AI
Thursday, November 15, 2007 9:35:01 PM
Market Update 071115
http://biz.yahoo.com/mu/update.html
4:20 pm : Similar to Wednesday, a late-day sell-off pushed the indices lower on Thursday. The decline was led by the financial sector as negative news regarding the credit market eventually overshadowed mostly in-line economic data.
There were further financial company write-downs making headlines this morning. London-based Barclays (BCS 43.00, -0.88) announced a $2.7 billion write-off. In addition, The Wall Street Journal reported that UBS may need to take a $7 billion write-off. The paper also reported that GMAC's mortgage unit ResCap may need an equity injection.
Comments from Wells Fargo (WFC 31.97, -1.28) CEO John Stumpf at a Merrill Lynch conference put additional pressure on financials. Specifically, Reuters reported that Stumpf said "We have not seen a nationwide decline in housing like this since the Great Depression." He added, "I don't think we're in the ninth inning of unwinding this," indicating that the market has not reached a bottom.
The financial sector (-3.1%) plummeted late in the session as it eventually succumbed to fears of additional write-downs and worries that the credit crisis is not behind the market. It finished the day as the main laggard.
Defensive sectors were in favor on Thursday as uncertain investors looked for safety. The utilities (+0.2%), telecom (-0.5%), consumer staples (-0.2%) and healthcare (-0.3%) sectors outperformed on a relative basis. In addition, as equities sold off, the bond market rallied.
On the economic front, the Consumer Price Index (CPI) data showed no sign of significant inflationary pressure and no uptrend. The October core CPI rose by 0.2% for the fifth straight month, which was in-line with economists' expectations. This leaves the year-over-year increase at a low 2.2%. Total CPI increased at 0.3%, which was also spot-on with expectations.
The weekly initial jobless claims increased to 339,000 from 319,000 the week before (325,000 consensus). Despite claims rising, they are still low at a historical standpoint, and certainly do not reflect the jobless claims typically associated with recessions.
Two regional manufacturing surveys were released today, the Empire State Index and the Philadelphia Fed, both topped economists expectations.
The Energy Information Administration reported that for the week ended Nov. 9 crude oil had a build of just over 2.8 million barrels. Analysts expected a draw of 750,000. The report caused oil prices to plummet 2%, but they eventually recovered to finish down only 0.7% to $93.47 per barrel.
Commodities as a whole declined today, as indicated by the 1.4% drop in the CRB Index. Specifically, precious metals had a 3.6% drop. DJ30 -120.96 NASDAQ -25.81 SP500 -19.43 NASDAQ Dec/Adv/Vol 2134/831/2.34 bln NYSE Dec/Adv/Vol 2556/718/1.47 bln
3:35 pm : Selling pressure faded as the indices bounced off their lows, but a renewed wave of selling interest pushes the indices back toward their intraday lows. Continued worries of subprime related losses are playing a large role in the financial sector's (-3.0%) weakness.
Only the utilties sector (+0.3%) remains in the green. Of note, the energy sector (-2.6%) has not recovered along with crude oil prices (-0.6%).DJ30 -127.30 NASDAQ -31.18 SP500 -20.74 NASDAQ Dec/Adv/Vol 2239/724/1.79 bln NYSE Dec/Adv/Vol 2670/602/977 mln
3:05 pm : The stock market falls to fresh intraday lows as the financial sector (-3.4%) extends its losses. Specifically, there is weakness in the thrifts & mortgages group (-6.3%), as Fannie Mae (FNM 43.80, -4.0) and Freddie Mac (42.03, -2.17) get sold off.
Kansas Fed president Thomas Hoeing says the impact of housing on the economy is wider than its mere 6% share of GDP. He also says the decline in U.S. housing prices has not been seen since the early 1990s.
Separately, private-label maker Ralcorp Holdings (RAH 61.11, +5.64) announced today that it has signed a definitive agreement to integrate Kraft's (KFT 32.47, -0.51) Post cereal business into its operations in an all-stock merger. The transaction carries an approximate $2.6 billion value, including the issuance and assumption of roughly $950 million of debt. The deal is subject to customary closing conditions, but is expected to close in mid-2008. DJ30 -113.65 NASDAQ -32.73 SP500 -19.86 NASDAQ Dec/Adv/Vol 2109/828/1.60 bln NYSE Dec/Adv/Vol 2459/784/861 mln
2:30 pm : Selling efforts have faded as the major indices hold near their worst levels of the session.
Although crude oil prices (-0.7%) are currently off their lows, there is still significant weakness among commodities. The CRB Index, which tracks a basket of commodities, is down 1.8%, with a notable pocket of weakness in the precious metals group (-3.6%). On a related note, the dollar index is up 0.3%.DJ30 -50.32 NASDAQ -14.34 SP500 -11.48 NASDAQ Dec/Adv/Vol 2075/849/1.44 bln NYSE Dec/Adv/Vol 2489/731/759 mln
2:00 pm : The stock market is unable to regain its footing as it falls to fresh lows. Weakness in equities and some negative reports regarding global financial firms have spurred strength in the Treasury market.
The breadth of the stock market is bearish. Decliners outpace advancers by a 3-to-1 margin at the NYSE , while the Nasdaq comes in at 2-to-1.
Merrill Lynch (MER 57.06, -0.91) announced that it has tapped John Thain, the former head of NYSE EuroNext (NYX 85.15, -1.59), to be its new CEO. Merrill recently ousted its CEO following larger-than-expected credit losses and poor risk management. Media reports are mostly upbeat on Merrill's decision, although its stock is lower today.
DJ30 -62.02 NASDAQ -18.99 SP500 -12.59 NASDAQ Dec/Adv/Vol 2008/904/1.31 bln NYSE Dec/Adv/Vol 2332/877/704 mln
1:30 pm : The stock market continues to trade with modest losses as there has yet to be a concerted upward or downward move. Reuters reports that at the Merrill conference the CEO of Wells Fargo (WFC 32.37, -0.88) said "We have not seen a nationwide decline in housing like this since the Great Depression." DJ30 -25.28 NASDAQ -11.76 SP500 -7.75 NASDAQ Dec/Adv/Vol 2008/888/1.20 bln NYSE Dec/Adv/Vol 2401/794/925 mln
1:00 pm : The major indices fall to their worst levels of the session as the flagging financial sector (-2.2%) takes a toll on the broader market due to its heavy weighting. The stock market is currently trading slightly above its recent lows, but will have trouble making significant gains without the support of financials or the tech sector (-0.1%)
Only the defensive sectors remain in positive territory. The bond market is also showing strength.
The small-cap Russell 2000 Index is trailing its large-cap counterparts. The index is down roughly 2.0% year-to-date, compared to the large-cap S&P 500 which is up roughly 3.0%.
DJ30 -33.82 NASDAQ -15.39 R2K -1.3% SP500 -8.77 NASDAQ Dec/Adv/Vol 2005/842/1.05 bln NYSE Dec/Adv/Vol 2401/784/565 mln
12:30 pm : The Philadelphia Fed, a regional manufacturing survey, rose to 8.2 in November, compared with its prior reading of 6.8. The survey also topped the consensus estimate of 5.0. A number above zero represents expansion. The stock market's reaction has been relatively muted as it continues to trade below the unchanged mark.
The financial sector (-2.1%) has weakened, as it surpasses energy for the main laggard position.DJ30 -18.70 NASDAQ -8.57 SP500 -7.55 NASDAQ Dec/Adv/Vol 1877/942/936 mln NYSE Dec/Adv/Vol 2179/975/500 mln
12:00 pm : The major indices are trading with modest losses following Wednesday's late-day sell-off. Economic data this morning were mostly in-line with expectations.
The October core CPI was up 0.2%. That was in-line with expectations and leaves the year-over-year increase at a still low 2.2%. This is the fifth straight 0.2% monthly increase. There is no uptrend and no sign of significant inflationary pressure in the data. Total CPI was up 0.3% for the second straight month and is up 3.5% over the past year.
New claims for unemployment for the week ended Nov. 10 rose to 339,000 from 319,000 the week before but remain at levels well below recessionary trends. Economists were expecting a reading of 325,000.
The NY Empire State index of manufacturing conditions for November was stronger than expected at 27.4, but down a bit from 28.8 in October. This is just a regional survey but is seen as an early read on November conditions. It is good news.
In corporate news, Applied Materials (AMAT 18.94, +0.13) beat fourth quarter estimates by $0.03, but provided first quarter EPS and revenue guidance that was noticeably below current consensus estimates.
There are further financial company write-downs to report. London Based Barclays (BCS 43.41, -0.47) disclosed net charges and write-downs of $2.67 billion. The Wall Street Journal is reporting analyst forecasts that UBS (UBS 48.47, -0.78) may need to take a $7 billion write-off. The paper is also reporting that GMAC's mortgage unit ResCap may need an equity injection.
The reports have weighed on the financial sector (-1.4%).
The weekly Energy Information Administration inventory report showed crude oil had an unexpected build of 2.8 million barrels. A draw of 750,000 was expected. Crude oil is currently trading down 1.5% to $92.73 per barrel. The energy sector (-1.6%) followed crude lower, and is currently the main laggard.
Defensive sectors are in favor this session. The consumer staples (+0.4%), healthcare (+0.5%), telecom (+0.6%), utilities (+0.3%) sectors are providing leadership. DJ30 -16.10 NASDAQ -5.75 SP500 -5.92 NASDAQ Dec/Adv/Vol 1834/938/800 mln NYSE Dec/Adv/Vol 2179/926/412 mln
11:30 am : The indices are trading near the unchanged mark with neither buyers nor sellers showing a great deal of conviction. Yesterday traded in a similar fashion, and then had a broad-based late-day sell-off.
Standard & Poor's Ratings Services said this morning that it lowered its long-term counterparty credit rating on Bear Stearns (BSC 104.55, +1.28) to 'A' from 'A+'. At the same time, the 'A-1' short-term rating was affirmed. Shares of Bear are still managing to trade roughly 1.2% higher.DJ30 +2.03 NASDAQ +0.23 SP500 -2.85 NASDAQ Dec/Adv/Vol 1666/1055/691 mln NYSE Dec/Adv/Vol 2032/1049/357 mln
11:00 am : The major indices are mixed as they continue to hover around the unchanged mark. The range of the stock market has been tight in the early-going.
Shares of airlines UAL Corp (UAUA 44.61, +0.44) and Delta Air Lines (DAL 20.21 +0.69) are trading higher, as they did yesterday, due to more reports and speculation that the two companies are discussing a possible merger. Yesterday, Delta denied being in merger talks with UAL. As a whole, airlines are down 0.2% this session despite a steep decline in crude oil prices.
Crude oil has slipped 2.0% to $92.27 following the inventory report that showed an unexpected supply increase. The energy sector (-0.8%) has followed oil lower, and is now the main laggard.DJ30 +3.17 NASDAQ +2.70 SP500 -1.35 NASDAQ Dec/Adv/Vol 1581/1060/559 mln NYSE Dec/Adv/Vol 1965/1050/282 mln
10:30 am : The stock market recovers to near the unchanged mark as broad-based buying interest picks up. Six of the ten economic sectors are now in positive territory, including the heavily weighted tech sector (+0.2%).
Just reported, the Energy Information Administration states that for the week ended Nov. 9 crude oil had a build of just over 2.8 million barrels. Analysts expected a draw of 750,000. Prior to the release, crude oil for December delivery was trading down 0.5% to $93.58 per barrel.DJ30 -1.06 NASDAQ -0.07 SP500 -1.55 NASDAQ Dec/Adv/Vol 1586/957/399 mln NYSE Dec/Adv/Vol 2247/676/173 mln
10:00 am : The major indices are trading with modest losses, as the Nasdaq's recovery into the green was short-lived. The influential financial sector is the main laggard in the early-going. All of its industries are in the red, but the thrifts & mortgages (-3.0%) and regional banks (-2.0%) groups are notable pockets of weakness.
The only two sectors in the green are defensive oriented healthcare (+0.4%) and consumer staples (+0.3%).DJ30 -33.41 NASDAQ -6.53 SP500 -5.07 NASDAQ Dec/Adv/Vol 1318/1009/182 mln NYSE Dec/Adv/Vol 2032/562/63 mln
09:45 am : The major indices open modestly lower. Economic data were mixed, but showed no signs of recession.
In corporate news, Applied Materials (AMAT) beat fourth quarter estimates by $0.03, but provided first quarter EPS and revenue guidance that was noticeably below current consensus estimates. Barclays (BCS) disclosed net charges and write-downs totaling 1.3 billion pounds ($2.67 billion) at Barclays Capital in the third quarter and October, but also announced strong pretax profit for the unit.DJ30 -41.70 NASDAQ -3.24 SP500 -5.28
09:15 am : S&P futures vs fair value: -7.8. Nasdaq futures vs fair value: -7.5.
09:00 am : S&P futures vs fair value: -6.5. Nasdaq futures vs fair value: -4.8. Equities are still expected to start lower as futures shed a few more points. Crude oil is down 0.3% to $93.40 ahead of the weekly energy report at 10:30 ET. The report is normally released on Wednesday, but was delayed a day due to Veterans Day on Monday.
08:35 am : S&P futures vs fair value: -3.3. Nasdaq futures vs fair value: -0.3. Futures are choppy following a number of economic reports released at 8:30 ET. October core CPI came in at 0.2%, in-line with expectations. NY Empire State Index was a better than expected 27.4, and the weekly initial jobless claims came in at 339K, compared to the expected reading of 325K.
08:00 am : S&P futures vs fair value: -6.2. Nasdaq futures vs fair value: -9.8. Futures point to a lower start. Applied Materials (AMAT) provided first quarter revenue and EPS guidance that was noticeably below current consensus estimates. Barclays (BCS) announced a $2.7 billion write-down and Kraft (KFT) confirmed that it will merge its Post Cereals business with Ralcorp Holdings (RAH) in a deal worth about $2.6 billion. CPI for October will be released at 8:30 ET.
06:17 am : S&P futures vs fair value: -5.1. Nasdaq futures vs fair value: -12.8.
06:16 am : FTSE...6379.80...-52.30...-0.8%. DAX...7713.81...-69.30...-0.9%.
06:16 am : Nikkei...15396.30...-103.26...-0.7%. Hang Seng...28751.21...-414.80...-1.4%.
http://biz.yahoo.com/mu/update.html
4:20 pm : Similar to Wednesday, a late-day sell-off pushed the indices lower on Thursday. The decline was led by the financial sector as negative news regarding the credit market eventually overshadowed mostly in-line economic data.
There were further financial company write-downs making headlines this morning. London-based Barclays (BCS 43.00, -0.88) announced a $2.7 billion write-off. In addition, The Wall Street Journal reported that UBS may need to take a $7 billion write-off. The paper also reported that GMAC's mortgage unit ResCap may need an equity injection.
Comments from Wells Fargo (WFC 31.97, -1.28) CEO John Stumpf at a Merrill Lynch conference put additional pressure on financials. Specifically, Reuters reported that Stumpf said "We have not seen a nationwide decline in housing like this since the Great Depression." He added, "I don't think we're in the ninth inning of unwinding this," indicating that the market has not reached a bottom.
The financial sector (-3.1%) plummeted late in the session as it eventually succumbed to fears of additional write-downs and worries that the credit crisis is not behind the market. It finished the day as the main laggard.
Defensive sectors were in favor on Thursday as uncertain investors looked for safety. The utilities (+0.2%), telecom (-0.5%), consumer staples (-0.2%) and healthcare (-0.3%) sectors outperformed on a relative basis. In addition, as equities sold off, the bond market rallied.
On the economic front, the Consumer Price Index (CPI) data showed no sign of significant inflationary pressure and no uptrend. The October core CPI rose by 0.2% for the fifth straight month, which was in-line with economists' expectations. This leaves the year-over-year increase at a low 2.2%. Total CPI increased at 0.3%, which was also spot-on with expectations.
The weekly initial jobless claims increased to 339,000 from 319,000 the week before (325,000 consensus). Despite claims rising, they are still low at a historical standpoint, and certainly do not reflect the jobless claims typically associated with recessions.
Two regional manufacturing surveys were released today, the Empire State Index and the Philadelphia Fed, both topped economists expectations.
The Energy Information Administration reported that for the week ended Nov. 9 crude oil had a build of just over 2.8 million barrels. Analysts expected a draw of 750,000. The report caused oil prices to plummet 2%, but they eventually recovered to finish down only 0.7% to $93.47 per barrel.
Commodities as a whole declined today, as indicated by the 1.4% drop in the CRB Index. Specifically, precious metals had a 3.6% drop. DJ30 -120.96 NASDAQ -25.81 SP500 -19.43 NASDAQ Dec/Adv/Vol 2134/831/2.34 bln NYSE Dec/Adv/Vol 2556/718/1.47 bln
3:35 pm : Selling pressure faded as the indices bounced off their lows, but a renewed wave of selling interest pushes the indices back toward their intraday lows. Continued worries of subprime related losses are playing a large role in the financial sector's (-3.0%) weakness.
Only the utilties sector (+0.3%) remains in the green. Of note, the energy sector (-2.6%) has not recovered along with crude oil prices (-0.6%).DJ30 -127.30 NASDAQ -31.18 SP500 -20.74 NASDAQ Dec/Adv/Vol 2239/724/1.79 bln NYSE Dec/Adv/Vol 2670/602/977 mln
3:05 pm : The stock market falls to fresh intraday lows as the financial sector (-3.4%) extends its losses. Specifically, there is weakness in the thrifts & mortgages group (-6.3%), as Fannie Mae (FNM 43.80, -4.0) and Freddie Mac (42.03, -2.17) get sold off.
Kansas Fed president Thomas Hoeing says the impact of housing on the economy is wider than its mere 6% share of GDP. He also says the decline in U.S. housing prices has not been seen since the early 1990s.
Separately, private-label maker Ralcorp Holdings (RAH 61.11, +5.64) announced today that it has signed a definitive agreement to integrate Kraft's (KFT 32.47, -0.51) Post cereal business into its operations in an all-stock merger. The transaction carries an approximate $2.6 billion value, including the issuance and assumption of roughly $950 million of debt. The deal is subject to customary closing conditions, but is expected to close in mid-2008. DJ30 -113.65 NASDAQ -32.73 SP500 -19.86 NASDAQ Dec/Adv/Vol 2109/828/1.60 bln NYSE Dec/Adv/Vol 2459/784/861 mln
2:30 pm : Selling efforts have faded as the major indices hold near their worst levels of the session.
Although crude oil prices (-0.7%) are currently off their lows, there is still significant weakness among commodities. The CRB Index, which tracks a basket of commodities, is down 1.8%, with a notable pocket of weakness in the precious metals group (-3.6%). On a related note, the dollar index is up 0.3%.DJ30 -50.32 NASDAQ -14.34 SP500 -11.48 NASDAQ Dec/Adv/Vol 2075/849/1.44 bln NYSE Dec/Adv/Vol 2489/731/759 mln
2:00 pm : The stock market is unable to regain its footing as it falls to fresh lows. Weakness in equities and some negative reports regarding global financial firms have spurred strength in the Treasury market.
The breadth of the stock market is bearish. Decliners outpace advancers by a 3-to-1 margin at the NYSE , while the Nasdaq comes in at 2-to-1.
Merrill Lynch (MER 57.06, -0.91) announced that it has tapped John Thain, the former head of NYSE EuroNext (NYX 85.15, -1.59), to be its new CEO. Merrill recently ousted its CEO following larger-than-expected credit losses and poor risk management. Media reports are mostly upbeat on Merrill's decision, although its stock is lower today.
DJ30 -62.02 NASDAQ -18.99 SP500 -12.59 NASDAQ Dec/Adv/Vol 2008/904/1.31 bln NYSE Dec/Adv/Vol 2332/877/704 mln
1:30 pm : The stock market continues to trade with modest losses as there has yet to be a concerted upward or downward move. Reuters reports that at the Merrill conference the CEO of Wells Fargo (WFC 32.37, -0.88) said "We have not seen a nationwide decline in housing like this since the Great Depression." DJ30 -25.28 NASDAQ -11.76 SP500 -7.75 NASDAQ Dec/Adv/Vol 2008/888/1.20 bln NYSE Dec/Adv/Vol 2401/794/925 mln
1:00 pm : The major indices fall to their worst levels of the session as the flagging financial sector (-2.2%) takes a toll on the broader market due to its heavy weighting. The stock market is currently trading slightly above its recent lows, but will have trouble making significant gains without the support of financials or the tech sector (-0.1%)
Only the defensive sectors remain in positive territory. The bond market is also showing strength.
The small-cap Russell 2000 Index is trailing its large-cap counterparts. The index is down roughly 2.0% year-to-date, compared to the large-cap S&P 500 which is up roughly 3.0%.
DJ30 -33.82 NASDAQ -15.39 R2K -1.3% SP500 -8.77 NASDAQ Dec/Adv/Vol 2005/842/1.05 bln NYSE Dec/Adv/Vol 2401/784/565 mln
12:30 pm : The Philadelphia Fed, a regional manufacturing survey, rose to 8.2 in November, compared with its prior reading of 6.8. The survey also topped the consensus estimate of 5.0. A number above zero represents expansion. The stock market's reaction has been relatively muted as it continues to trade below the unchanged mark.
The financial sector (-2.1%) has weakened, as it surpasses energy for the main laggard position.DJ30 -18.70 NASDAQ -8.57 SP500 -7.55 NASDAQ Dec/Adv/Vol 1877/942/936 mln NYSE Dec/Adv/Vol 2179/975/500 mln
12:00 pm : The major indices are trading with modest losses following Wednesday's late-day sell-off. Economic data this morning were mostly in-line with expectations.
The October core CPI was up 0.2%. That was in-line with expectations and leaves the year-over-year increase at a still low 2.2%. This is the fifth straight 0.2% monthly increase. There is no uptrend and no sign of significant inflationary pressure in the data. Total CPI was up 0.3% for the second straight month and is up 3.5% over the past year.
New claims for unemployment for the week ended Nov. 10 rose to 339,000 from 319,000 the week before but remain at levels well below recessionary trends. Economists were expecting a reading of 325,000.
The NY Empire State index of manufacturing conditions for November was stronger than expected at 27.4, but down a bit from 28.8 in October. This is just a regional survey but is seen as an early read on November conditions. It is good news.
In corporate news, Applied Materials (AMAT 18.94, +0.13) beat fourth quarter estimates by $0.03, but provided first quarter EPS and revenue guidance that was noticeably below current consensus estimates.
There are further financial company write-downs to report. London Based Barclays (BCS 43.41, -0.47) disclosed net charges and write-downs of $2.67 billion. The Wall Street Journal is reporting analyst forecasts that UBS (UBS 48.47, -0.78) may need to take a $7 billion write-off. The paper is also reporting that GMAC's mortgage unit ResCap may need an equity injection.
The reports have weighed on the financial sector (-1.4%).
The weekly Energy Information Administration inventory report showed crude oil had an unexpected build of 2.8 million barrels. A draw of 750,000 was expected. Crude oil is currently trading down 1.5% to $92.73 per barrel. The energy sector (-1.6%) followed crude lower, and is currently the main laggard.
Defensive sectors are in favor this session. The consumer staples (+0.4%), healthcare (+0.5%), telecom (+0.6%), utilities (+0.3%) sectors are providing leadership. DJ30 -16.10 NASDAQ -5.75 SP500 -5.92 NASDAQ Dec/Adv/Vol 1834/938/800 mln NYSE Dec/Adv/Vol 2179/926/412 mln
11:30 am : The indices are trading near the unchanged mark with neither buyers nor sellers showing a great deal of conviction. Yesterday traded in a similar fashion, and then had a broad-based late-day sell-off.
Standard & Poor's Ratings Services said this morning that it lowered its long-term counterparty credit rating on Bear Stearns (BSC 104.55, +1.28) to 'A' from 'A+'. At the same time, the 'A-1' short-term rating was affirmed. Shares of Bear are still managing to trade roughly 1.2% higher.DJ30 +2.03 NASDAQ +0.23 SP500 -2.85 NASDAQ Dec/Adv/Vol 1666/1055/691 mln NYSE Dec/Adv/Vol 2032/1049/357 mln
11:00 am : The major indices are mixed as they continue to hover around the unchanged mark. The range of the stock market has been tight in the early-going.
Shares of airlines UAL Corp (UAUA 44.61, +0.44) and Delta Air Lines (DAL 20.21 +0.69) are trading higher, as they did yesterday, due to more reports and speculation that the two companies are discussing a possible merger. Yesterday, Delta denied being in merger talks with UAL. As a whole, airlines are down 0.2% this session despite a steep decline in crude oil prices.
Crude oil has slipped 2.0% to $92.27 following the inventory report that showed an unexpected supply increase. The energy sector (-0.8%) has followed oil lower, and is now the main laggard.DJ30 +3.17 NASDAQ +2.70 SP500 -1.35 NASDAQ Dec/Adv/Vol 1581/1060/559 mln NYSE Dec/Adv/Vol 1965/1050/282 mln
10:30 am : The stock market recovers to near the unchanged mark as broad-based buying interest picks up. Six of the ten economic sectors are now in positive territory, including the heavily weighted tech sector (+0.2%).
Just reported, the Energy Information Administration states that for the week ended Nov. 9 crude oil had a build of just over 2.8 million barrels. Analysts expected a draw of 750,000. Prior to the release, crude oil for December delivery was trading down 0.5% to $93.58 per barrel.DJ30 -1.06 NASDAQ -0.07 SP500 -1.55 NASDAQ Dec/Adv/Vol 1586/957/399 mln NYSE Dec/Adv/Vol 2247/676/173 mln
10:00 am : The major indices are trading with modest losses, as the Nasdaq's recovery into the green was short-lived. The influential financial sector is the main laggard in the early-going. All of its industries are in the red, but the thrifts & mortgages (-3.0%) and regional banks (-2.0%) groups are notable pockets of weakness.
The only two sectors in the green are defensive oriented healthcare (+0.4%) and consumer staples (+0.3%).DJ30 -33.41 NASDAQ -6.53 SP500 -5.07 NASDAQ Dec/Adv/Vol 1318/1009/182 mln NYSE Dec/Adv/Vol 2032/562/63 mln
09:45 am : The major indices open modestly lower. Economic data were mixed, but showed no signs of recession.
In corporate news, Applied Materials (AMAT) beat fourth quarter estimates by $0.03, but provided first quarter EPS and revenue guidance that was noticeably below current consensus estimates. Barclays (BCS) disclosed net charges and write-downs totaling 1.3 billion pounds ($2.67 billion) at Barclays Capital in the third quarter and October, but also announced strong pretax profit for the unit.DJ30 -41.70 NASDAQ -3.24 SP500 -5.28
09:15 am : S&P futures vs fair value: -7.8. Nasdaq futures vs fair value: -7.5.
09:00 am : S&P futures vs fair value: -6.5. Nasdaq futures vs fair value: -4.8. Equities are still expected to start lower as futures shed a few more points. Crude oil is down 0.3% to $93.40 ahead of the weekly energy report at 10:30 ET. The report is normally released on Wednesday, but was delayed a day due to Veterans Day on Monday.
08:35 am : S&P futures vs fair value: -3.3. Nasdaq futures vs fair value: -0.3. Futures are choppy following a number of economic reports released at 8:30 ET. October core CPI came in at 0.2%, in-line with expectations. NY Empire State Index was a better than expected 27.4, and the weekly initial jobless claims came in at 339K, compared to the expected reading of 325K.
08:00 am : S&P futures vs fair value: -6.2. Nasdaq futures vs fair value: -9.8. Futures point to a lower start. Applied Materials (AMAT) provided first quarter revenue and EPS guidance that was noticeably below current consensus estimates. Barclays (BCS) announced a $2.7 billion write-down and Kraft (KFT) confirmed that it will merge its Post Cereals business with Ralcorp Holdings (RAH) in a deal worth about $2.6 billion. CPI for October will be released at 8:30 ET.
06:17 am : S&P futures vs fair value: -5.1. Nasdaq futures vs fair value: -12.8.
06:16 am : FTSE...6379.80...-52.30...-0.8%. DAX...7713.81...-69.30...-0.9%.
06:16 am : Nikkei...15396.30...-103.26...-0.7%. Hang Seng...28751.21...-414.80...-1.4%.
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