AI
Thursday, June 26, 2008 6:25:44 PM
Market Update 080626
http://biz.yahoo.com/mu/update.html
4:20 pm : The stock market fell nearly 3% Thursday, slipping below 1300 to close at its session low, while the Dow Jones Industrials Average dropped to a new 52-week low. Moving in the other direction, crude prices hit a new intraday record high, crossing the $140 per barrel threshold.
Large-cap tech names were among the session’s worst performers as the Nasdaq 100 fell more than 4%. Namely, Research In Motion (RIMM 123.46, -18.88) fell more than 13% to its lowest level in two months. The company disappointed investors by reporting earnings per share results that were a penny shy of the quarterly consensus estimate. Meanwhile, Oracle (ORCL 21.42, -1.13) disappointed its investors with an underwhelming forecast.
All ten of the major economic sectors finished markedly lower. Five sectors closed with losses in excess of 3%.
Financials (-4.4%) were the session’s worst performing economic sector. According to reports, Goldman Sachs stated Citigroup (C 17.67, -1.18) may incur additional write-downs and may also raise more capital, while Merrill Lynch (MER 33.05, -2.41) may need to raise additional capital as well. Shares of C were added to Goldman’s Conviction Sell List, according to Dow Jones; the stock hit a new 52-week low today.
Also hitting a 52-week low were shares of Dow components General Motors (GM 11.43, -1.38) and General Electric (GE 26.53, -1.46). Goldman Sachs cut estimates for General Motors, while The Wall Street Journal reported GE is having difficulty selling its credit card business.
Yahoo! (YHOO 21.37, -0.64) announced changes to its organization and a realignment to support its core strategies, which are aimed at improving its products, technologies, and execution. The announcement came in the face of a regulatory filing by Carl Icahn, in which the shareholder activist is attempting to shakeup company management.
Crude hit an all-time intraday high, surging more than 4% to $140.39 per barrel. Crude's advance followed reports that Libya threatened to cut production, while OPEC's president said crude may reach $170 per barrel this summer.
In terms of economic news, the final GDP reading for the first quarter indicated the economy grew at 1.0%, on par with economists’ expectations and up slightly from the previous reading. Personal consumption expenditures were revised upward to 1.1%, while the GDP price index came in at 2.7%. Importantly, the component changes are not significant enough to alter second quarter forecasts.
Jobless claims for the week ending June 21 exceeded expectations, totaling 384,000, though they were unchanged from the prior week.
Additionally, existing home sales rose 2% month-over-month to a seasonally adjusted annual rate of 4.99 million, which is better than the expected increase of 1.2%.DJ30 -358.41 NASDAQ -79.89 NQ100 -4.1% R2K -2.5% SP400 -2.7% SP500 -38.82 NASDAQ Adv/Vol/Dec 579/2.28 bln/2331 NYSE Adv/Vol/Dec 479/1.54 bln/2692
3:30 pm : Moving into the final stretch of the session stocks continue to trade markedly lower as oil reaches new intraday highs. All three of the major indices continue to trade more than 2% lower.
The rise in oil prices is impacting the Amex Airline Index, down 4.5%, and the Dow Jones Transportation Average, which is down 2.6%.
Fitch Ratings is withdrawing its outstanding ratings on MBIA (MBI 4.47, -0.44) and Ambac Financial (ABK 1.82, -0.10). The action follows decisions by both companies to cease providing substantive nonpublic portfolio information that is used in Fitch's models.DJ30 -282.94 NASDAQ -66.01 SP500 -30.24 NASDAQ Adv/Vol/Dec 644/1.83bln/2247 NYSE Adv/Vol/Dec 523/1.10 bln/2639
3:00 pm : Market bears come out in full force, driving the market to session lows as crude hits an all-time intraday high, surging 4.1% to $140.05 per barrel.
Crude's advance comes on reports that Libya threatened to cut production and OPEC's president said crude may reach $170 per barrel this summer. The dollar is down 0.5%, which is also spurring some buying interest in oil and other commodities (+2.5%).
The Dow is trading at its lowest level since September 2006 after plunging 19% since last October. The S&P 500 is trading roughly 2% above its multi-year low that was reached in March after Bear Stearns collapsed. Renewed credit market and inflation fears have sent the S&P 500 tumbling 8% this month -- the largest one-month drop in six years.DJ30 -298.55 NASDAQ -74.32 SP500 -33.77 NASDAQ Adv/Vol/Dec 549/1.65 bln/2329 NYSE Adv/Vol/Dec 462/985 mln/2688
2:30 pm : Investors were unable to put together a sustainable rally. Instead, selling has intensified and the major indices are now testing earlier lows.
The stock market is trading just 2.9% above its 52-week low, which was reached in mid-March. The Nasdaq is 8.3% above its 52-week low, which was also reached in mid-March. The Dow, however, hit a fresh 52-week low during the current session.
Oil is trading markedly higher. Crude is trading hands at nearly $139.80 per barrel, up 3.9%.
(Note: It was previously incorrectly reported the Nasdaq is at a 52-week low. The Dow is at a 52-week low, not the Nasdaq. The comment has been corrected.)DJ30 -275.12 NASDAQ -72.56 SP500 -30.94 NASDAQ Adv/Vol/Dec 539/1.48 bln/2306 NYSE Adv/Vol/Dec 467/885 mln/2661
2:05 pm : Stocks are making a mild ascent from their session lows. However, the S&P 500 remains below 1300, while losses among the other major indices remain sizeable.
Yahoo! (YHOO 21.58, -0.43) announced changes to its organization aimed at improving its products, technologies, and execution. Still, speculation whether Yahoo! will strike a deal with Microsoft (MSFT 27.98, -0.38) lingers.
InBev confirmed it remains committed to its poposed combination with Anheuser-Busch (BUD 61.23, -0.53) and its original offer, despite Anheuser-Busch's efforts to rebuff the bid.DJ30 -240.84 NASDAQ -63.69 SP500 -27.21 NASDAQ Adv/Vol/Dec 589/1.35 bln/2252 NYSE Adv/Vol/Dec 488/806 mln/2632
1:30 pm : The stock market remains in a funk during afternoon trading, unable to compose a rally thus far this session. The broadbased S&P 500 has taken another step lower, reaching a new session low.
The financial sector is down 3.3%. Each of its primary industry groups is sporting a loss; thrifts and mortgage players (-5.5%) are showing the most severe decline.
Interest in U.S. Treasury Notes has picked up. The yield on the 10-year Note is currently 4.02%, reflecting an advance of 20 ticks.DJ30 -265.19 NASDAQ -67.77 SP500 -30.88 NASDAQ Adv/Vol/Dec 539/1.24 bln/2269 NYSE Adv/Vol/Dec 446/743 mln/2668
1:00 pm : Large-cap tech names have dragged the Nasdaq 100 more than 3% lower. Research In Motion (RIMM 124.81, -17.53), Apple (AAPL 169.96, -7.43), and Google (GOOG 530.96, -20.04) are primary laggards. Specific to Research in Motion, the company announced earnings per share results for its most recent quarter that fell short of analysts' expectations.
Notably, each of the three major indices is trading at least 2% lower.
Every major economic sector is showing a loss of at least 1%. Each of the 30 Dow Jones Industrials components is showing a loss.DJ30 -234.41 NASDAQ -61.13 SP500 -27.50 NASDAQ Adv/Vol/Dec 564/1.12 bln/2234 NYSE Adv/Vol/Dec 460/676 mln/2644
12:30 pm : The stock market is trading just above its session low after encountering resistance at 1300. At its current level, the stock market is on track to conclude June with a 7.5% loss.
With the exception of consumer staples (-0.8%), the economic sectors are trading with a loss of more than 1%. Leaders in consumer staples include include General Mills (GIS 61.54, +0.35) and Dow component Coca-Cola (KO 54.06, -0.04). Not one of the economic sectors is posting a month-to-date gain.
Treasuries are receiving some attention amid the sour mood in equities. The 10-year Note is up 13 ticks and yielding 4.05%.DJ30 -241.66 NASDAQ -60.24 SP500 -27.88 NASDAQ Adv/Vol/Dec 595/999 mln/2170 NYSE Adv/Vol/Dec 495/603 mln/2571
12:00 pm : All ten of the S&P 500 economic sectors remain in the red as the stock market fights to move back above 1300. Pessimism has been widespread for the entire session amid mixed earnings results and underwhelming forecasts from several corporate players.
The financial sector has come under heavy pressure, currently down 2.9%, after Goldman Sachs lowered its rating on the broker sector and indicated Citigroup (C 17.78, -1.07) may incur additional write-downs and may also raise more capital, according to reports. Reports also indicated Goldman believes Merrill Lynch (MER 33.94, -1.52) may also raise capital. Shares of C were added to Goldman’s Conviction Sell List, according to Dow Jones.
Goldman also cut estimates for Dow Jones Industrials component General Motors (GM 11.46, -1.35). Shares of GM are trading at multiyear lows.
Fellow Dow component General Electric (GE 27.20, -0.79) has hit a new 52-week low of its own. According to The Wall Street Journal, the company is reportedly having difficulty finding a buyer for its credit card business.
On the economic front, the final first quarter GDP reading indicated the economy grew at 1.0%, which is on par with what economists were expecting and up slightly from the prior reading. Personal consumption expenditures were revised upward to 1.1%, while the GDP price index came in at 2.7%. The component changes in the report are not significant enough to alter second quarter forecast trends.
Jobless claims for the week ending June 21 exceeded expectations, totaling 384,000, and were unchanged from the prior week. Continuing claims were reported at 3.139 million, which is above the expected 3.105 million claims and up from the prior week’s reduced reading of 3.057 million continuing claims.
Existing home sales rose 2% month-over-month to a seasonally adjusted annual rate of 4.99 million, which is better than the expected increase of 1.2%.
Considered a hedge against inflation, gold and oil are sporting gains. The yellow metal is up 3.7% to $912 per ounce, while crude is up 2.4% to $137.85 per barrel. DJ30 -209.17 NASDAQ -55.99 SP500 -22.92 NASDAQ Adv/Vol/Dec 581/893 mln/2178 NYSE Adv/Vol/Dec 530/542 mln/2538
11:30 am : The S&P 500 has fallen below the 1300 mark, reaching its lowest point in three months. Year-to-date, the stock market is down 11.75%.
Despite the struggles of many industries this year, agricultural chemical companies have logged a solid performance. Year-to-date, Agrium (AGU 104.95, -2.11) is up more than 45%, Mosaic (MOS 145.02, -0.54) is up more than 50%, and Monsanto (MON 129.62, -1.90) is up more than 15%. Shares of MON were added to the Goldman Sachs Conviction Buy List, according to Dow Jones.DJ30 -231.80 NASDAQ -60.23 SP500 -25.46 NASDAQ Adv/Vol/Dec 524/764 mln/2188 NYSE Adv/Vol/Dec 503/461 mln/2526
11:05 am : The stock market has trended further downward to hit a new session low. The S&P 500 is now down approximately 1.9%, while the Dow is down by the same percentage and the Nasdaq is down 2.5%.
All ten of the major economic sectors are in the red. Eight have losses in excess of 1.0%. Four have losses in excess of 2.0%.
Dow component General Electric (GE 27.16, -0.83) is struggling this session as its stock hits a new 52-week low. Reports indicate the company is having difficulty finding a buyer for its credit card business.DJ30 -219.67 NASDAQ -60.00 SP500 -25.04 NASDAQ Adv/Vol/Dec 540/631 mln/2120 NYSE Adv/Vol/Dec 497/381 mln/2487
10:35 am : Stocks have moved up a bit from their session lows, but hold on to considerable losses. The session's tone has been pessimistic from the start.
90% of the S&P 500 components are trading with a loss. The only sector in the S&P 500 to sport a gain, though slight, is energy (+0.1%).
Gold, often considered a hedge against inflation, is trading 3.25% higher at nearly $909 per ounce.DJ30 -132.47 NASDAQ -42.31 SP500 -15.74 NASDAQ Adv/Vol/Dec 699/470 mln/1889 NYSE Adv/Vol/Dec 661/293 mln/2259
10:15 am : Existing home sales are sluggish, but the trend in sales has been relatively flat -- yesterday's new home sales report showed similar results. Reported at 10:00 ET, existing home sales rose 2% month-over-month to a seasonally adjusted annual rate of 4.99 million. This was better than the expected increase of 1.2%.DJ30 -150.52 NASDAQ -46.15 SP500 -17.59 NASDAQ Adv/Vol/Dec 615/339 mln/1893 NYSE Adv/Vol/Dec 620/222 mln/2251
10:05 am : Stocks attempted to pare losses, but have fallen to fresh morning lows. The financial sector is currently the worst performer among the ten major economic sectors. It is currently down 2.9%. Year-to-date, the financial sector is down 27.2%.
On a related note, Discover Financial Services (DFS 14.18, -0.15) announced earnings results for its latest quarter that topped the consensus earnings per share estimate, generating $0.42 per share. Shares of DFS are trading above earlier lows.DJ30 -132.64 NASDAQ -41.80 SP500 -15.24 NASDAQ Adv/Vol/Dec 631/260 mln/1771 NYSE Adv/Vol/Dec 644/182 mln/2200
09:45 am : The stock market opened Thursday's session with sizeable losses. Each of the major indices is down more than 1%. Losses have been most substantial among large-cap tech names; the Nasdaq 100 is down 2% early on.
Oil is trading higher. The commodity is currently up more than 2% to $137.35 per barrel.DJ30 -124.66 NASDAQ -38.87 SP500 -15.50 NASDAQ Adv/Vol/Dec 560/142 mln/1707 NYSE Adv/Vol/Dec 495/107 mln/2263
09:16 am : S&P futures vs fair value: -16.9. Nasdaq futures vs fair value: -43.0. Only a few minutes remain before opening bell and futures continue to show a downward start to Thursday's trading. After yesterday's close Nike (NKE), Oracle (ORCL), and Bed Bath & Beyond (BBBY) all bested their respective EPS estimates. Research In Motion (RIMM), on the other hand, fell a penny short of the consensus earnings per share estimate.
09:00 am : S&P futures vs fair value: -16.2. Nasdaq futures vs fair value: -42.0. According to futures trading, stocks will open the session with a loss. Reports indicate a Goldman Sachs analyst believes Citigroup (C) may incur addtitional write-downs and may also raise capital in the second quarter. Along with Citi, Goldman cited Merrill Lynch (MER) as another financial institution that may need to raise capital. Goldman has added shares of C to its Conviction Sell List, according to reports. Outside of the financial sector, Goldman has cut estimates for General Motors (GM) and added the company to its Americas Sell List, according to reports.
08:30 am : S&P futures vs fair value: -14.6. Nasdaq futures vs fair value: -36.0. Futures continue to indicate a downward start. The final reading for first quarter GDP growth was revised upward to 1.0%, which is on par with what economists were expecting. Personal consumption expenditures were revised upward to 1.1%. The GDP price index came in at 2.7%, which is above both expectations and the inital reading. Separately, jobless claims for the week ending June 21 exceeded expectations, totaling 384,000, and were unchanged from the prior week. Continuing claims were reported at 3.139 million; economists projected claims of 3.105 million, while the prior reading was revised slightly lower to 3.057 million continuing claims.
08:00 am : S&P futures vs fair value: -14.3. Nasdaq futures vs fair value: -36.0. Futures currently indicate the stock market will open markedly lower. On the earnings front, homebuilder Lennar (LEN) reported a loss that was worse than analysts forecast for the most recent quarter. Separately, Rite Aid (RAD) also missed the consensus earnings estimate and reported a loss for the quarter.
06:20 am : S&P futures vs fair value: -9.1. Nasdaq futures vs fair value: -23.0.
06:20 am : FTSE...5591.10...-75.00...-1.3%. DAX...6531.44...-86.40...-1.3%.
06:20 am : Nikkei...13822.32...-7.60...-0.1%. Hang Seng...22455.67...-179.49...-0.8%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
http://biz.yahoo.com/mu/update.html
4:20 pm : The stock market fell nearly 3% Thursday, slipping below 1300 to close at its session low, while the Dow Jones Industrials Average dropped to a new 52-week low. Moving in the other direction, crude prices hit a new intraday record high, crossing the $140 per barrel threshold.
Large-cap tech names were among the session’s worst performers as the Nasdaq 100 fell more than 4%. Namely, Research In Motion (RIMM 123.46, -18.88) fell more than 13% to its lowest level in two months. The company disappointed investors by reporting earnings per share results that were a penny shy of the quarterly consensus estimate. Meanwhile, Oracle (ORCL 21.42, -1.13) disappointed its investors with an underwhelming forecast.
All ten of the major economic sectors finished markedly lower. Five sectors closed with losses in excess of 3%.
Financials (-4.4%) were the session’s worst performing economic sector. According to reports, Goldman Sachs stated Citigroup (C 17.67, -1.18) may incur additional write-downs and may also raise more capital, while Merrill Lynch (MER 33.05, -2.41) may need to raise additional capital as well. Shares of C were added to Goldman’s Conviction Sell List, according to Dow Jones; the stock hit a new 52-week low today.
Also hitting a 52-week low were shares of Dow components General Motors (GM 11.43, -1.38) and General Electric (GE 26.53, -1.46). Goldman Sachs cut estimates for General Motors, while The Wall Street Journal reported GE is having difficulty selling its credit card business.
Yahoo! (YHOO 21.37, -0.64) announced changes to its organization and a realignment to support its core strategies, which are aimed at improving its products, technologies, and execution. The announcement came in the face of a regulatory filing by Carl Icahn, in which the shareholder activist is attempting to shakeup company management.
Crude hit an all-time intraday high, surging more than 4% to $140.39 per barrel. Crude's advance followed reports that Libya threatened to cut production, while OPEC's president said crude may reach $170 per barrel this summer.
In terms of economic news, the final GDP reading for the first quarter indicated the economy grew at 1.0%, on par with economists’ expectations and up slightly from the previous reading. Personal consumption expenditures were revised upward to 1.1%, while the GDP price index came in at 2.7%. Importantly, the component changes are not significant enough to alter second quarter forecasts.
Jobless claims for the week ending June 21 exceeded expectations, totaling 384,000, though they were unchanged from the prior week.
Additionally, existing home sales rose 2% month-over-month to a seasonally adjusted annual rate of 4.99 million, which is better than the expected increase of 1.2%.DJ30 -358.41 NASDAQ -79.89 NQ100 -4.1% R2K -2.5% SP400 -2.7% SP500 -38.82 NASDAQ Adv/Vol/Dec 579/2.28 bln/2331 NYSE Adv/Vol/Dec 479/1.54 bln/2692
3:30 pm : Moving into the final stretch of the session stocks continue to trade markedly lower as oil reaches new intraday highs. All three of the major indices continue to trade more than 2% lower.
The rise in oil prices is impacting the Amex Airline Index, down 4.5%, and the Dow Jones Transportation Average, which is down 2.6%.
Fitch Ratings is withdrawing its outstanding ratings on MBIA (MBI 4.47, -0.44) and Ambac Financial (ABK 1.82, -0.10). The action follows decisions by both companies to cease providing substantive nonpublic portfolio information that is used in Fitch's models.DJ30 -282.94 NASDAQ -66.01 SP500 -30.24 NASDAQ Adv/Vol/Dec 644/1.83bln/2247 NYSE Adv/Vol/Dec 523/1.10 bln/2639
3:00 pm : Market bears come out in full force, driving the market to session lows as crude hits an all-time intraday high, surging 4.1% to $140.05 per barrel.
Crude's advance comes on reports that Libya threatened to cut production and OPEC's president said crude may reach $170 per barrel this summer. The dollar is down 0.5%, which is also spurring some buying interest in oil and other commodities (+2.5%).
The Dow is trading at its lowest level since September 2006 after plunging 19% since last October. The S&P 500 is trading roughly 2% above its multi-year low that was reached in March after Bear Stearns collapsed. Renewed credit market and inflation fears have sent the S&P 500 tumbling 8% this month -- the largest one-month drop in six years.DJ30 -298.55 NASDAQ -74.32 SP500 -33.77 NASDAQ Adv/Vol/Dec 549/1.65 bln/2329 NYSE Adv/Vol/Dec 462/985 mln/2688
2:30 pm : Investors were unable to put together a sustainable rally. Instead, selling has intensified and the major indices are now testing earlier lows.
The stock market is trading just 2.9% above its 52-week low, which was reached in mid-March. The Nasdaq is 8.3% above its 52-week low, which was also reached in mid-March. The Dow, however, hit a fresh 52-week low during the current session.
Oil is trading markedly higher. Crude is trading hands at nearly $139.80 per barrel, up 3.9%.
(Note: It was previously incorrectly reported the Nasdaq is at a 52-week low. The Dow is at a 52-week low, not the Nasdaq. The comment has been corrected.)DJ30 -275.12 NASDAQ -72.56 SP500 -30.94 NASDAQ Adv/Vol/Dec 539/1.48 bln/2306 NYSE Adv/Vol/Dec 467/885 mln/2661
2:05 pm : Stocks are making a mild ascent from their session lows. However, the S&P 500 remains below 1300, while losses among the other major indices remain sizeable.
Yahoo! (YHOO 21.58, -0.43) announced changes to its organization aimed at improving its products, technologies, and execution. Still, speculation whether Yahoo! will strike a deal with Microsoft (MSFT 27.98, -0.38) lingers.
InBev confirmed it remains committed to its poposed combination with Anheuser-Busch (BUD 61.23, -0.53) and its original offer, despite Anheuser-Busch's efforts to rebuff the bid.DJ30 -240.84 NASDAQ -63.69 SP500 -27.21 NASDAQ Adv/Vol/Dec 589/1.35 bln/2252 NYSE Adv/Vol/Dec 488/806 mln/2632
1:30 pm : The stock market remains in a funk during afternoon trading, unable to compose a rally thus far this session. The broadbased S&P 500 has taken another step lower, reaching a new session low.
The financial sector is down 3.3%. Each of its primary industry groups is sporting a loss; thrifts and mortgage players (-5.5%) are showing the most severe decline.
Interest in U.S. Treasury Notes has picked up. The yield on the 10-year Note is currently 4.02%, reflecting an advance of 20 ticks.DJ30 -265.19 NASDAQ -67.77 SP500 -30.88 NASDAQ Adv/Vol/Dec 539/1.24 bln/2269 NYSE Adv/Vol/Dec 446/743 mln/2668
1:00 pm : Large-cap tech names have dragged the Nasdaq 100 more than 3% lower. Research In Motion (RIMM 124.81, -17.53), Apple (AAPL 169.96, -7.43), and Google (GOOG 530.96, -20.04) are primary laggards. Specific to Research in Motion, the company announced earnings per share results for its most recent quarter that fell short of analysts' expectations.
Notably, each of the three major indices is trading at least 2% lower.
Every major economic sector is showing a loss of at least 1%. Each of the 30 Dow Jones Industrials components is showing a loss.DJ30 -234.41 NASDAQ -61.13 SP500 -27.50 NASDAQ Adv/Vol/Dec 564/1.12 bln/2234 NYSE Adv/Vol/Dec 460/676 mln/2644
12:30 pm : The stock market is trading just above its session low after encountering resistance at 1300. At its current level, the stock market is on track to conclude June with a 7.5% loss.
With the exception of consumer staples (-0.8%), the economic sectors are trading with a loss of more than 1%. Leaders in consumer staples include include General Mills (GIS 61.54, +0.35) and Dow component Coca-Cola (KO 54.06, -0.04). Not one of the economic sectors is posting a month-to-date gain.
Treasuries are receiving some attention amid the sour mood in equities. The 10-year Note is up 13 ticks and yielding 4.05%.DJ30 -241.66 NASDAQ -60.24 SP500 -27.88 NASDAQ Adv/Vol/Dec 595/999 mln/2170 NYSE Adv/Vol/Dec 495/603 mln/2571
12:00 pm : All ten of the S&P 500 economic sectors remain in the red as the stock market fights to move back above 1300. Pessimism has been widespread for the entire session amid mixed earnings results and underwhelming forecasts from several corporate players.
The financial sector has come under heavy pressure, currently down 2.9%, after Goldman Sachs lowered its rating on the broker sector and indicated Citigroup (C 17.78, -1.07) may incur additional write-downs and may also raise more capital, according to reports. Reports also indicated Goldman believes Merrill Lynch (MER 33.94, -1.52) may also raise capital. Shares of C were added to Goldman’s Conviction Sell List, according to Dow Jones.
Goldman also cut estimates for Dow Jones Industrials component General Motors (GM 11.46, -1.35). Shares of GM are trading at multiyear lows.
Fellow Dow component General Electric (GE 27.20, -0.79) has hit a new 52-week low of its own. According to The Wall Street Journal, the company is reportedly having difficulty finding a buyer for its credit card business.
On the economic front, the final first quarter GDP reading indicated the economy grew at 1.0%, which is on par with what economists were expecting and up slightly from the prior reading. Personal consumption expenditures were revised upward to 1.1%, while the GDP price index came in at 2.7%. The component changes in the report are not significant enough to alter second quarter forecast trends.
Jobless claims for the week ending June 21 exceeded expectations, totaling 384,000, and were unchanged from the prior week. Continuing claims were reported at 3.139 million, which is above the expected 3.105 million claims and up from the prior week’s reduced reading of 3.057 million continuing claims.
Existing home sales rose 2% month-over-month to a seasonally adjusted annual rate of 4.99 million, which is better than the expected increase of 1.2%.
Considered a hedge against inflation, gold and oil are sporting gains. The yellow metal is up 3.7% to $912 per ounce, while crude is up 2.4% to $137.85 per barrel. DJ30 -209.17 NASDAQ -55.99 SP500 -22.92 NASDAQ Adv/Vol/Dec 581/893 mln/2178 NYSE Adv/Vol/Dec 530/542 mln/2538
11:30 am : The S&P 500 has fallen below the 1300 mark, reaching its lowest point in three months. Year-to-date, the stock market is down 11.75%.
Despite the struggles of many industries this year, agricultural chemical companies have logged a solid performance. Year-to-date, Agrium (AGU 104.95, -2.11) is up more than 45%, Mosaic (MOS 145.02, -0.54) is up more than 50%, and Monsanto (MON 129.62, -1.90) is up more than 15%. Shares of MON were added to the Goldman Sachs Conviction Buy List, according to Dow Jones.DJ30 -231.80 NASDAQ -60.23 SP500 -25.46 NASDAQ Adv/Vol/Dec 524/764 mln/2188 NYSE Adv/Vol/Dec 503/461 mln/2526
11:05 am : The stock market has trended further downward to hit a new session low. The S&P 500 is now down approximately 1.9%, while the Dow is down by the same percentage and the Nasdaq is down 2.5%.
All ten of the major economic sectors are in the red. Eight have losses in excess of 1.0%. Four have losses in excess of 2.0%.
Dow component General Electric (GE 27.16, -0.83) is struggling this session as its stock hits a new 52-week low. Reports indicate the company is having difficulty finding a buyer for its credit card business.DJ30 -219.67 NASDAQ -60.00 SP500 -25.04 NASDAQ Adv/Vol/Dec 540/631 mln/2120 NYSE Adv/Vol/Dec 497/381 mln/2487
10:35 am : Stocks have moved up a bit from their session lows, but hold on to considerable losses. The session's tone has been pessimistic from the start.
90% of the S&P 500 components are trading with a loss. The only sector in the S&P 500 to sport a gain, though slight, is energy (+0.1%).
Gold, often considered a hedge against inflation, is trading 3.25% higher at nearly $909 per ounce.DJ30 -132.47 NASDAQ -42.31 SP500 -15.74 NASDAQ Adv/Vol/Dec 699/470 mln/1889 NYSE Adv/Vol/Dec 661/293 mln/2259
10:15 am : Existing home sales are sluggish, but the trend in sales has been relatively flat -- yesterday's new home sales report showed similar results. Reported at 10:00 ET, existing home sales rose 2% month-over-month to a seasonally adjusted annual rate of 4.99 million. This was better than the expected increase of 1.2%.DJ30 -150.52 NASDAQ -46.15 SP500 -17.59 NASDAQ Adv/Vol/Dec 615/339 mln/1893 NYSE Adv/Vol/Dec 620/222 mln/2251
10:05 am : Stocks attempted to pare losses, but have fallen to fresh morning lows. The financial sector is currently the worst performer among the ten major economic sectors. It is currently down 2.9%. Year-to-date, the financial sector is down 27.2%.
On a related note, Discover Financial Services (DFS 14.18, -0.15) announced earnings results for its latest quarter that topped the consensus earnings per share estimate, generating $0.42 per share. Shares of DFS are trading above earlier lows.DJ30 -132.64 NASDAQ -41.80 SP500 -15.24 NASDAQ Adv/Vol/Dec 631/260 mln/1771 NYSE Adv/Vol/Dec 644/182 mln/2200
09:45 am : The stock market opened Thursday's session with sizeable losses. Each of the major indices is down more than 1%. Losses have been most substantial among large-cap tech names; the Nasdaq 100 is down 2% early on.
Oil is trading higher. The commodity is currently up more than 2% to $137.35 per barrel.DJ30 -124.66 NASDAQ -38.87 SP500 -15.50 NASDAQ Adv/Vol/Dec 560/142 mln/1707 NYSE Adv/Vol/Dec 495/107 mln/2263
09:16 am : S&P futures vs fair value: -16.9. Nasdaq futures vs fair value: -43.0. Only a few minutes remain before opening bell and futures continue to show a downward start to Thursday's trading. After yesterday's close Nike (NKE), Oracle (ORCL), and Bed Bath & Beyond (BBBY) all bested their respective EPS estimates. Research In Motion (RIMM), on the other hand, fell a penny short of the consensus earnings per share estimate.
09:00 am : S&P futures vs fair value: -16.2. Nasdaq futures vs fair value: -42.0. According to futures trading, stocks will open the session with a loss. Reports indicate a Goldman Sachs analyst believes Citigroup (C) may incur addtitional write-downs and may also raise capital in the second quarter. Along with Citi, Goldman cited Merrill Lynch (MER) as another financial institution that may need to raise capital. Goldman has added shares of C to its Conviction Sell List, according to reports. Outside of the financial sector, Goldman has cut estimates for General Motors (GM) and added the company to its Americas Sell List, according to reports.
08:30 am : S&P futures vs fair value: -14.6. Nasdaq futures vs fair value: -36.0. Futures continue to indicate a downward start. The final reading for first quarter GDP growth was revised upward to 1.0%, which is on par with what economists were expecting. Personal consumption expenditures were revised upward to 1.1%. The GDP price index came in at 2.7%, which is above both expectations and the inital reading. Separately, jobless claims for the week ending June 21 exceeded expectations, totaling 384,000, and were unchanged from the prior week. Continuing claims were reported at 3.139 million; economists projected claims of 3.105 million, while the prior reading was revised slightly lower to 3.057 million continuing claims.
08:00 am : S&P futures vs fair value: -14.3. Nasdaq futures vs fair value: -36.0. Futures currently indicate the stock market will open markedly lower. On the earnings front, homebuilder Lennar (LEN) reported a loss that was worse than analysts forecast for the most recent quarter. Separately, Rite Aid (RAD) also missed the consensus earnings estimate and reported a loss for the quarter.
06:20 am : S&P futures vs fair value: -9.1. Nasdaq futures vs fair value: -23.0.
06:20 am : FTSE...5591.10...-75.00...-1.3%. DAX...6531.44...-86.40...-1.3%.
06:20 am : Nikkei...13822.32...-7.60...-0.1%. Hang Seng...22455.67...-179.49...-0.8%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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