm : The broader market traded lower Tuesday in a session of profit taking before Wednesday's FOMC decision.
A weaker than expected consumer confidence report for October from the Conference Board garnered most of the blame for the retreat, but that was a fairly weak excuse given the poor correlation between confidence and spending.
At the same time, given all of the headlines in the past month regarding rising oil prices and falling home prices, it shouldn't have been a surprise to anyone that confidence levels would be down from the prior month. Specifically, the reading for October was 95.6 versus 99.5 in September. Economists were expecting a reading of 99.5.
Separately, the S&P/Case-Shiller home price index, which few people paid attention to when home prices were rising, indicated that home prices declined 4.4% in the 12-months ended in August. This, too, shouldn't have come as much of a surprise, but it was just another negative focal point that spurred investors to take some money off the table following a run in the last six sessions that saw the S&P 500 gain 2.7%.
The hardest hit area today was the energy sector (-3.0%) which got clubbed in the wake of oil prices dropping 3.4% to $90.38 per barrel. The sudden drop was precipitated by a call from Goldman Sachs to take profits from the commodity's rally.
The Goldman Sachs recommendation carried a lot of weight with traders who were cognizant that the firm has correctly called the move up in oil prices.
The lone pocket of strength Tuesday was the technology sector (+0.6%), which was underpinned by the relative strength of large-cap leaders Microsoft (MSFT 35.57, +1.00), Apple (AAPL 187.00, +1.91) and Google (GOOG 694.77, +15.54).
All other sectors registered a loss on Tuesday with materials (-2.2%) and telecom services (-1.3%) joining energy in the worst-performers circle.
Procter & Gamble (PG 68.95, -2.88), in turn, was a notable laggard outside the aforementioned areas following the company's fiscal first quarter report and outlook. While Procter & Gamble met first quarter estimates, it failed to deliver on the market's heightened expectations when its earnings guidance for the second quarter of $0.95 to $0.97 merely bracketed the current consensus estimate and contained a warning about gross margin pressures.
Solid reports and guidance from Colgate-Palmolive (CL 75.26, +1.00) and Avon Products (AVP 40.77, +1.77) helped offset the weakness in Procter & Gamble.
Another stock of note was Merrill Lynch (MER 65.56, -1.86), which ran into selling interest following the firm's announcement that CEO Stanley O'Neal would be retiring effective immediately. O'Neal's departure was expected by many after Merrill's woeful third quarter performance, but investors didn't like the idea that Merrill Lynch refrained from naming a permanent replacement.
On Wednesday the market will turn its full attention to the FOMC decision at 2:15 p.m. ET. Briefing.com sides with the expectation that the fed funds rate will be cut 25 basis points to 4.50% and that the discount rate will also be cut by 25 basis points to 5.00%.
Prior to the FOMC decision participants will be digesting more earnings results, the weekly energy inventory report, and a large batch of economic data that includes the advanced reading for third quarter GDP, the third quarter employment cost index, the Chicago Purchasing Manager's Index for October, and September construction spending data.DJ30 -77.79 NASDAQ -9.96 SP500 -0.73 NASDAQ Dec/Adv/Vol 1827/1118/2.16 bln NYSE Dec/Adv/Vol 2047/1190/1.13 bln
3:30 pm : The major indices are largely unchanged since the last update, with the exception of the Dow which has had a modest dip.
Tomorrow stands to be an interesting, and possible volatile day of trading. On top of the highly anticipated FOMC announcement, third quarter GDP, Chicago PMI and energy inventories will also be released. Briefing.com expects the Fed to cut the fed funds and discount rates by 25 basis points.
Furthermore, the market will be digesting information from the 67 companies reporting their earnings after today's close and the 71 companies reporting before the open tomorrow. DJ30 -37.55 NASDAQ +8.64 SP500 -4.94 NASDAQ Dec/Adv/Vol 1733/1198/1.67 bln NYSE Dec/Adv/Vol 1779/1437/851 mln
3:00 pm : The major indices are trading near their intraday highs. Since the Consumer Confidence Index at 10:00 ET, there has not been much market moving news.
Oil prices have extended this session's losses and are now down 3.9% to $89.88. This profit taking move in oil is small considering it is up 38.5% year-to-date. On a related note, the energy sector is now down 3.0%, but is still up 30% year-to-date.DJ30 -23.33 NASDAQ +6.90 SP500 -4.56 NASDAQ Dec/Adv/Vol 1697/1224/1.54 bln NYSE Dec/Adv/Vol 1789/1409/800 mln
2:30 pm : The major indices have traded mostly sideways over the past half hour, but are now slightly below their best levels of the session following a recent dip.
15 of the 30 Dow Jones Industrial Average components are in the green. Boeing (BA 98.24, +1.25), Microsoft (MSFT 35.29, +0.72) and Wal-Mart (WMT 45.62, +0.61) are providing leadership. Procter & Gamble (PG 68.90, -2.93), Exxon Mobil (XOM 91.95, -1.66) and Alcoa (AA 39.73) are laggards.
Fellow Dow component General Motors (GM 38.45, +0.49) received a boost this session after UBS upgraded the company to Buy from Sell and raised its price target to $48 from $24. DJ30 -28.12 NASDAQ +7.50 SP500 -4.66 NASDAQ Dec/Adv/Vol 1657/1241/1.40 bln NYSE Dec/Adv/Vol 1710/1461/738 mln
2:00 pm : The stock market has extended its mid afternoon gains. All three major indices are now trading at their best levels of the session.
Four of the ten economic sectors are now in the green, including tech (+0.8%), utilities (+0.5%), consumer discretionary (+0.2%) and healthcare (+0.1%).DJ30 -18.77 NASDAQ +7.89 SP500 -3.17 NASDAQ Dec/Adv/Vol 1676/1217/1.27 bln NYSE Dec/Adv/Vol 1781/1378/665 mln
1:30 pm : The major indices are currently trading at or near their best levels of the session. The recent gains have been due to broad-based buying interest, but there has been a notable pickup in the influential financial sector (-0.3%).
The telecom sector (-1.0%) is a laggard this session. Qwest’s (Q 7.18, -1.00) stock is getting clipped, and is a drag on the sector after the company reported third quarter results below expectations due to declines in its core phone business.
DJ30 -33.08 NASDAQ +4.78 SP500 -4.97 NASDAQ Dec/Adv/Vol 1711/1147/1.16 bln NYSE Dec/Adv/Vol 1799/1339/605 mln
1:00 pm : Since the last update, the Nasdaq has made a decent recovery and is now close to the unchanged mark. The Nasdaq is up 16.7% year-to-date, handily outperforming the Dow (+11.3%) and S&P 500 (+8.7%)
Meanwhile, the Dow and S&P have had slight gains, but continue to trade with modest losses. Separately, small and mid-cap stocks are outperforming on a relative basis, but not by much. DJ30 -36.01 NASDAQ +0.13 R2K +0.3% SP400 +0.2% SP500 -6.41 NASDAQ Dec/Adv/Vol 1764/1076/1.03 bln NYSE Dec/Adv/Vol 1892/1229/541 mln
12:30 pm : The stock market continues to trade with modest losses, but is off its intraday lows. The major indices have been somewhat choppy today, but their ranges have been pretty tight.
The Steel Index (-3.9%) is one of the worst performing groups today after U.S. Steel (X 105.48, -7.02) reported earnings of $2.50 per share, which missed estimates by $0.13. The company also offered a relatively pessimistic outlook, stating it expects a decline in overall results for the fourth quarter.
Fellow steelmakers Nucor (NUE 61.18, -1.75) and Allegheny Technologies (ATI 101.70, -2.43) have followed U.S. Steel lower, as has the materials sector (-1.2%). DJ30 -56.90 NASDAQ -4.32 SP500 -8.23 NASDAQ Dec/Adv/Vol 1789/1018/930 mln NYSE Dec/Adv/Vol 1861/1226/489 mln
12:00 pm : The stock market got off to a negative start as market participants locked in some profits ahead of tomorrow's FOMC announcement. A disappointing economic report has also acted as a damper.
The October Conference Board Consumer Confidence, a monthly household survey, came in at 95.6, which is its weakest level since October 2005. Economists were expecting a reading of 99.0. Last month had a reading of 99.5.
With oil prices rising, headlines on lower home prices, etc., the drop in confidence shouldn't be seen as shocking. Still, this index does not correlate well with consumer spending and has little economic value. The market places too much emphasis on it, particularly on small moves such as this. Stocks dipped following the report, and have been choppy up to the East Coast lunch hour.
Merrill Lynch (MER 65.01, -2.41) confirmed today that CEO Stanley O'Neal has decided to "retire" after 21 years at the company effective immediately. It is widely believed that O'Neal was forced out in response to Merrill's dismal third quarter. Although specific details of Mr. O'Neal's retirement package haven't been released, press reports indicate he could walk away with somewhere between $100 million and $200 million based on pension benefits and the value of his stock and stock option holdings.
Earnings reports were decent. Procter & Gamble (PG 69.08, -2.75) reported in line with expectations. Colgate-Palmolive (CL 75.54, +1.28), Donnelley & Sons (RRD 40.40, +2.89), and Masco (MAS 24.37, +1.00) beat estimates. Liz Claiborne (LIZ 29.14, +0.79), Qwest (Q 7.32, -0.86), and US Steel (X 104.34, 8.16) missed.
Crude oil, down 1.6% to $92.08, has had a nice slip this session. Given the decline in oil prices, it is not surprising that the energy sector (-2.2%) is the main laggard.
Utilities (+0.4%) and tech (+0.2%) are currently the only sectors in positive territory. DJ30 -53.65 NASDAQ -5.59 SP500 -8.44 NASDAQ Dec/Adv/Vol 1791/1003/810 mln NYSE Dec/Adv/Vol 1856/1210/422 mln
11:30 am : Since the last update, the major indices have had a slight dip. The stock market has not had any concerted movements thus far, though, as investors continue to be cautious prior to tomorrow's FOMC announcement.
The Amex Airline Index (+2.1%) and the Dow Jones Transportation Average (-0.2%) are benefiting from the decline in crude oil prices DJ30 -53.08 NASDAQ -4.69 SP500 -8.49 NASDAQ Dec/Adv/Vol 1633/1090/683 mln NYSE Dec/Adv/Vol 1755/1278/346 mln
11:00 am : The Dow and S&P continue to trade with modest losses. The Nasdaq has made it back to the unchanged mark thanks to the leadership of Google (GOOG 692.99, +13.76) and Apple (AAPL 186.45, +1.36).
Consumer product maker Procter & Gamble (PG 98.91, -2.92) is trading lower despite reporting earnings that were in-line with expectations. The decline is being attributed to the company's guidance for the October to December quarter.That, however, is just a convenient excuse because the guidance isn't disappointing.
That P&G would trade down on its report and outlook is really little more than a case of the company having failed to satisfy the market's high expectations. Keep in mind that at yesterday's closing price, the stock had risen 18% since its June low. The lack of a strong upside surprise on the guidance front, then, is being viewed as a profit taking opportunity. DJ30 -33.08 NASDAQ +0.20 SP500 -5.74 NASDAQ Dec/Adv/Vol 1648/1030/547 mln NYSE Dec/Adv/Vol 1742/1211/254 mln
10:30 am : The stock market dipped following the Consumer Confidence Index report. The market has since recovered a portion of its losses, but is still trading lower than its pre-data release level.
With oil prices rising, headlines on lower home prices, etc., the drop in confidence shouldn't be seen as shocking. Still, this index does not correlate well with consumer spending and has little economic value. The market places too much emphasis on it, particularly on small moves such as this. DJ30 -37.71 NASDAQ -3.84 SP500 -6.13 NASDAQ Dec/Adv/Vol 1678/920/374 mln NYSE Dec/Adv/Vol 1560/1249/117 mln
10:00 am : Just reported, the October Conference Board Consumer Confidence Index came in at 95.6, which is down from September's revised reading of 99.5. Economists were expecting the number to come in at 99.5.
The market is trading with modest losses, with seven of the ten economic sectors are in the red. The energy sector (-1.3%) is the main laggard, which is expected considering crude oil is down 1.6% to $92.07. The tech sector is a relative leader, but is only posting a slight 0.1% gain.DJ30 -35.84 NASDAQ -3.37 SP500 -4.98
09:40 am : The stock market opened with modest losses. Investors are likely locking in profits ahead of tomorrow's FOMC announcement.
Dow component Procter & Gamble (PG) met its consensus earnings estimate, while fellow consumer product company Colgate-Palmolive (CL) topped its earnings expectations. U.S. Steel (X) and Qwest (Q) missed their earnings expectations.
Merrill Lynch (MER) has confirmed that CEO Stan O'Neil has retired. Board member Alberto Cribiore will serve as interim non-executive Chairman and chair search committee. DJ30 -32.92 NASDAQ -8.20 SP500 -4.92
09:15 am : S&P futures vs fair value: -8.0. Nasdaq futures vs fair value: -13.8.
09:00 am : S&P futures vs fair value: -8.0. Nasdaq futures vs fair value: -13.3. The consumer confidence index from the Conference Board will be out at 10:00 ET.
08:30 am : S&P futures vs fair value: -5.3. Nasdaq futures vs fair value: -10.0. Futures continue to point to a lower start. Energizer (ENR) missed its earnings expectation by $0.03 per share.
07:59 am : S&P futures vs fair value: -7.0. Nasdaq futures vs fair value: -12.5. The stock market is poised for a lower start. Investors are likely securing profits ahead of tomorrow’s FOMC meeting. For the most part, news is positive this morning. Procter & Gamble (PG), Avon (AVP) and Colgate-Palmolive (CL) either met, or exceeded their third quarter earnings expectations. General Motors (GM) was upgraded, and had its price target raised at UBS. Meanwhile, oil is down 1.4% to $92.29.
06:21 am : S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -10.3.
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