Friday, April 25, 2008 8:37:09 PM
Market Update 080425
http://biz.yahoo.com/mu/update.html
4:30 pm : Friday the stock market attempted to make a late-day push higher, but encountered resistance at a major technical hurdle. Still, stocks ended the session near their best levels and concluded the week with a marginal gain.
Oil rebounded Friday to weigh on investor sentiment, closing $2.43 higher at $118.49 per barrel on the Nymex. Oil traders sent the commodity higher amid concern that strikes at a BP (BP 69.18, +1.37) refinery in Scotland and an unrelated facility in Nigeria could jeopardize production. Crude hit a new all-time intraday high of $119.90 per barrel this last Tuesday.
The Nasdaq was an underperformer Friday. Microsoft (MSFT 29.83, -1.97) weighed on the tech-rich index and was the Dow's worst performer. Its shares fell more than 6.0% in response to an underwhelming fourth quarter forecast issued after yesterday's close. In turn, technology (-1.2%) was the worst performing major economic sector.
The financial sector (+1.7%) made a healthy advance for the second straight session. American Express (AXP 47.77, +2.59) attracted its share of buyers after posting earnings results that exceeded the consensus estimate for the most recent quarter. Still, Citigroup (C 26.60, +0.84), the largest bank in the U.S., provided the sector with leadership.
According to an article published by Financial Times, Merrill Lynch (MER 49.64, +1.55) is in discussions with private equity firm TPG regarding possible investments in Merrill, should Merrill need funds for its investment bank.
The materials sector (+2.8%) was the best performing sector. Monsanto (MON 125.48, +5.03) and Freeport-McMoRan (FCX 116.98, +4.37) provided the sector with the most support.
Shares of Ford Motor Company (F 7.50, -0.90) were knocked lower after being downgraded at JPMorgan, Merrill Lynch, and Bear Stearns. JPMorgan downgraded Ford's shares to Neutral from Overweight, Merrill downgraded the shares to Sell from Neutral, and Bear Stearns downgraded Ford to Underperform from Peer Perform. Yesterday, shares of Ford made their highest single-session climb in years after announcing a quarterly profit that reversed a loss in the prior year. Today's decline erased that gain.
Treasuries were out of favor again this session. The benchmark 10-year Treasury Note slipped another 10 ticks and is now yielding 3.87%, the most since late February.DJ30 +42.91 NASDAQ -5.99 NQ100 -0.3% R2K +0.7% SP400 +1.4% SP500 +9.02 NASDAQ Dec/Adv/Vol 1227/1589/1.99 bln NYSE Dec/Adv/Vol 1166/1938/1.28 bln
3:30 pm : The stock market has made a late push upward after spending the afternoon without an impetus for change. The S&P 500 made its way toward 1400 points, which technical traders have labeled an area of strong resistance, but buying has eased.
Buyers have returned to the financial sector (+1.7%). However, materials (+3.0%) remain this session's best performing sector. Citigroup (C 26.55, +0.79) is providing the most positive influence to financials, while Monsanto (MON 125.03, +6.11) is providing materials with leadership.DJ30 +40.06 NASDAQ -5.56 SP500 +8.33 NASDAQ Dec/Adv/Vol 1181/1618/1.66 bln NYSE Dec/Adv/Vol 1137/1949/994.59 mln
3:00 pm : Heading into the week's final hour of trading, action remains subdued this afternoon as stocks have yet to make a concerted move in either direction. The S&P 500 continues to trade just above the unchanged mark, the Dow Jones is holding on to a slight loss, and the Nasdaq remains an underperformer.
Crude oil finished $2.43 higher to close at $118.49 per barrel on the Nymex. Friday's rebound in crude prices has acted as a weight on buying interest in the stock market.
Gold closed marginally lower Friday. Only $1.00 was shed from the price of the yellow metal; it ended the session at $888.40 per ounce.DJ30 -8.06 NASDAQ -15.58 SP500 +3.28 NASDAQ Dec/Adv/Vol 1392/1394/1.47 bln NYSE Dec/Adv/Vol 1398/1673/878.43 mln
2:30 pm : The stock market has pushed its nose into positive territory, but a lack of buyers is keeping it in check. The stock market is currently unchanged for the week, but up more than 5.0% month-to-date.
General Electric (GE 33.19, +0.38) is today's primary leader in the S&P 500. Shares of GE have gained approximately 2.5% since Tuesday's close.
Eight of the ten economic sectors are now trading in the green. Only tech (-1.8%) and consumer staples (-0.8%) are showing losses this session.DJ30 -20.92 NASDAQ -19.57 SP500 +1.84 NASDAQ Dec/Adv/Vol 1485/1274/1.35 bln NYSE Dec/Adv/Vol 1483/1577/805.78 mln
2:00 pm : The stock market is attempting to cross into positive territory after spending the afternoon in a rut. Up until now, stocks have gone largely unchanged since midday.
Oil continues to trade near the $119.00 mark. After slipping in yesterday's action, crude has climbed more than 2.5% Friday.
The energy sector (+0.8%) is trading higher in response to oil's rebound. Oil and gas explorers and producers are benefiting the most this session. Occidental Petroleum (OXY 86.16, +3.33) and Devon Energy (DVN 118.17, +2.96) are two of the industry group's primary leaders.
Support for the dollar has resurfaced and pushed the Dollar Index 0.3% higher. The index is trading at 72.75 currently.DJ30 -39.65 NASDAQ -25.25 SP500 +0.48 NASDAQ Dec/Adv/Vol 1513/1231/1.25 bln NYSE Dec/Adv/Vol 1467/1564/744.68 mln
1:30 pm : The S&P 500 is trading with a slight loss, while the Nasdaq continues to post a more substantial decline due to weakness in tech (-2.2%). Market breadth is slightly negative. There are six declining stocks for every five advancing issues on the NYSE. On the Nasdaq, there are seven declining stocks for every five advancing issues.
The negative sentiment has been prevalent throughout most of the session, although the Dow and S&P 500 did briefly trade in positive territory shortly after the opening bell.DJ30 -63.20 NASDAQ -30.69 SP500 -2.91 NASDAQ Dec/Adv/Vol 1586/1146/1.15 bln NYSE Dec/Adv/Vol 1596/1415/678 mln
1:05 pm : Stocks are trading sideways, just below the unchanged line. The only sectors showing conviction are materials (+2.0%) and technology (-2.0%), though they are trading in sharp contrast.
The Dow Jones World Index, excluding the U.S., is up 0.9%. European markets made a good showing Friday as the DAX traded 0.7% higher and the FTSE traded 1.1% higher.
Treasurys have received little attention this session. The benchmark 10-year Treasury Note is down seven ticks and yielding 3.85%. That is the highest yield the 10-year Note has traded with since nearly two months ago.DJ30 -53.33 NASDAQ -27.58 SP500 -1.92 NASDAQ Dec/Adv/Vol 1564/1140/1.07 bln NYSE Dec/Adv/Vol 1594/1407/633.45 mln
12:30 pm : The stock market continues to encounter resistence this session, unable to return to positive ground. In yesterday's trading the S&P 500 ended near 1389, unable to eclipse the 1400 level, which is seen as a major resistence level among technical traders.
Six of the ten major economic sectors continue to trade higher. The materials sector (+1.7%) is the session's relative leader, while technology (-2.1%) is the relative laggard.DJ30 -54.22 NASDAQ -28.75 SP500 -2.37 NASDAQ Dec/Adv/Vol 1573/1111/977.37 mln NYSE Dec/Adv/Vol 1596/1386/579.52 mln
12:10 pm : The stock market has winnowed most of its losses, but continues to trade in negative ground. Among the Dow Jones components, declining stocks outnumber advancers by 2-to-1.
Microsoft (MSFT 29.75, -2.05) is the Dow's worst performer this session, falling more than 6.0% in response to an unimpressive fourth quarter forecast. Tech has been an underperformer this session, down 2.0%.
The financial sector (+0.2%) opened higher and acted as a relative leader in the early going, but has since lost buying interest. However, American Express (AXP 46.57, +1.39) continues to attract buyers after announcing earnings results that exceeded analysts' estimates for the most recent quarter. Merrill Lynch (MER 48.54, +0.45) is in discussions with private equity firm TPG regarding possible capital investments in Merrill if it needs to fund its investment bank, according to an article in Financial Times.
Shares of Ford Motor Company (F 7.68, -0.72) are trading lower today after being downgraded at JPMorgan, Merrill Lynch, and Bear Stearns. JPMorgan downgraded Ford's shares to Neutral from Overweight and Merrill downgraded the shares to Sell from Neutral. Bear Stearns downgraded Ford from Peer Perform to Underperform. Yesterday, shares of Ford made their highest single-session climb in years after announcing a quarterly profit that reversed a loss in the prior year.
Wal-Mart (WMT 57.49, +0.04), on the other hand, was upgraded at Merrill Lynch from Neutral to Buy. The change in opinion has had little impact on shares this session.
Monsanto (MON 123.95, +5.03) and Newmont Mining (NEM 44.52, +1.52) are providing the materials sector (+1.7%) with support. Shares of the two companies have traded lower in each of the preceding three sessions.
The dollar has thus far been unable to repeat yesterday's advance. The Dollar Index is currently largely unchanged.
Oil has been an undermining factor to Friday's sentiment. After falling in yesterday's trading, crude is now up 2.5% and trading hands at $118.95 per barrel. Oil traders are sending the commodity higher after reports that strikes at a BP (BP 68.97, +1.16) refinery in Scotland and an unrelated facility in Nigeria could jeopardize production. DJ30 -52.84 NASDAQ -26.81 SP500 -1.89 NASDAQ Dec/Adv/Vol 1531/1128/924.60 mln NYSE Dec/Adv/Vol 1587/1387/548.93 mln
11:30 am : The stock market has fallen to fresh lows after trading near the unchanged mark for much of the morning. Only three of the ten major economic sectors are trading with gains.
Oil has been an undermining factor to Friday's sentiment. After falling in yesterday's trading, crude is now up 2.8% and trading hands at $119.30 per barrel. Oil traders have been made skittish after reports that strikes at a BP (BP 69.12, +1.31) refinery in Scotland and an unrelated facility in Nigeria could jeopardize production. Oil hit an all-time intraday record of $119.90 per barrel this past Tuesday.DJ30 -92.90 NASDAQ -34.64 SP500 -7.27 NASDAQ Dec/Adv/Vol 1645/969/775.90 mln NYSE Dec/Adv/Vol 1788/1155/461.66 mln
11:00 am : The stock market is largely unchanged from previous levels as participants look for direction.
The financial sector (+0.2%) has relinquished its leadership position and is now trading with modest gains. Mirroring the downturn, shares of Bank of America (BAC 37.84, -0.03) went from trading 2.0% higher to trading with a slight loss.
The materials sector (+1.2%) is now the only sector with a gain of more than 1.0%. Monsanto (MON 122.10, +3.18) and Newmont Mining (NEM 44.03, +1.03) are providing materials with support. Shares of the two companies have traded lower in each of the preceding three sessions.
Crude has climbed more than 2.5% to 119.00 per barrel.DJ30 -19.70 NASDAQ -21.79 SP500 +0.43 NASDAQ Dec/Adv/Vol 1454/1092/625.07 mln NYSE Dec/Adv/Vol 1466/1418/373.26 mln
10:30 am : The S&P 500 is trading with meager gains, while the Dow Jones has come off its morning low to dance along the unchanged line. The tech-rich Nasdaq continues to underperform its counterparts, trading in negative ground.
Shares of Ford Motor Company (F 7.76, -0.64) are trading lower today after being downgraded at JPMorgan and Merrill Lynch. JPMorgan downgraded Ford's shares to Neutral from Overweight and Merrill downgraded the shares to Sell from Neutral. Yesterday, shares of Ford made their highest single-session climb in years after announcing a profit that reversed a loss in the prior year.DJ30 -2.28 NASDAQ -16.32 SP500 +1.95 NASDAQ Dec/Adv/Vol 1316/1135/463.35 mln NYSE Dec/Adv/Vol 1374/1458/271.33 mln
10:00 am : The stock market is now trading near the neutral line. The Dow Jones and Nasdaq are now both trading in the red.
After closing nearly 2% lower on the Nymex yesterday, crude oil is trading higher Friday. Oil prices are currently 1.4% higher at $117.66 per barrel.
The University of Michigan Consumer Sentiment Survey for April was revised lower from 63.2 to 62.6 as consumers report a weaker financial situation.DJ30 -13.76 NASDAQ -22.25 SP500 +0.34 NASDAQ Dec/Adv/Vol 1285/1021/290.74 mln NYSE Dec/Adv/Vol 1346/1397/168.44 mln
09:45 am : Shortly after the opening bell the stock market is trading in positive ground, looking to make a gain for the third consecutive session. The Nasdaq has opened slightly lower, however.
Tech (-1.0%) is lagging the broader market. Microsoft (MSFT 30.12, -1.68) is trading more than 5% lower in response to an unimpressive fourth quarter forecast, which was announced after yesterday's close.
The financial sector (+1.3%) has opened higher and is a relative leader for the second straight session. American Express (AXP 46.98, +1.80) is attracting buying interest after announcing earnings results that exceeded analysts' estimates for the most recent quarter.DJ30 +40.96 NASDAQ -4.67 SP500 +6.42 NASDAQ Dec/Adv/Vol 822/1312/144.64 mln NYSE Dec/Adv/Vol 786/1851/91.07 mln
09:15 am : S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: -1.5. Positive earnings announcements from American Express (AXP) and a favorable quarterly report from Swedish telecom company LM Ericsson (ERIC) are helping to stretch yesterday's optimism into Friday's trading. The stock market remains on track to open the session slightly higher in positive ground.
09:00 am : S&P futures vs fair value: +5.4. Nasdaq futures vs fair value: -1.0. The broader market remains on track to start Friday in positive territory, but Nasdaq futures continue to dance along the neutral line. Favorable premarket trading is giving shares of Merrill Lynch (MER) a slight lift. According to an article in the Financial Times Merrill is in discussions with private equity outfit TPG regarding forging closer ties and, possibly, capital investments in Merrill if its investment bank should need it. Shares of Merrill made healthy gains yesterday after the company reiterated its dividend.
08:30 am : S&P futures vs fair value: +4.6. Nasdaq futures vs fair value: -0.3. The stock market now points to a mixed open. S&P 500 futures continue to lead fair value, but Nasdaq futures are now showing some restraint. Microsoft (MSFT) is trading more than 4% lower in premarket activity following last evening's underwhelming earnings announcement and fourth quarter forecast.
08:00 am : S&P futures vs fair value: +5.6. Nasdaq futures vs fair value: +1.0. Stock futures point to a slightly positive start to Friday's trading. S&P 500 futures currently lead fair value by nearly five points, while Nasdaq futures are slightly more than a point ahead of fair value.
06:25 am : S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: -3.3.
06:24 am : FTSE...6,067.60...+16.90...-0.3%. DAX...6896.31...+74.99...+1.1%.
06:24 am : Nikkei...13863.47...+322.60...+2.4%. Hang Seng...25516.78...-164.00...-0.6%.
http://biz.yahoo.com/mu/update.html
4:30 pm : Friday the stock market attempted to make a late-day push higher, but encountered resistance at a major technical hurdle. Still, stocks ended the session near their best levels and concluded the week with a marginal gain.
Oil rebounded Friday to weigh on investor sentiment, closing $2.43 higher at $118.49 per barrel on the Nymex. Oil traders sent the commodity higher amid concern that strikes at a BP (BP 69.18, +1.37) refinery in Scotland and an unrelated facility in Nigeria could jeopardize production. Crude hit a new all-time intraday high of $119.90 per barrel this last Tuesday.
The Nasdaq was an underperformer Friday. Microsoft (MSFT 29.83, -1.97) weighed on the tech-rich index and was the Dow's worst performer. Its shares fell more than 6.0% in response to an underwhelming fourth quarter forecast issued after yesterday's close. In turn, technology (-1.2%) was the worst performing major economic sector.
The financial sector (+1.7%) made a healthy advance for the second straight session. American Express (AXP 47.77, +2.59) attracted its share of buyers after posting earnings results that exceeded the consensus estimate for the most recent quarter. Still, Citigroup (C 26.60, +0.84), the largest bank in the U.S., provided the sector with leadership.
According to an article published by Financial Times, Merrill Lynch (MER 49.64, +1.55) is in discussions with private equity firm TPG regarding possible investments in Merrill, should Merrill need funds for its investment bank.
The materials sector (+2.8%) was the best performing sector. Monsanto (MON 125.48, +5.03) and Freeport-McMoRan (FCX 116.98, +4.37) provided the sector with the most support.
Shares of Ford Motor Company (F 7.50, -0.90) were knocked lower after being downgraded at JPMorgan, Merrill Lynch, and Bear Stearns. JPMorgan downgraded Ford's shares to Neutral from Overweight, Merrill downgraded the shares to Sell from Neutral, and Bear Stearns downgraded Ford to Underperform from Peer Perform. Yesterday, shares of Ford made their highest single-session climb in years after announcing a quarterly profit that reversed a loss in the prior year. Today's decline erased that gain.
Treasuries were out of favor again this session. The benchmark 10-year Treasury Note slipped another 10 ticks and is now yielding 3.87%, the most since late February.DJ30 +42.91 NASDAQ -5.99 NQ100 -0.3% R2K +0.7% SP400 +1.4% SP500 +9.02 NASDAQ Dec/Adv/Vol 1227/1589/1.99 bln NYSE Dec/Adv/Vol 1166/1938/1.28 bln
3:30 pm : The stock market has made a late push upward after spending the afternoon without an impetus for change. The S&P 500 made its way toward 1400 points, which technical traders have labeled an area of strong resistance, but buying has eased.
Buyers have returned to the financial sector (+1.7%). However, materials (+3.0%) remain this session's best performing sector. Citigroup (C 26.55, +0.79) is providing the most positive influence to financials, while Monsanto (MON 125.03, +6.11) is providing materials with leadership.DJ30 +40.06 NASDAQ -5.56 SP500 +8.33 NASDAQ Dec/Adv/Vol 1181/1618/1.66 bln NYSE Dec/Adv/Vol 1137/1949/994.59 mln
3:00 pm : Heading into the week's final hour of trading, action remains subdued this afternoon as stocks have yet to make a concerted move in either direction. The S&P 500 continues to trade just above the unchanged mark, the Dow Jones is holding on to a slight loss, and the Nasdaq remains an underperformer.
Crude oil finished $2.43 higher to close at $118.49 per barrel on the Nymex. Friday's rebound in crude prices has acted as a weight on buying interest in the stock market.
Gold closed marginally lower Friday. Only $1.00 was shed from the price of the yellow metal; it ended the session at $888.40 per ounce.DJ30 -8.06 NASDAQ -15.58 SP500 +3.28 NASDAQ Dec/Adv/Vol 1392/1394/1.47 bln NYSE Dec/Adv/Vol 1398/1673/878.43 mln
2:30 pm : The stock market has pushed its nose into positive territory, but a lack of buyers is keeping it in check. The stock market is currently unchanged for the week, but up more than 5.0% month-to-date.
General Electric (GE 33.19, +0.38) is today's primary leader in the S&P 500. Shares of GE have gained approximately 2.5% since Tuesday's close.
Eight of the ten economic sectors are now trading in the green. Only tech (-1.8%) and consumer staples (-0.8%) are showing losses this session.DJ30 -20.92 NASDAQ -19.57 SP500 +1.84 NASDAQ Dec/Adv/Vol 1485/1274/1.35 bln NYSE Dec/Adv/Vol 1483/1577/805.78 mln
2:00 pm : The stock market is attempting to cross into positive territory after spending the afternoon in a rut. Up until now, stocks have gone largely unchanged since midday.
Oil continues to trade near the $119.00 mark. After slipping in yesterday's action, crude has climbed more than 2.5% Friday.
The energy sector (+0.8%) is trading higher in response to oil's rebound. Oil and gas explorers and producers are benefiting the most this session. Occidental Petroleum (OXY 86.16, +3.33) and Devon Energy (DVN 118.17, +2.96) are two of the industry group's primary leaders.
Support for the dollar has resurfaced and pushed the Dollar Index 0.3% higher. The index is trading at 72.75 currently.DJ30 -39.65 NASDAQ -25.25 SP500 +0.48 NASDAQ Dec/Adv/Vol 1513/1231/1.25 bln NYSE Dec/Adv/Vol 1467/1564/744.68 mln
1:30 pm : The S&P 500 is trading with a slight loss, while the Nasdaq continues to post a more substantial decline due to weakness in tech (-2.2%). Market breadth is slightly negative. There are six declining stocks for every five advancing issues on the NYSE. On the Nasdaq, there are seven declining stocks for every five advancing issues.
The negative sentiment has been prevalent throughout most of the session, although the Dow and S&P 500 did briefly trade in positive territory shortly after the opening bell.DJ30 -63.20 NASDAQ -30.69 SP500 -2.91 NASDAQ Dec/Adv/Vol 1586/1146/1.15 bln NYSE Dec/Adv/Vol 1596/1415/678 mln
1:05 pm : Stocks are trading sideways, just below the unchanged line. The only sectors showing conviction are materials (+2.0%) and technology (-2.0%), though they are trading in sharp contrast.
The Dow Jones World Index, excluding the U.S., is up 0.9%. European markets made a good showing Friday as the DAX traded 0.7% higher and the FTSE traded 1.1% higher.
Treasurys have received little attention this session. The benchmark 10-year Treasury Note is down seven ticks and yielding 3.85%. That is the highest yield the 10-year Note has traded with since nearly two months ago.DJ30 -53.33 NASDAQ -27.58 SP500 -1.92 NASDAQ Dec/Adv/Vol 1564/1140/1.07 bln NYSE Dec/Adv/Vol 1594/1407/633.45 mln
12:30 pm : The stock market continues to encounter resistence this session, unable to return to positive ground. In yesterday's trading the S&P 500 ended near 1389, unable to eclipse the 1400 level, which is seen as a major resistence level among technical traders.
Six of the ten major economic sectors continue to trade higher. The materials sector (+1.7%) is the session's relative leader, while technology (-2.1%) is the relative laggard.DJ30 -54.22 NASDAQ -28.75 SP500 -2.37 NASDAQ Dec/Adv/Vol 1573/1111/977.37 mln NYSE Dec/Adv/Vol 1596/1386/579.52 mln
12:10 pm : The stock market has winnowed most of its losses, but continues to trade in negative ground. Among the Dow Jones components, declining stocks outnumber advancers by 2-to-1.
Microsoft (MSFT 29.75, -2.05) is the Dow's worst performer this session, falling more than 6.0% in response to an unimpressive fourth quarter forecast. Tech has been an underperformer this session, down 2.0%.
The financial sector (+0.2%) opened higher and acted as a relative leader in the early going, but has since lost buying interest. However, American Express (AXP 46.57, +1.39) continues to attract buyers after announcing earnings results that exceeded analysts' estimates for the most recent quarter. Merrill Lynch (MER 48.54, +0.45) is in discussions with private equity firm TPG regarding possible capital investments in Merrill if it needs to fund its investment bank, according to an article in Financial Times.
Shares of Ford Motor Company (F 7.68, -0.72) are trading lower today after being downgraded at JPMorgan, Merrill Lynch, and Bear Stearns. JPMorgan downgraded Ford's shares to Neutral from Overweight and Merrill downgraded the shares to Sell from Neutral. Bear Stearns downgraded Ford from Peer Perform to Underperform. Yesterday, shares of Ford made their highest single-session climb in years after announcing a quarterly profit that reversed a loss in the prior year.
Wal-Mart (WMT 57.49, +0.04), on the other hand, was upgraded at Merrill Lynch from Neutral to Buy. The change in opinion has had little impact on shares this session.
Monsanto (MON 123.95, +5.03) and Newmont Mining (NEM 44.52, +1.52) are providing the materials sector (+1.7%) with support. Shares of the two companies have traded lower in each of the preceding three sessions.
The dollar has thus far been unable to repeat yesterday's advance. The Dollar Index is currently largely unchanged.
Oil has been an undermining factor to Friday's sentiment. After falling in yesterday's trading, crude is now up 2.5% and trading hands at $118.95 per barrel. Oil traders are sending the commodity higher after reports that strikes at a BP (BP 68.97, +1.16) refinery in Scotland and an unrelated facility in Nigeria could jeopardize production. DJ30 -52.84 NASDAQ -26.81 SP500 -1.89 NASDAQ Dec/Adv/Vol 1531/1128/924.60 mln NYSE Dec/Adv/Vol 1587/1387/548.93 mln
11:30 am : The stock market has fallen to fresh lows after trading near the unchanged mark for much of the morning. Only three of the ten major economic sectors are trading with gains.
Oil has been an undermining factor to Friday's sentiment. After falling in yesterday's trading, crude is now up 2.8% and trading hands at $119.30 per barrel. Oil traders have been made skittish after reports that strikes at a BP (BP 69.12, +1.31) refinery in Scotland and an unrelated facility in Nigeria could jeopardize production. Oil hit an all-time intraday record of $119.90 per barrel this past Tuesday.DJ30 -92.90 NASDAQ -34.64 SP500 -7.27 NASDAQ Dec/Adv/Vol 1645/969/775.90 mln NYSE Dec/Adv/Vol 1788/1155/461.66 mln
11:00 am : The stock market is largely unchanged from previous levels as participants look for direction.
The financial sector (+0.2%) has relinquished its leadership position and is now trading with modest gains. Mirroring the downturn, shares of Bank of America (BAC 37.84, -0.03) went from trading 2.0% higher to trading with a slight loss.
The materials sector (+1.2%) is now the only sector with a gain of more than 1.0%. Monsanto (MON 122.10, +3.18) and Newmont Mining (NEM 44.03, +1.03) are providing materials with support. Shares of the two companies have traded lower in each of the preceding three sessions.
Crude has climbed more than 2.5% to 119.00 per barrel.DJ30 -19.70 NASDAQ -21.79 SP500 +0.43 NASDAQ Dec/Adv/Vol 1454/1092/625.07 mln NYSE Dec/Adv/Vol 1466/1418/373.26 mln
10:30 am : The S&P 500 is trading with meager gains, while the Dow Jones has come off its morning low to dance along the unchanged line. The tech-rich Nasdaq continues to underperform its counterparts, trading in negative ground.
Shares of Ford Motor Company (F 7.76, -0.64) are trading lower today after being downgraded at JPMorgan and Merrill Lynch. JPMorgan downgraded Ford's shares to Neutral from Overweight and Merrill downgraded the shares to Sell from Neutral. Yesterday, shares of Ford made their highest single-session climb in years after announcing a profit that reversed a loss in the prior year.DJ30 -2.28 NASDAQ -16.32 SP500 +1.95 NASDAQ Dec/Adv/Vol 1316/1135/463.35 mln NYSE Dec/Adv/Vol 1374/1458/271.33 mln
10:00 am : The stock market is now trading near the neutral line. The Dow Jones and Nasdaq are now both trading in the red.
After closing nearly 2% lower on the Nymex yesterday, crude oil is trading higher Friday. Oil prices are currently 1.4% higher at $117.66 per barrel.
The University of Michigan Consumer Sentiment Survey for April was revised lower from 63.2 to 62.6 as consumers report a weaker financial situation.DJ30 -13.76 NASDAQ -22.25 SP500 +0.34 NASDAQ Dec/Adv/Vol 1285/1021/290.74 mln NYSE Dec/Adv/Vol 1346/1397/168.44 mln
09:45 am : Shortly after the opening bell the stock market is trading in positive ground, looking to make a gain for the third consecutive session. The Nasdaq has opened slightly lower, however.
Tech (-1.0%) is lagging the broader market. Microsoft (MSFT 30.12, -1.68) is trading more than 5% lower in response to an unimpressive fourth quarter forecast, which was announced after yesterday's close.
The financial sector (+1.3%) has opened higher and is a relative leader for the second straight session. American Express (AXP 46.98, +1.80) is attracting buying interest after announcing earnings results that exceeded analysts' estimates for the most recent quarter.DJ30 +40.96 NASDAQ -4.67 SP500 +6.42 NASDAQ Dec/Adv/Vol 822/1312/144.64 mln NYSE Dec/Adv/Vol 786/1851/91.07 mln
09:15 am : S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: -1.5. Positive earnings announcements from American Express (AXP) and a favorable quarterly report from Swedish telecom company LM Ericsson (ERIC) are helping to stretch yesterday's optimism into Friday's trading. The stock market remains on track to open the session slightly higher in positive ground.
09:00 am : S&P futures vs fair value: +5.4. Nasdaq futures vs fair value: -1.0. The broader market remains on track to start Friday in positive territory, but Nasdaq futures continue to dance along the neutral line. Favorable premarket trading is giving shares of Merrill Lynch (MER) a slight lift. According to an article in the Financial Times Merrill is in discussions with private equity outfit TPG regarding forging closer ties and, possibly, capital investments in Merrill if its investment bank should need it. Shares of Merrill made healthy gains yesterday after the company reiterated its dividend.
08:30 am : S&P futures vs fair value: +4.6. Nasdaq futures vs fair value: -0.3. The stock market now points to a mixed open. S&P 500 futures continue to lead fair value, but Nasdaq futures are now showing some restraint. Microsoft (MSFT) is trading more than 4% lower in premarket activity following last evening's underwhelming earnings announcement and fourth quarter forecast.
08:00 am : S&P futures vs fair value: +5.6. Nasdaq futures vs fair value: +1.0. Stock futures point to a slightly positive start to Friday's trading. S&P 500 futures currently lead fair value by nearly five points, while Nasdaq futures are slightly more than a point ahead of fair value.
06:25 am : S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: -3.3.
06:24 am : FTSE...6,067.60...+16.90...-0.3%. DAX...6896.31...+74.99...+1.1%.
06:24 am : Nikkei...13863.47...+322.60...+2.4%. Hang Seng...25516.78...-164.00...-0.6%.
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