AI
Friday, April 04, 2008 6:18:38 PM
Market Update 080404
http://biz.yahoo.com/mu/update.html
4:15 pm : On Friday, the stock market closed out a strong week on a dull note, ending the day near the unchanged mark. However, the market showed some resilience by not posting a decline, considering employers cut jobs for the third straight month.
Nonfarm payrolls fell 80,000, which was worse than the 50,000 decline economists expected. This marks the largest decline since 2003. In addition, January’s reading was revised lower to -76,000 from -23,000, and February’s reading was revised lower to -76,000 from -63,000.
Meanwhile, the unemployment rate rebounded to 5.1% from 4.8%. Economists expected a rate of 5.0%.
These numbers are not good, however, the numbers do not necessarily fit the recession label. Unemployment and the decline in payrolls have yet to come close to the early 2000s recession level, which saw unemployment top 6.3% and payrolls fall as much as 325,000.
Seven of the ten sectors finished higher.
Agriculture-chemical company Mosaic (MOS 115.07, +10.55) soared 10.1% on Friday. The company posted the hefty gain after reporting third quarter earnings of $0.99 per share ex-items, which topped the expected earnings estimate of $0.95 per share. As a result, the materials sector (+1.4%) provided leadership and posted a strong 6.6% gain for the week.
The energy sector (+1.0%) also lent some support to the broader market. It rose in conjunction with the 2.3% advance in crude oil prices.
The financial sector (-1.4%) acted as limiting factor to the stock market, with another round of earnings estimate cuts. JPMorgan cut its earnings estimates at Citigroup (C 24.08, -0.28), Bank of America (BAC 39.41, -0.96) and Wachovia (WB 27.21, -1.16). Also weighing on financials was word that Deutsche Bank added JPMorgan Chase (JPM 45.57, -0.71), Citigroup , Sun Trust Banks (STI 56.49, -2.60) and PNC Financial (PNC 67.73, -0.77) to their portfolio as short-term sell ideas. Deutsche cited continued issues related to increasing credit losses, capital markets dislocations, and revenue growth at the banks.
For the week, the S&P gained 4.2%, the Dow advanced 3.2%, and the Nasdaq gained 4.2%.
DJ30 -16.61 NASDAQ +7.68 NQ100 +0.6% R2K +0.3% SP400 +0.1% SP500 +1.09 NASDAQ Dec/Adv/Vol 1392/1465/1.95 bln NYSE Dec/Adv/Vol 1386/1712/1.24 bln
3:30 pm : The major indices slip, with the Dow falling back to the unchanged mark. The S&P 500 and Nasdaq are posting slight gains. The pullback has been broad-based.
The Nasdaq Composite is up 4.7% this week, which means it is set for its best weekly gain in 2.5 years.DJ30 -15.39 NASDAQ +3.91 SP500 +1.16 NASDAQ Dec/Adv/Vol 1438/1411/1.60 bln NYSE Dec/Adv/Vol 1418/1658/949 mln
3:00 pm : The major indices regain some ground. The Nasdaq is outperforming as large-cap tech names continue to show strength.
MBIA (MBI 13.72, -0.57) had its insurer financial strength rating cut to AA from AAA by Fitch Ratings. MBIA's long-term rating was cut to A from AA. MBIA responded by stating it "respectfully disagrees with Fitch's conclusions," citing it has $17 billion in claims-paying resources.DJ30 +31.18 NASDAQ +18.37 SP500 +7.17 NASDAQ Dec/Adv/Vol 1204/1620/1.44 bln NYSE Dec/Adv/Vol 1163/1913/852 mln
2:30 pm : The major indices are drifting lower. The Dow is trading slightly above the unchanged mark, while the S&P 500 is posting a modest gain. Financials (-1.0%) are to blame for the recent slip.
Pimco's Bill Gross said on CNBC that Treasuries are the most overvalued assets in the world. This has not hindered action today, as the 10-year note rallies 29 ticks.DJ30 +4.31 NASDAQ +13.31 SP500 +4.07 NASDAQ Dec/Adv/Vol 1264/1535/1.32 bln NYSE Dec/Adv/Vol 1273/1788/783 mln
2:05 pm : The major indices dip off their best levels, but continue to post decent gains. In commodity trading, crude oil is up 1.9% to $105.77 per barrel. As a whole, commodities are up 0.8%.DJ30 +46.10 NASDAQ +23.24 SP500 +8.97 NASDAQ Dec/Adv/Vol 1102/1676/1.21 bln NYSE Dec/Adv/Vol 1095/1953/715 mln
1:30 pm : News has slowed down considerably as the major indices continue to drift higher. Large-cap tech names are leading the way with the Nasdaq 100 up 1.5%. The largest gainers include Google (GOOG 474.23, +19.11), Apple (AAPL 154.17, +2.56) and eBay (EBAY 33.36, +1.64).
Telecom (-0.9%) is the only sector that remains in the red.DJ30 +58.29 NASDAQ +27.38 SP500 +11.24 NASDAQ Dec/Adv/Vol 1065/1680/1.09 bln NYSE Dec/Adv/Vol 1049/1982/644 mln
1:00 pm : In the past half-hour, the major indices hit fresh session highs. Within the S&P 500, 309 stocks are posting a gain. Exxon-Mobil (XOM 89.33, +1.10) and Google (GOOG 471.44, +16.32) are leading the way. AT&T (T 38.60, -0.41) and Bank of America (BAC 39.98, -0.39) are the main laggards.DJ30 +46.32 NASDAQ +22.81 SP500 +9.20 NASDAQ Dec/Adv/Vol 1110/1618/981 mln NYSE Dec/Adv/Vol 1066/1935/588 mln
12:30 pm : A broad-based pickup in buying interest sends the major indices to their intraday highs. Seven of the ten sectors are now in the green. The financial sector (-0.4%) continues to post a loss, however it is well off its session low of -1.8%.
Market breadth is showing some strength. Advancing issues outpace declining issues by 3-to-2 on the NYSE and by 4-to-3 on the Nasdaq. New 52-week highs outpace new lows by 9-to-2 on the NYSE.DJ30 +11.40 NASDAQ +13.28 SP500 +5.13 NASDAQ Dec/Adv/Vol 1161/1533/867 mln NYSE Dec/Adv/Vol 1183/1806/521 mln
12:00 pm : At midday, the stock market is trading with a slight gain. Six of the ten economic sectors are in the green. This is actually pretty decent, considering the government said employers cut jobs for the third straight month.
Nonfarm payrolls fell 80,000, which was worse than the 50,000 decline economists expected. This marks the largest decline since 2003. In addition, January’s reading was revised lower to -76,000 from -23,000, and February’s reading was revised lower to -76,000 from -63,000.
Meanwhile, the unemployment rate rebounded to 5.1% from 4.8%. Economists expected a rate of 5.0%.
The disappointing jobs data has not slowed down agriculture-chemical company Mosaic (MOS 115.11, +10.59) this session. The company is posting a hefty 10.0% gain after reporting earnings that pleased traders. It reported third quarter earnings of $0.99 per share ex-items, results that topped the expected earnings of $0.95 per share. As a result, the materials sector (+0.8%) is a leader in the early-going, and is now up 6.2% for the week.
Energy stocks (+1.4%) are giving the market a boost, as crude climbs 1.5% to $105.40 per barrel.
Financials (-1.2%) have acted as a limiting factor to the stock market’s advance--although the sector has come off its worst level when it was down 1.8%. The sector saw some selling pressure after Deutsche Bank added JPMorgan Chase (JPM 45.54, -0.74), Citigroup (C 23.84, -0.52), Sun Trust Banks (STI 57.63, -1.46) and PNC Financial (PNC 67.53, -0.97) to their portfolio as short-term sell ideas. Deutsche cited continued issues related to increasing credit losses.
Treasuries have made a decent advance as the weak jobs data spurred traders to up their bets on the size of the next fed funds rate cut. Traders currently expect a 38% chance of a 50 basis point cut, up from yesterday’s 20% chance. The rest of the bets are on a 25 basis point cut.DJ30 -29.80 NASDAQ +3.45 SP500 +0.67 NASDAQ Dec/Adv/Vol 748/1391/748 mln NYSE Dec/Adv/Vol 1372/1595/455 mln
11:30 am : The Dow and Nasdaq climb into the green, while Dow trails in negative territory. This session's range has been tight, with the S&P advancing roughly 0.6% from its intraday low to high.
Six of the ten sectors are in positive territory. However, gains are being limited by weakness in the heavily weighted financial sector (-1.1%).DJ30 -19.63 NASDAQ +3.93 SP500 +2.04 NASDAQ Dec/Adv/Vol 1341/1315/627 mln NYSE Dec/Adv/Vol 1361/1565/377 mln
11:05 am : The major indices come off their lows, but remain in negative territory. The stock market has traded in a tight range this session.
Dell (DELL 19.56, -2.78) is a laggard this session. It was removed from Goldman Sachs America conviction buy list, according to reports. Dell has fallen 36% from its 52-week high, compared with the tech sector's 19% decline. Tech is underperforming this session with a 0.4% decline.
DJ30 -44.05 NASDAQ -2.01 SP500 -1.03 NASDAQ Dec/Adv/Vol 1394/1214/523 mln NYSE Dec/Adv/Vol 1418/1454/313 mln
10:35 am : The major indices fall to their worst levels of the session. Financials are under pressure, as they trade down 1.3%.
Deutsche Bank added JPMorgan Chase (JPM 45.29, -0.99), Citigroup (C 23.69, -0.67), Sun Trust Banks (STI 57.81, -1.28) and PNC Financial (PNC 67.98, -0.52) to their portfolio as short-term sell ideas. Deutsche cited continued issues related to increasing credit losses.
Weakness in JPMorgan is causing the Dow to underperform.DJ30 -70.27 NASDAQ -4.60 SP500 -3.05 NASDAQ Dec/Adv/Vol 1452/1094/385 mln NYSE Dec/Adv/Vol 1575/1253/229 mln
10:00 am : The major indices are fluctuating near the unchanged mark. Four of the ten sectors are trending higher. Energy (+1.1%) is showing some strength, thanks to a 1.4% advance in crude oil prices. Telecom is the main laggard with a 1.0% drop
Agriculture-chemical company Mosaic (MOS 115.65, +11.13) is posting a hefty 10.7% gain after reporting earnings that pleased traders. It reported third quarter earnings of $0.99 per share ex-items, results that topped the expected earnings of $0.95 per share. As a result, the materials sector (+0.8%) is a leader in the early-going, and is now up 6.2% for the week.DJ30 -28.91 NASDAQ +4.77 SP500 +0.74 NASDAQ Dec/Adv/Vol 1238/1177/200 mln NYSE Dec/Adv/Vol 1329/1371/130 mln
09:40 am : It is a muted open to the trading day. Buying interest has been held in check after the government said U.S. jobs declined for the third straight month.
Nonfarm payrolls declined by 80,000, which is worse than the expected 50,000 decline. February's decline was revised to 76,000 from 63,000. Manufacturing payrolls fell by 48,000, falling short of the expected decline of 35,000. The unemployment rate ticked up to 5.1% from 4.8%. Economists expected a rate of 5.0%.
DJ30 -37.83 NASDAQ -2.25 SP500 -1.97
08:35 am : S&P futures vs fair value: +2.5. Nasdaq futures vs fair value: +5.0. Futures give up some of their gains after a worse than expected jobs report showed payrolls declined for the third straight month. Just reported, nonfarm payrolls declined by 80,000, which is worse than the expected 50,000 decline. February's decline was revised to 76,000 from 63,000. Manufacturing payrolls fell by 48,000, falling short of the expected decline of 35,000. The unemployment rate ticked up to 5.1% from 4.8%. Economists expected a rate of 5.0%.
08:00 am : S&P futures vs fair value: +7.7. Nasdaq futures vs fair value: +11.2. Current indications suggest a higher start to the trading day. However, futures will likely go on the move with the 8:30 ET release of the March jobs report. Economists expect nonfarm payrolls to slip by 50,000.
06:19 am : S&P futures vs fair value: +2.3. Nasdaq futures vs fair value: +4.3.
06:18 am : FTSE...5915.20...+23.90...+0.4%. DAX...6748.26...+6.54...+0.1%.
06:18 am : Nikkei...13293.22...-96.68...-0.7%. Hang Seng...Holiday.........
http://biz.yahoo.com/mu/update.html
4:15 pm : On Friday, the stock market closed out a strong week on a dull note, ending the day near the unchanged mark. However, the market showed some resilience by not posting a decline, considering employers cut jobs for the third straight month.
Nonfarm payrolls fell 80,000, which was worse than the 50,000 decline economists expected. This marks the largest decline since 2003. In addition, January’s reading was revised lower to -76,000 from -23,000, and February’s reading was revised lower to -76,000 from -63,000.
Meanwhile, the unemployment rate rebounded to 5.1% from 4.8%. Economists expected a rate of 5.0%.
These numbers are not good, however, the numbers do not necessarily fit the recession label. Unemployment and the decline in payrolls have yet to come close to the early 2000s recession level, which saw unemployment top 6.3% and payrolls fall as much as 325,000.
Seven of the ten sectors finished higher.
Agriculture-chemical company Mosaic (MOS 115.07, +10.55) soared 10.1% on Friday. The company posted the hefty gain after reporting third quarter earnings of $0.99 per share ex-items, which topped the expected earnings estimate of $0.95 per share. As a result, the materials sector (+1.4%) provided leadership and posted a strong 6.6% gain for the week.
The energy sector (+1.0%) also lent some support to the broader market. It rose in conjunction with the 2.3% advance in crude oil prices.
The financial sector (-1.4%) acted as limiting factor to the stock market, with another round of earnings estimate cuts. JPMorgan cut its earnings estimates at Citigroup (C 24.08, -0.28), Bank of America (BAC 39.41, -0.96) and Wachovia (WB 27.21, -1.16). Also weighing on financials was word that Deutsche Bank added JPMorgan Chase (JPM 45.57, -0.71), Citigroup , Sun Trust Banks (STI 56.49, -2.60) and PNC Financial (PNC 67.73, -0.77) to their portfolio as short-term sell ideas. Deutsche cited continued issues related to increasing credit losses, capital markets dislocations, and revenue growth at the banks.
For the week, the S&P gained 4.2%, the Dow advanced 3.2%, and the Nasdaq gained 4.2%.
DJ30 -16.61 NASDAQ +7.68 NQ100 +0.6% R2K +0.3% SP400 +0.1% SP500 +1.09 NASDAQ Dec/Adv/Vol 1392/1465/1.95 bln NYSE Dec/Adv/Vol 1386/1712/1.24 bln
3:30 pm : The major indices slip, with the Dow falling back to the unchanged mark. The S&P 500 and Nasdaq are posting slight gains. The pullback has been broad-based.
The Nasdaq Composite is up 4.7% this week, which means it is set for its best weekly gain in 2.5 years.DJ30 -15.39 NASDAQ +3.91 SP500 +1.16 NASDAQ Dec/Adv/Vol 1438/1411/1.60 bln NYSE Dec/Adv/Vol 1418/1658/949 mln
3:00 pm : The major indices regain some ground. The Nasdaq is outperforming as large-cap tech names continue to show strength.
MBIA (MBI 13.72, -0.57) had its insurer financial strength rating cut to AA from AAA by Fitch Ratings. MBIA's long-term rating was cut to A from AA. MBIA responded by stating it "respectfully disagrees with Fitch's conclusions," citing it has $17 billion in claims-paying resources.DJ30 +31.18 NASDAQ +18.37 SP500 +7.17 NASDAQ Dec/Adv/Vol 1204/1620/1.44 bln NYSE Dec/Adv/Vol 1163/1913/852 mln
2:30 pm : The major indices are drifting lower. The Dow is trading slightly above the unchanged mark, while the S&P 500 is posting a modest gain. Financials (-1.0%) are to blame for the recent slip.
Pimco's Bill Gross said on CNBC that Treasuries are the most overvalued assets in the world. This has not hindered action today, as the 10-year note rallies 29 ticks.DJ30 +4.31 NASDAQ +13.31 SP500 +4.07 NASDAQ Dec/Adv/Vol 1264/1535/1.32 bln NYSE Dec/Adv/Vol 1273/1788/783 mln
2:05 pm : The major indices dip off their best levels, but continue to post decent gains. In commodity trading, crude oil is up 1.9% to $105.77 per barrel. As a whole, commodities are up 0.8%.DJ30 +46.10 NASDAQ +23.24 SP500 +8.97 NASDAQ Dec/Adv/Vol 1102/1676/1.21 bln NYSE Dec/Adv/Vol 1095/1953/715 mln
1:30 pm : News has slowed down considerably as the major indices continue to drift higher. Large-cap tech names are leading the way with the Nasdaq 100 up 1.5%. The largest gainers include Google (GOOG 474.23, +19.11), Apple (AAPL 154.17, +2.56) and eBay (EBAY 33.36, +1.64).
Telecom (-0.9%) is the only sector that remains in the red.DJ30 +58.29 NASDAQ +27.38 SP500 +11.24 NASDAQ Dec/Adv/Vol 1065/1680/1.09 bln NYSE Dec/Adv/Vol 1049/1982/644 mln
1:00 pm : In the past half-hour, the major indices hit fresh session highs. Within the S&P 500, 309 stocks are posting a gain. Exxon-Mobil (XOM 89.33, +1.10) and Google (GOOG 471.44, +16.32) are leading the way. AT&T (T 38.60, -0.41) and Bank of America (BAC 39.98, -0.39) are the main laggards.DJ30 +46.32 NASDAQ +22.81 SP500 +9.20 NASDAQ Dec/Adv/Vol 1110/1618/981 mln NYSE Dec/Adv/Vol 1066/1935/588 mln
12:30 pm : A broad-based pickup in buying interest sends the major indices to their intraday highs. Seven of the ten sectors are now in the green. The financial sector (-0.4%) continues to post a loss, however it is well off its session low of -1.8%.
Market breadth is showing some strength. Advancing issues outpace declining issues by 3-to-2 on the NYSE and by 4-to-3 on the Nasdaq. New 52-week highs outpace new lows by 9-to-2 on the NYSE.DJ30 +11.40 NASDAQ +13.28 SP500 +5.13 NASDAQ Dec/Adv/Vol 1161/1533/867 mln NYSE Dec/Adv/Vol 1183/1806/521 mln
12:00 pm : At midday, the stock market is trading with a slight gain. Six of the ten economic sectors are in the green. This is actually pretty decent, considering the government said employers cut jobs for the third straight month.
Nonfarm payrolls fell 80,000, which was worse than the 50,000 decline economists expected. This marks the largest decline since 2003. In addition, January’s reading was revised lower to -76,000 from -23,000, and February’s reading was revised lower to -76,000 from -63,000.
Meanwhile, the unemployment rate rebounded to 5.1% from 4.8%. Economists expected a rate of 5.0%.
The disappointing jobs data has not slowed down agriculture-chemical company Mosaic (MOS 115.11, +10.59) this session. The company is posting a hefty 10.0% gain after reporting earnings that pleased traders. It reported third quarter earnings of $0.99 per share ex-items, results that topped the expected earnings of $0.95 per share. As a result, the materials sector (+0.8%) is a leader in the early-going, and is now up 6.2% for the week.
Energy stocks (+1.4%) are giving the market a boost, as crude climbs 1.5% to $105.40 per barrel.
Financials (-1.2%) have acted as a limiting factor to the stock market’s advance--although the sector has come off its worst level when it was down 1.8%. The sector saw some selling pressure after Deutsche Bank added JPMorgan Chase (JPM 45.54, -0.74), Citigroup (C 23.84, -0.52), Sun Trust Banks (STI 57.63, -1.46) and PNC Financial (PNC 67.53, -0.97) to their portfolio as short-term sell ideas. Deutsche cited continued issues related to increasing credit losses.
Treasuries have made a decent advance as the weak jobs data spurred traders to up their bets on the size of the next fed funds rate cut. Traders currently expect a 38% chance of a 50 basis point cut, up from yesterday’s 20% chance. The rest of the bets are on a 25 basis point cut.DJ30 -29.80 NASDAQ +3.45 SP500 +0.67 NASDAQ Dec/Adv/Vol 748/1391/748 mln NYSE Dec/Adv/Vol 1372/1595/455 mln
11:30 am : The Dow and Nasdaq climb into the green, while Dow trails in negative territory. This session's range has been tight, with the S&P advancing roughly 0.6% from its intraday low to high.
Six of the ten sectors are in positive territory. However, gains are being limited by weakness in the heavily weighted financial sector (-1.1%).DJ30 -19.63 NASDAQ +3.93 SP500 +2.04 NASDAQ Dec/Adv/Vol 1341/1315/627 mln NYSE Dec/Adv/Vol 1361/1565/377 mln
11:05 am : The major indices come off their lows, but remain in negative territory. The stock market has traded in a tight range this session.
Dell (DELL 19.56, -2.78) is a laggard this session. It was removed from Goldman Sachs America conviction buy list, according to reports. Dell has fallen 36% from its 52-week high, compared with the tech sector's 19% decline. Tech is underperforming this session with a 0.4% decline.
DJ30 -44.05 NASDAQ -2.01 SP500 -1.03 NASDAQ Dec/Adv/Vol 1394/1214/523 mln NYSE Dec/Adv/Vol 1418/1454/313 mln
10:35 am : The major indices fall to their worst levels of the session. Financials are under pressure, as they trade down 1.3%.
Deutsche Bank added JPMorgan Chase (JPM 45.29, -0.99), Citigroup (C 23.69, -0.67), Sun Trust Banks (STI 57.81, -1.28) and PNC Financial (PNC 67.98, -0.52) to their portfolio as short-term sell ideas. Deutsche cited continued issues related to increasing credit losses.
Weakness in JPMorgan is causing the Dow to underperform.DJ30 -70.27 NASDAQ -4.60 SP500 -3.05 NASDAQ Dec/Adv/Vol 1452/1094/385 mln NYSE Dec/Adv/Vol 1575/1253/229 mln
10:00 am : The major indices are fluctuating near the unchanged mark. Four of the ten sectors are trending higher. Energy (+1.1%) is showing some strength, thanks to a 1.4% advance in crude oil prices. Telecom is the main laggard with a 1.0% drop
Agriculture-chemical company Mosaic (MOS 115.65, +11.13) is posting a hefty 10.7% gain after reporting earnings that pleased traders. It reported third quarter earnings of $0.99 per share ex-items, results that topped the expected earnings of $0.95 per share. As a result, the materials sector (+0.8%) is a leader in the early-going, and is now up 6.2% for the week.DJ30 -28.91 NASDAQ +4.77 SP500 +0.74 NASDAQ Dec/Adv/Vol 1238/1177/200 mln NYSE Dec/Adv/Vol 1329/1371/130 mln
09:40 am : It is a muted open to the trading day. Buying interest has been held in check after the government said U.S. jobs declined for the third straight month.
Nonfarm payrolls declined by 80,000, which is worse than the expected 50,000 decline. February's decline was revised to 76,000 from 63,000. Manufacturing payrolls fell by 48,000, falling short of the expected decline of 35,000. The unemployment rate ticked up to 5.1% from 4.8%. Economists expected a rate of 5.0%.
DJ30 -37.83 NASDAQ -2.25 SP500 -1.97
08:35 am : S&P futures vs fair value: +2.5. Nasdaq futures vs fair value: +5.0. Futures give up some of their gains after a worse than expected jobs report showed payrolls declined for the third straight month. Just reported, nonfarm payrolls declined by 80,000, which is worse than the expected 50,000 decline. February's decline was revised to 76,000 from 63,000. Manufacturing payrolls fell by 48,000, falling short of the expected decline of 35,000. The unemployment rate ticked up to 5.1% from 4.8%. Economists expected a rate of 5.0%.
08:00 am : S&P futures vs fair value: +7.7. Nasdaq futures vs fair value: +11.2. Current indications suggest a higher start to the trading day. However, futures will likely go on the move with the 8:30 ET release of the March jobs report. Economists expect nonfarm payrolls to slip by 50,000.
06:19 am : S&P futures vs fair value: +2.3. Nasdaq futures vs fair value: +4.3.
06:18 am : FTSE...5915.20...+23.90...+0.4%. DAX...6748.26...+6.54...+0.1%.
06:18 am : Nikkei...13293.22...-96.68...-0.7%. Hang Seng...Holiday.........
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