Monday, June 02, 2008 9:06:57 PM
Market Update 080602
http://biz.yahoo.com/mu/update.html
4:25 pm : The stock market kicked off June on a low note. Stocks ended Monday with sharp losses, as a management shake-up at a major bank prompted traders to take some money off the table.
The major indices fell to session lows after Standard & Poor's took negative credit rating actions on several major financial firms. However, this was not the underlying catalyst to this session's decline considering that stocks recovered nearly all of their S&P induced losses by the market close.
With regard to Standard & Poor's actions, the agency said its move was in response to the "prospects of continued weakness in the investment banking business and the potential for more write-offs." The agency downgraded its debt ratings on Merrill Lynch (MER 42.62, -1.30), Lehman Bros. (LEH 33.83, -2.98) and Morgan Stanley (MS 43.10, -1.13). The outlooks for JPMorgan Chase (JPM 42.15, -0.85) and Bank of America (BAC 33.58, -0.43) were lowered to negative from stable.
Although the financial sector (-1.8%) managed to rebound from most of its S&P induced retreat, it did not recover its prior losses. The sector ended the session as the main laggard on speculation that management shake-ups at two banks were a sign of bad things to come. Wachovia's (WB 23.40, -0.40) board ousted its CEO, citing a series of disappointments and setbacks. On a similar note, Washington Mutual's (9.00, -0.02) CEO will no longer be the company's chairman, but will remain as CEO.
The decline was not just limited to the financial sector, as weakness was broad-based with nine of the ten economic sectors ending the day lower. Seven of the sectors posted a decline of more than 1%. Tech stocks (-1.4%) -- one of the best performing sectors last week with a gain of 3.5% -- saw a substantial pullback. Meanwhile telecom (-1.2%) was under pressure as Verizon (VZ 37.86, -0.61) fell 1.6%.
The energy sector stood alone in positive territory, with a modest 0.1% advance as crude prices gained 0.3% to $127.70 per barrel.
This session's economic releases were slightly better than expected, but failed to incite buying interest.
The May ISM Index, a national manufacturing survey, rose 2.1% to 49.6, topping the consensus estimate of 48.5. The index suggests a slight contraction in United States manufacturing activity, as the number falls short of 50.
Separately, April construction spending fell 0.4% month-over-month, which is modestly better than the expected decline of 0.6%. March construction spending was revised higher to a decline of 0.6% from a decline of 1.1%. DJ30 -134.50 NASDAQ -31.13 NQ100 -1.3% R2K -1.0% SP400 -0.8% SP500 -14.71 NASDAQ Dec/Adv/Vol 2034/880/1.97 bln NYSE Dec/Adv/Vol 2138/968/1.15 bln
3:35 pm : The stock market attempts to recover, but the modest jolt higher is met with selling efforts.
Tomorrow is light on earnings releases, although the market will be digesting May auto sales data and April factory orders.DJ30 -143.71 NASDAQ -36.12 SP500 -15.28 NASDAQ Dec/Adv/Vol 2116/773/1.63 bln NYSE Dec/Adv/Vol 2216/906/890 mln
3:00 pm : The major indices continue to post substantial losses. The Nasdaq 100 (-1.8%) is getting hit especially hard, as large-cap tech is out of favor this session.
Within the Nasdaq 100, 88% of stocks are posting a loss. Apple (AAPL 185.17, -3.58), Qualcomm (QCOM 47.32, -1.22) and Microsoft (MSFT 27.65, -0.67) are the main laggards.DJ30 -177.33 NASDAQ -43.14 SP500 -18.90 NASDAQ Dec/Adv/Vol 2141/730/1.46 bln NYSE Dec/Adv/Vol 2252/854/793 mln
2:30 pm : The stock market is slowly paring its losses. However, the market's decline remains substantial, and it is still trading well below its level prior to the S&P financial firm rating downgrades.
Crude oil is trading in a volatile manner as it gives up the majority of its gains. Oil is currently up 0.2% to $127.72 per barrel.DJ30 -171.23 NASDAQ -40.92 SP500 -17.93 NASDAQ Dec/Adv/Vol 2119/742/1.34 bln NYSE Dec/Adv/Vol 2238/863/731 mln
2:00 pm : The major indices are trading slightly above session lows. All ten of the economic sectors are in negative territory.
European markets also had a negative day. British mortgage lender Bradford & Bingley issued a warning on the state of the U.K. mortgage market, which reignited credit fears. London's FTSE fell 0.8%, France's CAC slipped 1.6% and Germany's DAX fell 1.2%.DJ30 -175.05 NASDAQ -41.62 SP500 -18.62 NASDAQ Dec/Adv/Vol 2142/709/1.23 mln NYSE Dec/Adv/Vol 2267/829/669 mln
1:30 pm : The Standard & Poor's rating downgrade induced selling pressure eases as the major indices hold near their session lows. Bonds extended their rally on the news, with the 10-year now up 27 ticks sending its yield down to 3.96%.
Market breadth is bearish, with decliners outpacing advancers by 14-to-5 on the NYSE and by 10-to-3 on Nasdaq.DJ30 -180.18 NASDAQ -45.50 SP500 -19.34 NASDAQ Dec/Adv/Vol 2174/625/1.26 bln NYSE Dec/Adv/Vol 2258/802/611 mln
1:00 pm : A bad day in the stock market just got worse with Standard & Poor's announcing in the last half hour that it cut its debt ratings on investment banks Merrill Lynch (MER 41.83, -2.09), Lehman Bros. (LEH 33.90, -2.91) and Morgan Stanley (MS 42.65, -1.58). Separately, the outlook for JPMorgan Chase (JPM 41.78, -1.22) and Bank of America (BAC 33.25, -0.76) was lowered to negative from stable.
These ratings action were driven in part by concerns surrounding the weak U.S. economy and the earnings environment.
The major indices dropped to new session lows in the wake of the news regarding Standard & Poor's action.
With its current losses, the S&P 500 is down 1.5% for the day, which means it has lost the lion's share of last week's 1.8% advance.DJ30 -196.71 NASDAQ -20.62 SP500 -46.08 NASDAQ Dec/Adv/Vol 2125/703/959 mln NYSE Dec/Adv/Vol 2076/976/500 mln
12:30 pm : Buyers remain on the sidelines as the major indices trade with substantial losses. The Dollar Index is up a slight 0.05% after being up as much as 0.37%.
Atlanta Fed President Lockhart said inflation levels are "uncomfortable", but he does expect a "fall-off" from current levels. The stock market has a muted reaction to the comments, as the Fed has already expressed this view.DJ30 -158.93 NASDAQ -33.87 SP500 -15.06 NASDAQ Dec/Adv/Vol 2051/743/896 mln NYSE Dec/Adv/Vol 2058/985/482 mln
12:00 pm : The stock market is succumbing to profit-taking, which follows four consecutive advances. Weakness is broad-based, with 84% of S&P 500 components posting a loss.
Overall, corporate news has been on the light side.
A series of disappointments and setbacks prompted Wachovia's (WB 23.11, -0.70) board of directors to oust CEO Ken Thompson. On a related note, Washington Mutual (WM 8.91, -0.11) CEO Kerry Killinger is being replaced as chairman of the board, but will remain as CEO.
The media is focusing on the stories, although an executive being ousted in the wake of the credit market turmoil is nothing new. Merrill Lynch (MER 43.05, -0.87), Bear Stearns, Citigroup (C 21.35, -0.54) and UBS (UBS 23.33, -1.39) have already replaced their CEOs.
Eight of the ten economic sectors are posting a loss, with seven down more than 1%. Financials (-1.8%) are leading the way lower, on fears that Wachovia's actions indicate the company may be in for a dismal second quarter. Telecom (-1.7%), and tech (-1.5%) are also under selling pressure.
The energy sector (+1.1%) is posting the largest gain, after spiking higher as crude rebounded from a loss of 1.7% to a gain of 0.9% at $128.63 per barrel. The Materials sector (+0.3%) is outperforming as commodities rise 1.2%.
This session's economic releases were slightly better than expected, and reflected sluggish economic growth. The reports failed to incite buying interest.
The May ISM Index, a national manufacturing survey, rose 2.1% to 49.6, topping the consensus estimate of 48.5. The index suggests a slight contraction in United States manufacturing activity, as the number falls short of 50.
Separately, April construction spending fell 0.4% month-over-month, which is modestly better than the expected decline of 0.6%. March construction spending was revised higher to a decline of 0.6% from a decline of 1.1%.DJ30 -142.97 NASDAQ -31.99 SP500 -13.15 NASDAQ Dec/Adv/Vol 2016/753/786 mln NYSE Dec/Adv/Vol 2029/986/429 mln
11:30 am : The Dow and Nasdaq take out fresh session lows, while the S&P 500 is drifting toward its worst level. The energy sector (+0.6%) stands alone in positive territory as crude extends its gain (+0.7% to $128.30).
As stocks decline, Treasuries are seeing some buying interest with the 10-year note up 17 ticks, sending its yield below 4%.
Meanwhile the VIX, a measure of volatility, extends its gain to 11.5%. The current level of the VIX indicates the S&P 500 will move up or down by 5.7% in the next 30 days.DJ30 -150.38 NASDAQ -33.31 SP500 -13.62 NASDAQ Dec/Adv/Vol 1982/740/652 mln NYSE Dec/Adv/Vol 2010/960/357 mln
11:00 am : The major indices are trading above their worst levels, but continue to post substantial losses.
A good deal of media attention is being placed on news that Wachovia's (WB 22.80, -1.00) CEO was forced out by the company's board. An executive being ousted in the wake of the credit market turmoil is nothing new. Merrill Lynch (MER 43.32, -0.60), Bear Stearns, Citigroup (C 21.56, -0.33) and UBS (UBS 23.51, -0.15) have already replaced their CEOs.
Meanwhile, crude oil has rebounded to a modest gain of 0.4% after being down as much as 1.7%. Commodities as a whole are nearly unchanged with a slight advance of 0.1%.DJ30 -141.34 NASDAQ -27.84 SP500 -12.83 NASDAQ Dec/Adv/Vol 1887/769/531 mln NYSE Dec/Adv/Vol 2027/899/291 mln
10:30 am : Broad-based selling interest sends the major indices to fresh session lows, with the S&P 500 down nearly 1%.
All ten economic sectors are in negative territory, with seven of them down more than 1%. The market will have a hard time recovering without the support of the session's main laggards -- financials (-1.6%) and tech (-1.1%) -- considering they are the most heavily weighted sectors.
General Motors (GM 17.35, +0.25) is bucking the negative trend. Barron's released a bullish article that indicated the potential of GM's stock to more than double, citing the company's cost-cutting measures.DJ30 -138.01 NASDAQ -29.37 SP500 -14.45 NASDAQ Dec/Adv/Vol 1911/717/383 mln NYSE Dec/Adv/Vol 2073/786/210 mln
10:05 am : Buyers are not showing much interest as the month of June gets underway despite two better-than-expected economic reports.
Just reported, the May ISM Index, a national manufacturing survey, rose 2.1% to 49.6, topping the consensus estimate of 48.5. The index suggests a slight contraction in United States manufacturing activity, as the number falls short of 50.
Separately, April construction spending fell 0.4% month-over-month, which is modestly better than the expected decline of 0.6%. March construction spending was revised higher to a decline of 0.6% from a decline of 1.1%.
The major indices extend their losses in broad-based weakness. DJ30 -91.92 NASDAQ -18.64 SP500 -9.82 NASDAQ Dec/Adv/Vol 1726/755/192 mln NYSE Dec/Adv/Vol 1992/777/120 mln
09:40 am : The major indices open on a low note. Weakness is broad-based, with all ten of the major sectors trending lower. Losses are limited though, as only one sector is posting a loss in excess of 1%.
Financials are facing the most selling pressure, with a slide of 1.1%. Wachovia (WB 23.00, -0.80) is a laggard on word that its board of directors ousted its CEO. On a similar note, Washington Mutual's (WM 8.87, -0.15) CEO is relinquishing his Chairman position to an independent director. He will remain as CEO.DJ30 -66.76 NASDAQ -10.33 SP500 -6.91
09:17 am : S&P futures vs fair value: -6.5. Nasdaq futures vs fair value: -6.2.
08:56 am : S&P futures vs fair value: -6.7. Nasdaq futures vs fair value: -7.8. A lower start for the stock market is expected. Crude oil prices are down 1.0% to $126.03. The dollar is up 0.2% against a basket of world currencies.
08:30 am : S&P futures vs fair value: -7.0. Nasdaq futures vs fair value: -7.8. Stock futures suggest a negative open. European markets are under selling pressure, with financial companies acting as the main drag. The FTSE has fallen 0.9%, the CAC 40 is down 1.4% and the Dax has slipped 1.1%.
08:01 am : S&P futures vs fair value: -6.9. Nasdaq futures vs fair value: -8.0. Futures indicate a lower start to the trading day. Wachovia's (WB) CEO has been ousted by the company's board of directors on a serious of disappointments and setbacks. On the ecnomic front, investors await the April construction spending and May ISM Index reports at 10:00 ET.
06:20 am : S&P futures vs fair value: -7.7. Nasdaq futures vs fair value: -8.5.
06:19 am : FTSE...6006.20...-47.30...-0.8%. DAX...7022.22...-74.47...-1.1%.
06:19 am : Nikkei...14440.14...+101.60...+0.7%. Hang Seng...24831.36...+298.24...+1.2%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
http://biz.yahoo.com/mu/update.html
4:25 pm : The stock market kicked off June on a low note. Stocks ended Monday with sharp losses, as a management shake-up at a major bank prompted traders to take some money off the table.
The major indices fell to session lows after Standard & Poor's took negative credit rating actions on several major financial firms. However, this was not the underlying catalyst to this session's decline considering that stocks recovered nearly all of their S&P induced losses by the market close.
With regard to Standard & Poor's actions, the agency said its move was in response to the "prospects of continued weakness in the investment banking business and the potential for more write-offs." The agency downgraded its debt ratings on Merrill Lynch (MER 42.62, -1.30), Lehman Bros. (LEH 33.83, -2.98) and Morgan Stanley (MS 43.10, -1.13). The outlooks for JPMorgan Chase (JPM 42.15, -0.85) and Bank of America (BAC 33.58, -0.43) were lowered to negative from stable.
Although the financial sector (-1.8%) managed to rebound from most of its S&P induced retreat, it did not recover its prior losses. The sector ended the session as the main laggard on speculation that management shake-ups at two banks were a sign of bad things to come. Wachovia's (WB 23.40, -0.40) board ousted its CEO, citing a series of disappointments and setbacks. On a similar note, Washington Mutual's (9.00, -0.02) CEO will no longer be the company's chairman, but will remain as CEO.
The decline was not just limited to the financial sector, as weakness was broad-based with nine of the ten economic sectors ending the day lower. Seven of the sectors posted a decline of more than 1%. Tech stocks (-1.4%) -- one of the best performing sectors last week with a gain of 3.5% -- saw a substantial pullback. Meanwhile telecom (-1.2%) was under pressure as Verizon (VZ 37.86, -0.61) fell 1.6%.
The energy sector stood alone in positive territory, with a modest 0.1% advance as crude prices gained 0.3% to $127.70 per barrel.
This session's economic releases were slightly better than expected, but failed to incite buying interest.
The May ISM Index, a national manufacturing survey, rose 2.1% to 49.6, topping the consensus estimate of 48.5. The index suggests a slight contraction in United States manufacturing activity, as the number falls short of 50.
Separately, April construction spending fell 0.4% month-over-month, which is modestly better than the expected decline of 0.6%. March construction spending was revised higher to a decline of 0.6% from a decline of 1.1%. DJ30 -134.50 NASDAQ -31.13 NQ100 -1.3% R2K -1.0% SP400 -0.8% SP500 -14.71 NASDAQ Dec/Adv/Vol 2034/880/1.97 bln NYSE Dec/Adv/Vol 2138/968/1.15 bln
3:35 pm : The stock market attempts to recover, but the modest jolt higher is met with selling efforts.
Tomorrow is light on earnings releases, although the market will be digesting May auto sales data and April factory orders.DJ30 -143.71 NASDAQ -36.12 SP500 -15.28 NASDAQ Dec/Adv/Vol 2116/773/1.63 bln NYSE Dec/Adv/Vol 2216/906/890 mln
3:00 pm : The major indices continue to post substantial losses. The Nasdaq 100 (-1.8%) is getting hit especially hard, as large-cap tech is out of favor this session.
Within the Nasdaq 100, 88% of stocks are posting a loss. Apple (AAPL 185.17, -3.58), Qualcomm (QCOM 47.32, -1.22) and Microsoft (MSFT 27.65, -0.67) are the main laggards.DJ30 -177.33 NASDAQ -43.14 SP500 -18.90 NASDAQ Dec/Adv/Vol 2141/730/1.46 bln NYSE Dec/Adv/Vol 2252/854/793 mln
2:30 pm : The stock market is slowly paring its losses. However, the market's decline remains substantial, and it is still trading well below its level prior to the S&P financial firm rating downgrades.
Crude oil is trading in a volatile manner as it gives up the majority of its gains. Oil is currently up 0.2% to $127.72 per barrel.DJ30 -171.23 NASDAQ -40.92 SP500 -17.93 NASDAQ Dec/Adv/Vol 2119/742/1.34 bln NYSE Dec/Adv/Vol 2238/863/731 mln
2:00 pm : The major indices are trading slightly above session lows. All ten of the economic sectors are in negative territory.
European markets also had a negative day. British mortgage lender Bradford & Bingley issued a warning on the state of the U.K. mortgage market, which reignited credit fears. London's FTSE fell 0.8%, France's CAC slipped 1.6% and Germany's DAX fell 1.2%.DJ30 -175.05 NASDAQ -41.62 SP500 -18.62 NASDAQ Dec/Adv/Vol 2142/709/1.23 mln NYSE Dec/Adv/Vol 2267/829/669 mln
1:30 pm : The Standard & Poor's rating downgrade induced selling pressure eases as the major indices hold near their session lows. Bonds extended their rally on the news, with the 10-year now up 27 ticks sending its yield down to 3.96%.
Market breadth is bearish, with decliners outpacing advancers by 14-to-5 on the NYSE and by 10-to-3 on Nasdaq.DJ30 -180.18 NASDAQ -45.50 SP500 -19.34 NASDAQ Dec/Adv/Vol 2174/625/1.26 bln NYSE Dec/Adv/Vol 2258/802/611 mln
1:00 pm : A bad day in the stock market just got worse with Standard & Poor's announcing in the last half hour that it cut its debt ratings on investment banks Merrill Lynch (MER 41.83, -2.09), Lehman Bros. (LEH 33.90, -2.91) and Morgan Stanley (MS 42.65, -1.58). Separately, the outlook for JPMorgan Chase (JPM 41.78, -1.22) and Bank of America (BAC 33.25, -0.76) was lowered to negative from stable.
These ratings action were driven in part by concerns surrounding the weak U.S. economy and the earnings environment.
The major indices dropped to new session lows in the wake of the news regarding Standard & Poor's action.
With its current losses, the S&P 500 is down 1.5% for the day, which means it has lost the lion's share of last week's 1.8% advance.DJ30 -196.71 NASDAQ -20.62 SP500 -46.08 NASDAQ Dec/Adv/Vol 2125/703/959 mln NYSE Dec/Adv/Vol 2076/976/500 mln
12:30 pm : Buyers remain on the sidelines as the major indices trade with substantial losses. The Dollar Index is up a slight 0.05% after being up as much as 0.37%.
Atlanta Fed President Lockhart said inflation levels are "uncomfortable", but he does expect a "fall-off" from current levels. The stock market has a muted reaction to the comments, as the Fed has already expressed this view.DJ30 -158.93 NASDAQ -33.87 SP500 -15.06 NASDAQ Dec/Adv/Vol 2051/743/896 mln NYSE Dec/Adv/Vol 2058/985/482 mln
12:00 pm : The stock market is succumbing to profit-taking, which follows four consecutive advances. Weakness is broad-based, with 84% of S&P 500 components posting a loss.
Overall, corporate news has been on the light side.
A series of disappointments and setbacks prompted Wachovia's (WB 23.11, -0.70) board of directors to oust CEO Ken Thompson. On a related note, Washington Mutual (WM 8.91, -0.11) CEO Kerry Killinger is being replaced as chairman of the board, but will remain as CEO.
The media is focusing on the stories, although an executive being ousted in the wake of the credit market turmoil is nothing new. Merrill Lynch (MER 43.05, -0.87), Bear Stearns, Citigroup (C 21.35, -0.54) and UBS (UBS 23.33, -1.39) have already replaced their CEOs.
Eight of the ten economic sectors are posting a loss, with seven down more than 1%. Financials (-1.8%) are leading the way lower, on fears that Wachovia's actions indicate the company may be in for a dismal second quarter. Telecom (-1.7%), and tech (-1.5%) are also under selling pressure.
The energy sector (+1.1%) is posting the largest gain, after spiking higher as crude rebounded from a loss of 1.7% to a gain of 0.9% at $128.63 per barrel. The Materials sector (+0.3%) is outperforming as commodities rise 1.2%.
This session's economic releases were slightly better than expected, and reflected sluggish economic growth. The reports failed to incite buying interest.
The May ISM Index, a national manufacturing survey, rose 2.1% to 49.6, topping the consensus estimate of 48.5. The index suggests a slight contraction in United States manufacturing activity, as the number falls short of 50.
Separately, April construction spending fell 0.4% month-over-month, which is modestly better than the expected decline of 0.6%. March construction spending was revised higher to a decline of 0.6% from a decline of 1.1%.DJ30 -142.97 NASDAQ -31.99 SP500 -13.15 NASDAQ Dec/Adv/Vol 2016/753/786 mln NYSE Dec/Adv/Vol 2029/986/429 mln
11:30 am : The Dow and Nasdaq take out fresh session lows, while the S&P 500 is drifting toward its worst level. The energy sector (+0.6%) stands alone in positive territory as crude extends its gain (+0.7% to $128.30).
As stocks decline, Treasuries are seeing some buying interest with the 10-year note up 17 ticks, sending its yield below 4%.
Meanwhile the VIX, a measure of volatility, extends its gain to 11.5%. The current level of the VIX indicates the S&P 500 will move up or down by 5.7% in the next 30 days.DJ30 -150.38 NASDAQ -33.31 SP500 -13.62 NASDAQ Dec/Adv/Vol 1982/740/652 mln NYSE Dec/Adv/Vol 2010/960/357 mln
11:00 am : The major indices are trading above their worst levels, but continue to post substantial losses.
A good deal of media attention is being placed on news that Wachovia's (WB 22.80, -1.00) CEO was forced out by the company's board. An executive being ousted in the wake of the credit market turmoil is nothing new. Merrill Lynch (MER 43.32, -0.60), Bear Stearns, Citigroup (C 21.56, -0.33) and UBS (UBS 23.51, -0.15) have already replaced their CEOs.
Meanwhile, crude oil has rebounded to a modest gain of 0.4% after being down as much as 1.7%. Commodities as a whole are nearly unchanged with a slight advance of 0.1%.DJ30 -141.34 NASDAQ -27.84 SP500 -12.83 NASDAQ Dec/Adv/Vol 1887/769/531 mln NYSE Dec/Adv/Vol 2027/899/291 mln
10:30 am : Broad-based selling interest sends the major indices to fresh session lows, with the S&P 500 down nearly 1%.
All ten economic sectors are in negative territory, with seven of them down more than 1%. The market will have a hard time recovering without the support of the session's main laggards -- financials (-1.6%) and tech (-1.1%) -- considering they are the most heavily weighted sectors.
General Motors (GM 17.35, +0.25) is bucking the negative trend. Barron's released a bullish article that indicated the potential of GM's stock to more than double, citing the company's cost-cutting measures.DJ30 -138.01 NASDAQ -29.37 SP500 -14.45 NASDAQ Dec/Adv/Vol 1911/717/383 mln NYSE Dec/Adv/Vol 2073/786/210 mln
10:05 am : Buyers are not showing much interest as the month of June gets underway despite two better-than-expected economic reports.
Just reported, the May ISM Index, a national manufacturing survey, rose 2.1% to 49.6, topping the consensus estimate of 48.5. The index suggests a slight contraction in United States manufacturing activity, as the number falls short of 50.
Separately, April construction spending fell 0.4% month-over-month, which is modestly better than the expected decline of 0.6%. March construction spending was revised higher to a decline of 0.6% from a decline of 1.1%.
The major indices extend their losses in broad-based weakness. DJ30 -91.92 NASDAQ -18.64 SP500 -9.82 NASDAQ Dec/Adv/Vol 1726/755/192 mln NYSE Dec/Adv/Vol 1992/777/120 mln
09:40 am : The major indices open on a low note. Weakness is broad-based, with all ten of the major sectors trending lower. Losses are limited though, as only one sector is posting a loss in excess of 1%.
Financials are facing the most selling pressure, with a slide of 1.1%. Wachovia (WB 23.00, -0.80) is a laggard on word that its board of directors ousted its CEO. On a similar note, Washington Mutual's (WM 8.87, -0.15) CEO is relinquishing his Chairman position to an independent director. He will remain as CEO.DJ30 -66.76 NASDAQ -10.33 SP500 -6.91
09:17 am : S&P futures vs fair value: -6.5. Nasdaq futures vs fair value: -6.2.
08:56 am : S&P futures vs fair value: -6.7. Nasdaq futures vs fair value: -7.8. A lower start for the stock market is expected. Crude oil prices are down 1.0% to $126.03. The dollar is up 0.2% against a basket of world currencies.
08:30 am : S&P futures vs fair value: -7.0. Nasdaq futures vs fair value: -7.8. Stock futures suggest a negative open. European markets are under selling pressure, with financial companies acting as the main drag. The FTSE has fallen 0.9%, the CAC 40 is down 1.4% and the Dax has slipped 1.1%.
08:01 am : S&P futures vs fair value: -6.9. Nasdaq futures vs fair value: -8.0. Futures indicate a lower start to the trading day. Wachovia's (WB) CEO has been ousted by the company's board of directors on a serious of disappointments and setbacks. On the ecnomic front, investors await the April construction spending and May ISM Index reports at 10:00 ET.
06:20 am : S&P futures vs fair value: -7.7. Nasdaq futures vs fair value: -8.5.
06:19 am : FTSE...6006.20...-47.30...-0.8%. DAX...7022.22...-74.47...-1.1%.
06:19 am : Nikkei...14440.14...+101.60...+0.7%. Hang Seng...24831.36...+298.24...+1.2%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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