AI
Friday, December 28, 2007 8:22:35 PM
Market Update 071228
http://biz.yahoo.com/mu/update.html
4:25 pm : The stock market got out of the gate on a bullish note, underpinned by a belief that Thursday's sell-off in the wake of Benazir Bhutto's assassination was an overreaction. The rebound effort was short-lived, though, as it fell by the wayside in the wake of a much weaker than expected New Home Sales report for November.
With respect to the data, the Dept. of Commerce indicated new home sales declined 9.0% in November to an annualized rate of 647,000 units. That level marked a 12-year low and was well below the consensus estimate which had been pegged at 715,000. Treasuries rallied on the report with the 10-year note jumping a point and bringing its yield down to 4.07%.
The news weighed heavily on the homebuilding stocks, though, which comprised today's worst-performing industry group (-3.2%). The thrifts & mortgage group (-3.0%) followed close behind in an association trade that was tied to a belief that demand for mortgages will remain depressed along with the housing market.
The financial sector (-0.5%), in general, was a laggard and acted as a key restraint on the broader market which finished the day relatively flat.
Bond insurance companies Ambac Financial (ABK 25.12, -4.02) and MBIA (MBI 18.74, -3.53) were among the weakest performers as news that Berkshire Hathaway (BRK.A 141,100, +3300) has started a new bond insurance business for state and municipal bond issuers raised competitive concerns for investors.
The other laggard today was the consumer discretionary sector (-0.2%), which has been the financial sector's counterpart throughout the year. Once again, concerns about a slowdown in spending due to the weakness in the housing market contributed to the underperformance.
Strikingly, the remaining eight sectors ended the day higher, yet the modest nature of their gains, excluding energy (+1.0%), didn't help the broader market forge ahead to any great extent.
Volume, it should be noted, was on the light side with only 1.0 billion shares traded at the NYSE. That is a reflection of the holiday conditions and suggests there wasn't a lot of conviction behind Friday's action.
For the shortened week, the Dow, Nasdaq and S&P 500 slipped 0.6%, 0.7% and 0.4%, respectively. DJ30 +6.26 NASDAQ -2.33 SP500 +2.12 NASDAQ Dec/Adv/Vol 1676/1347/1.33 bln NYSE Dec/Adv/Vol 1572/1611/1.01 bln
3:30 pm : Stocks continue to trade near the unchanged mark with seven of the ten economic sectors in positive territory.
Monday marks the last trading day of 2007. It has been a volatile year marked by credit and subprime market turmoil. The National Association of Realtors reports November existing home sales on Monday. Briefing.com expects five million sales. DJ30 +3.09 NASDAQ -3.20 SP500 +1.71 NASDAQ Dec/Adv/Vol 1631/1372/1.04 bln NYSE Dec/Adv/Vol 1622/1558/731 mln
3:05 pm : After recovering back into positive territory, the Dow and Nasdaq drop into the red. The S&P is trading with a slight gain. Market volatility is higher today, as indicated by the 2.2% rise in the VIX.
As we head into the final hour of trading, the S&P is slated to finish the week with a 1.2% gain. All ten economic sectors are also set to post a gain. Energy is pacing the advance with a 3.7% rise this week. Healthcare is the main laggard, with a small 0.04% gain.DJ30 -0.33 NASDAQ -4.32 SP500 +0.82 NASDAQ Dec/Adv/Vol 1607/1388/950 mln NYSE Dec/Adv/Vol 1563/1614/669 mln
2:30 pm : The major indices continue to trade in mixed fashion, clutching the unchanged mark.
Retailer Macy's (M 25.29, +0.25) rebounded out of negative territory shortly before 12:00 ET. The recovery may be due to postive comments from a fund manager. Macy's annouced it is closing nine underperforming stores, which helped send shares higher around 1:00 ET. The closing will affect 899 jobs. According to the press release, the company operates more than 850 department stores in 35 states.
The S&P 500 Retailing Index is down 0.1%.DJ30 -5.61 NASDAQ -2.62 SP500 +0.90 NASDAQ Dec/Adv/Vol 1684/1287/873 mln NYSE Dec/Adv/Vol 1561/1608/621 mln
2:00 pm : The major indices are climbing higher. The S&P 500 is outperforming this session, as it crosses back into positive territory.
In commodity trading, crude oil is up 0.6% to $97.22 per barrel. Gold is up a sharp 1.3% to $842.80 per ounce. Commodities as whole are only up 0.2%, though, as weakness in livestock (-1.6%) and grains (-0.9%) is offsetting the strength in energy (+0.8%) and precious metals (+1.0%).
In currency trading, the DXY Index is down 0.47%. The selling interest in the dollar is being attributed to a higher chance of a rate cut after the weak housing data. Fed funds futures indicate a 94% chance of a 25 basis point rate cut, compared to a 76% chance yesterday.DJ30 -14.88 NASDAQ -0.97 SP500 +0.69 NASDAQ Dec/Adv/Vol 1699/1248/789 mln NYSE Dec/Adv/Vol 1625/1520/547 mln
1:30 pm : The market is trading near its worst level of the session. News remains slow.
Eight of the 30 Dow components are trading higher. AT&T (T 42.42, +0.40) and Caterpillar (CAT 73.19, +0.46) are providing leadership. Boeing (BA 87.53, -1.35) is the main laggard, as it was yesterday.DJ30 -42.92 NASDAQ -8.36 SP500 -2.54 NASDAQ Dec/Adv/Vol 1685/1266/714 mln NYSE Dec/Adv/Vol 1641/1508/504 mln
12:55 pm : The stock market continues to slide, although losses remain modest. All three major indices are trading at their worst levels of the session. Stocks have been on a steady decline since 12:00 ET.
New lows outpace new highs by nearly 5 to 1. Advancers and decliners are basically even on the NYSE with a 1-to-1 ratio, while decliners have a slight edge on the Nasdaq.
DJ30 -50.00 NASDAQ -10.85 SP500 -3.59 NASDAQ Dec/Adv/Vol 1599/1318/616 mln NYSE Dec/Adv/Vol 1534/1591/441 mln
12:25 pm : Broad-based selling pressure sends the major indices to their worst levels of the session. The Dow, Nasdaq and S&P are now in the red, but are trading very near the flat line.
Four of the ten economic sectors are now posting a loss. There was not a specific news item that would account for the recent selling interest.
As stocks falter, treasury bonds pick up some steam. The 10-year is up a full point, sending its yield down to 4.07%.DJ30 -19.92 NASDAQ -2.10 SP500 -0.23 NASDAQ Dec/Adv/Vol 1440/1450/544 mln NYSE Dec/Adv/Vol 1378/1746/389 mln
11:55 am : The stock market opened sharply higher on the sense that the traders overreacted to the assassination of Pakistan's former Prime Minister Benazir Bhutto. Stocks then gave up the majority of their gains in the wake of a weak new home sales report. After some choppy action, at midday stocks are trading slightly higher.
Reported by the Dept. of Commerce, November New Home Sales fell to 647K or 9%, from a prior revised reading of 711K. Economists expected sales to drop to 715K. New home sales are down more than 53% from their all-time high reached in July 2005 and are at their lowest level since April 1995. The much larger (about a 5 million annual rate, or eight times larger) category of existing home sales will be out on Monday.
December Chicago PMI, a regional manufacturing survey, came in at 56.6. Economists expected a reading of 52.0. A reading above 50 reflects growth. This report gave the market a small boost, but was overshadowed by the weaker than expected new home sales data.
In corporate news, Berkshire Hathaway (BRK.A 139,700, +1,900) is starting a bond insurance business that will focus on municipalities and states. Berkshire stands to take business away from struggling insurers Ambac (ABK 25.73, -3.41) and MBIA (MBI 19.30. -2.97). Shares of Ambac and MBIA are sharply lower on the news. Separately, Berkshire is buying a reinsurance unit from ING for 300 million euro.
Nine of the ten economic sectors are in the green, led by a 1.2% advance in telecom. Only the financial sector is in negative territory, as the weak new home sales data has increased selling pressure in the thrifts & mortgages group (-2.8%). DJ30 +22.59 NASDAQ +6.23 R2K +0.5% SP400 +0.1% SP500 +4.45 NASDAQ Dec/Adv/Vol 1338/1509/472 mln NYSE Dec/Adv/Vol 1308/1796/327 mln
11:30 am : There has been some choppy action since the economic release at 10:00 ET. Stocks are back on the rise after falling back near their intraday lows. Nine sectors are managing to hold onto a gain, while the financial sector (-0.4%) is trailing in the red.
13 of its 19 industry groups are in the red. Leading the decline is the thrifts & mortgages (-3.3%) and residential REITs (-2.1%) groups, as both saw a larger amount of selling pressure after the weak new home sales data.
DJ30 +29.34 NASDAQ +7.65 SP500 +4.95 NASDAQ Dec/Adv/Vol 1339/1478/399 mln NYSE Dec/Adv/Vol 1235/1821/245 mln
11:00 am : The major indices are trading with slight gains and are well off their session highs that were reached shortly after the opening bell.
Share of bond insurers Ambac (ABK 25.76, -3.38) and MBIA (MBI 18.95, -3.32) are down sharply on news that Berkshire Hathaway (BRK.A 139,700, +1900) is starting a bond insurance business of its own.
Treasury bonds are up, extending yesterday's gains. The 10-year note is up 26 ticks, pushing its yield down to 4.10%.DJ30 +13.98 NASDAQ +7.81 SP500 +2.95 NASDAQ Dec/Adv/Vol 1208/1556/307 mln NYSE Dec/Adv/Vol 1167/1835/200 mln
10:30 am : Stocks quickly give up a large portion of their gains on the disappointing new home sales data, but are now attempting to recover.
New home sales are down more than 53% from their all-time high reached in July 2005 and are at their lowest level since April 1995. The much larger (about a 5 million annual rate, or eight times larger) category of existing home sales will be out on Monday.
Following the report, the financial sector (-0.1%) slipped into negative territory due to weakness in the thrifts & mortgages group (-1.2%). The homebuilding group (-4.4%) is now the main laggard.DJ30 +34.46 NASDAQ +10.33 SP500 +5.28 NASDAQ Dec/Adv/Vol 1072/1566/219 mln NYSE Dec/Adv/Vol 1059/1842/122 mln
10:05 am : Stocks give up some of their gains, but remain in the green, after a disappointing economic report.
Just reported by the Dept. of Commerce, November New Home Sales fell to 647K or 9%, from a prior revised reading of 711K. Economists expected sales to drop to 715K. This report measures the level of new privately owned one-family houses sold and for sale.
All ten economic sectors are in the green, led by a 1.1% rise in energy. Crude oil prices, up 0.9%, are aiding the sector's advance. Healthcare (+0.3%) is underperforming on a relative basis. DJ30 +53.65 NASDAQ +9.85 SP500 +7.26 NASDAQ Dec/Adv/Vol 708/1719/95 mln
09:45 am : Stocks open on a high note. There is not a specific news item to account for the positive sentiment, although there is a sense the market overreacted to the assassination of Pakistan's former Prime Minister Benazir Bhutto.
Overall, news has been slow this morning, although Warren Buffet's Berkshire Hathaway (BRK.A) is again making headlines.
Berkshire is starting a bond insurance business that will focus on municipalities and states. Berkshire stands to take business away from struggling insurers Ambac (ABK) and MBIA (MBI). Separately, Berkshire is buying a reinsurance unit from ING for 300 million euro. Yesterday, it was announced that Berkshire bought a majority stake of privately held industrial conglomerate Marmon Holdings for $4.5 billion.
Just reported, Chicago PMI, a regional manufacturing survey, came in at 56.6. Economists expected a reading of 52.0. A reading above 50 reflects growth.DJ30 +79.53 NASDAQ +18.60 SP500 +11.40
09:15 am : S&P futures vs fair value: +11.5. Nasdaq futures vs fair value: +9.3.
09:00 am : S&P futures vs fair value: +11.9. Nasdaq futures vs fair value: +12.5. Futures dip a bit, but still point to a higher start.
08:30 am : S&P futures vs fair value: +14.5. Nasdaq futures vs fair value: +15.5. It is still shaping up to be a higher start. On the economic front, December Chicago PMI will be released at 9:45 ET, and November new home sales will be released at 10:00 ET. Economists expect the PMI reading to dip to 52.0 and 715K new home sales.
08:01 am : S&P futures vs fair value: +15.0. Nasdaq futures vs fair value: +17.0. Stocks are poised to start the day on a positive note. There is not a specific news item that accounts for the positive sentiment, although there is a sense that the market over-reacted to the news of Benazir Bhutto's death. Reports that Berkshire Hathaway (BRK.A) is buying a reinsurance unit from ING is making headlines this morning.
06:20 am : S&P futures vs fair value: +8.2. Nasdaq futures vs fair value: +6.8.
06:19 am : FTSE...6470.20...-27.60...-0.4%. DAX...8027.40...-11.20...-0.1%.
06:19 am : Nikkei...15307.78...-256.91...-1.7%. Hang Seng...27370.60...-472.33...-1.7%.
http://biz.yahoo.com/mu/update.html
4:25 pm : The stock market got out of the gate on a bullish note, underpinned by a belief that Thursday's sell-off in the wake of Benazir Bhutto's assassination was an overreaction. The rebound effort was short-lived, though, as it fell by the wayside in the wake of a much weaker than expected New Home Sales report for November.
With respect to the data, the Dept. of Commerce indicated new home sales declined 9.0% in November to an annualized rate of 647,000 units. That level marked a 12-year low and was well below the consensus estimate which had been pegged at 715,000. Treasuries rallied on the report with the 10-year note jumping a point and bringing its yield down to 4.07%.
The news weighed heavily on the homebuilding stocks, though, which comprised today's worst-performing industry group (-3.2%). The thrifts & mortgage group (-3.0%) followed close behind in an association trade that was tied to a belief that demand for mortgages will remain depressed along with the housing market.
The financial sector (-0.5%), in general, was a laggard and acted as a key restraint on the broader market which finished the day relatively flat.
Bond insurance companies Ambac Financial (ABK 25.12, -4.02) and MBIA (MBI 18.74, -3.53) were among the weakest performers as news that Berkshire Hathaway (BRK.A 141,100, +3300) has started a new bond insurance business for state and municipal bond issuers raised competitive concerns for investors.
The other laggard today was the consumer discretionary sector (-0.2%), which has been the financial sector's counterpart throughout the year. Once again, concerns about a slowdown in spending due to the weakness in the housing market contributed to the underperformance.
Strikingly, the remaining eight sectors ended the day higher, yet the modest nature of their gains, excluding energy (+1.0%), didn't help the broader market forge ahead to any great extent.
Volume, it should be noted, was on the light side with only 1.0 billion shares traded at the NYSE. That is a reflection of the holiday conditions and suggests there wasn't a lot of conviction behind Friday's action.
For the shortened week, the Dow, Nasdaq and S&P 500 slipped 0.6%, 0.7% and 0.4%, respectively. DJ30 +6.26 NASDAQ -2.33 SP500 +2.12 NASDAQ Dec/Adv/Vol 1676/1347/1.33 bln NYSE Dec/Adv/Vol 1572/1611/1.01 bln
3:30 pm : Stocks continue to trade near the unchanged mark with seven of the ten economic sectors in positive territory.
Monday marks the last trading day of 2007. It has been a volatile year marked by credit and subprime market turmoil. The National Association of Realtors reports November existing home sales on Monday. Briefing.com expects five million sales. DJ30 +3.09 NASDAQ -3.20 SP500 +1.71 NASDAQ Dec/Adv/Vol 1631/1372/1.04 bln NYSE Dec/Adv/Vol 1622/1558/731 mln
3:05 pm : After recovering back into positive territory, the Dow and Nasdaq drop into the red. The S&P is trading with a slight gain. Market volatility is higher today, as indicated by the 2.2% rise in the VIX.
As we head into the final hour of trading, the S&P is slated to finish the week with a 1.2% gain. All ten economic sectors are also set to post a gain. Energy is pacing the advance with a 3.7% rise this week. Healthcare is the main laggard, with a small 0.04% gain.DJ30 -0.33 NASDAQ -4.32 SP500 +0.82 NASDAQ Dec/Adv/Vol 1607/1388/950 mln NYSE Dec/Adv/Vol 1563/1614/669 mln
2:30 pm : The major indices continue to trade in mixed fashion, clutching the unchanged mark.
Retailer Macy's (M 25.29, +0.25) rebounded out of negative territory shortly before 12:00 ET. The recovery may be due to postive comments from a fund manager. Macy's annouced it is closing nine underperforming stores, which helped send shares higher around 1:00 ET. The closing will affect 899 jobs. According to the press release, the company operates more than 850 department stores in 35 states.
The S&P 500 Retailing Index is down 0.1%.DJ30 -5.61 NASDAQ -2.62 SP500 +0.90 NASDAQ Dec/Adv/Vol 1684/1287/873 mln NYSE Dec/Adv/Vol 1561/1608/621 mln
2:00 pm : The major indices are climbing higher. The S&P 500 is outperforming this session, as it crosses back into positive territory.
In commodity trading, crude oil is up 0.6% to $97.22 per barrel. Gold is up a sharp 1.3% to $842.80 per ounce. Commodities as whole are only up 0.2%, though, as weakness in livestock (-1.6%) and grains (-0.9%) is offsetting the strength in energy (+0.8%) and precious metals (+1.0%).
In currency trading, the DXY Index is down 0.47%. The selling interest in the dollar is being attributed to a higher chance of a rate cut after the weak housing data. Fed funds futures indicate a 94% chance of a 25 basis point rate cut, compared to a 76% chance yesterday.DJ30 -14.88 NASDAQ -0.97 SP500 +0.69 NASDAQ Dec/Adv/Vol 1699/1248/789 mln NYSE Dec/Adv/Vol 1625/1520/547 mln
1:30 pm : The market is trading near its worst level of the session. News remains slow.
Eight of the 30 Dow components are trading higher. AT&T (T 42.42, +0.40) and Caterpillar (CAT 73.19, +0.46) are providing leadership. Boeing (BA 87.53, -1.35) is the main laggard, as it was yesterday.DJ30 -42.92 NASDAQ -8.36 SP500 -2.54 NASDAQ Dec/Adv/Vol 1685/1266/714 mln NYSE Dec/Adv/Vol 1641/1508/504 mln
12:55 pm : The stock market continues to slide, although losses remain modest. All three major indices are trading at their worst levels of the session. Stocks have been on a steady decline since 12:00 ET.
New lows outpace new highs by nearly 5 to 1. Advancers and decliners are basically even on the NYSE with a 1-to-1 ratio, while decliners have a slight edge on the Nasdaq.
DJ30 -50.00 NASDAQ -10.85 SP500 -3.59 NASDAQ Dec/Adv/Vol 1599/1318/616 mln NYSE Dec/Adv/Vol 1534/1591/441 mln
12:25 pm : Broad-based selling pressure sends the major indices to their worst levels of the session. The Dow, Nasdaq and S&P are now in the red, but are trading very near the flat line.
Four of the ten economic sectors are now posting a loss. There was not a specific news item that would account for the recent selling interest.
As stocks falter, treasury bonds pick up some steam. The 10-year is up a full point, sending its yield down to 4.07%.DJ30 -19.92 NASDAQ -2.10 SP500 -0.23 NASDAQ Dec/Adv/Vol 1440/1450/544 mln NYSE Dec/Adv/Vol 1378/1746/389 mln
11:55 am : The stock market opened sharply higher on the sense that the traders overreacted to the assassination of Pakistan's former Prime Minister Benazir Bhutto. Stocks then gave up the majority of their gains in the wake of a weak new home sales report. After some choppy action, at midday stocks are trading slightly higher.
Reported by the Dept. of Commerce, November New Home Sales fell to 647K or 9%, from a prior revised reading of 711K. Economists expected sales to drop to 715K. New home sales are down more than 53% from their all-time high reached in July 2005 and are at their lowest level since April 1995. The much larger (about a 5 million annual rate, or eight times larger) category of existing home sales will be out on Monday.
December Chicago PMI, a regional manufacturing survey, came in at 56.6. Economists expected a reading of 52.0. A reading above 50 reflects growth. This report gave the market a small boost, but was overshadowed by the weaker than expected new home sales data.
In corporate news, Berkshire Hathaway (BRK.A 139,700, +1,900) is starting a bond insurance business that will focus on municipalities and states. Berkshire stands to take business away from struggling insurers Ambac (ABK 25.73, -3.41) and MBIA (MBI 19.30. -2.97). Shares of Ambac and MBIA are sharply lower on the news. Separately, Berkshire is buying a reinsurance unit from ING for 300 million euro.
Nine of the ten economic sectors are in the green, led by a 1.2% advance in telecom. Only the financial sector is in negative territory, as the weak new home sales data has increased selling pressure in the thrifts & mortgages group (-2.8%). DJ30 +22.59 NASDAQ +6.23 R2K +0.5% SP400 +0.1% SP500 +4.45 NASDAQ Dec/Adv/Vol 1338/1509/472 mln NYSE Dec/Adv/Vol 1308/1796/327 mln
11:30 am : There has been some choppy action since the economic release at 10:00 ET. Stocks are back on the rise after falling back near their intraday lows. Nine sectors are managing to hold onto a gain, while the financial sector (-0.4%) is trailing in the red.
13 of its 19 industry groups are in the red. Leading the decline is the thrifts & mortgages (-3.3%) and residential REITs (-2.1%) groups, as both saw a larger amount of selling pressure after the weak new home sales data.
DJ30 +29.34 NASDAQ +7.65 SP500 +4.95 NASDAQ Dec/Adv/Vol 1339/1478/399 mln NYSE Dec/Adv/Vol 1235/1821/245 mln
11:00 am : The major indices are trading with slight gains and are well off their session highs that were reached shortly after the opening bell.
Share of bond insurers Ambac (ABK 25.76, -3.38) and MBIA (MBI 18.95, -3.32) are down sharply on news that Berkshire Hathaway (BRK.A 139,700, +1900) is starting a bond insurance business of its own.
Treasury bonds are up, extending yesterday's gains. The 10-year note is up 26 ticks, pushing its yield down to 4.10%.DJ30 +13.98 NASDAQ +7.81 SP500 +2.95 NASDAQ Dec/Adv/Vol 1208/1556/307 mln NYSE Dec/Adv/Vol 1167/1835/200 mln
10:30 am : Stocks quickly give up a large portion of their gains on the disappointing new home sales data, but are now attempting to recover.
New home sales are down more than 53% from their all-time high reached in July 2005 and are at their lowest level since April 1995. The much larger (about a 5 million annual rate, or eight times larger) category of existing home sales will be out on Monday.
Following the report, the financial sector (-0.1%) slipped into negative territory due to weakness in the thrifts & mortgages group (-1.2%). The homebuilding group (-4.4%) is now the main laggard.DJ30 +34.46 NASDAQ +10.33 SP500 +5.28 NASDAQ Dec/Adv/Vol 1072/1566/219 mln NYSE Dec/Adv/Vol 1059/1842/122 mln
10:05 am : Stocks give up some of their gains, but remain in the green, after a disappointing economic report.
Just reported by the Dept. of Commerce, November New Home Sales fell to 647K or 9%, from a prior revised reading of 711K. Economists expected sales to drop to 715K. This report measures the level of new privately owned one-family houses sold and for sale.
All ten economic sectors are in the green, led by a 1.1% rise in energy. Crude oil prices, up 0.9%, are aiding the sector's advance. Healthcare (+0.3%) is underperforming on a relative basis. DJ30 +53.65 NASDAQ +9.85 SP500 +7.26 NASDAQ Dec/Adv/Vol 708/1719/95 mln
09:45 am : Stocks open on a high note. There is not a specific news item to account for the positive sentiment, although there is a sense the market overreacted to the assassination of Pakistan's former Prime Minister Benazir Bhutto.
Overall, news has been slow this morning, although Warren Buffet's Berkshire Hathaway (BRK.A) is again making headlines.
Berkshire is starting a bond insurance business that will focus on municipalities and states. Berkshire stands to take business away from struggling insurers Ambac (ABK) and MBIA (MBI). Separately, Berkshire is buying a reinsurance unit from ING for 300 million euro. Yesterday, it was announced that Berkshire bought a majority stake of privately held industrial conglomerate Marmon Holdings for $4.5 billion.
Just reported, Chicago PMI, a regional manufacturing survey, came in at 56.6. Economists expected a reading of 52.0. A reading above 50 reflects growth.DJ30 +79.53 NASDAQ +18.60 SP500 +11.40
09:15 am : S&P futures vs fair value: +11.5. Nasdaq futures vs fair value: +9.3.
09:00 am : S&P futures vs fair value: +11.9. Nasdaq futures vs fair value: +12.5. Futures dip a bit, but still point to a higher start.
08:30 am : S&P futures vs fair value: +14.5. Nasdaq futures vs fair value: +15.5. It is still shaping up to be a higher start. On the economic front, December Chicago PMI will be released at 9:45 ET, and November new home sales will be released at 10:00 ET. Economists expect the PMI reading to dip to 52.0 and 715K new home sales.
08:01 am : S&P futures vs fair value: +15.0. Nasdaq futures vs fair value: +17.0. Stocks are poised to start the day on a positive note. There is not a specific news item that accounts for the positive sentiment, although there is a sense that the market over-reacted to the news of Benazir Bhutto's death. Reports that Berkshire Hathaway (BRK.A) is buying a reinsurance unit from ING is making headlines this morning.
06:20 am : S&P futures vs fair value: +8.2. Nasdaq futures vs fair value: +6.8.
06:19 am : FTSE...6470.20...-27.60...-0.4%. DAX...8027.40...-11.20...-0.1%.
06:19 am : Nikkei...15307.78...-256.91...-1.7%. Hang Seng...27370.60...-472.33...-1.7%.
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