AI
Wednesday, July 09, 2008 6:46:24 PM
Market Update 080709
http://biz.yahoo.com/mu/update.html
4:20 pm : Stock market bulls are not happy with the market's performance on Wednesday. Stocks plummeted, led by weakness in financials and tech, giving up the market's entire advance made in the previous session. News was slow, with only one major company reporting earnings and no economic reports.
The financial sector struggled, falling 5.2% -- which is a large portion of Tuesday's 5.7% advance. There was not a specific item for the decline, although selling intensified as traders became disappointed that the sector was unable to maintain its previous gains. Weakness was broad-based, but the thrift and mortgages group (-11%) was hit especially hard as Fannie Mae (FNM 15.35, -2.27) and Freddie Mac (FRE 10.38, -3.08) got clipped. Traders are concerned about the current capital position of both companies.
The tech sector -- which is the largest sector -- also posted a steep decline, with weakness in large-cap names. Cisco (CSCO 21.56, -1.32) acted as the largest drag after UBS said that Cisco faces challenges due to slowing sales in the U.S. and Europe. UBS cut its price target on CSCO to $25.50 from $27.00.
Crude oil prices (-0.4% at $135.50) failed to rally on a seemingly bullish oil inventory report, spurring a 2.1% decline in the energy sector. The government's weekly report showed a larger-than-expected drop in inventory levels. Crude prices traded in a choppy manner after the report, eventually falling into negative territory.
Defensive investments outperformed on a relative basis. Utilities rose 0.9%, while consumer staples (-0.6%) and health care (-0.4%) fell by relatively small amount. On a related note, Treasuries saw some buying interest, with the 10-year note rising 18 ticks, sending its yield down to 3.81%.
The materials sector also outperformed on a relative basis with a loss of 0.8%, although the end result was well below its session high when it was up 2.8%. The sector benefited from a 3.7% rise in steel stocks. UBS upgraded Nucor (NUE 65.59, +2.43) and Steel Dynamics (STLD 33.21, +1.51) to Buy from Neutral. UBS feels that North American steel stocks are oversold.
In earnings news, Dow component Alcoa (AA 31.51, -0.82) marked the start of second quarter earnings season with its report after Tuesday's close. The aluminum company reported a drop in earnings due to high energy costs, but the results met Wall Street's forecast. DJ30 -236.77 NASDAQ -59.55 NQ100 -2.8% R2K -2.8% SP400 -1.4% SP500 -29.01 NASDAQ Adv/Vol/Dec 800/2.28 bln/2012 NYSE Adv/Vol/Dec 1072/1.49 bln/2093
3:30 pm : Stocks tumble and then hold near their recently reached session lows as investors sell financial stocks (-3.7%). The Dow and S&P 500 have given up nearly the entirety of yesterday's gains. Market bulls are disappointed that there was no follow-through from yesterday's rally.
Meanwhile Treasuries are enjoying some buying interest, with the 10-year note rising 13 ticks, sending its yield down to 3.83%.
Tomorrow, investors will focus on the weekly new unemployment claim reading. Economists expect that claims will remain near 400,000.DJ30 -142.08 NASDAQ -36.25 SP500 -17.06 NASDAQ Adv/Vol/Dec 976/1.79 bln/1825 NYSE Adv/Vol/Dec 1254/1.08 bln/1903
3:05 pm : The major indices extend their losses as selling pressure picks up within the financial sector (-3.2%).
Weakness is broad-based within the sector, with 91% of stocks falling. The thrifts and mortgage group has plummeted 8%, which follows its advance of more than 10% yesterday. Both Fannie Mae (FNM 15.87, -1.76) and Freddie Mac (FRE 10.97, -2.46) are under pressure as traders question the prospects of the companies.DJ30 -150.22 NASDAQ -34.19 SP500 -18.07 NASDAQ Adv/Vol/Dec 1034/1.63 bln/1761 NYSE Adv/Vol/Dec 1296/986 mln/1842
2:30 pm : The S&P 500 falls to session lows in a broad-based decline. Meanwhile, crude prices gave up their gains and are now trading down 0.2% to $135.70 per barrel.
Within the S&P 500, 66% of stocks are trading with a loss. The main laggards are heavyweights Cisco (CSCO 21.86, -1.02), General Electric (GE 27.39, -0.67) and Intel (INTC 20.15, -0.77). Commodity companies hold five of the top ten leadership positions, led by Schlumberger (SLB 97.99, +1.80), and Monsanto (MON 121.19, +3.65).DJ30 -83.54 NASDAQ -16.52 SP500 -9.64 NASDAQ Adv/Vol/Dec 1171/1.45 bln/1596 NYSE Adv/Vol/Dec 1494/890 mln/1631
2:00 pm : The stock market is trading with a loss of about 0.6%, which is slightly above its recently reached session low. Buyers have not shown much interest following yesterday's late session rally.
Four sectors remain in positive territory, led by materials (+1.4%) and utilities (+1.1%). Tech (-1.5%), consumer discretionary (-1.1%) and financials (-1.3%) are the main laggards.DJ30 -60.74 NASDAQ -19.27 SP500 -7.20 NASDAQ Adv/Vol/Dec 1191/1.30 bln/1572 NYSE Adv/Vol/Dec 1555/800 mln/1567
1:25 pm : The stock market finds some support near session lows, halting the recent retreat. Market breadth is mixed, with decliners and advancers nearly even on the NYSE, while decliners have a 3-to-2 edge on the Nasdaq.
Northwest Airlines (NWA 6.73, -0.77) is following in the footsteps of its peers by laying off 2,500 employees and charging for checked bags. Soaring jet fuel prices instigated the decision. The Amex Airline Index is currently down 2.9% as crude trades up 0.9%.DJ30 -66.60 NASDAQ -19.81 SP500 -7.45 NASDAQ Adv/Vol/Dec 1135/1.18 bln/1579 NYSE Adv/Vol/Dec 1526/737 mln/1576
1:05 pm : The stock market has fallen deeper into negative territory to trade at a new session low. Financial stocks (-1.6%) were the primary perpetrator inducing the drop; the sector is at its lowest point since late morning.
Adding to pessimism, crude prices are up 0.8% to $137.10 per barrel. Still, the commodity is down markedly during the past week.
The dollar is down 0.5% at midday, as indicated by the dollar index. The greenback's decline makes dollar-denominated commodities, such as oil, pricier.DJ30 -73.60 NASDAQ -20.85 SP500 -7.73 NASDAQ Adv/Vol/Dec 1122/1.11 bln/1594 NYSE Adv/Vol/Dec 1525/697 mln/1569
12:30 pm : The stock market trades with a slight loss, as strength in materials (+2.0%) helps to offset weakness in tech (-1.2%).
According to reports, Boeing (BA 66.69, +0.77) and Northrop Grumman (NOC 66.09, -0.08) are going to recompete over the disputed air refueling tanker contract. Northrop was originally awarded the $35 billion contract by the Air Force. Boeing argued it did not have a fair chance at the deal.DJ30 -19.21 NASDAQ -10.94 SP500 -1.95 NASDAQ Adv/Vol/Dec 1310/965 mln/1360 NYSE Adv/Vol/Dec 1704/616 mln/1358
12:05 pm : At midday, the major indices are trading with slight losses near the unchanged mark -- which has been the case for much of the session. Overall, it has been a relatively slow news day with only one major company reporting earnings and no economic reports.
Alcoa (AA 32.52, +0.19) marked the start of second quarter earnings season with its report yesterday after the close. The aluminum company reported a drop in earnings due to high energy costs, but the results are solid given the challenging demand and cost environment.
Of the five sectors trading higher, the material sector is posting the largest gain (+1.9%), benefiting from Alcoa's strength and a sharp 9% rise in steel stocks. UBS upgraded Nucor (NUE 68.18, +5.02) and Steel Dynamics (STLD 34.63, +2.93) to Buy from Neutral. UBS feels that North American steel stocks are oversold.
The energy sector (+0.6%) is outperforming, but came off its best levels after crude oil (+0.6% to $136.80) gave up a large portion of an early 1.7% gain. The government's weekly report showed a larger-than-expected drop in inventory levels. Crude prices traded in a choppy manner after the report, but did not rally on the news.
The financial sector is trading with a modest loss of 0.5% after volatile trade that saw it up as much as 0.6% and down as much as 2.2%. As a reminder, financials surged nearly 6% yesterday thanks to broad-based strength. Wachovia (WB 15.40, -0.14) was upgraded to Neutral from Underperform at Merrill Lynch. Merrill feels that if Wachovia decides to merge with a larger firm, it could receive between $16 and $20 per share.
The tech sector is the main laggard, with Cisco (CSCO 21.96, -0.92) acting as the largest drag. UBS said that Cisco faces challenges due to slowing U.S. and Europe sales. UBS cut its price target on CSCO to $25.50 from $27.00.DJ30 -31.02 NASDAQ -9.78 SP500 -1.54 NASDAQ Adv/Vol/Dec 1285/867 mln/1350 NYSE Adv/Vol/Dec 1696/559 mln/1368
11:30 am : The major indices are fluctuating near the unchanged mark, as they have for much of the session.
The materials sector (+2.1%) is providing leadership to the broader market. The sector is benefiting from the positive response to aluminum company Alcoa's (AA 32.73, +0.40) earnings and strength in steel stocks (+9.0%). UBS upgraded Nucor (NUE 68.38, +5.22) and Steel Dynamics (STLD 35.10, 3.40) to Buy from Neutral. UBS feels that North American steel stocks are oversold.DJ30 +18.32 NASDAQ +1.57 SP500 +3.35 NASDAQ Adv/Vol/Dec 1285/719 mln/1304 NYSE Adv/Vol/Dec 1723/463 mln/1294
11:00 am : The major indices are trading in mixed fashion, with the S&P 500 sporting a slight gain while the Dow and Nasdaq hold slight losses. Six of the ten economic sectors are posting a gain.
After some volatile action, crude prices (+0.1% at $136.11) fall from their 0.7% gain seen just prior to the inventory data release -- despite the data showing a larger-than-expected drop in stockpiles.DJ30 -3.50 NASDAQ -4.36 SP500 +1.31 NASDAQ Adv/Vol/Dec 1156/557 mln/1379 NYSE Adv/Vol/Dec 1509/364 mln/1448
10:35 am : Crude inventories slipped 5.8 million barrels for the week ended July 5. Analysts expected a drop of 2.1 million barrels. Crude was trading up 0.7% at $137.10 barrel just prior to the release.
The major indices climbed off their lows, but are back on the retreat following the energy inventory data.
The tech sector is posting a 1.1% decline, with Cisco (CSCO 22.15, -0.73) acting as a major drag. UBS said the network and communication equipment company faces challenges due to slowing U.S. and Europe sales. UBS cut its price target on CSCO to $25.50 from $27.00.
European markets are holding solid gains as bank stocks rally. London's FTSE is up 1.4%, France's CAC is up 1.2% and Germany's DAX is up 1.3%.DJ30 -26.05 NASDAQ -11.06 SP500 -0.80 NASDAQ Adv/Vol/Dec 1199/420 mln/1286 NYSE Adv/Vol/Dec 1594/280 mln/1311
10:00 am : The Dow and S&P 500 join the Nasdaq in negative territory, with Tuesday's best-performing names under selling pressure. Conversely, the two worst-performing sectors yesterday -- materials (+1.8%) and energy (+1.5%) -- lead the market in the early going.
The financial sector (-1.2%) is under selling pressure after its 6% advance yesterday. Fannie Mae (FNM 16.78, -0.84) and Freddie Mac (FRE 12.62, -0.84) are giving back some of the hefty gains that they made yesterday.
After opening with a 4% gain, Wachovia (WB 15.22, -0.33) slumps to a 2% loss. The bank was upgraded to Neutral from Underperform at Merrill Lynch. Merrill feels that if Wachovia decides to merge with a larger firm, it could receive between $16 and $20 per share.DJ30 -43.89 NASDAQ -16.52 SP500 -2.85 NASDAQ Adv/Vol/Dec 965/186 mln/1349 NYSE Adv/Vol/Dec 1317/133 mln/1448
09:40 am : The major indices open mixed, with the Dow and S&P 500 in the green while the Nasdaq trades with a modest loss. News is slow this morning, with only a handful of corporate items and no economic reports.
Alcoa (AA 33.69, +1.36) marked the start of second quarter earnings season with its report yesterday after the close. The aluminum company reported a drop in earnings that met estimates.
Crude oil is trading with a gain of 0.7%, which is down from its early high when it was up 1.7%. The goverment will report the weekly energy inventory numbers at 10:35 ET.DJ30 +12.62 NASDAQ -10.49 SP500 +1.04
09:16 am : S&P futures vs fair value: +1.1. Nasdaq futures vs fair value: -8.2.
08:57 am : S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: -4.5. It is shaping up to be a slow morning. S&P 500 and Dow futures suggest a slightly higher start, while Nasdaq futures point to a lower open.
08:30 am : S&P futures vs fair value: +2.9. Nasdaq futures vs fair value: -4.0.
08:00 am : S&P futures vs fair value: +1.4. Nasdaq futures vs fair value: -6.0. S&P 500 stock futures suggest a slightly higher start to the day as they trade near their best levels of the morning. Alcoa kicked off second quarter earnings season yesterday after the close. The aluminum company reported a drop in earnings, but the results topped Wall Street's expectations. Crude prices are up 1.1% to $137.52 per barrel, which follows two consecutive sessions of steep losses.
06:22 am : S&P futures vs fair value: -4.1. Nasdaq futures vs fair value: -11.8.
06:22 am : FTSE...5519.50...+79.00...+1.5%. DAX...6377.62...+73.21...+1.2%.
06:22 am : Nikkei...13052.13...+19.03...+0.2%. Hang Seng...21805.81...+585.00...+2.8%.
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 : Stock market bulls are not happy with the market's performance on Wednesday. Stocks plummeted, led by weakness in financials and tech, giving up the market's entire advance made in the previous session. News was slow, with only one major company reporting earnings and no economic reports.
The financial sector struggled, falling 5.2% -- which is a large portion of Tuesday's 5.7% advance. There was not a specific item for the decline, although selling intensified as traders became disappointed that the sector was unable to maintain its previous gains. Weakness was broad-based, but the thrift and mortgages group (-11%) was hit especially hard as Fannie Mae (FNM 15.35, -2.27) and Freddie Mac (FRE 10.38, -3.08) got clipped. Traders are concerned about the current capital position of both companies.
The tech sector -- which is the largest sector -- also posted a steep decline, with weakness in large-cap names. Cisco (CSCO 21.56, -1.32) acted as the largest drag after UBS said that Cisco faces challenges due to slowing sales in the U.S. and Europe. UBS cut its price target on CSCO to $25.50 from $27.00.
Crude oil prices (-0.4% at $135.50) failed to rally on a seemingly bullish oil inventory report, spurring a 2.1% decline in the energy sector. The government's weekly report showed a larger-than-expected drop in inventory levels. Crude prices traded in a choppy manner after the report, eventually falling into negative territory.
Defensive investments outperformed on a relative basis. Utilities rose 0.9%, while consumer staples (-0.6%) and health care (-0.4%) fell by relatively small amount. On a related note, Treasuries saw some buying interest, with the 10-year note rising 18 ticks, sending its yield down to 3.81%.
The materials sector also outperformed on a relative basis with a loss of 0.8%, although the end result was well below its session high when it was up 2.8%. The sector benefited from a 3.7% rise in steel stocks. UBS upgraded Nucor (NUE 65.59, +2.43) and Steel Dynamics (STLD 33.21, +1.51) to Buy from Neutral. UBS feels that North American steel stocks are oversold.
In earnings news, Dow component Alcoa (AA 31.51, -0.82) marked the start of second quarter earnings season with its report after Tuesday's close. The aluminum company reported a drop in earnings due to high energy costs, but the results met Wall Street's forecast. DJ30 -236.77 NASDAQ -59.55 NQ100 -2.8% R2K -2.8% SP400 -1.4% SP500 -29.01 NASDAQ Adv/Vol/Dec 800/2.28 bln/2012 NYSE Adv/Vol/Dec 1072/1.49 bln/2093
3:30 pm : Stocks tumble and then hold near their recently reached session lows as investors sell financial stocks (-3.7%). The Dow and S&P 500 have given up nearly the entirety of yesterday's gains. Market bulls are disappointed that there was no follow-through from yesterday's rally.
Meanwhile Treasuries are enjoying some buying interest, with the 10-year note rising 13 ticks, sending its yield down to 3.83%.
Tomorrow, investors will focus on the weekly new unemployment claim reading. Economists expect that claims will remain near 400,000.DJ30 -142.08 NASDAQ -36.25 SP500 -17.06 NASDAQ Adv/Vol/Dec 976/1.79 bln/1825 NYSE Adv/Vol/Dec 1254/1.08 bln/1903
3:05 pm : The major indices extend their losses as selling pressure picks up within the financial sector (-3.2%).
Weakness is broad-based within the sector, with 91% of stocks falling. The thrifts and mortgage group has plummeted 8%, which follows its advance of more than 10% yesterday. Both Fannie Mae (FNM 15.87, -1.76) and Freddie Mac (FRE 10.97, -2.46) are under pressure as traders question the prospects of the companies.DJ30 -150.22 NASDAQ -34.19 SP500 -18.07 NASDAQ Adv/Vol/Dec 1034/1.63 bln/1761 NYSE Adv/Vol/Dec 1296/986 mln/1842
2:30 pm : The S&P 500 falls to session lows in a broad-based decline. Meanwhile, crude prices gave up their gains and are now trading down 0.2% to $135.70 per barrel.
Within the S&P 500, 66% of stocks are trading with a loss. The main laggards are heavyweights Cisco (CSCO 21.86, -1.02), General Electric (GE 27.39, -0.67) and Intel (INTC 20.15, -0.77). Commodity companies hold five of the top ten leadership positions, led by Schlumberger (SLB 97.99, +1.80), and Monsanto (MON 121.19, +3.65).DJ30 -83.54 NASDAQ -16.52 SP500 -9.64 NASDAQ Adv/Vol/Dec 1171/1.45 bln/1596 NYSE Adv/Vol/Dec 1494/890 mln/1631
2:00 pm : The stock market is trading with a loss of about 0.6%, which is slightly above its recently reached session low. Buyers have not shown much interest following yesterday's late session rally.
Four sectors remain in positive territory, led by materials (+1.4%) and utilities (+1.1%). Tech (-1.5%), consumer discretionary (-1.1%) and financials (-1.3%) are the main laggards.DJ30 -60.74 NASDAQ -19.27 SP500 -7.20 NASDAQ Adv/Vol/Dec 1191/1.30 bln/1572 NYSE Adv/Vol/Dec 1555/800 mln/1567
1:25 pm : The stock market finds some support near session lows, halting the recent retreat. Market breadth is mixed, with decliners and advancers nearly even on the NYSE, while decliners have a 3-to-2 edge on the Nasdaq.
Northwest Airlines (NWA 6.73, -0.77) is following in the footsteps of its peers by laying off 2,500 employees and charging for checked bags. Soaring jet fuel prices instigated the decision. The Amex Airline Index is currently down 2.9% as crude trades up 0.9%.DJ30 -66.60 NASDAQ -19.81 SP500 -7.45 NASDAQ Adv/Vol/Dec 1135/1.18 bln/1579 NYSE Adv/Vol/Dec 1526/737 mln/1576
1:05 pm : The stock market has fallen deeper into negative territory to trade at a new session low. Financial stocks (-1.6%) were the primary perpetrator inducing the drop; the sector is at its lowest point since late morning.
Adding to pessimism, crude prices are up 0.8% to $137.10 per barrel. Still, the commodity is down markedly during the past week.
The dollar is down 0.5% at midday, as indicated by the dollar index. The greenback's decline makes dollar-denominated commodities, such as oil, pricier.DJ30 -73.60 NASDAQ -20.85 SP500 -7.73 NASDAQ Adv/Vol/Dec 1122/1.11 bln/1594 NYSE Adv/Vol/Dec 1525/697 mln/1569
12:30 pm : The stock market trades with a slight loss, as strength in materials (+2.0%) helps to offset weakness in tech (-1.2%).
According to reports, Boeing (BA 66.69, +0.77) and Northrop Grumman (NOC 66.09, -0.08) are going to recompete over the disputed air refueling tanker contract. Northrop was originally awarded the $35 billion contract by the Air Force. Boeing argued it did not have a fair chance at the deal.DJ30 -19.21 NASDAQ -10.94 SP500 -1.95 NASDAQ Adv/Vol/Dec 1310/965 mln/1360 NYSE Adv/Vol/Dec 1704/616 mln/1358
12:05 pm : At midday, the major indices are trading with slight losses near the unchanged mark -- which has been the case for much of the session. Overall, it has been a relatively slow news day with only one major company reporting earnings and no economic reports.
Alcoa (AA 32.52, +0.19) marked the start of second quarter earnings season with its report yesterday after the close. The aluminum company reported a drop in earnings due to high energy costs, but the results are solid given the challenging demand and cost environment.
Of the five sectors trading higher, the material sector is posting the largest gain (+1.9%), benefiting from Alcoa's strength and a sharp 9% rise in steel stocks. UBS upgraded Nucor (NUE 68.18, +5.02) and Steel Dynamics (STLD 34.63, +2.93) to Buy from Neutral. UBS feels that North American steel stocks are oversold.
The energy sector (+0.6%) is outperforming, but came off its best levels after crude oil (+0.6% to $136.80) gave up a large portion of an early 1.7% gain. The government's weekly report showed a larger-than-expected drop in inventory levels. Crude prices traded in a choppy manner after the report, but did not rally on the news.
The financial sector is trading with a modest loss of 0.5% after volatile trade that saw it up as much as 0.6% and down as much as 2.2%. As a reminder, financials surged nearly 6% yesterday thanks to broad-based strength. Wachovia (WB 15.40, -0.14) was upgraded to Neutral from Underperform at Merrill Lynch. Merrill feels that if Wachovia decides to merge with a larger firm, it could receive between $16 and $20 per share.
The tech sector is the main laggard, with Cisco (CSCO 21.96, -0.92) acting as the largest drag. UBS said that Cisco faces challenges due to slowing U.S. and Europe sales. UBS cut its price target on CSCO to $25.50 from $27.00.DJ30 -31.02 NASDAQ -9.78 SP500 -1.54 NASDAQ Adv/Vol/Dec 1285/867 mln/1350 NYSE Adv/Vol/Dec 1696/559 mln/1368
11:30 am : The major indices are fluctuating near the unchanged mark, as they have for much of the session.
The materials sector (+2.1%) is providing leadership to the broader market. The sector is benefiting from the positive response to aluminum company Alcoa's (AA 32.73, +0.40) earnings and strength in steel stocks (+9.0%). UBS upgraded Nucor (NUE 68.38, +5.22) and Steel Dynamics (STLD 35.10, 3.40) to Buy from Neutral. UBS feels that North American steel stocks are oversold.DJ30 +18.32 NASDAQ +1.57 SP500 +3.35 NASDAQ Adv/Vol/Dec 1285/719 mln/1304 NYSE Adv/Vol/Dec 1723/463 mln/1294
11:00 am : The major indices are trading in mixed fashion, with the S&P 500 sporting a slight gain while the Dow and Nasdaq hold slight losses. Six of the ten economic sectors are posting a gain.
After some volatile action, crude prices (+0.1% at $136.11) fall from their 0.7% gain seen just prior to the inventory data release -- despite the data showing a larger-than-expected drop in stockpiles.DJ30 -3.50 NASDAQ -4.36 SP500 +1.31 NASDAQ Adv/Vol/Dec 1156/557 mln/1379 NYSE Adv/Vol/Dec 1509/364 mln/1448
10:35 am : Crude inventories slipped 5.8 million barrels for the week ended July 5. Analysts expected a drop of 2.1 million barrels. Crude was trading up 0.7% at $137.10 barrel just prior to the release.
The major indices climbed off their lows, but are back on the retreat following the energy inventory data.
The tech sector is posting a 1.1% decline, with Cisco (CSCO 22.15, -0.73) acting as a major drag. UBS said the network and communication equipment company faces challenges due to slowing U.S. and Europe sales. UBS cut its price target on CSCO to $25.50 from $27.00.
European markets are holding solid gains as bank stocks rally. London's FTSE is up 1.4%, France's CAC is up 1.2% and Germany's DAX is up 1.3%.DJ30 -26.05 NASDAQ -11.06 SP500 -0.80 NASDAQ Adv/Vol/Dec 1199/420 mln/1286 NYSE Adv/Vol/Dec 1594/280 mln/1311
10:00 am : The Dow and S&P 500 join the Nasdaq in negative territory, with Tuesday's best-performing names under selling pressure. Conversely, the two worst-performing sectors yesterday -- materials (+1.8%) and energy (+1.5%) -- lead the market in the early going.
The financial sector (-1.2%) is under selling pressure after its 6% advance yesterday. Fannie Mae (FNM 16.78, -0.84) and Freddie Mac (FRE 12.62, -0.84) are giving back some of the hefty gains that they made yesterday.
After opening with a 4% gain, Wachovia (WB 15.22, -0.33) slumps to a 2% loss. The bank was upgraded to Neutral from Underperform at Merrill Lynch. Merrill feels that if Wachovia decides to merge with a larger firm, it could receive between $16 and $20 per share.DJ30 -43.89 NASDAQ -16.52 SP500 -2.85 NASDAQ Adv/Vol/Dec 965/186 mln/1349 NYSE Adv/Vol/Dec 1317/133 mln/1448
09:40 am : The major indices open mixed, with the Dow and S&P 500 in the green while the Nasdaq trades with a modest loss. News is slow this morning, with only a handful of corporate items and no economic reports.
Alcoa (AA 33.69, +1.36) marked the start of second quarter earnings season with its report yesterday after the close. The aluminum company reported a drop in earnings that met estimates.
Crude oil is trading with a gain of 0.7%, which is down from its early high when it was up 1.7%. The goverment will report the weekly energy inventory numbers at 10:35 ET.DJ30 +12.62 NASDAQ -10.49 SP500 +1.04
09:16 am : S&P futures vs fair value: +1.1. Nasdaq futures vs fair value: -8.2.
08:57 am : S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: -4.5. It is shaping up to be a slow morning. S&P 500 and Dow futures suggest a slightly higher start, while Nasdaq futures point to a lower open.
08:30 am : S&P futures vs fair value: +2.9. Nasdaq futures vs fair value: -4.0.
08:00 am : S&P futures vs fair value: +1.4. Nasdaq futures vs fair value: -6.0. S&P 500 stock futures suggest a slightly higher start to the day as they trade near their best levels of the morning. Alcoa kicked off second quarter earnings season yesterday after the close. The aluminum company reported a drop in earnings, but the results topped Wall Street's expectations. Crude prices are up 1.1% to $137.52 per barrel, which follows two consecutive sessions of steep losses.
06:22 am : S&P futures vs fair value: -4.1. Nasdaq futures vs fair value: -11.8.
06:22 am : FTSE...5519.50...+79.00...+1.5%. DAX...6377.62...+73.21...+1.2%.
06:22 am : Nikkei...13052.13...+19.03...+0.2%. Hang Seng...21805.81...+585.00...+2.8%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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