AI
Tuesday, August 19, 2008 9:57:29 PM
Market Update 080819
http://biz.yahoo.com/mu/update.html
4:20 pm : The stock market posted a 0.9% loss Tuesday, as continued concerns regarding financials, an increase in wholesale inflation and a rebound in crude oil prices weighed on investor sentiment.
The July Producer Price Index brought disappointing news, although the CPI report last week showed some cost-push inflation pressures, so the PPI reading is not a complete surprise. Total PPI rose 1.2% in July (consensus 0.6%) and core PPI, which excludes food and energy, rose 0.7% (consensus 0.2%). That leaves the year-over-year increase for total PPI at 9.8% -- the highest since 1981. Core PPI is up 3.5% year-over-year, the highest level since 1991.
In other economic news, July housing starts and building permits posted steep declines, although this was partially due to a change in permit applications requirements during June. Starts fell 11% to a 965,000 annual rate (consensus 960,000) and building permits dropped 17.7% to a 937,000 annual rate (consensus 970,000). Homebuilding stocks fell 3.6%.
Eight of the ten economic sectors posted a loss in broad-based weakness.
The financial sector (-3.0%) acted as the main drag. AIG (AIG 20.37, -1.23) tumbled 5.7% after Goldman Sachs said there is an increased chance that the insurance giant may need to raise more capital, according to Reuters. Lehman Brothers (LEH 13.10, -1.93) fell 12.8% following several negative media reports, including a Wall Street Journal article that said Lehman's third quarter has turned ugly.
Meanwhile, Fannie Mae (FNM 6.04, -0.11) and Freddie Mac (FRE 4.18, -0.21) were unable to recover from the previous session's steep decline. Freddie sold new five-year notes at 4.172%, which is 113 basis points more than the five-year Treasury Note. The large spread over Treasuries indicates market participants continue to show some apprehension regarding debt from Freddie, despite the implied guarantee from the U.S. government.
Consumer discretionary stocks (-2.2%) also came under pressure, with the rise in crude prices and discouraging news from several retailers (-2.7%) prompting the selling interest. Home Depot (HD 26.05, -0.91) and Target (TGT 49.74, -0.31) both reported year-over-year declines in quarterly net earnings, although the results topped Wall Street's forecast. Still, the companies' stocks posted a decline. Meanwhile, department store operator Saks (SKS 10.32, -0.90) tumbled 8.0% after posting a larger-than-expected quarterly loss. Staples (SPLS 23.56, -1.02) fell 4.2% in response to its second quarter profit outlook that fell short of estimates.
The energy sector (+2.8%) received a boost, with oil and gas exploration stocks (+4.3%) benefiting from the 2.2% rise in crude prices.
With regard to crude, prices traded in a volatile manner on no specific news. Oil posted a loss of 1.1% at session lows, and was up 3.4% at session highs. Tomorrow, oil will once again be in focus with the government's weekly energy data set for release at 10:35 AM ET. DJ30 -130.84 NASDAQ -32.62 NQ100 -1.2% R2K -1.6% SP400 -1.0% SP500 -11.91 NASDAQ Adv/Vol/Dec 755/1.74 bln/2035 NYSE Adv/Vol/Dec 855/1.01 bln/2274
3:30 pm : The stock market establishes fresh session lows and then pares some losses. Stocks are deep in the red going into the final half-hour of the trading day.
Looking ahead, the market will focus on earnings from Hewlett-Packard (HPQ 43.57, -1.04), which is set to report its quarterly results after the close. Crude oil (+1.6%, $114.66) will garner attention with the release of the government's weekly energy data at 10:35 AM ET on Wednesday.DJ30 -121.56 NASDAQ -36.35 SP500 -12.09 NASDAQ Adv/Vol/Dec 686/1.41 bln/2074 NYSE Adv/Vol/Dec 823/741 mln/2307
3:00 pm : The stock market falls to session lows and finds some modest support that stabilized the market. Losses remain substantial.
Richmond Fed President Lacker said on a Bloomberg TV interview that he does not think the fed funds rate should be any lower, and believes they need to be careful about not waiting too long to withdraw monetary policy. Fed funds futures suggest that the Fed will most likely keep rates steady through December. In addition, Lacker said he would be surprised to see a big bank fail, noting he is highly confident in the ability of big commercial banks.
On a related note, a panel of credit analysts at Standard & Poor's Rating Services feel that a return to a stable banking industry outlook is at least a year away. The financial sector is down 2.9% this session.DJ30 -128.89 NASDAQ -31.52 SP500 -11.95 NASDAQ Adv/Vol/Dec 725/1.24 bln/2015 NYSE Adv/Vol/Dec 833/669 mln/2291
2:30 pm : The major indices head toward session lows. Market breath is bearish, with advancers outpacing decliners by 14-to-5 on the NYSE and by 20-to-8 on the Nasdaq. Volume is relatively light.
The financial sector's (-3.2%) weakness is broad-based, with 95% of its components posting a loss. AIG (AIG 20.38, -1.22) is a laggard after Goldman Sachs recommended that investors not purchases AIG, citing the increased possibility of a capital raise, according to Reuters.
Lehman Brothers (LEH 13.17, -1.86) is down 12% following several negative media reports, including a Wall Street Journal article that said Lehman's third quarter has turned ugly.DJ30 -136.08 NASDAQ -31.42 SP500 -13.15 NASDAQ Adv/Vol/Dec 766/1.12 bln/1960 NYSE Adv/Vol/Dec 814/610 mln/2283
2:05 pm : Stocks have reversed course after trending upward. The Dow is now down 1.1%.
When compared with a basket of major foreign currencies the dollar is down 0.4%. This marks the second straight session the greenback has lost ground. However, its 8% rally in the past month has given it a 0.2% year-to-date gain.
Commodities are advancing on the dollar's weakness. Though down from earlier levels, both crude oil futures and the CRB Commodity Index are trading higher. Crude futures are up 0.8%, while the CRB is up 1.3%.DJ30 -120.09 NASDAQ -25.94 SP500 -11.23 NASDAQ Adv/Vol/Dec 740/1.06 bln/1967 NYSE Adv/Vol/Dec 796/574 mln/2296
1:35 pm : The stock market continues to pare some losses, although the bulls still have a lot of work to do. The S&P 500 is currently down 0.7%, compared to its recent session low when it was down 1.2%. Oil prices give up some more of their gains, now up only 0.8% at $113.78 per barrel.
Overseas markets had a tough session. London's FTSE fell 2.4% and Japan's Nikkei declined 2.3%.DJ30 -88.99 NASDAQ -20.46 SP500 -8.60 NASDAQ Adv/Vol/Dec 728/948 mln/1939 NYSE Adv/Vol/Dec 794/522 mln/2294
1:00 pm : The major indices pare some losses, although they continue to post steep declines. Crude prices climbed to a gain of 3.4% and then eased to their current level of a gain of 1.9% at $115.11 per barrel.
The materials sector (+0.6%) climbs into positive territory as gold (+1.5%) and commodities (+1.7%) in general make some gains.DJ30 -116.90 NASDAQ -27.36 SP500 -10.76 NASDAQ Adv/Vol/Dec 674/870 mln/1979 NYSE Adv/Vol/Dec 781/480 mln/2300
12:30 pm : Crude oil prices extend their gains, now up 2.4% to $115.50 per barrel. There does not appear to be a specific catalyst for the buying interest, although the gains coincided with a decline in the Dollar Index (-0.4%). Crude prices were down as much as 1.1%, and the dollar was up as much as 0.4% in earlier trade.
As a result, oil price sensitive areas have come under selling pressure, with the Amex Airline Index tumbling 7.1%. Conversely, the energy sector is rallying, up 3.2%, which is helping the broader market to recover off session lows.DJ30 -127.91 NASDAQ -29.14 SP500 -11.71 NASDAQ Adv/Vol/Dec 666/778 mln/1976 NYSE Adv/Vol/Dec 755/729 mln/2285
12:00 pm : It has been a negative day on Wall Street, with a higher-than-expected inflation reading weighing and a rebound in oil prices weighing on investor sentiment. The major indices are down more than 1% at midday, at session lows. Nine of the ten economic sectors are posting a loss, indicating broad-based weakness.
The July Producer Price Index brought disappointing news, although the CPI report last week showed some cost-push inflation pressures, so the PPI reading is not a complete surprise. Total PPI rose 1.2% in July (consensus +0.6%) and core PPI, which excludes food and energy, rose 0.7% (consensus 0.2%). That leaves the year-over-year increases for total PPI at 9.8% -- the highest since 1981. Core PPI is up 3.5% year-over-year, the highest level since 1991.
In other economic news, July housing starts and building permits posted steep declines, although this was partially due to a change in permit applications requirements during June. Starts fell 11% to a 965,000 annual rate (consensus 960,000) and building permits dropped 17.7% to a 937,000 annual rate (consensus 970,000). Homebuilding stocks are down 3.0% this session.
The financial sector (-3.5%) is once again under pressure, with heavyweights Bank of America (BAC 27.93, -1.36), JPMorgan Chase (JPM 35.27, -1.47) and Wells Fargo (WFC 27.54, -1.26) acting as the largest drag. Fannie Mae (FNM 5.85, -0.31) and Freddie Mac (FRE 4.09, -6.83) have been unable to rebound following their steep decline in yesterday's trade.
Consumer discretionary stocks are down 2.0% as retailers slip 2.6%. Home Depot (HD 26.48, -0.48) and Target (TGT 49.69, -0.40) both reported quarterly results that topped Wall Street's forecast, but the companies' stocks are still on the decline. Meanwhile, department store operator Saks (SKS 9.91, -1.31) is posting a steep drop after posting a larger-than-expected quarterly loss, and Staples (SPLS 23.33, -1.25) is tumbling in response to the office supply retailer's second quarter profit outlook that fell short of estimates.
The energy sector is outperforming with a 2.1% gain. Oil and gas exploration stocks (+3.0%) are benefiting from a 1.6% rise in crude oil prices.DJ30 -149.02 NASDAQ -27.31 SP500 -14.19 NASDAQ Adv/Vol/Dec 671/676 mln/1936 NYSE Adv/Vol/Dec 681/370 mln/2320
11:35 am : The major indices remain near session lows as weakness in financials (-3.1%) and consumer discretionary (-1.9%) stocks weigh on the stock market.
Meanwhile, the energy sector (+1.8%) spikes to session highs, as crude oil prices rebound out of negative territory to a slight gain of 0.3% at $113.12 per barrel. Crude prices were down as much as 1.1% this session.DJ30 -126.20 NASDAQ -22.39 SP500 -11.81 NASDAQ Adv/Vol/Dec 705/587 mln/1866 NYSE Adv/Vol/Dec 719/323 mln/2256
11:00 am : The stock market trades near its recently reached session low. Freddie Mac's (FRE 4.13, -0.26) $3 billion five-year Reference Notes were priced to yield 4.172%, which is 113 basis points more than the five-year U.S. Treasury Notes.
Only three stocks within the Dow are posting a gain -- Chevron (CVX 83.94, +0.75), Exxon Mobil (XOM 76.97, +0.40) and Procter & Gamble (PG 71.42, +0.15). The worst-performing stocks within the price-weighted index are IBM (IBM 123.04, -1.55), JPMorgan Chase (JPM 35.41, -1.34) and 3M (MMM 71.19, -1.26).DJ30 -124.90 NASDAQ -24.00 SP500 -12.33 NASDAQ Adv/Vol/Dec 646/474 mln/1836 NYSE Adv/Vol/Dec 643/260 mln/2259
10:30 am : The major indices are posting steep losses near session lows. Weakness is mostly broad-based with nine of the ten economic sectors posting a loss. The financial sector is down 2.9% and the consumer discretionary sector is down 1.6%.
The energy sector (+0.5%) is posting a gain, despite a modest decline in crude oil prices.DJ30 -115.53 NASDAQ -23.51 SP500 -11.44 NASDAQ Adv/Vol/Dec 570/336 mln/1821 NYSE Adv/Vol/Dec 571/182 mln/2244
10:00 am : The stock market extends its opening losses.
In earnings news, retailers Home Depot (HD 26.81, -0.18) and Target (TGT 49.26, -0.79) both reported results topped Wall Street's forecast, still the stocks are trading lower in the early-going.
Department store operator Saks (SKS 10.13, -1.09) reported a quarterly loss of $0.22 per share, which was worse than the $0.19 loss that was expected.
The S&P 500 Retailing Index is down 1.5% this session.DJ30 -86.39 NASDAQ -13.85 SP500 -7.44 NASDAQ Adv/Vol/Dec 578/212 mln/1694 NYSE Adv/Vol/Dec 568/124 mln/2157
09:40 am : The stock market gets off to a negative start, partially due to a higher-than-expected inflation reading weighing on investor sentiment.
The July Producer Price Index (PPI) brought disappointing news, although the CPI report last week showed some cost-push inflation pressures, so the PPI reading is not a complete surprise. Total PPI rose 1.2% in July (consensus +0.6%) and core PPI, which excludes food and energy, rose 0.7% (consensus 0.2%). That leaves the year-over-year increases for total PPI at 9.8% -- the highest since 1981. Core PPI is up 3.5% year-over-year, the highest level since 1991.DJ30 -63.02 NASDAQ -11.17 SP500 -5.12
09:16 am : S&P futures vs fair value: -8.7. Nasdaq futures vs fair value: -7.1.
08:59 am : S&P futures vs fair value: -9.8. Nasdaq futures vs fair value: -10.0. Futures continue to suggest a lower start to the trading day, with the higher-than-expected inflation reading weighing on investor sentiment.
08:34 am : S&P futures vs fair value: -9.2. Nasdaq futures vs fair value: -11.5. Futures extend their losses as two economic reports hit the wires, with one showing higher-than-expected inflation. The Producer Price Index (PPI) rose 1.2% in July (consensus +0.6%) and the core PPI, which excludes food and energy, rose 0.7% (consensus +0.2%). Separately, building permits fell 17.6% to 937,000 (consensus 970,000) and housing starts fell 11.0% to 965,000 (consensus 960,000). In earnings news, Target (TGT) reported quarterly earnings of $0.82 per share, which topped the $0.76 consensus estimate.
08:05 am : S&P futures vs fair value: -4.3. Nasdaq futures vs fair value: -6.0. Futures suggest a lower open ahead of the PPI and housing starts reports at 8:30 ET. Home Depot (HD) earned $0.71, which topped the consensus estimate of $0.61. The home improvement retailer reiterated its fiscal year 2008 guidance of a 5% year-over-year decline in revenue and a 24% decline in diluted earnings per share. In deal news, General Dynamics (GD) is going to acquire Switzerland-based Jet Aviation for $2.5 billion.
06:16 am : S&P futures vs fair value: +1.6. Nasdaq futures vs fair value: +2.8.
06:16 am : FTSE...5393.80...-56.40...-1.0%. DAX...6348.62...-84.26...-1.3%.
06:16 am : Nikkei...12865.05...-300.40...-2.3%. Hang Seng...20484.37...-446.30...-2.1%.
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 posted a 0.9% loss Tuesday, as continued concerns regarding financials, an increase in wholesale inflation and a rebound in crude oil prices weighed on investor sentiment.
The July Producer Price Index brought disappointing news, although the CPI report last week showed some cost-push inflation pressures, so the PPI reading is not a complete surprise. Total PPI rose 1.2% in July (consensus 0.6%) and core PPI, which excludes food and energy, rose 0.7% (consensus 0.2%). That leaves the year-over-year increase for total PPI at 9.8% -- the highest since 1981. Core PPI is up 3.5% year-over-year, the highest level since 1991.
In other economic news, July housing starts and building permits posted steep declines, although this was partially due to a change in permit applications requirements during June. Starts fell 11% to a 965,000 annual rate (consensus 960,000) and building permits dropped 17.7% to a 937,000 annual rate (consensus 970,000). Homebuilding stocks fell 3.6%.
Eight of the ten economic sectors posted a loss in broad-based weakness.
The financial sector (-3.0%) acted as the main drag. AIG (AIG 20.37, -1.23) tumbled 5.7% after Goldman Sachs said there is an increased chance that the insurance giant may need to raise more capital, according to Reuters. Lehman Brothers (LEH 13.10, -1.93) fell 12.8% following several negative media reports, including a Wall Street Journal article that said Lehman's third quarter has turned ugly.
Meanwhile, Fannie Mae (FNM 6.04, -0.11) and Freddie Mac (FRE 4.18, -0.21) were unable to recover from the previous session's steep decline. Freddie sold new five-year notes at 4.172%, which is 113 basis points more than the five-year Treasury Note. The large spread over Treasuries indicates market participants continue to show some apprehension regarding debt from Freddie, despite the implied guarantee from the U.S. government.
Consumer discretionary stocks (-2.2%) also came under pressure, with the rise in crude prices and discouraging news from several retailers (-2.7%) prompting the selling interest. Home Depot (HD 26.05, -0.91) and Target (TGT 49.74, -0.31) both reported year-over-year declines in quarterly net earnings, although the results topped Wall Street's forecast. Still, the companies' stocks posted a decline. Meanwhile, department store operator Saks (SKS 10.32, -0.90) tumbled 8.0% after posting a larger-than-expected quarterly loss. Staples (SPLS 23.56, -1.02) fell 4.2% in response to its second quarter profit outlook that fell short of estimates.
The energy sector (+2.8%) received a boost, with oil and gas exploration stocks (+4.3%) benefiting from the 2.2% rise in crude prices.
With regard to crude, prices traded in a volatile manner on no specific news. Oil posted a loss of 1.1% at session lows, and was up 3.4% at session highs. Tomorrow, oil will once again be in focus with the government's weekly energy data set for release at 10:35 AM ET. DJ30 -130.84 NASDAQ -32.62 NQ100 -1.2% R2K -1.6% SP400 -1.0% SP500 -11.91 NASDAQ Adv/Vol/Dec 755/1.74 bln/2035 NYSE Adv/Vol/Dec 855/1.01 bln/2274
3:30 pm : The stock market establishes fresh session lows and then pares some losses. Stocks are deep in the red going into the final half-hour of the trading day.
Looking ahead, the market will focus on earnings from Hewlett-Packard (HPQ 43.57, -1.04), which is set to report its quarterly results after the close. Crude oil (+1.6%, $114.66) will garner attention with the release of the government's weekly energy data at 10:35 AM ET on Wednesday.DJ30 -121.56 NASDAQ -36.35 SP500 -12.09 NASDAQ Adv/Vol/Dec 686/1.41 bln/2074 NYSE Adv/Vol/Dec 823/741 mln/2307
3:00 pm : The stock market falls to session lows and finds some modest support that stabilized the market. Losses remain substantial.
Richmond Fed President Lacker said on a Bloomberg TV interview that he does not think the fed funds rate should be any lower, and believes they need to be careful about not waiting too long to withdraw monetary policy. Fed funds futures suggest that the Fed will most likely keep rates steady through December. In addition, Lacker said he would be surprised to see a big bank fail, noting he is highly confident in the ability of big commercial banks.
On a related note, a panel of credit analysts at Standard & Poor's Rating Services feel that a return to a stable banking industry outlook is at least a year away. The financial sector is down 2.9% this session.DJ30 -128.89 NASDAQ -31.52 SP500 -11.95 NASDAQ Adv/Vol/Dec 725/1.24 bln/2015 NYSE Adv/Vol/Dec 833/669 mln/2291
2:30 pm : The major indices head toward session lows. Market breath is bearish, with advancers outpacing decliners by 14-to-5 on the NYSE and by 20-to-8 on the Nasdaq. Volume is relatively light.
The financial sector's (-3.2%) weakness is broad-based, with 95% of its components posting a loss. AIG (AIG 20.38, -1.22) is a laggard after Goldman Sachs recommended that investors not purchases AIG, citing the increased possibility of a capital raise, according to Reuters.
Lehman Brothers (LEH 13.17, -1.86) is down 12% following several negative media reports, including a Wall Street Journal article that said Lehman's third quarter has turned ugly.DJ30 -136.08 NASDAQ -31.42 SP500 -13.15 NASDAQ Adv/Vol/Dec 766/1.12 bln/1960 NYSE Adv/Vol/Dec 814/610 mln/2283
2:05 pm : Stocks have reversed course after trending upward. The Dow is now down 1.1%.
When compared with a basket of major foreign currencies the dollar is down 0.4%. This marks the second straight session the greenback has lost ground. However, its 8% rally in the past month has given it a 0.2% year-to-date gain.
Commodities are advancing on the dollar's weakness. Though down from earlier levels, both crude oil futures and the CRB Commodity Index are trading higher. Crude futures are up 0.8%, while the CRB is up 1.3%.DJ30 -120.09 NASDAQ -25.94 SP500 -11.23 NASDAQ Adv/Vol/Dec 740/1.06 bln/1967 NYSE Adv/Vol/Dec 796/574 mln/2296
1:35 pm : The stock market continues to pare some losses, although the bulls still have a lot of work to do. The S&P 500 is currently down 0.7%, compared to its recent session low when it was down 1.2%. Oil prices give up some more of their gains, now up only 0.8% at $113.78 per barrel.
Overseas markets had a tough session. London's FTSE fell 2.4% and Japan's Nikkei declined 2.3%.DJ30 -88.99 NASDAQ -20.46 SP500 -8.60 NASDAQ Adv/Vol/Dec 728/948 mln/1939 NYSE Adv/Vol/Dec 794/522 mln/2294
1:00 pm : The major indices pare some losses, although they continue to post steep declines. Crude prices climbed to a gain of 3.4% and then eased to their current level of a gain of 1.9% at $115.11 per barrel.
The materials sector (+0.6%) climbs into positive territory as gold (+1.5%) and commodities (+1.7%) in general make some gains.DJ30 -116.90 NASDAQ -27.36 SP500 -10.76 NASDAQ Adv/Vol/Dec 674/870 mln/1979 NYSE Adv/Vol/Dec 781/480 mln/2300
12:30 pm : Crude oil prices extend their gains, now up 2.4% to $115.50 per barrel. There does not appear to be a specific catalyst for the buying interest, although the gains coincided with a decline in the Dollar Index (-0.4%). Crude prices were down as much as 1.1%, and the dollar was up as much as 0.4% in earlier trade.
As a result, oil price sensitive areas have come under selling pressure, with the Amex Airline Index tumbling 7.1%. Conversely, the energy sector is rallying, up 3.2%, which is helping the broader market to recover off session lows.DJ30 -127.91 NASDAQ -29.14 SP500 -11.71 NASDAQ Adv/Vol/Dec 666/778 mln/1976 NYSE Adv/Vol/Dec 755/729 mln/2285
12:00 pm : It has been a negative day on Wall Street, with a higher-than-expected inflation reading weighing and a rebound in oil prices weighing on investor sentiment. The major indices are down more than 1% at midday, at session lows. Nine of the ten economic sectors are posting a loss, indicating broad-based weakness.
The July Producer Price Index brought disappointing news, although the CPI report last week showed some cost-push inflation pressures, so the PPI reading is not a complete surprise. Total PPI rose 1.2% in July (consensus +0.6%) and core PPI, which excludes food and energy, rose 0.7% (consensus 0.2%). That leaves the year-over-year increases for total PPI at 9.8% -- the highest since 1981. Core PPI is up 3.5% year-over-year, the highest level since 1991.
In other economic news, July housing starts and building permits posted steep declines, although this was partially due to a change in permit applications requirements during June. Starts fell 11% to a 965,000 annual rate (consensus 960,000) and building permits dropped 17.7% to a 937,000 annual rate (consensus 970,000). Homebuilding stocks are down 3.0% this session.
The financial sector (-3.5%) is once again under pressure, with heavyweights Bank of America (BAC 27.93, -1.36), JPMorgan Chase (JPM 35.27, -1.47) and Wells Fargo (WFC 27.54, -1.26) acting as the largest drag. Fannie Mae (FNM 5.85, -0.31) and Freddie Mac (FRE 4.09, -6.83) have been unable to rebound following their steep decline in yesterday's trade.
Consumer discretionary stocks are down 2.0% as retailers slip 2.6%. Home Depot (HD 26.48, -0.48) and Target (TGT 49.69, -0.40) both reported quarterly results that topped Wall Street's forecast, but the companies' stocks are still on the decline. Meanwhile, department store operator Saks (SKS 9.91, -1.31) is posting a steep drop after posting a larger-than-expected quarterly loss, and Staples (SPLS 23.33, -1.25) is tumbling in response to the office supply retailer's second quarter profit outlook that fell short of estimates.
The energy sector is outperforming with a 2.1% gain. Oil and gas exploration stocks (+3.0%) are benefiting from a 1.6% rise in crude oil prices.DJ30 -149.02 NASDAQ -27.31 SP500 -14.19 NASDAQ Adv/Vol/Dec 671/676 mln/1936 NYSE Adv/Vol/Dec 681/370 mln/2320
11:35 am : The major indices remain near session lows as weakness in financials (-3.1%) and consumer discretionary (-1.9%) stocks weigh on the stock market.
Meanwhile, the energy sector (+1.8%) spikes to session highs, as crude oil prices rebound out of negative territory to a slight gain of 0.3% at $113.12 per barrel. Crude prices were down as much as 1.1% this session.DJ30 -126.20 NASDAQ -22.39 SP500 -11.81 NASDAQ Adv/Vol/Dec 705/587 mln/1866 NYSE Adv/Vol/Dec 719/323 mln/2256
11:00 am : The stock market trades near its recently reached session low. Freddie Mac's (FRE 4.13, -0.26) $3 billion five-year Reference Notes were priced to yield 4.172%, which is 113 basis points more than the five-year U.S. Treasury Notes.
Only three stocks within the Dow are posting a gain -- Chevron (CVX 83.94, +0.75), Exxon Mobil (XOM 76.97, +0.40) and Procter & Gamble (PG 71.42, +0.15). The worst-performing stocks within the price-weighted index are IBM (IBM 123.04, -1.55), JPMorgan Chase (JPM 35.41, -1.34) and 3M (MMM 71.19, -1.26).DJ30 -124.90 NASDAQ -24.00 SP500 -12.33 NASDAQ Adv/Vol/Dec 646/474 mln/1836 NYSE Adv/Vol/Dec 643/260 mln/2259
10:30 am : The major indices are posting steep losses near session lows. Weakness is mostly broad-based with nine of the ten economic sectors posting a loss. The financial sector is down 2.9% and the consumer discretionary sector is down 1.6%.
The energy sector (+0.5%) is posting a gain, despite a modest decline in crude oil prices.DJ30 -115.53 NASDAQ -23.51 SP500 -11.44 NASDAQ Adv/Vol/Dec 570/336 mln/1821 NYSE Adv/Vol/Dec 571/182 mln/2244
10:00 am : The stock market extends its opening losses.
In earnings news, retailers Home Depot (HD 26.81, -0.18) and Target (TGT 49.26, -0.79) both reported results topped Wall Street's forecast, still the stocks are trading lower in the early-going.
Department store operator Saks (SKS 10.13, -1.09) reported a quarterly loss of $0.22 per share, which was worse than the $0.19 loss that was expected.
The S&P 500 Retailing Index is down 1.5% this session.DJ30 -86.39 NASDAQ -13.85 SP500 -7.44 NASDAQ Adv/Vol/Dec 578/212 mln/1694 NYSE Adv/Vol/Dec 568/124 mln/2157
09:40 am : The stock market gets off to a negative start, partially due to a higher-than-expected inflation reading weighing on investor sentiment.
The July Producer Price Index (PPI) brought disappointing news, although the CPI report last week showed some cost-push inflation pressures, so the PPI reading is not a complete surprise. Total PPI rose 1.2% in July (consensus +0.6%) and core PPI, which excludes food and energy, rose 0.7% (consensus 0.2%). That leaves the year-over-year increases for total PPI at 9.8% -- the highest since 1981. Core PPI is up 3.5% year-over-year, the highest level since 1991.DJ30 -63.02 NASDAQ -11.17 SP500 -5.12
09:16 am : S&P futures vs fair value: -8.7. Nasdaq futures vs fair value: -7.1.
08:59 am : S&P futures vs fair value: -9.8. Nasdaq futures vs fair value: -10.0. Futures continue to suggest a lower start to the trading day, with the higher-than-expected inflation reading weighing on investor sentiment.
08:34 am : S&P futures vs fair value: -9.2. Nasdaq futures vs fair value: -11.5. Futures extend their losses as two economic reports hit the wires, with one showing higher-than-expected inflation. The Producer Price Index (PPI) rose 1.2% in July (consensus +0.6%) and the core PPI, which excludes food and energy, rose 0.7% (consensus +0.2%). Separately, building permits fell 17.6% to 937,000 (consensus 970,000) and housing starts fell 11.0% to 965,000 (consensus 960,000). In earnings news, Target (TGT) reported quarterly earnings of $0.82 per share, which topped the $0.76 consensus estimate.
08:05 am : S&P futures vs fair value: -4.3. Nasdaq futures vs fair value: -6.0. Futures suggest a lower open ahead of the PPI and housing starts reports at 8:30 ET. Home Depot (HD) earned $0.71, which topped the consensus estimate of $0.61. The home improvement retailer reiterated its fiscal year 2008 guidance of a 5% year-over-year decline in revenue and a 24% decline in diluted earnings per share. In deal news, General Dynamics (GD) is going to acquire Switzerland-based Jet Aviation for $2.5 billion.
06:16 am : S&P futures vs fair value: +1.6. Nasdaq futures vs fair value: +2.8.
06:16 am : FTSE...5393.80...-56.40...-1.0%. DAX...6348.62...-84.26...-1.3%.
06:16 am : Nikkei...12865.05...-300.40...-2.3%. Hang Seng...20484.37...-446.30...-2.1%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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