AI
Wednesday, April 02, 2008 7:51:54 PM
Market Update 080402
http://biz.yahoo.com/mu/update.html
4:25 pm : Following Tuesday's huge rally the stock market cooled its jets on Wednesday, registering modest declines in the wake of Fed Chairman Bernanke's testimony on the economic outlook before the Joint Economic Committee.
In some wide-reaching testimony, the acknowledgment by the Fed Chairman that real GDP will not grow much, if at all, over the first half of 2008 and could even contract slightly served as a profit taking catalyst.
The contraction comment was the real focal point, yet Bernanke was simply asserting that it was a possibility, not a certainty.
The comment from the Fed Chairman, nevertheless, and the International Monetary Fund cutting its global GDP growth forecast to 3.7% from 4.1%, took some wind out of the market's sails and curtailed some of the enthusiasm that followed a better than expected earnings report from retailer Best Buy (BBY 43.94, +0.47) and an estimate from payroll services company ADP that private payrolls rose 8,000 in March versus an upwardly revised decline of 18,000 in February. Economists had been expecting a decline of roughly 45,000 positions in March.
Separately, the Commerce Dept. reported a 1.3% decline in February factory orders, but that report didn't have any real impact on today's market.
There was a period of renewed buying interest after a weekly inventory report from the Dept. of Energy showed a much larger than expected build in crude inventories. The headline initially prompted a drop of more than a dollar in oil prices, but they soon rebounded on the indication that gasoline stockpiles fell more than expected, raising concerns about inventories ahead of the summer driving season. Oil ended the day 3.8% higher at $104.86 per barrel.
Gains across the energy complex drove the outperformance of the energy sector, which gained 1.4% and was the best-performing of all ten economic sectors.
Commodities, in general, were strong Wednesday. The CRB Index jumped 1.7%, aided by a pullback in the dollar that reflected concerns about growth and the potential for additional rate cuts. The basic materials sector drafted off the move and advanced 0.8% for the session.
Overall, it was a fairly mixed trade with four sectors moving higher and six sectors trading lower. Telecom services, down 1.1%, was the biggest loser.
While the bulls would have preferred to see further gains after Tuesday's rally, the recognition that the major indices suffered only modest declines on Wednesday in the midst of some cautious-sounding economic commentary is apt to be seen still as a relatively satisfying outcome. Notably, the NYSE volume in today's retreat was much less than the volume seen in Tuesday's rally.DJ30 -45.44 NASDAQ -1.35 NQ100 -0.4% R2K +0.2% SP400 +0.4% SP500 -2.65 NASDAQ Dec/Adv/Vol 1334/1545/2.03 bln NYSE Dec/Adv/Vol 1278/1853/1.44 bln
3:30 pm : Stocks faltered during the final hour of trading, taking out new session lows. The major indices, however, are attempting to reclaim a portion of those losses.
The Dow Jones Wilshire 5000 (-0.3%), the Dow Jones Transportation Average (-0.1%), and the Dow Jones Industrial Average (-0.5%) are all facing losses. Only the Down Jones Utility Average (+0.8%) is sporting a gain.
Though U.S. equities remain in the red, the Dow Jones World Index, excluding the U.S., posted a solid performance Wednesday. The index ended the session 2.2% higher.DJ30 -59.12 NASDAQ -5.81 SP500 -3.92 NASDAQ Dec/Adv/Vol 1412/1410/1.69 bln NYSE Dec/Adv/Vol 1354/1755/1.16 bln
3:00 pm : The stock market has pushed deeper into negative territory. The S&P 500, however, has resisted pressure to establish a new session low.
The financial sector (-0.7%) has succumbed to selling pressure. Earlier, the sector was up more than 1.3% and a relative leader. Specifically, JPMorgan (JPM, 45.41, -0.61) and Merrill Lynch (MER 45.32, -0.70) are both facing losses after trading higher in late-morning trade.
Crude closed $3.87 higher on the Nymex. The commodity settled at $104.85 per barrel.DJ30 -62.71 NASDAQ -6.68 SP500 -4.17 NASDAQ Dec/Adv/Vol 1365/1430/1.54 bln NYSE Dec/Adv/Vol 1323/1784/1.04 bln
2:30 pm : Choppy trading has been the theme throughout the session. As stocks trend higher, their advance is stymied by profit-taking efforts.
Automobile manufacturers (+4.5%) have been some of the session's strongest performers. General Motors (GM 21.15, +1.00) and Ford (F 6.21, +0.24) are sporting solid gains.
The greenback is showing some weakness Wednesday as the Dollar Index is down 0.3%. Both the euro and British pound are exhibiting strength against the U.S. dollar, up 0.4% and 0.6%, respectively.DJ30 -11.24 NASDAQ +3.66 SP500 +2.83 NASDAQ Dec/Adv/Vol 1230/1555/1.38 bln NYSE Dec/Adv/Vol 1135/1948/935.8 mln
2:00 pm : Stocks are on an upswing after trending lower in early afternoon trading.
The energy sector (+1.8%) is spiking upward, currently the session's best performing sector. Exxon-Mobil (XOM 88.95, +1.93), Conoco-Phillips (COP 79.17, +1.45), and Chevron (CVX 87.96, +1.22), to name a few, are all outperforming the broader market.DJ30 -3.66 NASDAQ +7.42 SP500 +3.45 NASDAQ Dec/Adv/Vol 1195/1576/1.28 bln NYSE Dec/Adv/Vol 1138/1949/863.2 mln
1:30 pm : The Nasdaq is flirting with losses, while the Dow Jones is already in negative territory. The S&P 500 remains largely unchanged for the session.
Utilities (+1.1%) have been a consistent outperformer this session. Energy (1.0%) has joined it as a relative sector leader while the other sectors surrender gains.
Oil is up 1.3% and trading at $102.25 per barrel.
According to CNBC, Merrill Lynch (MER 45.57, -0.45) plans to cut 10% to 15% of its workforce, except for brokers. The wave of layoffs is expected to unfold in May.
The European markets closed in higher ground Wednesday. The DAX finished up 0.9% and the FTSE finished up 1.1%. Asian markets fared better as the Nikkei closed 4.2% higher and the Hang Seng ended 3.2% higher.DJ30 -29.80 NASDAQ +4.32 SP500 +0.49 NASDAQ Dec/Adv/Vol 1204/1549/1.17 bln NYSE Dec/Adv/Vol 1170/1893/792.4 mln
1:00 pm : Early afternoon trading has sent shares steadily lower. The Dow Jones has fallen back into negative territory, while the S&P 500 is balancing the unchanged line. The tech-rich Nasdaq remains in positive territory, although down from earlier highs.
Cisco (CSCO 25.26, +0.28) is a relative leader, helping the Nasdaq outperform its counterparts.DJ30 -17.02 NASDAQ +7.64 SP500 +1.69 NASDAQ Dec/Adv/Vol 1139/1596/1.06 bln NYSE Dec/Adv/Vol 1098/1952/718.8 mln
12:30 pm : Stocks opened lower on Wednesday, following substantial gains yesterday. After some choppy trading, however, the stock market has pushed higher.
Fed Chairman Bernanke gave investors some pause in mid-morning trading by noting that economic growth could become contractionary in the first half of 2008, but growth would strengthen in the second half of the year. Bernanke also noted that inflation remains a concern, though it should moderate in coming quarters, and markets remain under considerable stress.
Stocks were able to find higher ground after investors digested the Chairman's comments.
The ADP Employment Report indicated 8,000 jobs were added to the private sector during March. Economists were expecting the report would indicate a loss of 45,000 jobs. February's rate was revised to a drop of 18,000 payrolls from a drop of 23,000 payrolls.
Best Buy (BBY 44.50, +1.03) is giving the consumer discretionary sector (+1.0%) a lift. Best Buy reported this morning quarterly earnings per share results that bested the consenus estimate.
Each of the major economic sectors are trading off their session highs, with the exception of utilities (+0.8%).
Factory orders for February fell 1.3%, which is worse than expected. January's downturn was revised upward to reflect a 2.3% downturn; January's initial reading reflected a 2.5% downturn.
Crude oil prices are trading near the unchanged mark, apparently unfazed by the weekly crude oil inventory report. The Department of Energy reported a build of 7.3 million barrels, which is more than the 2.3 million barrel build that analysts were anticipating.DJ30 -4.23 NASDAQ +12.43 SP500 +4.02 NASDAQ Dec/Adv/Vol 1091/1632/955.5 mln NYSE Dec/Adv/Vol 1074/1964/649.0 mln
12:00 pm : The stock market has bounced higher after taking a downturn. The major indices are now testing their session highs.
The second quarter is off to a strong start, building on yesterday's impressive advance. Still, the S&P 500 is down 6% year-to-date, while the Dow Jones is down 4% this year and the Nasdaq is down 10% this year.
Fed Chairman Bernanke reaffirmed his previous statements that the economy is in a slow growth period, which could possibly become contractionary. Stimulus in the pipeline should help the economy strengthen in the second half of the year.DJ30 +25.97 NASDAQ +15.40 SP500 +5.88 NASDAQ Dec/Adv/Vol 1072/1616/850.9 mln NYSE Dec/Adv/Vol 1021/1983/571.7 mln
11:30 am : After making an advance, stocks moderated gains and are now pushing lower. The Dow Jones has made its way back into negative territory.
The selling is broad-based as each of the major economic sectors are now off their best levels, with the exception of Utilities (+0.6%). The Dow Jones Utility Average (+0.7%) is also up.DJ30 -5.29 NASDAQ +8.79 SP500 +2.40 NASDAQ Dec/Adv/Vol 1126/1507/730.2 mln NYSE Dec/Adv/Vol 1116/1865/491.6 mln
11:00 am : After making a concerted advance the major indices are taking a breather. The Dow Jones, S&P 500, and the Nasdaq are in positive territory after starting the session in the red.
Financials, which were yesterday's strongest performer, are up 1.3%. Consumer Discretionary stocks are up 1.2%. The two sectors are currently the session's strongest performers.
Crude is trading at more than $101 per barrel, reflecting an increase of roughly 0.6%.DJ30 +34.20 NASDAQ +16.55 SP500 +6.67 NASDAQ Dec/Adv/Vol 996/1582/591.6 mln NYSE Dec/Adv/Vol 984/1955/395.8 mln
10:35 am : Stocks have made a pronounced upturn, helped by the weekly crude oil inventory report. The Nasdaq and S&P 500 have broken into positive territory, while the Dow Jones remains near the unchanged mark.
The weekly oil inventory report from the Department of Energy indicated that reserves increased 7.3 million barrels. Analysts were expecting a build of 2.3 million barrels.DJ30 +2.20 NASDAQ +8.83 SP500 +1.74 NASDAQ Dec/Adv/Vol 1033/1470/426.5 mln NYSE Dec/Adv/Vol 1139/1745/291.2 mln
10:05 am : All three of the major indices remain down as Fed Chairman Bernanke begins his testimony before the Joint Economic Committee. Bernanke sees a possibility that GDP could contract slightly.
February factory orders fell 1.3%, which is worse than expected. January's orders were revised upward to reflect a 2.3% downturn from a 2.5% downturn.DJ30 -60.09 NASDAQ -8.65 SP500 -5.54 NASDAQ Dec/Adv/Vol 1407/994/237.4 mln NYSE Dec/Adv/Vol 1583/1196/174.2 mln
09:45 am : The major indices have started the session lower. Among the major economic sectors, only Utilities (+0.3%) are up.
In a prepared text, Fed Chairman Bernanke believes U.S. economic growth may contract slightly in the first half of 2008 and also noted the markets are still under considerable stress. Notably, Bernanke stated inflation is a concern but it should moderate in coming quarters.DJ30 -32.8 NASDAQ -5.63 SP500 -2.40 NASDAQ Dec/Adv/Vol 1212/1002/110.0 mln NYSE Dec/Adv/Vol 1370/1255/89.8 mln
09:15 am : S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: -0.2. Futures have come off their previous levels and now indicate a mixed start as S&P Futures lead fair value and Nasdaq Futures lag fair value.
09:00 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +2.0. U.S. stocks are on track to begin the session for the better. The major Asian indices registered an impressive performance Wednesday. The Nikkei finished up 4.2% and the Hang Seng finished 3.2% higher. Optimism is also prevailing in Europe, the DAX is up 0.8% and the FTSE is up 0.6%.
08:32 am : S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +2.5. Futures continue to indicate an upside open. Both Best Buy (BBY 43.47) and Monsanto (MON 113.13) announced EPS results this morning that topped consensus EPS estimates.
08:20 am : S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: +2.8. Futures indicate a more positive start following the latest ADP Employment Report. The March ADP Employment Report indicated jobs grew by 8,000 in the private sector. The consensus estimate called for a loss of 45,000. February's rate was revised to a drop of 18,000 from a drop of 23,000.
08:05 am : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: -1.0. Futures currently indicate a mixed start, but the major world indices extend their rallies into Wednesday. The Dow Jones World Index, excluding the U.S., is up 1.9%. The Wall Street Journal reports that National City (NCC $9.99) is considering selling itself to KeyCorp (KEY $23.49).
06:18 am : S&P futures vs fair value: -7.5. Nasdaq futures vs fair value: -12.0.
06:18 am : FTSE...5852.40...-0.20...0%. DAX...6738.03...+17.70...+0.3%.
06:18 am : Nikkei...13189.36...+532.94...+4.2%. Hang Seng...23872.43...+734.97...+3.2%.
http://biz.yahoo.com/mu/update.html
4:25 pm : Following Tuesday's huge rally the stock market cooled its jets on Wednesday, registering modest declines in the wake of Fed Chairman Bernanke's testimony on the economic outlook before the Joint Economic Committee.
In some wide-reaching testimony, the acknowledgment by the Fed Chairman that real GDP will not grow much, if at all, over the first half of 2008 and could even contract slightly served as a profit taking catalyst.
The contraction comment was the real focal point, yet Bernanke was simply asserting that it was a possibility, not a certainty.
The comment from the Fed Chairman, nevertheless, and the International Monetary Fund cutting its global GDP growth forecast to 3.7% from 4.1%, took some wind out of the market's sails and curtailed some of the enthusiasm that followed a better than expected earnings report from retailer Best Buy (BBY 43.94, +0.47) and an estimate from payroll services company ADP that private payrolls rose 8,000 in March versus an upwardly revised decline of 18,000 in February. Economists had been expecting a decline of roughly 45,000 positions in March.
Separately, the Commerce Dept. reported a 1.3% decline in February factory orders, but that report didn't have any real impact on today's market.
There was a period of renewed buying interest after a weekly inventory report from the Dept. of Energy showed a much larger than expected build in crude inventories. The headline initially prompted a drop of more than a dollar in oil prices, but they soon rebounded on the indication that gasoline stockpiles fell more than expected, raising concerns about inventories ahead of the summer driving season. Oil ended the day 3.8% higher at $104.86 per barrel.
Gains across the energy complex drove the outperformance of the energy sector, which gained 1.4% and was the best-performing of all ten economic sectors.
Commodities, in general, were strong Wednesday. The CRB Index jumped 1.7%, aided by a pullback in the dollar that reflected concerns about growth and the potential for additional rate cuts. The basic materials sector drafted off the move and advanced 0.8% for the session.
Overall, it was a fairly mixed trade with four sectors moving higher and six sectors trading lower. Telecom services, down 1.1%, was the biggest loser.
While the bulls would have preferred to see further gains after Tuesday's rally, the recognition that the major indices suffered only modest declines on Wednesday in the midst of some cautious-sounding economic commentary is apt to be seen still as a relatively satisfying outcome. Notably, the NYSE volume in today's retreat was much less than the volume seen in Tuesday's rally.DJ30 -45.44 NASDAQ -1.35 NQ100 -0.4% R2K +0.2% SP400 +0.4% SP500 -2.65 NASDAQ Dec/Adv/Vol 1334/1545/2.03 bln NYSE Dec/Adv/Vol 1278/1853/1.44 bln
3:30 pm : Stocks faltered during the final hour of trading, taking out new session lows. The major indices, however, are attempting to reclaim a portion of those losses.
The Dow Jones Wilshire 5000 (-0.3%), the Dow Jones Transportation Average (-0.1%), and the Dow Jones Industrial Average (-0.5%) are all facing losses. Only the Down Jones Utility Average (+0.8%) is sporting a gain.
Though U.S. equities remain in the red, the Dow Jones World Index, excluding the U.S., posted a solid performance Wednesday. The index ended the session 2.2% higher.DJ30 -59.12 NASDAQ -5.81 SP500 -3.92 NASDAQ Dec/Adv/Vol 1412/1410/1.69 bln NYSE Dec/Adv/Vol 1354/1755/1.16 bln
3:00 pm : The stock market has pushed deeper into negative territory. The S&P 500, however, has resisted pressure to establish a new session low.
The financial sector (-0.7%) has succumbed to selling pressure. Earlier, the sector was up more than 1.3% and a relative leader. Specifically, JPMorgan (JPM, 45.41, -0.61) and Merrill Lynch (MER 45.32, -0.70) are both facing losses after trading higher in late-morning trade.
Crude closed $3.87 higher on the Nymex. The commodity settled at $104.85 per barrel.DJ30 -62.71 NASDAQ -6.68 SP500 -4.17 NASDAQ Dec/Adv/Vol 1365/1430/1.54 bln NYSE Dec/Adv/Vol 1323/1784/1.04 bln
2:30 pm : Choppy trading has been the theme throughout the session. As stocks trend higher, their advance is stymied by profit-taking efforts.
Automobile manufacturers (+4.5%) have been some of the session's strongest performers. General Motors (GM 21.15, +1.00) and Ford (F 6.21, +0.24) are sporting solid gains.
The greenback is showing some weakness Wednesday as the Dollar Index is down 0.3%. Both the euro and British pound are exhibiting strength against the U.S. dollar, up 0.4% and 0.6%, respectively.DJ30 -11.24 NASDAQ +3.66 SP500 +2.83 NASDAQ Dec/Adv/Vol 1230/1555/1.38 bln NYSE Dec/Adv/Vol 1135/1948/935.8 mln
2:00 pm : Stocks are on an upswing after trending lower in early afternoon trading.
The energy sector (+1.8%) is spiking upward, currently the session's best performing sector. Exxon-Mobil (XOM 88.95, +1.93), Conoco-Phillips (COP 79.17, +1.45), and Chevron (CVX 87.96, +1.22), to name a few, are all outperforming the broader market.DJ30 -3.66 NASDAQ +7.42 SP500 +3.45 NASDAQ Dec/Adv/Vol 1195/1576/1.28 bln NYSE Dec/Adv/Vol 1138/1949/863.2 mln
1:30 pm : The Nasdaq is flirting with losses, while the Dow Jones is already in negative territory. The S&P 500 remains largely unchanged for the session.
Utilities (+1.1%) have been a consistent outperformer this session. Energy (1.0%) has joined it as a relative sector leader while the other sectors surrender gains.
Oil is up 1.3% and trading at $102.25 per barrel.
According to CNBC, Merrill Lynch (MER 45.57, -0.45) plans to cut 10% to 15% of its workforce, except for brokers. The wave of layoffs is expected to unfold in May.
The European markets closed in higher ground Wednesday. The DAX finished up 0.9% and the FTSE finished up 1.1%. Asian markets fared better as the Nikkei closed 4.2% higher and the Hang Seng ended 3.2% higher.DJ30 -29.80 NASDAQ +4.32 SP500 +0.49 NASDAQ Dec/Adv/Vol 1204/1549/1.17 bln NYSE Dec/Adv/Vol 1170/1893/792.4 mln
1:00 pm : Early afternoon trading has sent shares steadily lower. The Dow Jones has fallen back into negative territory, while the S&P 500 is balancing the unchanged line. The tech-rich Nasdaq remains in positive territory, although down from earlier highs.
Cisco (CSCO 25.26, +0.28) is a relative leader, helping the Nasdaq outperform its counterparts.DJ30 -17.02 NASDAQ +7.64 SP500 +1.69 NASDAQ Dec/Adv/Vol 1139/1596/1.06 bln NYSE Dec/Adv/Vol 1098/1952/718.8 mln
12:30 pm : Stocks opened lower on Wednesday, following substantial gains yesterday. After some choppy trading, however, the stock market has pushed higher.
Fed Chairman Bernanke gave investors some pause in mid-morning trading by noting that economic growth could become contractionary in the first half of 2008, but growth would strengthen in the second half of the year. Bernanke also noted that inflation remains a concern, though it should moderate in coming quarters, and markets remain under considerable stress.
Stocks were able to find higher ground after investors digested the Chairman's comments.
The ADP Employment Report indicated 8,000 jobs were added to the private sector during March. Economists were expecting the report would indicate a loss of 45,000 jobs. February's rate was revised to a drop of 18,000 payrolls from a drop of 23,000 payrolls.
Best Buy (BBY 44.50, +1.03) is giving the consumer discretionary sector (+1.0%) a lift. Best Buy reported this morning quarterly earnings per share results that bested the consenus estimate.
Each of the major economic sectors are trading off their session highs, with the exception of utilities (+0.8%).
Factory orders for February fell 1.3%, which is worse than expected. January's downturn was revised upward to reflect a 2.3% downturn; January's initial reading reflected a 2.5% downturn.
Crude oil prices are trading near the unchanged mark, apparently unfazed by the weekly crude oil inventory report. The Department of Energy reported a build of 7.3 million barrels, which is more than the 2.3 million barrel build that analysts were anticipating.DJ30 -4.23 NASDAQ +12.43 SP500 +4.02 NASDAQ Dec/Adv/Vol 1091/1632/955.5 mln NYSE Dec/Adv/Vol 1074/1964/649.0 mln
12:00 pm : The stock market has bounced higher after taking a downturn. The major indices are now testing their session highs.
The second quarter is off to a strong start, building on yesterday's impressive advance. Still, the S&P 500 is down 6% year-to-date, while the Dow Jones is down 4% this year and the Nasdaq is down 10% this year.
Fed Chairman Bernanke reaffirmed his previous statements that the economy is in a slow growth period, which could possibly become contractionary. Stimulus in the pipeline should help the economy strengthen in the second half of the year.DJ30 +25.97 NASDAQ +15.40 SP500 +5.88 NASDAQ Dec/Adv/Vol 1072/1616/850.9 mln NYSE Dec/Adv/Vol 1021/1983/571.7 mln
11:30 am : After making an advance, stocks moderated gains and are now pushing lower. The Dow Jones has made its way back into negative territory.
The selling is broad-based as each of the major economic sectors are now off their best levels, with the exception of Utilities (+0.6%). The Dow Jones Utility Average (+0.7%) is also up.DJ30 -5.29 NASDAQ +8.79 SP500 +2.40 NASDAQ Dec/Adv/Vol 1126/1507/730.2 mln NYSE Dec/Adv/Vol 1116/1865/491.6 mln
11:00 am : After making a concerted advance the major indices are taking a breather. The Dow Jones, S&P 500, and the Nasdaq are in positive territory after starting the session in the red.
Financials, which were yesterday's strongest performer, are up 1.3%. Consumer Discretionary stocks are up 1.2%. The two sectors are currently the session's strongest performers.
Crude is trading at more than $101 per barrel, reflecting an increase of roughly 0.6%.DJ30 +34.20 NASDAQ +16.55 SP500 +6.67 NASDAQ Dec/Adv/Vol 996/1582/591.6 mln NYSE Dec/Adv/Vol 984/1955/395.8 mln
10:35 am : Stocks have made a pronounced upturn, helped by the weekly crude oil inventory report. The Nasdaq and S&P 500 have broken into positive territory, while the Dow Jones remains near the unchanged mark.
The weekly oil inventory report from the Department of Energy indicated that reserves increased 7.3 million barrels. Analysts were expecting a build of 2.3 million barrels.DJ30 +2.20 NASDAQ +8.83 SP500 +1.74 NASDAQ Dec/Adv/Vol 1033/1470/426.5 mln NYSE Dec/Adv/Vol 1139/1745/291.2 mln
10:05 am : All three of the major indices remain down as Fed Chairman Bernanke begins his testimony before the Joint Economic Committee. Bernanke sees a possibility that GDP could contract slightly.
February factory orders fell 1.3%, which is worse than expected. January's orders were revised upward to reflect a 2.3% downturn from a 2.5% downturn.DJ30 -60.09 NASDAQ -8.65 SP500 -5.54 NASDAQ Dec/Adv/Vol 1407/994/237.4 mln NYSE Dec/Adv/Vol 1583/1196/174.2 mln
09:45 am : The major indices have started the session lower. Among the major economic sectors, only Utilities (+0.3%) are up.
In a prepared text, Fed Chairman Bernanke believes U.S. economic growth may contract slightly in the first half of 2008 and also noted the markets are still under considerable stress. Notably, Bernanke stated inflation is a concern but it should moderate in coming quarters.DJ30 -32.8 NASDAQ -5.63 SP500 -2.40 NASDAQ Dec/Adv/Vol 1212/1002/110.0 mln NYSE Dec/Adv/Vol 1370/1255/89.8 mln
09:15 am : S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: -0.2. Futures have come off their previous levels and now indicate a mixed start as S&P Futures lead fair value and Nasdaq Futures lag fair value.
09:00 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +2.0. U.S. stocks are on track to begin the session for the better. The major Asian indices registered an impressive performance Wednesday. The Nikkei finished up 4.2% and the Hang Seng finished 3.2% higher. Optimism is also prevailing in Europe, the DAX is up 0.8% and the FTSE is up 0.6%.
08:32 am : S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +2.5. Futures continue to indicate an upside open. Both Best Buy (BBY 43.47) and Monsanto (MON 113.13) announced EPS results this morning that topped consensus EPS estimates.
08:20 am : S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: +2.8. Futures indicate a more positive start following the latest ADP Employment Report. The March ADP Employment Report indicated jobs grew by 8,000 in the private sector. The consensus estimate called for a loss of 45,000. February's rate was revised to a drop of 18,000 from a drop of 23,000.
08:05 am : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: -1.0. Futures currently indicate a mixed start, but the major world indices extend their rallies into Wednesday. The Dow Jones World Index, excluding the U.S., is up 1.9%. The Wall Street Journal reports that National City (NCC $9.99) is considering selling itself to KeyCorp (KEY $23.49).
06:18 am : S&P futures vs fair value: -7.5. Nasdaq futures vs fair value: -12.0.
06:18 am : FTSE...5852.40...-0.20...0%. DAX...6738.03...+17.70...+0.3%.
06:18 am : Nikkei...13189.36...+532.94...+4.2%. Hang Seng...23872.43...+734.97...+3.2%.
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