Friday, May 30, 2008 6:06:02 PM
Market Update 080530
http://biz.yahoo.com/mu/update.html
4:20 pm : An active month ended on a tame note Friday, with the stock market sticking to a very tight trading range. The S&P 500 settled with a slight gain, as strength in tech stocks and reassuring economic data helped offset weakness in financial stocks.
In earnings news, shares of Dell (DELL 23.06, +1.25) and Marvell Technologies (MRVL 17.36, +3.28) soared 5.7% and 23% respectively. Both companies reported earnings that easily topped expectations. Tech stocks (+0.6%) outperformed on the day, helping the Nasdaq post a gain of 0.6%, compared to the S&P 500's advance of 0.2%.
Retailing stocks received added attention following earnings results from Tiffany & Co (TIF 49.03, +1.29) and J. Crew Group (JCG 37.27, -9.64). Tiffany provided an upside surprise on robust European and Asia Pacific (excluding Japan) demand. J. Crew provided an ugly full year outlook, which prompted a 21% decline in its stock.
Six of the ten economic sectors posted a gain, led by tech (+0.6%), energy (+0.7%) and materials (+0.7%). Financials (-0.7%) and consumer discretionary (-0.4%) posted the largest losses.
In economic news, April personal consumption expenditures, at 0.2% growth, were flat when adjusted for inflation. This reflects sluggish, but not declining, consumer spending. Briefing.com expects that personal consumption expenditures will increase at an annual rate of 1.5% in May and June as the fiscal stimulus kicks in. Personal income was flat when adjusted for inflation, although the results were modestly better than expected.
Chicago PMI, a regional manufacturing survey, rose 1.7% to 49.1. The results topped the expected reading of 48.5. It is the fourth straight month that the survey has reflected contraction in manufacturing activity in the Chicago region. The stock market overlooked the data.
The May University of Michigan consumer sentiment reading was revised slightly higher to 59.8 from 59.5. This marks the lowest consumer sentiment in 28 years, however, this survey has weak correlation with consumer spending so it should not be overemphasized.
Separately, the British Banker's Association (BBA) decided not to change the way Libor is calculated, despite critics' calls that Libor is not accurate. The news had a limited impact on trading. Libor -- a measure of the interest rates at which banks borrow from each other -- is used as a benchmark for what banks charge for about $350 trillion in loans, ranging from student loans to derivative contracts.
In commodity trading, crude oil rebounded 0.8% to $127.59 following its steep 3.4% decline in yesterday's trade. The CRB Index advanced 1.0%.
The month of May ended in mixed fashion. For the month, the Dow fell 1.4%, while the Nasdaq rose 4.6% and the S&P rose 1.1%. Crude oil prices surged 12.4%, with commodities as a whole rising 3.2%. DJ30 -7.90 NASDAQ +14.34 NQ100 +0.7% R2K +0.4% SP400 +0.4% SP500 +2.12 NASDAQ Dec/Adv/Vol 1317/1577/2.12 bln NYSE Dec/Adv/Vol 1376/1731/1.41 bln
3:30 pm : The stock market establishes a minor new session high and takes a slight pull back. The Nasdaq will post its third straight monthly advance barring a late-session sell-off. The gains come after five consecutive losing months.DJ30 +5.94 NASDAQ +15.82 SP500 +4.23 NASDAQ Dec/Adv/Vol 1378/1478/1.56 mln NYSE Dec/Adv/Vol 1411/1681/763 mln
3:00 pm : The market is drifting toward its session highs as news slows considerably. Crude oil ended the session higher by $0.76 to to $127.38. Commodities as a whole are up 1.2%.
The Nasdaq has advanced 4.7% this month, trumping the S&P 500's gain of 1.9% and the Dow's loss of 1.3%. Marvell Technology (MRVL 17.65, +3.57) soared 36% and Symantec (SYMC 21.79, +0.27) gained 26%. UAL Corp. (UAUA 8.32, -0.07), parent of United Airlines, got hit hard, falling 44% compared to the Amex Airline Index's drop of 16.8%.DJ30 +15.22 NASDAQ +20.76 SP500 +5.06 NASDAQ Dec/Adv/Vol 1311/1530/1.40 bln NYSE Dec/Adv/Vol 1378/1704/681 mln
2:30 pm : The stock market slips a bit after failing to surpass its early-morning session peak of 0.4%. The S&P 500's trading range is the tightest since October 2007.
The Dow has been vacillating near the unchanged mark for nearly all of the session. Currently, the Dow is split down the middle with 15 components trading higher and 15 trading lower. AIG (AIG 36.12, +0.78) is the best performing name, while Exxon Mobil (XOM 88.67, -0.76) is showing the most weakness.DJ30 +2.03 NASDAQ +16.15 SP500 +3.08 NASDAQ Dec/Adv/Vol 1349/1461/1.28 bln NYSE Dec/Adv/Vol 1456/1624/622 mln
2:00 pm : The major indices are approaching their best levels of the session. The gradual upward climb has been broad-based, with the exception of energy (+0.4%), which has been unable to climb higher despite crude oil's recovery (+1.0%).
Advancing issues outpace declining issues by 7-to-6 on the NYSE, and by 10-to-9 on the Nasdaq. Volume is light, with roughly 560 million shares trading hands on the NYSE.DJ30 +17.99 NASDAQ +18.22 SP500 +4.64 NASDAQ Dec/Adv/Vol 1324/1472/1.15 bln NYSE Dec/Adv/Vol 1415/1654/562 mln
1:35 pm : The Nasdaq continues to outperform as tech climbs near session highs (+0.9%). Crude has bounced higher, as it is now posting a gain of 1.1% at $127.96 per barrel.
The accuracy of Libor, which measures the interest rate at which banks borrow from each other, has been under scrutiny lately. This spurred the British Banker's Association (BBA), which is responsible for Libor, to investigate the matter. The BBA has decided there should be no change to Libor, with the same 16 banks for the dollar denominated Libor continuing to provide quotes to calculate the rate. Libor is used as a benchmark for what banks charge for about $350 trillion in loans, ranging from student loans to derivative contracts.DJ30 +10.75 NASDAQ +16.09 SP500 +3.71 NASDAQ Dec/Adv/Vol 1370/1409/1.08 bln NYSE Dec/Adv/Vol 1431/1622/530 mln
1:00 pm : The market tone remains very much the same. Trading has not been volatile today and the S&P continues to sport a modest gain.
Technology is a standout again today thanks in large part to the move in Dell (DELL 23.35, +1.54) following its earnings report. For the session the S&P technology sector is up 0.8%, which puts it well ahead of the broader market.
With the material pullback in financial stocks in the wake of the subprime mess, technology has recently supplanted financials as the sector with the heaviest weighting in the S&P 500. It comprises 16.66% of the S&P 500 versus 15.97% for the financials.
The tech sector is still down 4% for the year, but it is up 5.7% for the month.DJ30 +9.85 NASDAQ +15.10 SP500 +3.39 NASDAQ Dec/Adv/Vol 1337/1432/968 mln NYSE Dec/Adv/Vol 1430/1594/462 mln
12:35 pm : The stock market is holding steady with slight gains. Strength in tech (+0.7%) and energy (+0.6%) is being partially offset by weakness in financials (-0.4%) and consumer discretionary (-0.4%)
The stock market is poised to end the month with a 1.1% gain despite all the fears over spiking oil prices. In fact, the stock market's gain this month was made with the rise in oil. The S&P 500 was up 3.0% at its monthly closing high on May 19 -- during that time crude prices soared 12%. The stock market has retreated 1.75% from its monthly high, yet crude prices have remained unchanged during that time.
High oil prices are clearly a negative for the stock market's earnings growth, but it seems that the media overemphasizes oil's effect on declining stock prices, and ignores rising oil prices when the market advances.DJ30 +10.75 NASDAQ +13.05 SP500 +3.65 NASDAQ Dec/Adv/Vol 1378/1355/873 mln NYSE Dec/Adv/Vol 1449/1562/435 mln
12:00 pm : Investors are hesitant thus far to make a concerted move ahead of the weekend, demonstrated by the stock market's tightest trading range since October 2007. The S&P 500 has remained in positive territory for the majority of the session, benefiting from several better-than-expected earnings reports and reassuring economic data.
Much of the action has been within the Nasdaq 100, with Dell (Dell 23.54, +1.73) spiking 7.9% on its unexpected quarterly profit increase. Semiconductor company Marvell Technologies Group (MRVL 17.25, +3.17) also soared on its earnings report, gaining 22.5%. Tech is providing leadership with a 0.8% advance.
Retailers (-0.6%) have been in focus -- as they have for all of this week -- with earnings results from Tiffany & Co (TIF 48.93, +1.19) and J. Crew (JCG 37.42, -9.49). Tiffany provided an upside surprise on robust European and Asia Pacific (excluding Japan) demand. Shares of J. Crew plummeted 20.2% in response to the company's ugly full year outlook.
In economic news, April personal consumption expenditures were flat when adjusted for inflation. This reflects sluggish, but not declining, consumer spending. The overall report was largely in-line with expectations, although consumer income growth was slightly better than anticipated -- but flat when adjusted for inflation.
Chicago PMI, a regional manufacturing survey, rose 1.7% to 49.1. The results topped the expected reading of 48.5. It is the fourth straight month that the reading has reflected contraction in manufacturing activity in the Chicago region. The stock market had a mostly muted response to the data.
Separately, the May University of Michigan consumer sentiment reading was revised slightly higher to 59.8 from 59.5. This marks the lowest consumer sentiment in 28 years, however, this survey has weak correlation with consumer spending so it should not be overemphasized.DJ30 +17.28 NASDAQ +14.39 SP500 +3.83 NASDAQ Dec/Adv/Vol 1374/1326/781 mln NYSE Dec/Adv/Vol 1447/1529/391 mln
11:30 am : Traders are not showing much conviction Friday, as the stock market vacillates near the unchanged mark in relatively light trading volume. The trading range has been tight thus far, with S&P up 0.4% at its high, and unchanged at its low.
Gold is making a modest rebound of 1.2% after falling 2.6% in yesterday's trade. Gold has fallen 16% from its March 17 all-time nominal high. The stock market has rallied 11.3% during that same period.DJ30 -10.42 NASDAQ +9.63 SP500 +0.50 NASDAQ Dec/Adv/Vol 1393/1261/686 mln NYSE Dec/Adv/Vol 1553/1398/347 mln
11:00 am : The stock market gives up a portion of its advance, but remains in the green. The Nasdaq 100 is substantially outperforming the S&P 500.
The Nasdaq is benefiting from Dell's (DELL 23.67, +1.86) 8.8% spike on its better-than-expected earnings. Marvell Technologies (MRVL 17.10, +3.02) is also playing as substantial role as the semiconductor company soars 22% on its relatively strong earnings report -- Marvell is not included in the S&P 500 because it is a Bermuda-based company.DJ30 +8.38 NASDAQ +11.06 SP500 +2.18 NASDAQ Dec/Adv/Vol 1345/1244/565 mln NYSE Dec/Adv/Vol 1473/1407/279 mln
10:30 am : The bulls are trying to make a stand as the stock market climbs off the unchanged mark. The financial sector has recovered to a gain of 0.3% after being down as much as 0.7%, which is helping the overall market advance.
Only consumer discretionary (-0.4%) and utilities (-0.03%) remain in the red.
Meanwhile crude oil retreats to a loss of 1.0%, after being up 1.3%. Oil was down as much as 1.5% in overnight trade.DJ30 +37.45 NASDAQ +17.21 SP500 +5.54 NASDAQ Dec/Adv/Vol 1196/1324/422 mln NYSE Dec/Adv/Vol 1336/1495/214 mln
10:00 am : The stock market is holding near the unchanged mark. Six of the ten economic sectors are in positive territory, led by materials (+1.1%). Financials stocks are facing the most selling pressure with a decline of 0.7%.
Chicago PMI, a regional manufacturing survey, rose 1.7% to 49.1. The results topped the expected reading of 48.5. It is the fourth straight month that the reading has reflected contraction in manufacturing activity in the Chicago region. The stock market had a mostly muted response to the data.
Separately, the May University of Michigan consumer sentiment reading was revised slightly higher to 59.8 from 59.5. Sentiment declined 4.5% from April.DJ30 -6.52 NASDAQ +7.91 SP500 +0.72 NASDAQ Dec/Adv/Vol 1306/1083/248 mln NYSE Dec/Adv/Vol 1439/1288/127 mln
09:45 am : Stocks get off to a sluggish start to the trading session despite a handful of better-than-expected earnings reports and a reassuring economic report.
April personal consumption expenditures were flat when adjusted for inflation. This reflects sluggish, but not declining, consumer spending. Personal income was also flat when adjusted for inflation, although the reading was slightly better than economists expected. In addition, March personal income was revised higher to 0.4% from 0.3%.
In earnings news, shares of Dell (DELL 23.47, +1.66), Marvell Technologies (MRVL 17.09, +3.01) and Tiffany & Co (TIF 49.52, +1.78) are sharply higher after topping earnings estimates. J. Crew Group (JCG 37.51, -9.40) also topped expectations for its latest quarter, but the retailer's ugly outlook has sent its stock 20% lower -- its largest one day loss in its two years as a publicly traded company.DJ30 -2.61 NASDAQ +4.88 SP500 +1.78
09:18 am : S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +10.3.
09:00 am : S&P futures vs fair value: +3.6. Nasdaq futures vs fair value: +10.3. Futures point to a higher start, with the Nasdaq set to outperform thanks to Dell (DELL) and Marvell Technologies (MRVL). Futures are holding onto the majority of their modest post personal spending and income report boost. Crude oil is up 0.8% to $127.68 after posting a steep 3.4% decline yesterday.
08:32 am : S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +9.8. Futures get a modest boost on the April personal income and spending report. Just hitting the wires, April personal income rose 0.2% month-over-month, (consensus +0.1%), while personal spending increased by 0.2%(consensus +0.2%). March personal income was revised higher to +0.4% from +0.3%. PCE, an inflation measure, was unchanged at 3.2% year-over-year (consensus +3.1%), and core-PCE was also unchanged at 2.1% (consensus 2.1%). Core-PCE rose 0.1% month over month, in-line with expectations.
08:00 am : S&P futures vs fair value: +0.9. Nasdaq futures vs fair value: +7.8. Futures suggest a modestly higher start to the trading day. Better than expected earnings reports from Dell (DELL) and Marvel Technology Group (MRVL) are the underlying catalyst for the buying interest. Futures are likely to go on the move at 8:30 ET, with the release of the April personal spending and income report.
06:25 am : S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +8.8.
06:25 am : FTSE...6087.40...+19.30...+0.3%. DAX...7097.86...+42.83...+0.6%.
06:25 am : Nikkei...14338.54...+214.07...+1.5%. Hang Seng...24533.12...+149.13...+0.6%.
http://www.youtube.com/watch?v=gUkbdjetlY8
My posting is for my own entertainment, do your own DD
http://biz.yahoo.com/mu/update.html
4:20 pm : An active month ended on a tame note Friday, with the stock market sticking to a very tight trading range. The S&P 500 settled with a slight gain, as strength in tech stocks and reassuring economic data helped offset weakness in financial stocks.
In earnings news, shares of Dell (DELL 23.06, +1.25) and Marvell Technologies (MRVL 17.36, +3.28) soared 5.7% and 23% respectively. Both companies reported earnings that easily topped expectations. Tech stocks (+0.6%) outperformed on the day, helping the Nasdaq post a gain of 0.6%, compared to the S&P 500's advance of 0.2%.
Retailing stocks received added attention following earnings results from Tiffany & Co (TIF 49.03, +1.29) and J. Crew Group (JCG 37.27, -9.64). Tiffany provided an upside surprise on robust European and Asia Pacific (excluding Japan) demand. J. Crew provided an ugly full year outlook, which prompted a 21% decline in its stock.
Six of the ten economic sectors posted a gain, led by tech (+0.6%), energy (+0.7%) and materials (+0.7%). Financials (-0.7%) and consumer discretionary (-0.4%) posted the largest losses.
In economic news, April personal consumption expenditures, at 0.2% growth, were flat when adjusted for inflation. This reflects sluggish, but not declining, consumer spending. Briefing.com expects that personal consumption expenditures will increase at an annual rate of 1.5% in May and June as the fiscal stimulus kicks in. Personal income was flat when adjusted for inflation, although the results were modestly better than expected.
Chicago PMI, a regional manufacturing survey, rose 1.7% to 49.1. The results topped the expected reading of 48.5. It is the fourth straight month that the survey has reflected contraction in manufacturing activity in the Chicago region. The stock market overlooked the data.
The May University of Michigan consumer sentiment reading was revised slightly higher to 59.8 from 59.5. This marks the lowest consumer sentiment in 28 years, however, this survey has weak correlation with consumer spending so it should not be overemphasized.
Separately, the British Banker's Association (BBA) decided not to change the way Libor is calculated, despite critics' calls that Libor is not accurate. The news had a limited impact on trading. Libor -- a measure of the interest rates at which banks borrow from each other -- is used as a benchmark for what banks charge for about $350 trillion in loans, ranging from student loans to derivative contracts.
In commodity trading, crude oil rebounded 0.8% to $127.59 following its steep 3.4% decline in yesterday's trade. The CRB Index advanced 1.0%.
The month of May ended in mixed fashion. For the month, the Dow fell 1.4%, while the Nasdaq rose 4.6% and the S&P rose 1.1%. Crude oil prices surged 12.4%, with commodities as a whole rising 3.2%. DJ30 -7.90 NASDAQ +14.34 NQ100 +0.7% R2K +0.4% SP400 +0.4% SP500 +2.12 NASDAQ Dec/Adv/Vol 1317/1577/2.12 bln NYSE Dec/Adv/Vol 1376/1731/1.41 bln
3:30 pm : The stock market establishes a minor new session high and takes a slight pull back. The Nasdaq will post its third straight monthly advance barring a late-session sell-off. The gains come after five consecutive losing months.DJ30 +5.94 NASDAQ +15.82 SP500 +4.23 NASDAQ Dec/Adv/Vol 1378/1478/1.56 mln NYSE Dec/Adv/Vol 1411/1681/763 mln
3:00 pm : The market is drifting toward its session highs as news slows considerably. Crude oil ended the session higher by $0.76 to to $127.38. Commodities as a whole are up 1.2%.
The Nasdaq has advanced 4.7% this month, trumping the S&P 500's gain of 1.9% and the Dow's loss of 1.3%. Marvell Technology (MRVL 17.65, +3.57) soared 36% and Symantec (SYMC 21.79, +0.27) gained 26%. UAL Corp. (UAUA 8.32, -0.07), parent of United Airlines, got hit hard, falling 44% compared to the Amex Airline Index's drop of 16.8%.DJ30 +15.22 NASDAQ +20.76 SP500 +5.06 NASDAQ Dec/Adv/Vol 1311/1530/1.40 bln NYSE Dec/Adv/Vol 1378/1704/681 mln
2:30 pm : The stock market slips a bit after failing to surpass its early-morning session peak of 0.4%. The S&P 500's trading range is the tightest since October 2007.
The Dow has been vacillating near the unchanged mark for nearly all of the session. Currently, the Dow is split down the middle with 15 components trading higher and 15 trading lower. AIG (AIG 36.12, +0.78) is the best performing name, while Exxon Mobil (XOM 88.67, -0.76) is showing the most weakness.DJ30 +2.03 NASDAQ +16.15 SP500 +3.08 NASDAQ Dec/Adv/Vol 1349/1461/1.28 bln NYSE Dec/Adv/Vol 1456/1624/622 mln
2:00 pm : The major indices are approaching their best levels of the session. The gradual upward climb has been broad-based, with the exception of energy (+0.4%), which has been unable to climb higher despite crude oil's recovery (+1.0%).
Advancing issues outpace declining issues by 7-to-6 on the NYSE, and by 10-to-9 on the Nasdaq. Volume is light, with roughly 560 million shares trading hands on the NYSE.DJ30 +17.99 NASDAQ +18.22 SP500 +4.64 NASDAQ Dec/Adv/Vol 1324/1472/1.15 bln NYSE Dec/Adv/Vol 1415/1654/562 mln
1:35 pm : The Nasdaq continues to outperform as tech climbs near session highs (+0.9%). Crude has bounced higher, as it is now posting a gain of 1.1% at $127.96 per barrel.
The accuracy of Libor, which measures the interest rate at which banks borrow from each other, has been under scrutiny lately. This spurred the British Banker's Association (BBA), which is responsible for Libor, to investigate the matter. The BBA has decided there should be no change to Libor, with the same 16 banks for the dollar denominated Libor continuing to provide quotes to calculate the rate. Libor is used as a benchmark for what banks charge for about $350 trillion in loans, ranging from student loans to derivative contracts.DJ30 +10.75 NASDAQ +16.09 SP500 +3.71 NASDAQ Dec/Adv/Vol 1370/1409/1.08 bln NYSE Dec/Adv/Vol 1431/1622/530 mln
1:00 pm : The market tone remains very much the same. Trading has not been volatile today and the S&P continues to sport a modest gain.
Technology is a standout again today thanks in large part to the move in Dell (DELL 23.35, +1.54) following its earnings report. For the session the S&P technology sector is up 0.8%, which puts it well ahead of the broader market.
With the material pullback in financial stocks in the wake of the subprime mess, technology has recently supplanted financials as the sector with the heaviest weighting in the S&P 500. It comprises 16.66% of the S&P 500 versus 15.97% for the financials.
The tech sector is still down 4% for the year, but it is up 5.7% for the month.DJ30 +9.85 NASDAQ +15.10 SP500 +3.39 NASDAQ Dec/Adv/Vol 1337/1432/968 mln NYSE Dec/Adv/Vol 1430/1594/462 mln
12:35 pm : The stock market is holding steady with slight gains. Strength in tech (+0.7%) and energy (+0.6%) is being partially offset by weakness in financials (-0.4%) and consumer discretionary (-0.4%)
The stock market is poised to end the month with a 1.1% gain despite all the fears over spiking oil prices. In fact, the stock market's gain this month was made with the rise in oil. The S&P 500 was up 3.0% at its monthly closing high on May 19 -- during that time crude prices soared 12%. The stock market has retreated 1.75% from its monthly high, yet crude prices have remained unchanged during that time.
High oil prices are clearly a negative for the stock market's earnings growth, but it seems that the media overemphasizes oil's effect on declining stock prices, and ignores rising oil prices when the market advances.DJ30 +10.75 NASDAQ +13.05 SP500 +3.65 NASDAQ Dec/Adv/Vol 1378/1355/873 mln NYSE Dec/Adv/Vol 1449/1562/435 mln
12:00 pm : Investors are hesitant thus far to make a concerted move ahead of the weekend, demonstrated by the stock market's tightest trading range since October 2007. The S&P 500 has remained in positive territory for the majority of the session, benefiting from several better-than-expected earnings reports and reassuring economic data.
Much of the action has been within the Nasdaq 100, with Dell (Dell 23.54, +1.73) spiking 7.9% on its unexpected quarterly profit increase. Semiconductor company Marvell Technologies Group (MRVL 17.25, +3.17) also soared on its earnings report, gaining 22.5%. Tech is providing leadership with a 0.8% advance.
Retailers (-0.6%) have been in focus -- as they have for all of this week -- with earnings results from Tiffany & Co (TIF 48.93, +1.19) and J. Crew (JCG 37.42, -9.49). Tiffany provided an upside surprise on robust European and Asia Pacific (excluding Japan) demand. Shares of J. Crew plummeted 20.2% in response to the company's ugly full year outlook.
In economic news, April personal consumption expenditures were flat when adjusted for inflation. This reflects sluggish, but not declining, consumer spending. The overall report was largely in-line with expectations, although consumer income growth was slightly better than anticipated -- but flat when adjusted for inflation.
Chicago PMI, a regional manufacturing survey, rose 1.7% to 49.1. The results topped the expected reading of 48.5. It is the fourth straight month that the reading has reflected contraction in manufacturing activity in the Chicago region. The stock market had a mostly muted response to the data.
Separately, the May University of Michigan consumer sentiment reading was revised slightly higher to 59.8 from 59.5. This marks the lowest consumer sentiment in 28 years, however, this survey has weak correlation with consumer spending so it should not be overemphasized.DJ30 +17.28 NASDAQ +14.39 SP500 +3.83 NASDAQ Dec/Adv/Vol 1374/1326/781 mln NYSE Dec/Adv/Vol 1447/1529/391 mln
11:30 am : Traders are not showing much conviction Friday, as the stock market vacillates near the unchanged mark in relatively light trading volume. The trading range has been tight thus far, with S&P up 0.4% at its high, and unchanged at its low.
Gold is making a modest rebound of 1.2% after falling 2.6% in yesterday's trade. Gold has fallen 16% from its March 17 all-time nominal high. The stock market has rallied 11.3% during that same period.DJ30 -10.42 NASDAQ +9.63 SP500 +0.50 NASDAQ Dec/Adv/Vol 1393/1261/686 mln NYSE Dec/Adv/Vol 1553/1398/347 mln
11:00 am : The stock market gives up a portion of its advance, but remains in the green. The Nasdaq 100 is substantially outperforming the S&P 500.
The Nasdaq is benefiting from Dell's (DELL 23.67, +1.86) 8.8% spike on its better-than-expected earnings. Marvell Technologies (MRVL 17.10, +3.02) is also playing as substantial role as the semiconductor company soars 22% on its relatively strong earnings report -- Marvell is not included in the S&P 500 because it is a Bermuda-based company.DJ30 +8.38 NASDAQ +11.06 SP500 +2.18 NASDAQ Dec/Adv/Vol 1345/1244/565 mln NYSE Dec/Adv/Vol 1473/1407/279 mln
10:30 am : The bulls are trying to make a stand as the stock market climbs off the unchanged mark. The financial sector has recovered to a gain of 0.3% after being down as much as 0.7%, which is helping the overall market advance.
Only consumer discretionary (-0.4%) and utilities (-0.03%) remain in the red.
Meanwhile crude oil retreats to a loss of 1.0%, after being up 1.3%. Oil was down as much as 1.5% in overnight trade.DJ30 +37.45 NASDAQ +17.21 SP500 +5.54 NASDAQ Dec/Adv/Vol 1196/1324/422 mln NYSE Dec/Adv/Vol 1336/1495/214 mln
10:00 am : The stock market is holding near the unchanged mark. Six of the ten economic sectors are in positive territory, led by materials (+1.1%). Financials stocks are facing the most selling pressure with a decline of 0.7%.
Chicago PMI, a regional manufacturing survey, rose 1.7% to 49.1. The results topped the expected reading of 48.5. It is the fourth straight month that the reading has reflected contraction in manufacturing activity in the Chicago region. The stock market had a mostly muted response to the data.
Separately, the May University of Michigan consumer sentiment reading was revised slightly higher to 59.8 from 59.5. Sentiment declined 4.5% from April.DJ30 -6.52 NASDAQ +7.91 SP500 +0.72 NASDAQ Dec/Adv/Vol 1306/1083/248 mln NYSE Dec/Adv/Vol 1439/1288/127 mln
09:45 am : Stocks get off to a sluggish start to the trading session despite a handful of better-than-expected earnings reports and a reassuring economic report.
April personal consumption expenditures were flat when adjusted for inflation. This reflects sluggish, but not declining, consumer spending. Personal income was also flat when adjusted for inflation, although the reading was slightly better than economists expected. In addition, March personal income was revised higher to 0.4% from 0.3%.
In earnings news, shares of Dell (DELL 23.47, +1.66), Marvell Technologies (MRVL 17.09, +3.01) and Tiffany & Co (TIF 49.52, +1.78) are sharply higher after topping earnings estimates. J. Crew Group (JCG 37.51, -9.40) also topped expectations for its latest quarter, but the retailer's ugly outlook has sent its stock 20% lower -- its largest one day loss in its two years as a publicly traded company.DJ30 -2.61 NASDAQ +4.88 SP500 +1.78
09:18 am : S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +10.3.
09:00 am : S&P futures vs fair value: +3.6. Nasdaq futures vs fair value: +10.3. Futures point to a higher start, with the Nasdaq set to outperform thanks to Dell (DELL) and Marvell Technologies (MRVL). Futures are holding onto the majority of their modest post personal spending and income report boost. Crude oil is up 0.8% to $127.68 after posting a steep 3.4% decline yesterday.
08:32 am : S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +9.8. Futures get a modest boost on the April personal income and spending report. Just hitting the wires, April personal income rose 0.2% month-over-month, (consensus +0.1%), while personal spending increased by 0.2%(consensus +0.2%). March personal income was revised higher to +0.4% from +0.3%. PCE, an inflation measure, was unchanged at 3.2% year-over-year (consensus +3.1%), and core-PCE was also unchanged at 2.1% (consensus 2.1%). Core-PCE rose 0.1% month over month, in-line with expectations.
08:00 am : S&P futures vs fair value: +0.9. Nasdaq futures vs fair value: +7.8. Futures suggest a modestly higher start to the trading day. Better than expected earnings reports from Dell (DELL) and Marvel Technology Group (MRVL) are the underlying catalyst for the buying interest. Futures are likely to go on the move at 8:30 ET, with the release of the April personal spending and income report.
06:25 am : S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +8.8.
06:25 am : FTSE...6087.40...+19.30...+0.3%. DAX...7097.86...+42.83...+0.6%.
06:25 am : Nikkei...14338.54...+214.07...+1.5%. Hang Seng...24533.12...+149.13...+0.6%.
http://www.youtube.com/watch?v=gUkbdjetlY8 My posting is for my own entertainment, do your own DD
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