AI
Tuesday, May 27, 2008 8:02:12 PM
Market Update 080527
http://biz.yahoo.com/mu/update.html
4:25 pm : A drop in crude prices lent support to Tuesday’s buying interest. In turn, market participants lifted the major indices during afternoon trading to finish near their best levels of the session. Tech showed particular strength, helping the Nasdaq (+1.5%) outperform its counterparts.
Oil closed noticeably lower, partly due to renewed strength in the dollar. Crude finished $4.71 lower at $128.48 per barrel on the New York Mercantile Exchange. The drop in crude prices weighed on stalwarts Exxon Mobil (XOM 89.90, -0.90) and Chevron (CVX 99.58, -1.15). However, oilfield services companies Schlumberger (SGP 101.03, +1.00) and Baker Hughes (BHI 87.48, +2.01) performed relatively well.
Technology (+1.9%) was the session’s best performing economic sector. In particular, Apple (AAPL 186.43, +5.26) lent considerable support, helped by news it is taking its iPhone to Nordic and Baltic markets after signing an agreement with a regional telecom operator. Large-cap tech helped the Nasdaq 100 finish almost 1.9% higher.
In buyout news, Blackstone Group (BX 18.91, +0.37) and Apollo Management LP are reportedly in talks to acquire chemical company Chemtura (CEM 8.49, +0.69), while South Korea's LG Electronics is taking a look at General Electric's (GE 30.40, -0.03) appliance unit, according to The Wall Street Journal. Hitachi (HIT 72.37, +2.83), however, has expressed that it has no interest in pursuing the unit, according to Reuters
On the economic front, the Consumer Confidence Index for May came in at 57.2, which is down from the prior month's 62.8. The reading reflects the weight of higher fuel prices and the challenges facing the housing market.
Notably, the S&P/Case-Shiller Home Price Index for March came in at 172.2, which is down from the 176.0 registered in the prior month. For the first quarter, the index came in at 159.2, which is down from the prior reading of 170.6.
Providing a positive surprise, new home sales for April were reported at 526,000, which is above the consensus estimate of 520,000, and up 17,000 month-over-month.
Separately, San Francisco Fed President Yellen stated that the Fed's rate policy and the fiscal stimulus will lift the economy, while total and core inflation will moderate in the next couple of years. Yellen also stated the financial markets are still far from normal.
However, former Fed Chairman Greenspan had a more pessimistic outlook, stating in an interview with the Financial Times that the U.S. is more likely to have a recession than not. Supporting the gloomy outlook, famed value-investor Warren Buffett sees a long, deep recession, according to Reuters.com.
Still, stocks had a strong showing Tuesday. Participants’ interest in equities and a fear of inflation pushed Treasuries out of favor. In particular, the 10-year Treasury Note ended 18 ticks lower.DJ30 +68.72 NASDAQ +36.57 NQ100 +1.9% R2K +1.4% SP400 +0.8% SP500 +9.42 NASDAQ Dec/Adv/Vol 979/1893/1.74 bln NYSE Dec/Adv/Vol 1144/1984/1.12 bln
3:35 pm : Stocks are trading unchanged from their earlier levels, yet remain well into positive ground near the session's best levels.
Crude oil closed $4.71 lower to settle at $128.48 per barrel on the New York Mercantile Exchange. Exxon Mobil (XOM 89.95, -0.85) and Chevron (CVX 99.42, -1.31) have suffered this session, but oilfield services companies Schlumberger (SLB 101.11, +1.08) and Baker Hughes (BHI 87.61, +2.14) have performed relatively well.DJ30 +83.78 NASDAQ +35.36 SP500 +10.29 NASDAQ Dec/Adv/Vol 1019/1806/1.40 bln NYSE Dec/Adv/Vol 1164/1936/814 mln
3:00 pm : A broad-based surge in buying interest has lifted several of the major economic sectors sharply higher. In turn, the surge has lifted the stock market to its best level of the session.
Approximately 65% of the S&P 500's components are trading in positive territory. Google (GOOG 562.45, +17.83) is the current market leader.
Despite the renewed buying interest in U.S. equities, global stocks are trading lower. The Dow Jones World Index, excluding the U.S., is down 0.4%.
DJ30 +75.81 NASDAQ +32.08 SP500 +8.86 NASDAQ Dec/Adv/Vol 1038/1791/1.24 bln NYSE Dec/Adv/Vol 1152/1937/727 mln
2:30 pm : The three major indices continue to trend higher, though in choppy fashion. Each is well off its session high.
Crude is trading near its session low, currently down nearly 2.6% and trading hands at roughly $128.75 per barrel. The energy sector has been posting a loss for the entirety of Tuesday's trading and is currently down almost 0.9%.
Small-cap stocks are performing quite well. The Russell 2000 is up nearly 1.0% this session.DJ30 +28.42 NASDAQ +19.94 SP500 +3.55 NASDAQ Dec/Adv/Vol 1094/1726/1.12 bln NYSE Dec/Adv/Vol 1299/1796/668 mln
2:00 pm : The S&P 500 is posting a modest gain. Meanwhile, the Nasdaq is outperforming thanks to strength within the tech sector (+1.2%). Treasuries are out of favor, especially at the long end of the yield curve. The 10-year note is down 17 ticks while the 30-year bond is down a full point.
Shares of General Motors (GM 17.13, -0.47) are trading at their lowest level in more than 25 years after being downgraded to Hold from Buy at Citigroup. Citi cited GM's reduced earnings power and cash burn risk, noting that GM is a less attractive risk-reward proposition relative to American Axle (AXL 18.67, +0.23).DJ30 +27.52 NASDAQ +19.63 SP500 +3.59 NASDAQ Dec/Adv/Vol 1116/1686/1.01 bln NYSE Dec/Adv/Vol 1309/1766/605 mln
1:35 pm : Stocks continue to trade along the unchanged line in relatively choppy fashion. Nonetheless, advancing stocks outnumber decliners by a slight margin in the S&P 500.
Tech remains the best performing economic sector this session, holding on to a 1.0% gain. The home entertainment industry (+1.9%) and the tech consulting and services industry (+1.6%) are lending the most support.
Despite the lack of conviction in the stock market, bonds are trading lower. The 10-year Treasury Note is down 16 ticks and yielding 3.91%DJ30 +7.66 NASDAQ +13.31 SP500 +1.31 NASDAQ Dec/Adv/Vol 1156/1605/931 mln NYSE Dec/Adv/Vol 1352/1716/562 mln
1:00 pm : Stocks are attempting to make an advance further into positive territory. The financial sector (+0.2%), the consumer staples sector (+0.2%), and telecom sector (+0.2%) have all reversed their earlier downturns and are back in the green.
The materials sector (-1.3%) is currently the worst performing economic sector. It is trading just above its session low.DJ30 +21.50 NASDAQ +12.61 SP500 +2.17 NASDAQ Dec/Adv/Vol 1163/1599/846 mln NYSE Dec/Adv/Vol 1325/1701/514 mln
12:30 pm : Stocks have climbed off their session low and are now back into positive ground. Technology (+0.8%) remains the best performing economic sector this session.
San Francisco Fed President Yellen stated that the Fed's rate policy and the fiscal stimulus will lift the economy, while total and core inflation will moderate in the next couple of years. Yellen also stated the financial markets are still far from normal.
Crude prices have fallen back below $130 per barrel.DJ30 +1.14 NASDAQ +9.87 SP500 +0.65 NASDAQ Dec/Adv/Vol 1166/1566/773 mln NYSE Dec/Adv/Vol 1353/1654/468 mln
12:05 pm : Stocks traded in positive ground for the majority of Tuesday morning, but broad-based declines knocked the S&P 500 into negative ground. A stronger dollar is keeping oil prices lower, lending some support to buyers, but mixed economic data has been rather restricting.
The greenback is showing some relative strength, as indicated by the Dollar Index, which is up 0.3%. Meanwhile, crude prices are trading 1.3% lower at $130.40 per barrel. Crude had declined 2.0% in the early going.
While lower oil prices encourage buying, traders continue looking to housing data. The Conference Board reported a Consumer Confidence Index reading of 57.2 for May, down from the prior month's 62.8. The reading for April was worse than forecast, but not at all shocking given the rise in fuel prices and challenges facing the housing market.
The S&P/Case-Shiller Home Price Index for March came in at 172.2, which is down from the 176.0 registered in the prior month. For the first quarter, the index came in at 159.2, which is also down from the prior reading of 170.6.
Notably, new home sales for April totaled 526,000, which is above the consensus 520,000, and up 17,000 month-over-month.
Despite the stock market's dip, large-cap tech have outperformed on a relative basis this session. The Nasdaq 100 is up nearly 0.4%, helped by Apple (AAPL 182.43, +1.26) and Google (GOOG 551.24, +6.62). Earlier today, telecom operator TeliaSoneria announced it has agreed to bring Apple's iPhone to Nordic and Baltic markets.
Various sources are indicating Belgian brewer InBev may initiate takeover talks with Anheuser-Busch (BUD 56.60, -0.01) today. Shares of BUD opened the session higher on the news, but are currently trading along the unchanged line.
In other buyout news, Blackstone Group (BX 18.91, +0.37) and Apollo Management LP are in talks to acquire chemical company Chemtura (CEM 8.44, +0.64), while South Korea's LG Electronics is taking a closer look at General Electric's (GE 30.27, -0.16) appliance unit, according to The Wall Street Journal. Hitachi (HIT 71.93, +2.39) has no interest in pursuing GE's unit, according to Reuters.DJ30 -24.10 NASDAQ +6.15 SP500 -1.74 NASDAQ Dec/Adv/Vol 1221/1506/376 mln NYSE Dec/Adv/Vol 1383/1606/420 mln
11:35 am : Stocks have taken a tumble and have lost most of the session's gains. The downturn is broad-based with the most noticeable decline in financials (+0.1%), which was up 1.2% at its session high.
Large-cap tech continues to outperform on a relative basis. The Nasdaq 100 is up nearly 0.7%, helped by Apple (AAPL 183.15, +1.98) and Google (GOOG 552.93, +8.31). Earlier today, telecom operator TeliaSoneria announced it has agreed to bring Apple's iPhone to Nordic and Baltic markets.DJ30 -6.43 NASDAQ +11.16 SP500 +0.59 NASDAQ Dec/Adv/Vol 1105/1592/596 mln NYSE Dec/Adv/Vol 1268/1688/365 mln
11:05 am : Stocks are making their way off the earlier lull and moving higher. Though shy of the session's best levels, stocks continue to sport solid gains.
Various sources are indicating Belgian brewer InBev may initiate takeover talks with Anheuser-Busch (BUD 56.60, -0.01) today. Shares of BUD opened the session higher on the news, but are currently trading along the unchanged line.
In other buyout news, Blackstone Group (BX 18.91, +0.37) and Apollo Management LP are in talks to acquire chemical company Chemtura (CEM 8.44, +0.64), while South Korea's LG Electronics is taking a closer look at General Electric's (GE 30.53, +0.10) appliance unit, according to The Wall Street Journal. Hitachi (HIT 72.32, +2.78) has no interest in pursuing GE's unit, according to Reuters.
DJ30 +45.27 NASDAQ +22.77 SP500 +5.36 NASDAQ Dec/Adv/Vol 927/1728/479 mln NYSE Dec/Adv/Vol 1061/1881/296 mln
10:30 am : After making a spike upward, the stock market is trending lower from its earlier high. Still, the major indices remain in positive territory and eight of the ten economic sectors are posting solid gains.
According to London's Financial Times, former Fed Chairman Greenspan stated in an interview the U.S. is more likely to have a recession than not. Echoing such sentiment, billionaire value-investor Warren Buffett sees a long, deep recession, according to Reuters.com.DJ30 +44.13 NASDAQ +22.76 SP500 +5.01 NASDAQ Dec/Adv/Vol 812/1760/361 mln NYSE Dec/Adv/Vol 991/1881/228 mln
10:05 am : The stock market has made a spike upward following the latest consumer confidence data and new home sales numbers. All three of the major indices have made their way to the morning's best levels.
The Consumer Confidence Index from the Conference Board reported a reading of 57.2 for May, which is less than the reading of 60.0 that was widely expected, and down from the prior month's 62.8. Additionally, new home sales for April totaled 526,000, which is above the consensus 520,000, and up 17,000 month-over-month.DJ30 +25.24 NASDAQ +16.01 SP500 +2.24 NASDAQ Dec/Adv/Vol 795/1649/198 mln NYSE Dec/Adv/Vol 1087/1685/139 mln
09:40 am : The stock market is trading a few points into positive ground and crude prices have fallen below $130 per barrel.
The energy sector (-1.3%) and the materials sector (-0.9%) are trading with noticeable losses.
The dollar is showing some relative strength, as indicated by the Dollar Index, which is up 0.3%.DJ30 +21.99 NASDAQ +14.17 SP500 +2.60 NASDAQ Dec/Adv/Vol 799/1495/81 mln NYSE Dec/Adv/Vol 1055/1487/63 mln
09:16 am : S&P futures vs fair value: -1.5. Nasdaq futures vs fair value: +3.5. Only a few minutes remain before Tuesday's trading session kicks off and stock futures are indicating a mixed opening.
09:00 am : S&P futures vs fair value: -4.0. Nasdaq futures vs fair value: +0.5. Stock futures have turned a bit to indicate a relatively flat start to Tuesday's trading. The S&P/Case-Shiller Home Price Index for March came in at 172.2, which is down from the 176.0 registered in the prior month. For the first quarter, the index came in at 159.2, which is also down from the prior reading of 170.6.
08:31 am : S&P futures vs fair value: -5.3. Nasdaq futures vs fair value: -3.0. Stock futures continue to indicate a lower open. According to The Wall Street Journal, telecom operator TeliaSonera has signed an agreement with Apple (AAPL) to bring the iPhone to Nordic and Baltic markets.
08:05 am : S&P futures vs fair value: -4.4. Nasdaq futures vs fair value: -1.8. Stock futures indicate a flat to down start to Tuesday's trading. According to this morning's edition of The Wall Street Journal, South Korea's LG is looking at General Electric's (GE) appliance unit. London's Financial Times reported Blackstone Group (BX) and Apollo Management LP are in talks to acquire chemical company Chemtura (CEM).
06:18 am : S&P futures vs fair value: -3.0. Nasdaq futures vs fair value: +1.5.
06:18 am : FTSE...6096.30...+9.00...+0.2%. DAX...6936.74...-17.10...-0.2%.
06:18 am : Nikkei...13893.31...+203.12...+1.5%. Hang Seng...24282.04...+154.73...+0.6%.
http://biz.yahoo.com/mu/update.html
4:25 pm : A drop in crude prices lent support to Tuesday’s buying interest. In turn, market participants lifted the major indices during afternoon trading to finish near their best levels of the session. Tech showed particular strength, helping the Nasdaq (+1.5%) outperform its counterparts.
Oil closed noticeably lower, partly due to renewed strength in the dollar. Crude finished $4.71 lower at $128.48 per barrel on the New York Mercantile Exchange. The drop in crude prices weighed on stalwarts Exxon Mobil (XOM 89.90, -0.90) and Chevron (CVX 99.58, -1.15). However, oilfield services companies Schlumberger (SGP 101.03, +1.00) and Baker Hughes (BHI 87.48, +2.01) performed relatively well.
Technology (+1.9%) was the session’s best performing economic sector. In particular, Apple (AAPL 186.43, +5.26) lent considerable support, helped by news it is taking its iPhone to Nordic and Baltic markets after signing an agreement with a regional telecom operator. Large-cap tech helped the Nasdaq 100 finish almost 1.9% higher.
In buyout news, Blackstone Group (BX 18.91, +0.37) and Apollo Management LP are reportedly in talks to acquire chemical company Chemtura (CEM 8.49, +0.69), while South Korea's LG Electronics is taking a look at General Electric's (GE 30.40, -0.03) appliance unit, according to The Wall Street Journal. Hitachi (HIT 72.37, +2.83), however, has expressed that it has no interest in pursuing the unit, according to Reuters
On the economic front, the Consumer Confidence Index for May came in at 57.2, which is down from the prior month's 62.8. The reading reflects the weight of higher fuel prices and the challenges facing the housing market.
Notably, the S&P/Case-Shiller Home Price Index for March came in at 172.2, which is down from the 176.0 registered in the prior month. For the first quarter, the index came in at 159.2, which is down from the prior reading of 170.6.
Providing a positive surprise, new home sales for April were reported at 526,000, which is above the consensus estimate of 520,000, and up 17,000 month-over-month.
Separately, San Francisco Fed President Yellen stated that the Fed's rate policy and the fiscal stimulus will lift the economy, while total and core inflation will moderate in the next couple of years. Yellen also stated the financial markets are still far from normal.
However, former Fed Chairman Greenspan had a more pessimistic outlook, stating in an interview with the Financial Times that the U.S. is more likely to have a recession than not. Supporting the gloomy outlook, famed value-investor Warren Buffett sees a long, deep recession, according to Reuters.com.
Still, stocks had a strong showing Tuesday. Participants’ interest in equities and a fear of inflation pushed Treasuries out of favor. In particular, the 10-year Treasury Note ended 18 ticks lower.DJ30 +68.72 NASDAQ +36.57 NQ100 +1.9% R2K +1.4% SP400 +0.8% SP500 +9.42 NASDAQ Dec/Adv/Vol 979/1893/1.74 bln NYSE Dec/Adv/Vol 1144/1984/1.12 bln
3:35 pm : Stocks are trading unchanged from their earlier levels, yet remain well into positive ground near the session's best levels.
Crude oil closed $4.71 lower to settle at $128.48 per barrel on the New York Mercantile Exchange. Exxon Mobil (XOM 89.95, -0.85) and Chevron (CVX 99.42, -1.31) have suffered this session, but oilfield services companies Schlumberger (SLB 101.11, +1.08) and Baker Hughes (BHI 87.61, +2.14) have performed relatively well.DJ30 +83.78 NASDAQ +35.36 SP500 +10.29 NASDAQ Dec/Adv/Vol 1019/1806/1.40 bln NYSE Dec/Adv/Vol 1164/1936/814 mln
3:00 pm : A broad-based surge in buying interest has lifted several of the major economic sectors sharply higher. In turn, the surge has lifted the stock market to its best level of the session.
Approximately 65% of the S&P 500's components are trading in positive territory. Google (GOOG 562.45, +17.83) is the current market leader.
Despite the renewed buying interest in U.S. equities, global stocks are trading lower. The Dow Jones World Index, excluding the U.S., is down 0.4%.
DJ30 +75.81 NASDAQ +32.08 SP500 +8.86 NASDAQ Dec/Adv/Vol 1038/1791/1.24 bln NYSE Dec/Adv/Vol 1152/1937/727 mln
2:30 pm : The three major indices continue to trend higher, though in choppy fashion. Each is well off its session high.
Crude is trading near its session low, currently down nearly 2.6% and trading hands at roughly $128.75 per barrel. The energy sector has been posting a loss for the entirety of Tuesday's trading and is currently down almost 0.9%.
Small-cap stocks are performing quite well. The Russell 2000 is up nearly 1.0% this session.DJ30 +28.42 NASDAQ +19.94 SP500 +3.55 NASDAQ Dec/Adv/Vol 1094/1726/1.12 bln NYSE Dec/Adv/Vol 1299/1796/668 mln
2:00 pm : The S&P 500 is posting a modest gain. Meanwhile, the Nasdaq is outperforming thanks to strength within the tech sector (+1.2%). Treasuries are out of favor, especially at the long end of the yield curve. The 10-year note is down 17 ticks while the 30-year bond is down a full point.
Shares of General Motors (GM 17.13, -0.47) are trading at their lowest level in more than 25 years after being downgraded to Hold from Buy at Citigroup. Citi cited GM's reduced earnings power and cash burn risk, noting that GM is a less attractive risk-reward proposition relative to American Axle (AXL 18.67, +0.23).DJ30 +27.52 NASDAQ +19.63 SP500 +3.59 NASDAQ Dec/Adv/Vol 1116/1686/1.01 bln NYSE Dec/Adv/Vol 1309/1766/605 mln
1:35 pm : Stocks continue to trade along the unchanged line in relatively choppy fashion. Nonetheless, advancing stocks outnumber decliners by a slight margin in the S&P 500.
Tech remains the best performing economic sector this session, holding on to a 1.0% gain. The home entertainment industry (+1.9%) and the tech consulting and services industry (+1.6%) are lending the most support.
Despite the lack of conviction in the stock market, bonds are trading lower. The 10-year Treasury Note is down 16 ticks and yielding 3.91%DJ30 +7.66 NASDAQ +13.31 SP500 +1.31 NASDAQ Dec/Adv/Vol 1156/1605/931 mln NYSE Dec/Adv/Vol 1352/1716/562 mln
1:00 pm : Stocks are attempting to make an advance further into positive territory. The financial sector (+0.2%), the consumer staples sector (+0.2%), and telecom sector (+0.2%) have all reversed their earlier downturns and are back in the green.
The materials sector (-1.3%) is currently the worst performing economic sector. It is trading just above its session low.DJ30 +21.50 NASDAQ +12.61 SP500 +2.17 NASDAQ Dec/Adv/Vol 1163/1599/846 mln NYSE Dec/Adv/Vol 1325/1701/514 mln
12:30 pm : Stocks have climbed off their session low and are now back into positive ground. Technology (+0.8%) remains the best performing economic sector this session.
San Francisco Fed President Yellen stated that the Fed's rate policy and the fiscal stimulus will lift the economy, while total and core inflation will moderate in the next couple of years. Yellen also stated the financial markets are still far from normal.
Crude prices have fallen back below $130 per barrel.DJ30 +1.14 NASDAQ +9.87 SP500 +0.65 NASDAQ Dec/Adv/Vol 1166/1566/773 mln NYSE Dec/Adv/Vol 1353/1654/468 mln
12:05 pm : Stocks traded in positive ground for the majority of Tuesday morning, but broad-based declines knocked the S&P 500 into negative ground. A stronger dollar is keeping oil prices lower, lending some support to buyers, but mixed economic data has been rather restricting.
The greenback is showing some relative strength, as indicated by the Dollar Index, which is up 0.3%. Meanwhile, crude prices are trading 1.3% lower at $130.40 per barrel. Crude had declined 2.0% in the early going.
While lower oil prices encourage buying, traders continue looking to housing data. The Conference Board reported a Consumer Confidence Index reading of 57.2 for May, down from the prior month's 62.8. The reading for April was worse than forecast, but not at all shocking given the rise in fuel prices and challenges facing the housing market.
The S&P/Case-Shiller Home Price Index for March came in at 172.2, which is down from the 176.0 registered in the prior month. For the first quarter, the index came in at 159.2, which is also down from the prior reading of 170.6.
Notably, new home sales for April totaled 526,000, which is above the consensus 520,000, and up 17,000 month-over-month.
Despite the stock market's dip, large-cap tech have outperformed on a relative basis this session. The Nasdaq 100 is up nearly 0.4%, helped by Apple (AAPL 182.43, +1.26) and Google (GOOG 551.24, +6.62). Earlier today, telecom operator TeliaSoneria announced it has agreed to bring Apple's iPhone to Nordic and Baltic markets.
Various sources are indicating Belgian brewer InBev may initiate takeover talks with Anheuser-Busch (BUD 56.60, -0.01) today. Shares of BUD opened the session higher on the news, but are currently trading along the unchanged line.
In other buyout news, Blackstone Group (BX 18.91, +0.37) and Apollo Management LP are in talks to acquire chemical company Chemtura (CEM 8.44, +0.64), while South Korea's LG Electronics is taking a closer look at General Electric's (GE 30.27, -0.16) appliance unit, according to The Wall Street Journal. Hitachi (HIT 71.93, +2.39) has no interest in pursuing GE's unit, according to Reuters.DJ30 -24.10 NASDAQ +6.15 SP500 -1.74 NASDAQ Dec/Adv/Vol 1221/1506/376 mln NYSE Dec/Adv/Vol 1383/1606/420 mln
11:35 am : Stocks have taken a tumble and have lost most of the session's gains. The downturn is broad-based with the most noticeable decline in financials (+0.1%), which was up 1.2% at its session high.
Large-cap tech continues to outperform on a relative basis. The Nasdaq 100 is up nearly 0.7%, helped by Apple (AAPL 183.15, +1.98) and Google (GOOG 552.93, +8.31). Earlier today, telecom operator TeliaSoneria announced it has agreed to bring Apple's iPhone to Nordic and Baltic markets.DJ30 -6.43 NASDAQ +11.16 SP500 +0.59 NASDAQ Dec/Adv/Vol 1105/1592/596 mln NYSE Dec/Adv/Vol 1268/1688/365 mln
11:05 am : Stocks are making their way off the earlier lull and moving higher. Though shy of the session's best levels, stocks continue to sport solid gains.
Various sources are indicating Belgian brewer InBev may initiate takeover talks with Anheuser-Busch (BUD 56.60, -0.01) today. Shares of BUD opened the session higher on the news, but are currently trading along the unchanged line.
In other buyout news, Blackstone Group (BX 18.91, +0.37) and Apollo Management LP are in talks to acquire chemical company Chemtura (CEM 8.44, +0.64), while South Korea's LG Electronics is taking a closer look at General Electric's (GE 30.53, +0.10) appliance unit, according to The Wall Street Journal. Hitachi (HIT 72.32, +2.78) has no interest in pursuing GE's unit, according to Reuters.
DJ30 +45.27 NASDAQ +22.77 SP500 +5.36 NASDAQ Dec/Adv/Vol 927/1728/479 mln NYSE Dec/Adv/Vol 1061/1881/296 mln
10:30 am : After making a spike upward, the stock market is trending lower from its earlier high. Still, the major indices remain in positive territory and eight of the ten economic sectors are posting solid gains.
According to London's Financial Times, former Fed Chairman Greenspan stated in an interview the U.S. is more likely to have a recession than not. Echoing such sentiment, billionaire value-investor Warren Buffett sees a long, deep recession, according to Reuters.com.DJ30 +44.13 NASDAQ +22.76 SP500 +5.01 NASDAQ Dec/Adv/Vol 812/1760/361 mln NYSE Dec/Adv/Vol 991/1881/228 mln
10:05 am : The stock market has made a spike upward following the latest consumer confidence data and new home sales numbers. All three of the major indices have made their way to the morning's best levels.
The Consumer Confidence Index from the Conference Board reported a reading of 57.2 for May, which is less than the reading of 60.0 that was widely expected, and down from the prior month's 62.8. Additionally, new home sales for April totaled 526,000, which is above the consensus 520,000, and up 17,000 month-over-month.DJ30 +25.24 NASDAQ +16.01 SP500 +2.24 NASDAQ Dec/Adv/Vol 795/1649/198 mln NYSE Dec/Adv/Vol 1087/1685/139 mln
09:40 am : The stock market is trading a few points into positive ground and crude prices have fallen below $130 per barrel.
The energy sector (-1.3%) and the materials sector (-0.9%) are trading with noticeable losses.
The dollar is showing some relative strength, as indicated by the Dollar Index, which is up 0.3%.DJ30 +21.99 NASDAQ +14.17 SP500 +2.60 NASDAQ Dec/Adv/Vol 799/1495/81 mln NYSE Dec/Adv/Vol 1055/1487/63 mln
09:16 am : S&P futures vs fair value: -1.5. Nasdaq futures vs fair value: +3.5. Only a few minutes remain before Tuesday's trading session kicks off and stock futures are indicating a mixed opening.
09:00 am : S&P futures vs fair value: -4.0. Nasdaq futures vs fair value: +0.5. Stock futures have turned a bit to indicate a relatively flat start to Tuesday's trading. The S&P/Case-Shiller Home Price Index for March came in at 172.2, which is down from the 176.0 registered in the prior month. For the first quarter, the index came in at 159.2, which is also down from the prior reading of 170.6.
08:31 am : S&P futures vs fair value: -5.3. Nasdaq futures vs fair value: -3.0. Stock futures continue to indicate a lower open. According to The Wall Street Journal, telecom operator TeliaSonera has signed an agreement with Apple (AAPL) to bring the iPhone to Nordic and Baltic markets.
08:05 am : S&P futures vs fair value: -4.4. Nasdaq futures vs fair value: -1.8. Stock futures indicate a flat to down start to Tuesday's trading. According to this morning's edition of The Wall Street Journal, South Korea's LG is looking at General Electric's (GE) appliance unit. London's Financial Times reported Blackstone Group (BX) and Apollo Management LP are in talks to acquire chemical company Chemtura (CEM).
06:18 am : S&P futures vs fair value: -3.0. Nasdaq futures vs fair value: +1.5.
06:18 am : FTSE...6096.30...+9.00...+0.2%. DAX...6936.74...-17.10...-0.2%.
06:18 am : Nikkei...13893.31...+203.12...+1.5%. Hang Seng...24282.04...+154.73...+0.6%.
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