AI
Thursday, May 01, 2008 6:58:51 PM
Market Update 080501
http://biz.yahoo.com/mu/update.html
4:35 pm : Thursday the stock market closed at its session high of 1409, which is the first time since January that the stock market closed above 1400. The S&P 500 is now 12% off its 52-week low, which was hit in March, but still almost 11% off its 52-week high, which was hit in October 2007.
Financials (+3.9%) provided leadership to the market, receiving particular help from regional banks (+5.1%) and consumer finance firms (+6.5%). Dow Jones components Bank of America (BAC 39.39, +1.85), American International Group (AIG 48.25, +2.05), and JPMorgan Chase (JPM 49.25, +1.60) were the most influential leaders in the financial sector.
Energy (-2.2%), on the other hand, was the worst performing sector of the session. Industry stalwart Exxon Mobil (XOM 90.27, -2.80) announced it earned $2.03 per share for its most recent quarter, missing the consensus earnings per share estimate by $0.11. In similar fashion, energy exploration and production company Apache (APA 126.23, -8.45) announced this morning it missed the consensus earnings estimate.
Energy was also knocked lower by a drop in oil prices. Oil traded more than 2.0% lower during the session, partly fueled by strength in the dollar. The dollar index rose more than 1.0% Thursday to its best level in more than a month.
Strength in the greenback also pushed commodities lower, causing the CRB Commodities Index to reach its lowest level in four weeks. In turn, the materials sector (-0.7%) also underperformed the rest of the market, but finished off its session low.
Gold finished the day down $13.70 to $851.40 per ounce. Although the precious metal is up 1.5% this year, it has plummeted 18% from its all-time nominal high of $1033.90 per ounce that was reached on March 17.
Large-cap tech players fared well as the Nasdaq 100 finished more than 3.0% higher. Particular strength came from Apple (AAPL 180.00, +6.05) and Microsoft (MSFT 29.40, +0.88). Various reports indicated Microsoft may be willing to raise its offer to acquire Yahoo! (YHOO 26.81, -0.60) to as much as $33 per share. Microsoft's CEO, Steve Ballmer, is remaining stern in his offer.
Equities were the primary focus for the session, pushing Treasuries out of favor. The benchmark 10-year Treasury Note fell 10 ticks to yield 3.77%.
April's ISM Manufacturing survey posted a reading of 48.6, which is a bit above the 48.0 reading that was widely anticipated. The reading was unchanged from the prior month, seemingly indicating that manufacturing conditions have not worsened.
Construction spending during March took a dip, however. According to government data released today, construction spending for March slipped 1.1% month-over-month. The decline was more pronounced than the 0.7% decline that economists expected.
Initial jobless claims for the week ending April 26 totaled 380,000. The consensus estimate pegged jobless claims at 365,000. Though reported claims exceeded expectations, we continue to note that the average weekly claims never breached levels often associated with a recession.
Personal spending continues to rise, despite challenging macro trends. March's personal consumption expenditures, announced this morning, increased 0.4% in March, which is more than the expected 0.2% increase. Core PCE increased 0.2%, exceeding the estimated 0.1% increase. The increase was not much of a surprise as many already concluded that a rise in consumer spending helped first quarter GDP increase modestly. DJ30 +189.87 NASDAQ +67.91 SP500 +23.75 NASDAQ Dec/Adv/Vol 894/1956/2.35 bln NYSE Dec/Adv/Vol 928/2217/1.40 bln
3:30 pm : May is off to a strong start. The stock market is set to hold out above the 1400 level, barring any sudden selling efforts in the session's final half-hour. The S&P 500 has not closed above 1400 since January.
The S&P 500 is currently almost 12% off its 52-week low, which was taken out in March 2008. However, stocks are still almost 11% off their 52-week high, which was hit in October 2007.DJ30 +171.47 NASDAQ +58.02 SP500 +20.25 NASDAQ Dec/Adv/Vol 911/1914/1.92 bln NYSE Dec/Adv/Vol 931/2185/1.07 bln
3:00 pm : After attempting to establish a fresh session high, the stock market has encountered a bit of selling pressure. Still, stocks remain well into positive territory.
The selling pressure on oil has abated. Crude is now just 0.8% lower this session and trading back above $112 per barrel. For the year, oil prices are still nearly 20.0% higher.
Tech (+2.8%) has joined the consumer discretionary (+3.2%) and financial (+3.6%) sectors as a relative session leader. Each sector is up nearly 3.0% in Thursday's trading.
Tech's advance is attributable to large-cap sector players, particularly Cicso (CSCO 26.78, +1.14) and Intel (INTC 23.26, +1.00). Notably, the Nasdaq 100 is up 2.7% itself.DJ30 +167.81 NASDAQ +56.86 SP500 +20.02 NASDAQ Dec/Adv/Vol 919/1916/1.76 bln NYSE Dec/Adv/Vol 936/2182/974.01 mln
2:30 pm : After drifting lower from its session high, the stock market has made an upward turn, holding its ground above 1400.
Of the economic sectors sporting gains this session, consumer staples (+0.4%) are showing the most modest advance. Leaders in the sector include Clorox (CLX 57.50, +4.49) and Colgate-Palmolive (CL 72.77, +2.07). Clorox announced this morning earnings of $0.79 per share, which is better than the $0.75 per share that analysts forecast. Colgate announced its first quarter results yesterday; the company earned an adjusted $0.90 per share, topping the consensus earnings per share estimate by one penny.
Treasuries have gone out of favor this session. The benchmark 10-year Treasury Note has fallen six ticks and is currently yielding 3.75%.DJ30 +172.04 NASDAQ +54.98 SP500 +19.70 NASDAQ Dec/Adv/Vol 921/1902/1.59 bln NYSE Dec/Adv/Vol 954/2156/874.73 mln
2:05 pm : The major indices are drifting off their best levels, but continue to sport healthy gains. Four of the ten economic sectors are posting a gain in excess of 2%. Consumer discretionary, up 3.1%, is now posting a modest gain of 0.7% year-to-date.
The Dollar Index is spiking 1.16%, marking its largest one-day percent gain in more than three years. Yesterday, the Fed cut the fed funds rate by 25 basis points, but indicated its recent rate cutting cycle is over.
The gains in the dollar are fueling selling interest in commodities (-2.8%). Gold finished the day down $13.70 to $851.40 per ounce. Although the precious metal is up 1.5% this year, it has plummeted 18% from its all-time nominal high of $1033.90 per ounce that was reach on March 17.DJ30 +151.36 NASDAQ +52.33 SP500 +17.37 NASDAQ Dec/Adv/Vol 942/1861/1.47 bln NYSE Dec/Adv/Vol 987/2107/797 mln
1:30 pm : After a momentary pullback near the 1400-level, the stock market has moved another leg higher. Stocks are slightly off their best mark of the session, but remain nearly 1.5% higher.
Financial firms represent the primary leaders in the Dow Jones this session. Shares of American Express (AXP 51.33, +3.31), Bank of America (BAC 39.42, +1.88), Citigroup (C 26.14, +1.19), American International Group (AIG 48.17, +1.97), and JPMorgan Chase (JPM 49.26, +1.61) are all sporting some of the strongest gains when compared with the other components of the index.
The S&P 500's financial sector is just off its best level of the session (+4.00%).
Energy (-2.7%) is the worst performer among the major sectors in the S&P 500, but is off its worst level of the session. Particular weakness is seen in Dow components Chevron (CVX 94.81, -1.34) and Exxon Mobil (XOM 89.99, -3.08). Shares of Apache (APA 126.23, -8.45) are also trading lower after the energy exploration and production company announced this morning it missed the consensus earnings estimate -- similar to Exxon Mobil.DJ30 +188.98 NASDAQ +58.50 SP500 +21.21 NASDAQ Dec/Adv/Vol 914/1875/1.35 bln NYSE Dec/Adv/Vol 932/2140/728.40 mln
1:00 pm : The S&P 500 stalled momentarily at 1400, which is considered a formidable level among technical traders, but is now pushing itself higher. Each of the major indices is up more than 1.0% this session.
The Dow Jones Transportation Average is also trading higher, up 2.9% this session. The index is at its best level since July 2007 as oil continues to slide Thursday.
Advancing components of the S&P 500 outnumber decliners by 4-to-1. Advancing issues exceed declining issues by 2-to-1 on the NYSE. DJ30 +164.47 NASDAQ +57.78 SP500 +19.29 NASDAQ Dec/Adv/Vol 896/1861/1.20 bln NYSE Dec/Adv/Vol 935/2125/649.06 mln
12:35 pm : Stocks are continuing their advance and establishing new session highs.
Financials (+3.2%) are leading the market. Particular strength is being found among thrifts and mortgage players (+5.2%) and regional banks (+4.6%).
There is glaring weakness in the energy (-4.1%) and materials (-2.5%) sectors, partly attributable to a strengthening dollar. The dollar index is up 1.0% this session to 73.2. The dollar index is now at its highest level in one month.DJ30 +86.80 NASDAQ +48.45 SP500 +11.05 NASDAQ Dec/Adv/Vol 1001/1729/1.05 bln NYSE Dec/Adv/Vol 1014/2004/563.73 mln
12:00 pm : The stock market has spent the majority of the session moving higher after momentarily dipping into the red early on. Market participants are finding encouragement as oil and commodities slip to a multi-session low.
Oil's 2.0% decline this session has the commodity trading near a new two-week low. The decline in oil has resulted in broadbased buying interest. However, oil's slip has induced weakness in the energy sector (-3.6%). Additional weakness in the sector is attributable to an earnings miss from Exxon Mobil (XOM 88.96, -4.11); for its most recent quarter, the company produced earnings of $2.03 per share, or $0.11 less than the consensus earnings forecast of $2.14 per share.
There is also weakness in the materials sector (-2.3%) as the CRB Commodities Index declines to a two-week low. Freeport McMoRan (FCX 107.50, -6.25) and Monsanto (MON 110.52, -3.50) are the sectors relative laggards.
All remaining major economic sectors are trading higher.
April's ISM Manufacturing survey posted a reading of 48.6, which is a bit above the 48.0 reading that was widely anticipated. The reading was unchanged from the prior month and seemingly indicates that manufacturing conditions have not worsened.
Construction spending during March did take a dip, however. According to government data, construction spending for March slipped 1.1% month-over-month. The decline was steeper than the 0.7% decline that economists expected.
Personal spending continues to rise, despite challenging macro trends, supporting similar conclusions taken from yesterday's first quarter GDP report. March's personal consumption expenditures, announced this morning, increased 0.4% in March, which is more than the 0.2% increase that economists expected. Core PCE increased 0.2%, exceeding the estimated 0.1% increase.
Initial jobless claims for the week ending April 26 totaled 380,000. Economists' expectations were more subdued; the consensus estimate pegged jobless claims at 365,000. Though the claims total exceeded expectations, we continue to point out that the average claims number never breached levels often associated with a recession.
The 10-year Treasury Note has seen some of its buying interest wane. However, the benchmark note is currently up 5 ticks and is yielding 3.71%.DJ30 +61.96 NASDAQ +41.34 SP500 +8.29 NASDAQ Dec/Adv/Vol 1016/1666/905.73 mln NYSE Dec/Adv/Vol 1091/1909/486.64 mln
11:30 am : The Dow Jones, Nasdaq, and S&P 500 are all trading a bit off their respective highs for the session. The Nasdaq composite remains the leader of the trio, advancing 1.6% this session.
Despite rising unemployment, record gas prices, and lower home prices, consumers continue to spend. March's PCE data, announced this morning, reaffirmed such conclusions drawn from yesterday's first quarter GDP report. Specifically, personal consumption expenditures during March increased 0.4%, which is higher than the 0.2% increase that economists forecast.
Increased consumer spending, representing more than two-thirds of economic growth, bodes well for equity investors.DJ30 +43.81 NASDAQ +38.17 SP500 +7.11 NASDAQ Dec/Adv/Vol 1000/1669/780.54 mln NYSE Dec/Adv/Vol 1093/1863/415.83 mln
11:00 am : The stock market is trading in choppy fashion as it fights off selling efforts to remain in positive ground. Eight of the ten major economic sectors are trading in positive ground.
Particular weakness remains in the energy sector (-3.7%). The sector has moved to its session low as oil prices continue to slip further. Crude is now roughly 2.3% lower, trading hands at $110.88 per barrel. Oil is now at a new two-week low.DJ30 +35.26 NASDAQ +33.42 SP500 +5.45 NASDAQ Dec/Adv/Vol 994/1603/613.43 mln NYSE Dec/Adv/Vol 1125/1790/330.17 mln
10:30 am : After taking a bit of a breather the S&P 500 is now at its best level of the morning. The Nasdaq continues to outperform its counterparts; shares of Apple (AAPL 177.18, +3.23) and Google (GOOG 582.74, +8.45) are helping to lead large-cap tech names higher.
According to a recent article in London Times, Microsoft (MSFT 28.84, +0.32) may be willing to raise its offer to acquire Yahoo! (YHOO 27.79, +0.38) to a price between $32 and $33 per share. Another article in The Wall Street Journal noted that Microsoft's board recently came to an impasse regarding its proposed takeover, though, an increased offer price may be an option. Shares of the two tech firms are also trading higher.DJ30 +30.70 NASDAQ +28.68 SP500 +4.97 NASDAQ Dec/Adv/Vol 939/1554/439.08 mln NYSE Dec/Adv/Vol 1077/1760/232.32 mln
10:05 am : Stocks continue making their way higher into positive territory after market participants received better than expected manufacturing data. All three of the major indices are trading in positive ground.
The ISM Manufacturing Index for April totaled 48.6, which is above the 48.0 reading that economists expected. The reading showed no change when compared with the prior month. Construction spending during March declined 1.1% month-over-month, which is a steeper decline than the 0.7% downturn that was widely expected. The prior month's change was revised to an increase of 0.4%, up from a previously stated 0.3% decrease.DJ30 +33.71 NASDAQ +24.17 SP500 +5.38 NASDAQ Dec/Adv/Vol 862/1526/295.99 mln NYSE Dec/Adv/Vol 972/1793/158.66 mln
09:45 am : The stock market began the first few minutes of action in negative ground, but has since made its way into neutral territory. The Nasdaq is sporting a healthy gain.
A confluence of events has pushed energy (-2.0%) lower to underperform the other major economic sectors. Oil is trading 0.5% lower, now at $112.82 per barrel. Meanwhile, Exxon Mobil (XOM 90.27, -2.80) announced it earned $2.03 per share for its most recent quarter, missing the consensus earnings per share estimate by $0.11.DJ30 -3.17 NASDAQ +8.24 SP500 +1.15 NASDAQ Dec/Adv/Vol 939/1302/140.61 mln NYSE Dec/Adv/Vol 1239/1408/83.97 mln
09:15 am : S&P futures vs fair value: -1.8. Nasdaq futures vs fair value: +0.2. With only a few minutes remaining before opening bell future scontinue to indicate a mixed start. Adding to the morning's subdued tone is news that Exxon Mobil (XOM) missed the consensus earnings per share estimate for its most recent quarter.
09:00 am : S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: +4.0. Futures currently indicate a bit of a mixed start to trading as S&P 500 futures currently lag fair value and Nasdaq futures trade higher than fair value. Earlier the stock market was positioned for a stronger start, but traders became less optimistic following a batch of economic data and mixed earnings results from some widely held companies.
08:35 am :
08:35 am : S&P futures vs fair value: +1.1. Nasdaq futures vs fair value: +7.5. Futures now indicate a less upbeat start for the stock market. Personal income for March increased 0.3%, which was less than the 0.4% increase economists forecast and down from the 0.5% increase during the prior month. Personal spending for March increased 0.4%, which is more than the consensus estimate of a 0.2% increase. Personal spending during February was up 0.1%. Month-over-month, core PCE increased 0.2%, which is more than the 0.1% increase economists estimated and the 0.1% increase during the prior month. Year-over-year, March's core PCE increased 2.1%, which is more than the 2.0% increase that was widely expected and up from February's 2.0% increase. Initial jobless claims for the week ending April 26 totaled 380,000, which is more than the 365,000 consensus forecast. Jobless claims for the prior week were revised up from 342,000 to 345,000.
08:10 am :
08:00 am : S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +4.5. Stock market futures currently indicate a positive start to Thursday's action. Plenty of earnings announcements continue to hit the wires, while participants await more economic data.
06:13 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +2.3.
06:12 am : FTSE...6079.00...-8.30...-0.1%. DAX...Holiday.........
06:12 am : Nikkei...13766.86...-83.13...-0.6%. Hang Seng...Holiday......
http://biz.yahoo.com/mu/update.html
4:35 pm : Thursday the stock market closed at its session high of 1409, which is the first time since January that the stock market closed above 1400. The S&P 500 is now 12% off its 52-week low, which was hit in March, but still almost 11% off its 52-week high, which was hit in October 2007.
Financials (+3.9%) provided leadership to the market, receiving particular help from regional banks (+5.1%) and consumer finance firms (+6.5%). Dow Jones components Bank of America (BAC 39.39, +1.85), American International Group (AIG 48.25, +2.05), and JPMorgan Chase (JPM 49.25, +1.60) were the most influential leaders in the financial sector.
Energy (-2.2%), on the other hand, was the worst performing sector of the session. Industry stalwart Exxon Mobil (XOM 90.27, -2.80) announced it earned $2.03 per share for its most recent quarter, missing the consensus earnings per share estimate by $0.11. In similar fashion, energy exploration and production company Apache (APA 126.23, -8.45) announced this morning it missed the consensus earnings estimate.
Energy was also knocked lower by a drop in oil prices. Oil traded more than 2.0% lower during the session, partly fueled by strength in the dollar. The dollar index rose more than 1.0% Thursday to its best level in more than a month.
Strength in the greenback also pushed commodities lower, causing the CRB Commodities Index to reach its lowest level in four weeks. In turn, the materials sector (-0.7%) also underperformed the rest of the market, but finished off its session low.
Gold finished the day down $13.70 to $851.40 per ounce. Although the precious metal is up 1.5% this year, it has plummeted 18% from its all-time nominal high of $1033.90 per ounce that was reached on March 17.
Large-cap tech players fared well as the Nasdaq 100 finished more than 3.0% higher. Particular strength came from Apple (AAPL 180.00, +6.05) and Microsoft (MSFT 29.40, +0.88). Various reports indicated Microsoft may be willing to raise its offer to acquire Yahoo! (YHOO 26.81, -0.60) to as much as $33 per share. Microsoft's CEO, Steve Ballmer, is remaining stern in his offer.
Equities were the primary focus for the session, pushing Treasuries out of favor. The benchmark 10-year Treasury Note fell 10 ticks to yield 3.77%.
April's ISM Manufacturing survey posted a reading of 48.6, which is a bit above the 48.0 reading that was widely anticipated. The reading was unchanged from the prior month, seemingly indicating that manufacturing conditions have not worsened.
Construction spending during March took a dip, however. According to government data released today, construction spending for March slipped 1.1% month-over-month. The decline was more pronounced than the 0.7% decline that economists expected.
Initial jobless claims for the week ending April 26 totaled 380,000. The consensus estimate pegged jobless claims at 365,000. Though reported claims exceeded expectations, we continue to note that the average weekly claims never breached levels often associated with a recession.
Personal spending continues to rise, despite challenging macro trends. March's personal consumption expenditures, announced this morning, increased 0.4% in March, which is more than the expected 0.2% increase. Core PCE increased 0.2%, exceeding the estimated 0.1% increase. The increase was not much of a surprise as many already concluded that a rise in consumer spending helped first quarter GDP increase modestly. DJ30 +189.87 NASDAQ +67.91 SP500 +23.75 NASDAQ Dec/Adv/Vol 894/1956/2.35 bln NYSE Dec/Adv/Vol 928/2217/1.40 bln
3:30 pm : May is off to a strong start. The stock market is set to hold out above the 1400 level, barring any sudden selling efforts in the session's final half-hour. The S&P 500 has not closed above 1400 since January.
The S&P 500 is currently almost 12% off its 52-week low, which was taken out in March 2008. However, stocks are still almost 11% off their 52-week high, which was hit in October 2007.DJ30 +171.47 NASDAQ +58.02 SP500 +20.25 NASDAQ Dec/Adv/Vol 911/1914/1.92 bln NYSE Dec/Adv/Vol 931/2185/1.07 bln
3:00 pm : After attempting to establish a fresh session high, the stock market has encountered a bit of selling pressure. Still, stocks remain well into positive territory.
The selling pressure on oil has abated. Crude is now just 0.8% lower this session and trading back above $112 per barrel. For the year, oil prices are still nearly 20.0% higher.
Tech (+2.8%) has joined the consumer discretionary (+3.2%) and financial (+3.6%) sectors as a relative session leader. Each sector is up nearly 3.0% in Thursday's trading.
Tech's advance is attributable to large-cap sector players, particularly Cicso (CSCO 26.78, +1.14) and Intel (INTC 23.26, +1.00). Notably, the Nasdaq 100 is up 2.7% itself.DJ30 +167.81 NASDAQ +56.86 SP500 +20.02 NASDAQ Dec/Adv/Vol 919/1916/1.76 bln NYSE Dec/Adv/Vol 936/2182/974.01 mln
2:30 pm : After drifting lower from its session high, the stock market has made an upward turn, holding its ground above 1400.
Of the economic sectors sporting gains this session, consumer staples (+0.4%) are showing the most modest advance. Leaders in the sector include Clorox (CLX 57.50, +4.49) and Colgate-Palmolive (CL 72.77, +2.07). Clorox announced this morning earnings of $0.79 per share, which is better than the $0.75 per share that analysts forecast. Colgate announced its first quarter results yesterday; the company earned an adjusted $0.90 per share, topping the consensus earnings per share estimate by one penny.
Treasuries have gone out of favor this session. The benchmark 10-year Treasury Note has fallen six ticks and is currently yielding 3.75%.DJ30 +172.04 NASDAQ +54.98 SP500 +19.70 NASDAQ Dec/Adv/Vol 921/1902/1.59 bln NYSE Dec/Adv/Vol 954/2156/874.73 mln
2:05 pm : The major indices are drifting off their best levels, but continue to sport healthy gains. Four of the ten economic sectors are posting a gain in excess of 2%. Consumer discretionary, up 3.1%, is now posting a modest gain of 0.7% year-to-date.
The Dollar Index is spiking 1.16%, marking its largest one-day percent gain in more than three years. Yesterday, the Fed cut the fed funds rate by 25 basis points, but indicated its recent rate cutting cycle is over.
The gains in the dollar are fueling selling interest in commodities (-2.8%). Gold finished the day down $13.70 to $851.40 per ounce. Although the precious metal is up 1.5% this year, it has plummeted 18% from its all-time nominal high of $1033.90 per ounce that was reach on March 17.DJ30 +151.36 NASDAQ +52.33 SP500 +17.37 NASDAQ Dec/Adv/Vol 942/1861/1.47 bln NYSE Dec/Adv/Vol 987/2107/797 mln
1:30 pm : After a momentary pullback near the 1400-level, the stock market has moved another leg higher. Stocks are slightly off their best mark of the session, but remain nearly 1.5% higher.
Financial firms represent the primary leaders in the Dow Jones this session. Shares of American Express (AXP 51.33, +3.31), Bank of America (BAC 39.42, +1.88), Citigroup (C 26.14, +1.19), American International Group (AIG 48.17, +1.97), and JPMorgan Chase (JPM 49.26, +1.61) are all sporting some of the strongest gains when compared with the other components of the index.
The S&P 500's financial sector is just off its best level of the session (+4.00%).
Energy (-2.7%) is the worst performer among the major sectors in the S&P 500, but is off its worst level of the session. Particular weakness is seen in Dow components Chevron (CVX 94.81, -1.34) and Exxon Mobil (XOM 89.99, -3.08). Shares of Apache (APA 126.23, -8.45) are also trading lower after the energy exploration and production company announced this morning it missed the consensus earnings estimate -- similar to Exxon Mobil.DJ30 +188.98 NASDAQ +58.50 SP500 +21.21 NASDAQ Dec/Adv/Vol 914/1875/1.35 bln NYSE Dec/Adv/Vol 932/2140/728.40 mln
1:00 pm : The S&P 500 stalled momentarily at 1400, which is considered a formidable level among technical traders, but is now pushing itself higher. Each of the major indices is up more than 1.0% this session.
The Dow Jones Transportation Average is also trading higher, up 2.9% this session. The index is at its best level since July 2007 as oil continues to slide Thursday.
Advancing components of the S&P 500 outnumber decliners by 4-to-1. Advancing issues exceed declining issues by 2-to-1 on the NYSE. DJ30 +164.47 NASDAQ +57.78 SP500 +19.29 NASDAQ Dec/Adv/Vol 896/1861/1.20 bln NYSE Dec/Adv/Vol 935/2125/649.06 mln
12:35 pm : Stocks are continuing their advance and establishing new session highs.
Financials (+3.2%) are leading the market. Particular strength is being found among thrifts and mortgage players (+5.2%) and regional banks (+4.6%).
There is glaring weakness in the energy (-4.1%) and materials (-2.5%) sectors, partly attributable to a strengthening dollar. The dollar index is up 1.0% this session to 73.2. The dollar index is now at its highest level in one month.DJ30 +86.80 NASDAQ +48.45 SP500 +11.05 NASDAQ Dec/Adv/Vol 1001/1729/1.05 bln NYSE Dec/Adv/Vol 1014/2004/563.73 mln
12:00 pm : The stock market has spent the majority of the session moving higher after momentarily dipping into the red early on. Market participants are finding encouragement as oil and commodities slip to a multi-session low.
Oil's 2.0% decline this session has the commodity trading near a new two-week low. The decline in oil has resulted in broadbased buying interest. However, oil's slip has induced weakness in the energy sector (-3.6%). Additional weakness in the sector is attributable to an earnings miss from Exxon Mobil (XOM 88.96, -4.11); for its most recent quarter, the company produced earnings of $2.03 per share, or $0.11 less than the consensus earnings forecast of $2.14 per share.
There is also weakness in the materials sector (-2.3%) as the CRB Commodities Index declines to a two-week low. Freeport McMoRan (FCX 107.50, -6.25) and Monsanto (MON 110.52, -3.50) are the sectors relative laggards.
All remaining major economic sectors are trading higher.
April's ISM Manufacturing survey posted a reading of 48.6, which is a bit above the 48.0 reading that was widely anticipated. The reading was unchanged from the prior month and seemingly indicates that manufacturing conditions have not worsened.
Construction spending during March did take a dip, however. According to government data, construction spending for March slipped 1.1% month-over-month. The decline was steeper than the 0.7% decline that economists expected.
Personal spending continues to rise, despite challenging macro trends, supporting similar conclusions taken from yesterday's first quarter GDP report. March's personal consumption expenditures, announced this morning, increased 0.4% in March, which is more than the 0.2% increase that economists expected. Core PCE increased 0.2%, exceeding the estimated 0.1% increase.
Initial jobless claims for the week ending April 26 totaled 380,000. Economists' expectations were more subdued; the consensus estimate pegged jobless claims at 365,000. Though the claims total exceeded expectations, we continue to point out that the average claims number never breached levels often associated with a recession.
The 10-year Treasury Note has seen some of its buying interest wane. However, the benchmark note is currently up 5 ticks and is yielding 3.71%.DJ30 +61.96 NASDAQ +41.34 SP500 +8.29 NASDAQ Dec/Adv/Vol 1016/1666/905.73 mln NYSE Dec/Adv/Vol 1091/1909/486.64 mln
11:30 am : The Dow Jones, Nasdaq, and S&P 500 are all trading a bit off their respective highs for the session. The Nasdaq composite remains the leader of the trio, advancing 1.6% this session.
Despite rising unemployment, record gas prices, and lower home prices, consumers continue to spend. March's PCE data, announced this morning, reaffirmed such conclusions drawn from yesterday's first quarter GDP report. Specifically, personal consumption expenditures during March increased 0.4%, which is higher than the 0.2% increase that economists forecast.
Increased consumer spending, representing more than two-thirds of economic growth, bodes well for equity investors.DJ30 +43.81 NASDAQ +38.17 SP500 +7.11 NASDAQ Dec/Adv/Vol 1000/1669/780.54 mln NYSE Dec/Adv/Vol 1093/1863/415.83 mln
11:00 am : The stock market is trading in choppy fashion as it fights off selling efforts to remain in positive ground. Eight of the ten major economic sectors are trading in positive ground.
Particular weakness remains in the energy sector (-3.7%). The sector has moved to its session low as oil prices continue to slip further. Crude is now roughly 2.3% lower, trading hands at $110.88 per barrel. Oil is now at a new two-week low.DJ30 +35.26 NASDAQ +33.42 SP500 +5.45 NASDAQ Dec/Adv/Vol 994/1603/613.43 mln NYSE Dec/Adv/Vol 1125/1790/330.17 mln
10:30 am : After taking a bit of a breather the S&P 500 is now at its best level of the morning. The Nasdaq continues to outperform its counterparts; shares of Apple (AAPL 177.18, +3.23) and Google (GOOG 582.74, +8.45) are helping to lead large-cap tech names higher.
According to a recent article in London Times, Microsoft (MSFT 28.84, +0.32) may be willing to raise its offer to acquire Yahoo! (YHOO 27.79, +0.38) to a price between $32 and $33 per share. Another article in The Wall Street Journal noted that Microsoft's board recently came to an impasse regarding its proposed takeover, though, an increased offer price may be an option. Shares of the two tech firms are also trading higher.DJ30 +30.70 NASDAQ +28.68 SP500 +4.97 NASDAQ Dec/Adv/Vol 939/1554/439.08 mln NYSE Dec/Adv/Vol 1077/1760/232.32 mln
10:05 am : Stocks continue making their way higher into positive territory after market participants received better than expected manufacturing data. All three of the major indices are trading in positive ground.
The ISM Manufacturing Index for April totaled 48.6, which is above the 48.0 reading that economists expected. The reading showed no change when compared with the prior month. Construction spending during March declined 1.1% month-over-month, which is a steeper decline than the 0.7% downturn that was widely expected. The prior month's change was revised to an increase of 0.4%, up from a previously stated 0.3% decrease.DJ30 +33.71 NASDAQ +24.17 SP500 +5.38 NASDAQ Dec/Adv/Vol 862/1526/295.99 mln NYSE Dec/Adv/Vol 972/1793/158.66 mln
09:45 am : The stock market began the first few minutes of action in negative ground, but has since made its way into neutral territory. The Nasdaq is sporting a healthy gain.
A confluence of events has pushed energy (-2.0%) lower to underperform the other major economic sectors. Oil is trading 0.5% lower, now at $112.82 per barrel. Meanwhile, Exxon Mobil (XOM 90.27, -2.80) announced it earned $2.03 per share for its most recent quarter, missing the consensus earnings per share estimate by $0.11.DJ30 -3.17 NASDAQ +8.24 SP500 +1.15 NASDAQ Dec/Adv/Vol 939/1302/140.61 mln NYSE Dec/Adv/Vol 1239/1408/83.97 mln
09:15 am : S&P futures vs fair value: -1.8. Nasdaq futures vs fair value: +0.2. With only a few minutes remaining before opening bell future scontinue to indicate a mixed start. Adding to the morning's subdued tone is news that Exxon Mobil (XOM) missed the consensus earnings per share estimate for its most recent quarter.
09:00 am : S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: +4.0. Futures currently indicate a bit of a mixed start to trading as S&P 500 futures currently lag fair value and Nasdaq futures trade higher than fair value. Earlier the stock market was positioned for a stronger start, but traders became less optimistic following a batch of economic data and mixed earnings results from some widely held companies.
08:35 am :
08:35 am : S&P futures vs fair value: +1.1. Nasdaq futures vs fair value: +7.5. Futures now indicate a less upbeat start for the stock market. Personal income for March increased 0.3%, which was less than the 0.4% increase economists forecast and down from the 0.5% increase during the prior month. Personal spending for March increased 0.4%, which is more than the consensus estimate of a 0.2% increase. Personal spending during February was up 0.1%. Month-over-month, core PCE increased 0.2%, which is more than the 0.1% increase economists estimated and the 0.1% increase during the prior month. Year-over-year, March's core PCE increased 2.1%, which is more than the 2.0% increase that was widely expected and up from February's 2.0% increase. Initial jobless claims for the week ending April 26 totaled 380,000, which is more than the 365,000 consensus forecast. Jobless claims for the prior week were revised up from 342,000 to 345,000.
08:10 am :
08:00 am : S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +4.5. Stock market futures currently indicate a positive start to Thursday's action. Plenty of earnings announcements continue to hit the wires, while participants await more economic data.
06:13 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +2.3.
06:12 am : FTSE...6079.00...-8.30...-0.1%. DAX...Holiday.........
06:12 am : Nikkei...13766.86...-83.13...-0.6%. Hang Seng...Holiday......
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