AI
Tuesday, April 15, 2008 6:48:51 PM
Market Update 080415
http://biz.yahoo.com/mu/update.html
4:25 pm : Tuesday's trading was a fairly subdued affair as investor interest was held in check after some discomforting inflation data and ahead of a battery of influential earnings reports.
Before the open the Bureau of Labor Statistics revealed that producer prices rose 1.1% in March, which was well ahead of the 0.6% consensus estimate. That increase was driven primarily by higher energy and food costs. Excluding those items, producer prices were up just 0.2% in March.
The latter figure left core producer prices up 2.7% year-over-year and was generally met with some relief by traders that it wasn't any worse. Accordingly, the futures market pushed higher after its release and presaged a positive start for stocks.
The recognition that the New York Empire State Index, which is a regional manufacturing report that was released at the same time as the PPI data, was better than expected contributed to the positive bias in the early-going.
Separately, Johnson & Johnson (JNJ 65.65, -0.09) reported first quarter earnings that surpassed analysts' expectations and also provided some cover for the bulls. Relatively good earnings news from several financial companies, including U.S. Bancorp (USB 32.21, +0.54), M&T Bank (MTB 85.86, +5.11) and Charles Schwab (SCHW 19.95, +1.64), played a part in pushing the major indices higher at the start of trading.
The airline group wasn't any help, though, as oil prices hitting an all-time high of $114.08 per barrel trumped the news that Delta (DAL 9.16, -1.32) and Northwest (NWA 10.28, -0.94) had agreed to a merger.
On another level, investors weren't all that impressed by the Delta-Northwest union since it didn't seem to provide as much in the way of potential cost savings that many had hoped. The companies said the combined entity is expected to generate more than $1 billion in annual revenue and cost synergies.
The move in oil prices, which flowed from supply concerns, detracted from early buying efforts and led to a broad-based pullback that had each of the major indices in negative territory at mid-day.
Selling efforts lacked conviction, however, and stocks again turned higher in early afternoon action. A catalyst for the rebound effort was a remark from Lehman Bros.' (LEH 39.67, +0.29) CEO Richard Fuld that the worst of the credit market crisis is behind us. That view contributed to relative strength in the financial sector, which snapped a five session losing streak with a 1.1% gain.
The energy sector, up 1.0%, was the other key leadership group.
Looking ahead, Wednesday's action will be governed by the Consumer Price Index, as well as earnings reports from the likes of Intel (INTC 20.91, +0.22), JPMorganChase (JPM 42.12, +0.62), Coca-Cola (KO 60.94, -0.06), Wells Fargo (WFC 27.81, +0.61) and Washington Mutual (WM).DJ30 +60.41 NASDAQ +10.22 NQ100 +0.2% R2K +0.9% SP400 +0.5% SP500 +6.11 NASDAQ Dec/Adv/Vol 1325/1569/1.86 bln NYSE Dec/Adv/Vol 1268/1857/1.23 bln
3:30 pm : The market is trying to hold onto a gain as we head into the final half-hour of trade. Only healthcare (-0.2%) and telecom (-0.02%) remain in the red.
Wednesday is set to be an active day of trading. The market will be digesting earnings reports from 30 companies confirmed to report, including Intel (INTC 20.82, +0.13), Washington Mutual (WM 10.64, +0.29), Coca-Cola (KO 61.14, +0.14), JP Morgan Chase (JPM 41.92, +0.42) and Wells Fargo (WFC 27.55, +0.35). There will be several economic reports including, CPI, housing starts & building permits, industrial production, and the Fed's Beige Book.DJ30 +48..36 NASDAQ +9.29 SP500 +4.29 NASDAQ Dec/Adv/Vol 1313/1522/1.54 bln NYSE Dec/Adv/Vol 1325/1773/940 mln
3:00 pm : The major indices are trading near the unchanged mark after dipping a bit. The utilities (+0.7%) and energy (+0.6%) sectors are now posting the largest gains for the day.DJ30 +10.74 NASDAQ -0.37 SP500 +0.37 NASDAQ Dec/Adv/Vol 1411/1412/1.39 mln NYSE Dec/Adv/Vol 1478/1625/846 mln
2:30 pm : Buying interest has faded as the major indices trade with a slight gain as headlines slow considerably. Crude oil has hit a fresh all-time high of $113.99. The commodity is up 12% in April.DJ30 +34.11 NASDAQ +5.27 SP500 +2.73 NASDAQ Dec/Adv/Vol 1317/1490/1.27 bln NYSE Dec/Adv/Vol 1379/1690/775 mln
2:00 pm : Stocks are regaining some lost ground as nine of the ten economic sectors recover into positive territory. Financials are leading the way with a 0.8% gain. Tech continues to act as the main drag, as it trades slightly below the unchanged mark. Semiconductors remain under selling pressure with the SOX down 0.9%.DJ30 +45.27 NASDAQ +7.85 SP500 +4.24 NASDAQ Dec/Adv/Vol 1297/1500/1.17 bln NYSE Dec/Adv/Vol 1334/1726/711 mln
1:25 pm : Broad-based buying interest has sent the major indices back into positive territory. Gains are modest.
European markets finished their session in positive territory, thanks to upbeat results from Tesco and strength in energy stocks. London's FTSE gained 1.3% and Germany's DAX advanced 0.5%.DJ30 +19.29 NASDAQ +2.75 SP500 +1.38 NASDAQ Dec/Adv/Vol 1338/1432/1.04 bln NYSE Dec/Adv/Vol 1458/1582/640 mln
1:00 pm : The stock market is off its worst level as it trades near the unchanged mark. Market breadth reflects traders' indecisiveness this session. On both the NYSE and Nasdaq declining and advancing issues are nearly even. Volume is on the light side.DJ30 -0.57 NASDAQ -0.65 SP500 -0.17 NASDAQ Dec/Adv/Vol 1434/1326/953 mln NYSE Dec/Adv/Vol 1534/1501/590 mln
12:25 pm : The major indices continue to trade with slight losses. Large-cap tech stocks are showing notable weakness, as evidenced by the 0.5% decline in the Nasdaq 100. Nasdaq futures will likely see some volatility after the close, as Dow component Intel (INTC 20.75, +0.06) is set to report earnings.DJ30 -15.15 NASDAQ -5.04 SP500 -1.97 NASDAQ Dec/Adv/Vol 1494/1246/857 mln NYSE Dec/Adv/Vol 1659/1352/530 mln
12:00 pm : The major indices are trading with slight losses at midday. Earnings reports have been mostly better than expected, but a higher than expected inflation reading gave some warning bells.
Several major financial companies topped expectations, although traders have had a mixed reaction to the results. U.S. Bancorp (USB 31.69, +0.02), Northern Trust (NTRS 67.53, +2.53) and State Street (SST 71.64, -5.22) all topped expectations. Charles Schwab (SCHW 19.15, +0.84) reported in-line earnings.
The financial sector is providing leadership with a modest 0.3%, but is well off its high when it was up 2.2%.
Dow component Johnson & Johnson (JNJ 65.42, -0.32) reported earnings of $1.26 per share, which topped expectations by six cents. The company also raised its full year 2008 guidance range by one penny.
Some bullish enthusiasm has been held in check as traders digest the latest inflation reading. March PPI rose 1.1%, which was higher than the expected reading of 0.6%. The inflation gains were largely due to higher energy and food prices, as core PPI only rose 0.2%, which met expectations.
Energy prices show no sign of easing, as crude has rallied to an all-time high of $113.93 per barrel. Terminal closings in Mexico and disruptions in Nigeria are being cited as reasons for the spike.
In other economic news, the April NY Empire State Manufacturing Index, a regional manufacturing survey, surprisingly rose to +0.6 from -22.2. Economists expected a reading of -17.0. Since the number is positive it reflects expansion in manufacturing, although at an extremely sluggish rate.
The Amex Airline Index (-4.1%) is underperforming even though Delta Air Lines (DAL 9.27, -1.21) and Northwest Airlines (NWA 10.53, -0.69) announced that Delta will acquire Northwest, confirming months of speculation. Shareholders of Northwest will receive 1.25 shares of Delta for each share of Northwest. The merger still faces approval from shareholders and regulators.
Six of the ten sectors are trending lower. The tech sector is acting as the main laggard this session. IBM (IBM 115.70, -1.58), Apple (AAPL 146.29, -1.49) and Cisco (CSCO 23.13, -0.18) are showing the most weakness.
DJ30 -19.22 NASDAQ -4.71 SP500 -2.27 NASDAQ Dec/Adv/Vol 1464/1260/785 mln NYSE Dec/Adv/Vol 1609/1371/485 mln
11:30 am : The major indices extend their declines, largely due to weakness within the tech sector (-0.9%).
Data storage firm EMC Corp (EMC 14.09, -0.55) is one of the tech stocks under pressure this session. It was downgraded to Hold from Buy at Citigroup. Citi believes the current consensus view doesn't capture the incrementally more challenging negative demand environment to emerge since the last update in January.
Treasuries are also seeing some selling interest this session. The higher than expected inflation data has caused traders to decrease fed funds rate cut bets, which is weighing on the short end of the yield curve. The higher inflation expectation is causing the decline in the long end of the yield curve.DJ30 -16.78 NASDAQ -5.33 SP500 -2.46 NASDAQ Dec/Adv/Vol 1469/1199/670 mln NYSE Dec/Adv/Vol 1568/1391/414 mln
11:00 am : Stocks get a modest lift from a recovery within the financial sector (+0.5%). The major indices are now trading in mixed fashion, with the Nasdaq posting a slight loss.
Shares of rubber shoe manufacturer Crocs (CROX 10.59, -7.20) are getting absolutely hammered this session, shedding more than 40% of their value. The company expects diluted earnings will range from $0.45 to $0.50 per share, which falls well short of the $0.79 consensus estimate. Crocs has had a quick rise and an equally quick fall. Its shares soared nearly 450% from April 2006 to October 2007. Since their peak last October, shares have plummeted 86% to their lowest levels since being publicly traded.DJ30 +25.89 NASDAQ -3.68 SP500 +0.96 NASDAQ Dec/Adv/Vol 1375/1202/539 mln NYSE Dec/Adv/Vol 1410/1504/332 mln
10:30 am : The major indices have given up their gains. Financials are largely to blame, as they are now down 0.3% after being up as much as 2.2%. State Street (STT 71.20, -5.66) was originally higher as it topped earnings expectations, but quickly fell into the red as traders' sentiment soured during the company's conference call.
Commodities are climbing higher, with the CRB Index up 1.0%. It is now down 1.9% from its all-time high. Gold (+1.1%), sugar (+2.6%) and crude oil (+1.4%) are all posting hefty gains.DJ30 +16.85 NASDAQ -0.64 SP500 +0.54 NASDAQ Dec/Adv/Vol 1317/1197/383 mln NYSE Dec/Adv/Vol 1348/1473/245 mln
10:00 am : The stock market slips off its best levels, but remains in the green. Nine of the ten economic sectors are posting a gain.
Financials (+1.1%) are leading the way in response to the better than expected earnings results from U.S. Bancorp (USB 31.94, +0.27) and Northern Trust (NTRS 66.88, +1.88).
Consumer discretionary (-0.2%) and healthcare (-0.1%) are the main laggards.DJ30 +63.10 NASDAQ +8.43 SP500 +5.51 NASDAQ Dec/Adv/Vol 1053/1303/202 mln NYSE Dec/Adv/Vol 1059/1683/140 mln
09:40 am : The stock market opens on a strong note. Lifting the market is better than expected earnings from Johnson & Johnson (JNJ), U.S. Bancorp (USB), State Street (STT) and Northern Trust (NTRS).
Also fueling some buying interest is word that Delta Air Lines (DAL) is going to acquire Northwest Airlines (NWA). Each share of Northwest will be worth 1.25 shares of Delta.
In economic news, March PPI rose 1.1%, which was higher than the expected reading of 0.6%. The inflation gains were largely due to higher energy and food prices, as core PPI only rose 0.2%, which met expectations.
Energy prices show no signs of easing, as crude has rallied to an all-time high of $113.93 per barrel. Terminal closings in Mexico and disruptions in Nigeria are being cited as reasons for the spike.DJ30 +64.48 NASDAQ +12.40 SP500 +7.37 NASDAQ Dec/Adv/Vol 714/1447/91 mln NYSE Dec/Adv/Vol 756/1853/69 mln
09:14 am : S&P futures vs fair value: +7.7. Nasdaq futures vs fair value: +7.5.
09:00 am : S&P futures vs fair value: +8.1. Nasdaq futures vs fair value: +8.0. Futures indicate a higher start, with S&P 500 futures trading near their best levels. Charles Schwab (SCHW) reported earnings of $0.26, which met expectations.
08:35 am : S&P futures vs fair value: +6.2. Nasdaq futures vs fair value: +4.5. Futures manage to extend their gains despite a higher than expected inflation reading. Just reported, March Producer Price Index (PPI) rose 1.1% month over month, compared to the expected 0.6% rise. PPI excluding food & energy gained 0.2%, which matched the consensus estimate. That leaves PPI up 6.9% year over year, and PPI excluding food & energy up 2.7%. Separately, the April Empire Manufacturing reading came in at +0.6. Economists expected a reading of -17.0. In earnings news, Johnson & Johnson (JNJ) reported earnings of $1.26 per share, which topped expectations by six cents.
08:05 am : S&P futures vs fair value: +2.3. Nasdaq futures vs fair value: +3.0. Futures point to a slightly higher start. Delta Air Lines (DAL) is buying Northwest Airlines (NWA) for roughly $3 billion. Under the deal, each share of Northwest will be worth 1.25 shares of Delta. In earnings news, Crocs (CROX) is getting hammered after issuing downside guidance. Financial companies State Street (STT) and US Bancorp (USB) both topped earnings expectations. In commodity trading, crude oil futures climbed to an all-time high of $113.66 per barrel.
06:20 am : FTSE...5886.90...+55.30...+1%. DAX...6556.68...+2.19...+0.0%.
06:20 am : S&P futures vs fair value: -0.2. Nasdaq futures vs fair value: -3.0.
06:20 am : Nikkei...12990.58...+70.07...+0.6%. Hang Seng...23901.33...+90.13...+0.4%.
http://biz.yahoo.com/mu/update.html
4:25 pm : Tuesday's trading was a fairly subdued affair as investor interest was held in check after some discomforting inflation data and ahead of a battery of influential earnings reports.
Before the open the Bureau of Labor Statistics revealed that producer prices rose 1.1% in March, which was well ahead of the 0.6% consensus estimate. That increase was driven primarily by higher energy and food costs. Excluding those items, producer prices were up just 0.2% in March.
The latter figure left core producer prices up 2.7% year-over-year and was generally met with some relief by traders that it wasn't any worse. Accordingly, the futures market pushed higher after its release and presaged a positive start for stocks.
The recognition that the New York Empire State Index, which is a regional manufacturing report that was released at the same time as the PPI data, was better than expected contributed to the positive bias in the early-going.
Separately, Johnson & Johnson (JNJ 65.65, -0.09) reported first quarter earnings that surpassed analysts' expectations and also provided some cover for the bulls. Relatively good earnings news from several financial companies, including U.S. Bancorp (USB 32.21, +0.54), M&T Bank (MTB 85.86, +5.11) and Charles Schwab (SCHW 19.95, +1.64), played a part in pushing the major indices higher at the start of trading.
The airline group wasn't any help, though, as oil prices hitting an all-time high of $114.08 per barrel trumped the news that Delta (DAL 9.16, -1.32) and Northwest (NWA 10.28, -0.94) had agreed to a merger.
On another level, investors weren't all that impressed by the Delta-Northwest union since it didn't seem to provide as much in the way of potential cost savings that many had hoped. The companies said the combined entity is expected to generate more than $1 billion in annual revenue and cost synergies.
The move in oil prices, which flowed from supply concerns, detracted from early buying efforts and led to a broad-based pullback that had each of the major indices in negative territory at mid-day.
Selling efforts lacked conviction, however, and stocks again turned higher in early afternoon action. A catalyst for the rebound effort was a remark from Lehman Bros.' (LEH 39.67, +0.29) CEO Richard Fuld that the worst of the credit market crisis is behind us. That view contributed to relative strength in the financial sector, which snapped a five session losing streak with a 1.1% gain.
The energy sector, up 1.0%, was the other key leadership group.
Looking ahead, Wednesday's action will be governed by the Consumer Price Index, as well as earnings reports from the likes of Intel (INTC 20.91, +0.22), JPMorganChase (JPM 42.12, +0.62), Coca-Cola (KO 60.94, -0.06), Wells Fargo (WFC 27.81, +0.61) and Washington Mutual (WM).DJ30 +60.41 NASDAQ +10.22 NQ100 +0.2% R2K +0.9% SP400 +0.5% SP500 +6.11 NASDAQ Dec/Adv/Vol 1325/1569/1.86 bln NYSE Dec/Adv/Vol 1268/1857/1.23 bln
3:30 pm : The market is trying to hold onto a gain as we head into the final half-hour of trade. Only healthcare (-0.2%) and telecom (-0.02%) remain in the red.
Wednesday is set to be an active day of trading. The market will be digesting earnings reports from 30 companies confirmed to report, including Intel (INTC 20.82, +0.13), Washington Mutual (WM 10.64, +0.29), Coca-Cola (KO 61.14, +0.14), JP Morgan Chase (JPM 41.92, +0.42) and Wells Fargo (WFC 27.55, +0.35). There will be several economic reports including, CPI, housing starts & building permits, industrial production, and the Fed's Beige Book.DJ30 +48..36 NASDAQ +9.29 SP500 +4.29 NASDAQ Dec/Adv/Vol 1313/1522/1.54 bln NYSE Dec/Adv/Vol 1325/1773/940 mln
3:00 pm : The major indices are trading near the unchanged mark after dipping a bit. The utilities (+0.7%) and energy (+0.6%) sectors are now posting the largest gains for the day.DJ30 +10.74 NASDAQ -0.37 SP500 +0.37 NASDAQ Dec/Adv/Vol 1411/1412/1.39 mln NYSE Dec/Adv/Vol 1478/1625/846 mln
2:30 pm : Buying interest has faded as the major indices trade with a slight gain as headlines slow considerably. Crude oil has hit a fresh all-time high of $113.99. The commodity is up 12% in April.DJ30 +34.11 NASDAQ +5.27 SP500 +2.73 NASDAQ Dec/Adv/Vol 1317/1490/1.27 bln NYSE Dec/Adv/Vol 1379/1690/775 mln
2:00 pm : Stocks are regaining some lost ground as nine of the ten economic sectors recover into positive territory. Financials are leading the way with a 0.8% gain. Tech continues to act as the main drag, as it trades slightly below the unchanged mark. Semiconductors remain under selling pressure with the SOX down 0.9%.DJ30 +45.27 NASDAQ +7.85 SP500 +4.24 NASDAQ Dec/Adv/Vol 1297/1500/1.17 bln NYSE Dec/Adv/Vol 1334/1726/711 mln
1:25 pm : Broad-based buying interest has sent the major indices back into positive territory. Gains are modest.
European markets finished their session in positive territory, thanks to upbeat results from Tesco and strength in energy stocks. London's FTSE gained 1.3% and Germany's DAX advanced 0.5%.DJ30 +19.29 NASDAQ +2.75 SP500 +1.38 NASDAQ Dec/Adv/Vol 1338/1432/1.04 bln NYSE Dec/Adv/Vol 1458/1582/640 mln
1:00 pm : The stock market is off its worst level as it trades near the unchanged mark. Market breadth reflects traders' indecisiveness this session. On both the NYSE and Nasdaq declining and advancing issues are nearly even. Volume is on the light side.DJ30 -0.57 NASDAQ -0.65 SP500 -0.17 NASDAQ Dec/Adv/Vol 1434/1326/953 mln NYSE Dec/Adv/Vol 1534/1501/590 mln
12:25 pm : The major indices continue to trade with slight losses. Large-cap tech stocks are showing notable weakness, as evidenced by the 0.5% decline in the Nasdaq 100. Nasdaq futures will likely see some volatility after the close, as Dow component Intel (INTC 20.75, +0.06) is set to report earnings.DJ30 -15.15 NASDAQ -5.04 SP500 -1.97 NASDAQ Dec/Adv/Vol 1494/1246/857 mln NYSE Dec/Adv/Vol 1659/1352/530 mln
12:00 pm : The major indices are trading with slight losses at midday. Earnings reports have been mostly better than expected, but a higher than expected inflation reading gave some warning bells.
Several major financial companies topped expectations, although traders have had a mixed reaction to the results. U.S. Bancorp (USB 31.69, +0.02), Northern Trust (NTRS 67.53, +2.53) and State Street (SST 71.64, -5.22) all topped expectations. Charles Schwab (SCHW 19.15, +0.84) reported in-line earnings.
The financial sector is providing leadership with a modest 0.3%, but is well off its high when it was up 2.2%.
Dow component Johnson & Johnson (JNJ 65.42, -0.32) reported earnings of $1.26 per share, which topped expectations by six cents. The company also raised its full year 2008 guidance range by one penny.
Some bullish enthusiasm has been held in check as traders digest the latest inflation reading. March PPI rose 1.1%, which was higher than the expected reading of 0.6%. The inflation gains were largely due to higher energy and food prices, as core PPI only rose 0.2%, which met expectations.
Energy prices show no sign of easing, as crude has rallied to an all-time high of $113.93 per barrel. Terminal closings in Mexico and disruptions in Nigeria are being cited as reasons for the spike.
In other economic news, the April NY Empire State Manufacturing Index, a regional manufacturing survey, surprisingly rose to +0.6 from -22.2. Economists expected a reading of -17.0. Since the number is positive it reflects expansion in manufacturing, although at an extremely sluggish rate.
The Amex Airline Index (-4.1%) is underperforming even though Delta Air Lines (DAL 9.27, -1.21) and Northwest Airlines (NWA 10.53, -0.69) announced that Delta will acquire Northwest, confirming months of speculation. Shareholders of Northwest will receive 1.25 shares of Delta for each share of Northwest. The merger still faces approval from shareholders and regulators.
Six of the ten sectors are trending lower. The tech sector is acting as the main laggard this session. IBM (IBM 115.70, -1.58), Apple (AAPL 146.29, -1.49) and Cisco (CSCO 23.13, -0.18) are showing the most weakness.
DJ30 -19.22 NASDAQ -4.71 SP500 -2.27 NASDAQ Dec/Adv/Vol 1464/1260/785 mln NYSE Dec/Adv/Vol 1609/1371/485 mln
11:30 am : The major indices extend their declines, largely due to weakness within the tech sector (-0.9%).
Data storage firm EMC Corp (EMC 14.09, -0.55) is one of the tech stocks under pressure this session. It was downgraded to Hold from Buy at Citigroup. Citi believes the current consensus view doesn't capture the incrementally more challenging negative demand environment to emerge since the last update in January.
Treasuries are also seeing some selling interest this session. The higher than expected inflation data has caused traders to decrease fed funds rate cut bets, which is weighing on the short end of the yield curve. The higher inflation expectation is causing the decline in the long end of the yield curve.DJ30 -16.78 NASDAQ -5.33 SP500 -2.46 NASDAQ Dec/Adv/Vol 1469/1199/670 mln NYSE Dec/Adv/Vol 1568/1391/414 mln
11:00 am : Stocks get a modest lift from a recovery within the financial sector (+0.5%). The major indices are now trading in mixed fashion, with the Nasdaq posting a slight loss.
Shares of rubber shoe manufacturer Crocs (CROX 10.59, -7.20) are getting absolutely hammered this session, shedding more than 40% of their value. The company expects diluted earnings will range from $0.45 to $0.50 per share, which falls well short of the $0.79 consensus estimate. Crocs has had a quick rise and an equally quick fall. Its shares soared nearly 450% from April 2006 to October 2007. Since their peak last October, shares have plummeted 86% to their lowest levels since being publicly traded.DJ30 +25.89 NASDAQ -3.68 SP500 +0.96 NASDAQ Dec/Adv/Vol 1375/1202/539 mln NYSE Dec/Adv/Vol 1410/1504/332 mln
10:30 am : The major indices have given up their gains. Financials are largely to blame, as they are now down 0.3% after being up as much as 2.2%. State Street (STT 71.20, -5.66) was originally higher as it topped earnings expectations, but quickly fell into the red as traders' sentiment soured during the company's conference call.
Commodities are climbing higher, with the CRB Index up 1.0%. It is now down 1.9% from its all-time high. Gold (+1.1%), sugar (+2.6%) and crude oil (+1.4%) are all posting hefty gains.DJ30 +16.85 NASDAQ -0.64 SP500 +0.54 NASDAQ Dec/Adv/Vol 1317/1197/383 mln NYSE Dec/Adv/Vol 1348/1473/245 mln
10:00 am : The stock market slips off its best levels, but remains in the green. Nine of the ten economic sectors are posting a gain.
Financials (+1.1%) are leading the way in response to the better than expected earnings results from U.S. Bancorp (USB 31.94, +0.27) and Northern Trust (NTRS 66.88, +1.88).
Consumer discretionary (-0.2%) and healthcare (-0.1%) are the main laggards.DJ30 +63.10 NASDAQ +8.43 SP500 +5.51 NASDAQ Dec/Adv/Vol 1053/1303/202 mln NYSE Dec/Adv/Vol 1059/1683/140 mln
09:40 am : The stock market opens on a strong note. Lifting the market is better than expected earnings from Johnson & Johnson (JNJ), U.S. Bancorp (USB), State Street (STT) and Northern Trust (NTRS).
Also fueling some buying interest is word that Delta Air Lines (DAL) is going to acquire Northwest Airlines (NWA). Each share of Northwest will be worth 1.25 shares of Delta.
In economic news, March PPI rose 1.1%, which was higher than the expected reading of 0.6%. The inflation gains were largely due to higher energy and food prices, as core PPI only rose 0.2%, which met expectations.
Energy prices show no signs of easing, as crude has rallied to an all-time high of $113.93 per barrel. Terminal closings in Mexico and disruptions in Nigeria are being cited as reasons for the spike.DJ30 +64.48 NASDAQ +12.40 SP500 +7.37 NASDAQ Dec/Adv/Vol 714/1447/91 mln NYSE Dec/Adv/Vol 756/1853/69 mln
09:14 am : S&P futures vs fair value: +7.7. Nasdaq futures vs fair value: +7.5.
09:00 am : S&P futures vs fair value: +8.1. Nasdaq futures vs fair value: +8.0. Futures indicate a higher start, with S&P 500 futures trading near their best levels. Charles Schwab (SCHW) reported earnings of $0.26, which met expectations.
08:35 am : S&P futures vs fair value: +6.2. Nasdaq futures vs fair value: +4.5. Futures manage to extend their gains despite a higher than expected inflation reading. Just reported, March Producer Price Index (PPI) rose 1.1% month over month, compared to the expected 0.6% rise. PPI excluding food & energy gained 0.2%, which matched the consensus estimate. That leaves PPI up 6.9% year over year, and PPI excluding food & energy up 2.7%. Separately, the April Empire Manufacturing reading came in at +0.6. Economists expected a reading of -17.0. In earnings news, Johnson & Johnson (JNJ) reported earnings of $1.26 per share, which topped expectations by six cents.
08:05 am : S&P futures vs fair value: +2.3. Nasdaq futures vs fair value: +3.0. Futures point to a slightly higher start. Delta Air Lines (DAL) is buying Northwest Airlines (NWA) for roughly $3 billion. Under the deal, each share of Northwest will be worth 1.25 shares of Delta. In earnings news, Crocs (CROX) is getting hammered after issuing downside guidance. Financial companies State Street (STT) and US Bancorp (USB) both topped earnings expectations. In commodity trading, crude oil futures climbed to an all-time high of $113.66 per barrel.
06:20 am : FTSE...5886.90...+55.30...+1%. DAX...6556.68...+2.19...+0.0%.
06:20 am : S&P futures vs fair value: -0.2. Nasdaq futures vs fair value: -3.0.
06:20 am : Nikkei...12990.58...+70.07...+0.6%. Hang Seng...23901.33...+90.13...+0.4%.
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