AI
Tuesday, November 06, 2007 7:13:31 PM
Market Update 071106
http://biz.yahoo.com/mu/update.html
4:25 pm : Credit concerns were set aside on Tuesday as the stock market rallied in the face of rising oil prices, which rose 3.3% to $97.10 per barrel at their high for the session.
Oil prices fell back some to end the trading session at $96.70. Their upward move was fueled by multiple factors, including anxiousness that the government's weekly inventory report on Wednesday will show another decline in crude stockpiles. A bombing in Yemen that shut down an oil pipeline, a forecast for inclement weather in the North Sea, and the Energy Information Administration boosting its full-year 2008 U.S. crude price forecast from $73.50 per barrel to $79.92 per barrel also played a part.
In turn, continued weakness in the dollar index, which slipped 0.5% to $76.04, served as another buying catalyst for commodity traders. The weakness in the greenback, which sparked inflation chatter, remained a healthy prop for gold prices, which hit a 27-year high at $827.20 per ounce. Gold futures for December delivery settled up 1.6% at $823.40.
With the jump in commodity prices, it was little surprise to see the energy (+2.7%) and materials (+2.5%) sectors score the largest percentage gains in Tuesday's trading. Airlines, meanwhile, were among the weakest performers as they were grounded by the spike in oil prices.
The most influential mover of the day was the financial sector (+1.7%) as it garnered a bargain hunting bid with Goldman Sachs (GS 223.16, +4.77) again denying rumors that it is going to announce a write-down. Citigroup (C 35.08, -0.82) remained a conspicuous laggard as participants continued to show little interest in the stock, which is down 37% year-to-date.
Conversely, there remained a good deal of interest in the large-cap technology issues with many of the usual suspects leading the buying brigade. Cisco (CSCO 34.08, +1.00) was a headliner in this respect as investors were feeling optimistic ahead of its earnings report on Wednesday. Other luminaries included Google (GOOG 741.79, +16.14), Apple (AAPL 191.79, +5.61), Intel (INTC 27.49, +0.65) and Oracle (ORCL 22.83, +0.76).
The latter stock was added to the Americas Conviction Buy List at Goldman Sachs. In turn, Goldman Sachs removed Microsoft (MSFT 36.41, -0.32) from the same list, a move that contributed to its relative weakness.
There weren't any economic reports today, yet the Treasury market got knocked back a bit by the stock market rally that saw the major indices close at their best levels of the session. DJ30 +117.54 NASDAQ +30.00 SP500 +18.10 NASDAQ Dec/Adv/Vol 1279/1725/2.54 bln NYSE Dec/Adv/Vol 1156/2099/1.50 bln
3:35 pm : Since the last update, the major indices have had a nice spike. As has been the case of late, rising crude prices are not hindering the stock market from advancing.
The financial sector (+1.3%) is playing a large role in the advance, although it continues to be the main laggard year-to-date. Before today's open, the sector was down 15.6% year-to-date in response to the credit turmoil.
Looking towards tomorrow, there are several economic releases, although none are typically market movers. The weekly government energy report is set to be released tomorrow at 10:30. Crude prices rallied last week after the report showed a substantial draw when a slight build was expected.
97 companies are set to report their earnings after the close today and before tomorrow's open. DJ30 +79.83 NASDAQ +19.07 SP500 +12.47 NASDAQ Dec/Adv/Vol 1510/1468/2.05 bln NYSE Dec/Adv/Vol 1462/1762/1.11 bln
3:00 pm : The major indices have drifted slightly lower, but continue to trade near their best levels of the session.
The Amex Airline Index (-3.5%) is a notable pocket of weakness. The drop is not surprising, as airlines are typically sensitive to crude prices. Also of note, the Dow Jones Transportation Average is lagging the broader market.
A Reuters article states that Citigroup's (C 34.79, -1.11) CFO Todd Thomson says that Citi's strategy is sound, and that there is no need to break up the company. The article also states that Thomson feels he has the right qualifications to be the CEO, but has not been asked.DJ30 +48.69 DJTA 0.3% NASDAQ +8.71 SP500 +8.18 NASDAQ Dec/Adv/Vol 1582/1383/1.48 bln NYSE Dec/Adv/Vol 1463/1741/998 mln
2:30 pm : The major indices are holding slightly below their best levels of the session. The small-cap Russell 2000 Index is in the green after spending most of the day in negative territory, but continues to trail its large-cap counterparts. The S&P 400 Mid-Cap Index is performing on par with the broader market.
Molson Coors (TAP, 55.06, -1.52) announced this morning third quarter sales grew 6.1 percent to $2.26 billion, despite relatively flat sales volume. Net of excise taxes, sales increased 6.9 percent to $1.66 billion. Earnings per share totaled $0.95, which is $0.03 better than analysts forecast.
The company remains confident in its joint venture with SABMiller. The two have planned a unified front in the U.S. market to steal market share from industry stalwart Anheuser-Busch (BUD 51.00, -0.08) DJ30 +51.86 NASDAQ +6.53 R2K +0.2% SP400 +0.6% SP500 +8.19 NASDAQ Dec/Adv/Vol 1605/1332/1.69 bln NYSE Dec/Adv/Vol 1465/1719/912 mln
2:00 pm : Since the last update, a follow through in buying interest has allowed the stock market to extend its gains. The major indices are trading at or near their best levels of the day.
Only the utilities (-0.6%) and telecom (-0.3%) remain in negative territory.
It is being reported that Fed Chairman Ben Bernanke did not comment on outlook for the economy or interest rates in his speech on microfinance. His testimony Thursday before the Joint Economic Committee, though, is the bigger focus for the market.DJ30 +54.63 NASDAQ +10.30 SP500 +9.19 NASDAQ Dec/Adv/Vol 1597/1321/1.55 bln NYSE Dec/Adv/Vol 1507/1633/820 mln
1:30 pm : The stock market has had a nice increase in buying interest that has pushed the Dow and S&P near their intraday highs. The Nasdaq is back in the green, but still off its session highs. There has not been a specific news item that accounts for the recent gains.
The energy (+2.3%) and materials (+1.3%) sectors are providing leadership, which year-to-date are up 28% and 22% respectively.
Oracle (ORCL) is providing leadership after it replaced Microsoft (MSFT 36.09, -0.64) in the Americas Conviction List at Goldman Sachs. DJ30 +43.17 NASDAQ +4.47 SP500 +7.28 NASDAQ Dec/Adv/Vol 1643/1259/1.41 bln NYSE Dec/Adv/Vol 1540/1579/747 mln
1:00 pm : Since the last update, the stock market has headed mostly sideways. This is in contrast to the majority of the session where wavering investors kept the market trading in a choppy manner.
14 of the 30 components in the Dow Jones Industrial Average are currently positing gains. Exxon Mobil (XOM 90.00, +2.34), AIG (AIG 61.30, +1.77) and Caterpillar (CAT 74.56, +1.06) are providing leadership. IBM (IBM 111.98, -1.42), Citigroup (C 34.76, -1.14) and Boeing (BA 97.15, -0.82) are the main laggards. DJ30 +28.94 NASDAQ -0.37 SP500 +5.63 NASDAQ Dec/Adv/Vol 1697/1179/1.29 mln NYSE Dec/Adv/Vol 1612/1508/678 mln
12:30 pm : The stock market is back on the way up as the Nasdaq recovers back to the unchanged mark. The pickup in buying interest has been broad-based. The financial sector is once again outperforming the broader market.
Reuters reports that the Goldman Sachs (GS 217.16, -1.23) write-down rumors are "still untrue" according to a Goldman spokeswoman.DJ30 +27.23 NASDAQ -0.52 SP500 +5.40 NASDAQ Dec/Adv/Vol 1725/1122/1.16 bln NYSE Dec/Adv/Vol 1703/1401/610 bln
12:05 pm : The stock market opened in the green on a morning with a modest amount of market moving news. The major indices have since traded in a choppy manner, and have now given up all or the majority of their previous gains. Microsoft (MSFT 35.94, -0.80) is leading the Nasdaq lower after it was removed from Americas Conviction List at Goldman Sachs.
There were a number of positive earnings reports this morning but few from companies that will generate major headlines. Emerson (EMR 53.94, -2.44) and Valero Energy (71.89, +2.47) topped expectations. Sun Microsystems (JAVA 5.24, -0.47) topped profit expectations, but missed on revenue.
Commodities, on the other hand, are having a very strong day as the dollar continues to weaken. The dollar has hit an all-time low against the euro.
Crude oil hit an all-time high in electronic trading on speculation of a bullish Energy Information Administration (EIA) inventory report on Wednesday and reports of a storm in the North Sea disrupting drilling.
Oil then rallied past $97 a barrel following a Reuters report that stated that the EIA has raised its full-year 2008 U.S. crude price forecast to $79.92 a barrel from $73.50 a barrel. Additionally, the EIA stated that the OPEC production increase "may not be sufficient" to stop inventory declines. Separately, there are reports of an attack on a Yemeni oil pipeline. A barrel of crude for December delivery is currently up 3.0% to $96.80. The energy sector (+1.8%) is providing leadership as it follows crude oil prices higher.
Meanwhile, gold, up 2.1% to $825.80, has hit a 28-year high. The CRB Index, which tracks a broad range of commodities, is up 1.6%. DJ30 +1.55 NASDAQ -7.14 SP500 +1.73 NASDAQ Dec/Adv/Vol 1706/1111/1.03 bln NYSE Dec/Adv/Vol 1637/1425/509 mln
11:30 am : Selling pressure has faded, but the indices are only trading modestly above their intraday lows as buying interest remains limited. The financial sector played a significant role in the market downturn as it went from outperforming to underperforming. The Dow and S&P 500 have recovered into the green, while the Nasdaq remains in the red.
Microsoft (MSFT 36.03, -0.69) is leading the Nasdaq lower after it was removed from Americas Conviction List at Goldman Sachs.DJ30 +6.91 NASDAQ -5.31 SP500 +1.88 NASDAQ Dec/Adv/Vol 1650/1121/864 NYSE Dec/Adv/Vol 1653/1368/428 mln
11:00 am : The major indices were unable to maintain their opening gains as they slip into negative territory. The Dow is currently trading roughly 100 points lower than its session highs. The selling pressure has been broad-based, with only the energy (+1.6%), materials (+0.7%) and consumer staples (+0.1%) sectors still in the green.
Citigroup (C 35.22, -0.67) is once again under pressure. BofA downgraded the company to Neutral from Buy and lowered its price target to $39 from $45. The firm no longer views valuation as reason to recommend the stock due to eroding confidence in earnings and book value. Citigroup's stock is down roughly 14 percent from its October 31 close on speculation and subsequent confirmation of further debt write-downs.DJ30 -25.85 NASDAQ -12.46 SP500 -1.67 NASDAQ Dec/Adv/Vol 1498/1194/625 mln NYSE Dec/Adv/Vol 1406/1549/301 mln
10:35 am : Reuters reports that the government’s Energy Information Administration (EIA) has raised its full-year 2008 U.S. crude price forecast to $79.92 a barrel from $73.50 a barrel. Additionally, the EIA stated that the OPEC production increase "may not be sufficient" to stop inventory declines. Crude oil topped $96.70 a barrel following the report, but has eased slightly to $96.58.
Meanwhile, stocks are trading near their lowest levels of the session, but remain in positive territory.DJ30 +32.42 NASDAQ +3.56 SP500 +5.48 NASDAQ Dec/Adv/Vol 1278/1331/429 mln NYSE Dec/Adv/Vol 1224/1664/225 mln
10:00 am : The major indices are holding onto their early gains. Seven of the ten economic sectors are in the green.
Notably, the financial sector (+0.6%), which has been the main laggard the last few trading days, is currently slightly outperforming the broader market. The energy (+1.2%) sector is also outperforming as it follows crude higher.
The utilities (-0.4%) and telecom (-0.3%) sectors are the main laggards.DJ30 +45.55 NASDAQ +10.11 SP500 +7.34
09:45 am : The stock market got off to a good start. The early morning lacked any specific market moving news items.
For the most part, earnings news has been better than expected, although there were not any companies that would create major headlines. Emerson (EMR) and Valero Energy (VLO) topped expectations. Meanwhile, Sun Microsystems (JAVA) reported a higher profit than expected, but its revenues missed expectations.
Crude oil for December delivery has been rallying in the early going. A barrel is up 2.1% to $95.98. Traders expect a bullish weekly energy inventory report on Wednesday and it is being reported that a storm is brewing in the North Sea. DJ30 +41.70 NASDAQ +11.28 SP500 +7.12
09:18 am : S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: +10.3.
09:00 am : S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +9.0. There are no economic reports today. Fed Chairman Bernanke is speaking at a microfinance conference in San Antonio.
08:30 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +13.5. Crude oil is up 1.9% to $95.75.
08:00 am : S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +11.8. The outlook this morning is improved from yesterday as futures indicate a positive opening. Despite the clear problems banks have had in managing their own credit risks, fears of a broader credit crunch borne out of their problems are overblown. Additionally, there have been a number of better-than-expected earnings reports since yesterday's close, although, the reports are from some lesser-known companies.
06:19 am : S&P futures vs fair value: +1.5. Nasdaq futures vs fair value: +5.3.
http://biz.yahoo.com/mu/update.html
4:25 pm : Credit concerns were set aside on Tuesday as the stock market rallied in the face of rising oil prices, which rose 3.3% to $97.10 per barrel at their high for the session.
Oil prices fell back some to end the trading session at $96.70. Their upward move was fueled by multiple factors, including anxiousness that the government's weekly inventory report on Wednesday will show another decline in crude stockpiles. A bombing in Yemen that shut down an oil pipeline, a forecast for inclement weather in the North Sea, and the Energy Information Administration boosting its full-year 2008 U.S. crude price forecast from $73.50 per barrel to $79.92 per barrel also played a part.
In turn, continued weakness in the dollar index, which slipped 0.5% to $76.04, served as another buying catalyst for commodity traders. The weakness in the greenback, which sparked inflation chatter, remained a healthy prop for gold prices, which hit a 27-year high at $827.20 per ounce. Gold futures for December delivery settled up 1.6% at $823.40.
With the jump in commodity prices, it was little surprise to see the energy (+2.7%) and materials (+2.5%) sectors score the largest percentage gains in Tuesday's trading. Airlines, meanwhile, were among the weakest performers as they were grounded by the spike in oil prices.
The most influential mover of the day was the financial sector (+1.7%) as it garnered a bargain hunting bid with Goldman Sachs (GS 223.16, +4.77) again denying rumors that it is going to announce a write-down. Citigroup (C 35.08, -0.82) remained a conspicuous laggard as participants continued to show little interest in the stock, which is down 37% year-to-date.
Conversely, there remained a good deal of interest in the large-cap technology issues with many of the usual suspects leading the buying brigade. Cisco (CSCO 34.08, +1.00) was a headliner in this respect as investors were feeling optimistic ahead of its earnings report on Wednesday. Other luminaries included Google (GOOG 741.79, +16.14), Apple (AAPL 191.79, +5.61), Intel (INTC 27.49, +0.65) and Oracle (ORCL 22.83, +0.76).
The latter stock was added to the Americas Conviction Buy List at Goldman Sachs. In turn, Goldman Sachs removed Microsoft (MSFT 36.41, -0.32) from the same list, a move that contributed to its relative weakness.
There weren't any economic reports today, yet the Treasury market got knocked back a bit by the stock market rally that saw the major indices close at their best levels of the session. DJ30 +117.54 NASDAQ +30.00 SP500 +18.10 NASDAQ Dec/Adv/Vol 1279/1725/2.54 bln NYSE Dec/Adv/Vol 1156/2099/1.50 bln
3:35 pm : Since the last update, the major indices have had a nice spike. As has been the case of late, rising crude prices are not hindering the stock market from advancing.
The financial sector (+1.3%) is playing a large role in the advance, although it continues to be the main laggard year-to-date. Before today's open, the sector was down 15.6% year-to-date in response to the credit turmoil.
Looking towards tomorrow, there are several economic releases, although none are typically market movers. The weekly government energy report is set to be released tomorrow at 10:30. Crude prices rallied last week after the report showed a substantial draw when a slight build was expected.
97 companies are set to report their earnings after the close today and before tomorrow's open. DJ30 +79.83 NASDAQ +19.07 SP500 +12.47 NASDAQ Dec/Adv/Vol 1510/1468/2.05 bln NYSE Dec/Adv/Vol 1462/1762/1.11 bln
3:00 pm : The major indices have drifted slightly lower, but continue to trade near their best levels of the session.
The Amex Airline Index (-3.5%) is a notable pocket of weakness. The drop is not surprising, as airlines are typically sensitive to crude prices. Also of note, the Dow Jones Transportation Average is lagging the broader market.
A Reuters article states that Citigroup's (C 34.79, -1.11) CFO Todd Thomson says that Citi's strategy is sound, and that there is no need to break up the company. The article also states that Thomson feels he has the right qualifications to be the CEO, but has not been asked.DJ30 +48.69 DJTA 0.3% NASDAQ +8.71 SP500 +8.18 NASDAQ Dec/Adv/Vol 1582/1383/1.48 bln NYSE Dec/Adv/Vol 1463/1741/998 mln
2:30 pm : The major indices are holding slightly below their best levels of the session. The small-cap Russell 2000 Index is in the green after spending most of the day in negative territory, but continues to trail its large-cap counterparts. The S&P 400 Mid-Cap Index is performing on par with the broader market.
Molson Coors (TAP, 55.06, -1.52) announced this morning third quarter sales grew 6.1 percent to $2.26 billion, despite relatively flat sales volume. Net of excise taxes, sales increased 6.9 percent to $1.66 billion. Earnings per share totaled $0.95, which is $0.03 better than analysts forecast.
The company remains confident in its joint venture with SABMiller. The two have planned a unified front in the U.S. market to steal market share from industry stalwart Anheuser-Busch (BUD 51.00, -0.08) DJ30 +51.86 NASDAQ +6.53 R2K +0.2% SP400 +0.6% SP500 +8.19 NASDAQ Dec/Adv/Vol 1605/1332/1.69 bln NYSE Dec/Adv/Vol 1465/1719/912 mln
2:00 pm : Since the last update, a follow through in buying interest has allowed the stock market to extend its gains. The major indices are trading at or near their best levels of the day.
Only the utilities (-0.6%) and telecom (-0.3%) remain in negative territory.
It is being reported that Fed Chairman Ben Bernanke did not comment on outlook for the economy or interest rates in his speech on microfinance. His testimony Thursday before the Joint Economic Committee, though, is the bigger focus for the market.DJ30 +54.63 NASDAQ +10.30 SP500 +9.19 NASDAQ Dec/Adv/Vol 1597/1321/1.55 bln NYSE Dec/Adv/Vol 1507/1633/820 mln
1:30 pm : The stock market has had a nice increase in buying interest that has pushed the Dow and S&P near their intraday highs. The Nasdaq is back in the green, but still off its session highs. There has not been a specific news item that accounts for the recent gains.
The energy (+2.3%) and materials (+1.3%) sectors are providing leadership, which year-to-date are up 28% and 22% respectively.
Oracle (ORCL) is providing leadership after it replaced Microsoft (MSFT 36.09, -0.64) in the Americas Conviction List at Goldman Sachs. DJ30 +43.17 NASDAQ +4.47 SP500 +7.28 NASDAQ Dec/Adv/Vol 1643/1259/1.41 bln NYSE Dec/Adv/Vol 1540/1579/747 mln
1:00 pm : Since the last update, the stock market has headed mostly sideways. This is in contrast to the majority of the session where wavering investors kept the market trading in a choppy manner.
14 of the 30 components in the Dow Jones Industrial Average are currently positing gains. Exxon Mobil (XOM 90.00, +2.34), AIG (AIG 61.30, +1.77) and Caterpillar (CAT 74.56, +1.06) are providing leadership. IBM (IBM 111.98, -1.42), Citigroup (C 34.76, -1.14) and Boeing (BA 97.15, -0.82) are the main laggards. DJ30 +28.94 NASDAQ -0.37 SP500 +5.63 NASDAQ Dec/Adv/Vol 1697/1179/1.29 mln NYSE Dec/Adv/Vol 1612/1508/678 mln
12:30 pm : The stock market is back on the way up as the Nasdaq recovers back to the unchanged mark. The pickup in buying interest has been broad-based. The financial sector is once again outperforming the broader market.
Reuters reports that the Goldman Sachs (GS 217.16, -1.23) write-down rumors are "still untrue" according to a Goldman spokeswoman.DJ30 +27.23 NASDAQ -0.52 SP500 +5.40 NASDAQ Dec/Adv/Vol 1725/1122/1.16 bln NYSE Dec/Adv/Vol 1703/1401/610 bln
12:05 pm : The stock market opened in the green on a morning with a modest amount of market moving news. The major indices have since traded in a choppy manner, and have now given up all or the majority of their previous gains. Microsoft (MSFT 35.94, -0.80) is leading the Nasdaq lower after it was removed from Americas Conviction List at Goldman Sachs.
There were a number of positive earnings reports this morning but few from companies that will generate major headlines. Emerson (EMR 53.94, -2.44) and Valero Energy (71.89, +2.47) topped expectations. Sun Microsystems (JAVA 5.24, -0.47) topped profit expectations, but missed on revenue.
Commodities, on the other hand, are having a very strong day as the dollar continues to weaken. The dollar has hit an all-time low against the euro.
Crude oil hit an all-time high in electronic trading on speculation of a bullish Energy Information Administration (EIA) inventory report on Wednesday and reports of a storm in the North Sea disrupting drilling.
Oil then rallied past $97 a barrel following a Reuters report that stated that the EIA has raised its full-year 2008 U.S. crude price forecast to $79.92 a barrel from $73.50 a barrel. Additionally, the EIA stated that the OPEC production increase "may not be sufficient" to stop inventory declines. Separately, there are reports of an attack on a Yemeni oil pipeline. A barrel of crude for December delivery is currently up 3.0% to $96.80. The energy sector (+1.8%) is providing leadership as it follows crude oil prices higher.
Meanwhile, gold, up 2.1% to $825.80, has hit a 28-year high. The CRB Index, which tracks a broad range of commodities, is up 1.6%. DJ30 +1.55 NASDAQ -7.14 SP500 +1.73 NASDAQ Dec/Adv/Vol 1706/1111/1.03 bln NYSE Dec/Adv/Vol 1637/1425/509 mln
11:30 am : Selling pressure has faded, but the indices are only trading modestly above their intraday lows as buying interest remains limited. The financial sector played a significant role in the market downturn as it went from outperforming to underperforming. The Dow and S&P 500 have recovered into the green, while the Nasdaq remains in the red.
Microsoft (MSFT 36.03, -0.69) is leading the Nasdaq lower after it was removed from Americas Conviction List at Goldman Sachs.DJ30 +6.91 NASDAQ -5.31 SP500 +1.88 NASDAQ Dec/Adv/Vol 1650/1121/864 NYSE Dec/Adv/Vol 1653/1368/428 mln
11:00 am : The major indices were unable to maintain their opening gains as they slip into negative territory. The Dow is currently trading roughly 100 points lower than its session highs. The selling pressure has been broad-based, with only the energy (+1.6%), materials (+0.7%) and consumer staples (+0.1%) sectors still in the green.
Citigroup (C 35.22, -0.67) is once again under pressure. BofA downgraded the company to Neutral from Buy and lowered its price target to $39 from $45. The firm no longer views valuation as reason to recommend the stock due to eroding confidence in earnings and book value. Citigroup's stock is down roughly 14 percent from its October 31 close on speculation and subsequent confirmation of further debt write-downs.DJ30 -25.85 NASDAQ -12.46 SP500 -1.67 NASDAQ Dec/Adv/Vol 1498/1194/625 mln NYSE Dec/Adv/Vol 1406/1549/301 mln
10:35 am : Reuters reports that the government’s Energy Information Administration (EIA) has raised its full-year 2008 U.S. crude price forecast to $79.92 a barrel from $73.50 a barrel. Additionally, the EIA stated that the OPEC production increase "may not be sufficient" to stop inventory declines. Crude oil topped $96.70 a barrel following the report, but has eased slightly to $96.58.
Meanwhile, stocks are trading near their lowest levels of the session, but remain in positive territory.DJ30 +32.42 NASDAQ +3.56 SP500 +5.48 NASDAQ Dec/Adv/Vol 1278/1331/429 mln NYSE Dec/Adv/Vol 1224/1664/225 mln
10:00 am : The major indices are holding onto their early gains. Seven of the ten economic sectors are in the green.
Notably, the financial sector (+0.6%), which has been the main laggard the last few trading days, is currently slightly outperforming the broader market. The energy (+1.2%) sector is also outperforming as it follows crude higher.
The utilities (-0.4%) and telecom (-0.3%) sectors are the main laggards.DJ30 +45.55 NASDAQ +10.11 SP500 +7.34
09:45 am : The stock market got off to a good start. The early morning lacked any specific market moving news items.
For the most part, earnings news has been better than expected, although there were not any companies that would create major headlines. Emerson (EMR) and Valero Energy (VLO) topped expectations. Meanwhile, Sun Microsystems (JAVA) reported a higher profit than expected, but its revenues missed expectations.
Crude oil for December delivery has been rallying in the early going. A barrel is up 2.1% to $95.98. Traders expect a bullish weekly energy inventory report on Wednesday and it is being reported that a storm is brewing in the North Sea. DJ30 +41.70 NASDAQ +11.28 SP500 +7.12
09:18 am : S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: +10.3.
09:00 am : S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +9.0. There are no economic reports today. Fed Chairman Bernanke is speaking at a microfinance conference in San Antonio.
08:30 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +13.5. Crude oil is up 1.9% to $95.75.
08:00 am : S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +11.8. The outlook this morning is improved from yesterday as futures indicate a positive opening. Despite the clear problems banks have had in managing their own credit risks, fears of a broader credit crunch borne out of their problems are overblown. Additionally, there have been a number of better-than-expected earnings reports since yesterday's close, although, the reports are from some lesser-known companies.
06:19 am : S&P futures vs fair value: +1.5. Nasdaq futures vs fair value: +5.3.
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