Friday, October 17, 2008 6:44:52 PM
Market Update 081017
http://biz.yahoo.com/mu/update.html
4:40 pm : The week's wild ride has concluded, but onlookers might not know it by the relatively mild close had on Friday. The S&P 500 surged almost 12% Monday, suffered its biggest drop since the 1987 crash on Wednesday, and rallied more than 4% Thursday. On Friday alone the index swung nearly 7% from low to high before finishing with a 0.6% loss.
The wide swings persist as participants look for direction, even after renowned investor Warren Buffett indicated he was buying stocks. Buffett stated in a New York Times op-ed piece that he is adding U.S. stocks to his personal portfolio, which typically holds government debt. Buffett indicated he will continue to do so as stocks remain attractive. For instance, the S&P 500 currently trades at 18.6x trailing earnings, which is below its five-year average multiple.
Google (GOOG 373.11, +20.09) attracted interest, for its part. The Internet search giant announced better-than-expected earnings per share results for the latest quarter. Its shares finished appreciably higher, though off their best level of the session. IBM (IBM 90.78, -0.74) preannounced upbeat earnings per share results last week, so the company didn't garner the same attention as Google.
Announcements were mixed elsewhere. Stryker (SYK 52.19, -2.56) missed expectations while Advanced Micro Devices (AMD 4.21, +0.09) announced strong growth. Honeywell (HON 29.37, -1.56) and Schlumberger (SLB 49.99, -3.21) both posted an upside earnings surprise, but had a cautious outlook.
Schlumberger's caution reflects concerns that energy companies will be pressured by softer demand amid slower global growth. After being down more than 5% early on, the energy sector climbed to a gain in excess of 7%. It finished 0.4% lower, despite the fact oil prices finished 3% higher near $72 per barrel. Still, the threat of slower growth has oil prices down 51% from their July high.
Further data was released indicating that U.S. housing remains weak. Housing starts in September fell 6.3% to an annualized rate of 817,000 units. That was well below expectations and marked the lowest level since January 1991. Meanwhile, building permits dropped 8.3% to an annualized rate of 786,000. That number also matched a level also seen in January 1991.
The data reflect continued weakness in the moribund housing industry, which will weaken fourth quarter GDP and continue to spur write-downs at financial firms. The financial sector was a laggard, closing 2.3% lower.
The wild swings of the past week had volatility at record highs with the Volatility Index hitting 81 yesterday. Though today marked the expiration of options, the VIX finished the week at 70.DJ30 -127.04 NASDAQ -6.42 SP500 -5.88 NASDAQ Adv/Vol/Dec 1160/2.76 bln/1580 NYSE Adv/Vol/Dec 1734/1.74 bln/1373
3:30 pm : Stocks are falling again. After sporting solid gains for much of afternoon trade, each of the major indices is succumbing to selling pressure.
While all of the major economic sectors have turned downward, actual losses are currently only present in the financial sector (-1.1%) and the industrial sector (-0.9%). However, energy has retreated the most; it was sporting a 7% gain at its session high, but is now up less than 1%.
Energy's retreat comes despite solid gains for crude. Crude oil futures advanced more than 3% this session to trade above $72 per barrel.DJ30 -22.46 NASDAQ +5.09 SP500 +2.95 NASDAQ Adv/Vol/Dec 1360/2.30 bln/1355 NYSE Adv/Vol/Dec 1958/1.36 bln/1143
3:00 pm : The pendulum continues to swing. The Dow began the session with a near 3% loss before mustering together a rally that took it to a gain of 3.4%. It recently retreated back to the neutral line, but is now up with a healthy gain.
The ride has been ongoing as market participants seek direction amid persistent fear. Some moves are guided by the notion that further losses loom, while some trades contend that a sustained advance is due.
Volatility and volume during this session have only been compounded by the expiration of October options.DJ30 +93.50 NASDAQ +24.74 SP500 +19.51 NASDAQ Adv/Vol/Dec 1551/2.08 bln/1130 NYSE Adv/Vol/Dec 2142/1.25 bln/960
2:30 pm : The major indices continue to pare their gains, sliding off earlier session highs. The S&P 500 was up 4.0%, though only for a moment.
Industrial stocks (+0.2%) are a weak point. United Technologies (UTX 51.98, -0.90) is a laggard in the sector. The stock beat earnings expectations yesterday and offered in-line guidance. This session's downturn threatens to offset part of its advance in the prior session.
Financial stocks are also lagging. The sector is up just 0.3%. Regional banks (-1.4%) and diversified banks (-1.3%) remain underperformers in the sector as investors continue to fear the implications of tighter credit and lingering losses.DJ30 +109.59 NASDAQ +24.83 SP500 +15.63 NASDAQ Adv/Vol/Dec 1540/1.88 bln/1126 NYSE Adv/Vol/Dec 2132/1.15 bln/955
2:00 pm : Gains have been curtailed as stocks pull back from their session high. Although, the tone is still upbeat, marking a complete reversal from earlier when a negative bias held stocks in check.
Despite the surge in stocks, the 10-year Treasury Note has only moved slightly lower. It is currently down just three ticks.DJ30 +217.12 NASDAQ +44.69 SP500 +27.83 NASDAQ Adv/Vol/Dec 1671/1.69 bln/981 NYSE Adv/Vol/Dec 2332/1.06 bln/738
1:30 pm : The stock market continues its run, reaching to new highs for the session. The S&P 500 was down as much as 2.9% earlier. It is now up almost 8% week-to-date.
While the advance may sound encouraging, the S&P 500 is still down nearly 17% for the month of October. The month's loss is largely owed to the declines last week, which combined to make one of the worst weeks for stocks in history. DJ30 +180.96 NASDAQ +40.14 SP500 +23.67 NASDAQ Adv/Vol/Dec 1583/1.51 bln/1051 NYSE Adv/Vol/Dec 2185/962 mln/878
1:05 pm : Stocks have advanced to their best level of the session. The move comes as a collective effort across each of the major economic sectors. All ten are now up.
Energy is the best performing sector. It has successfully shaken its early funk to join crude; each are at session highs. Energy is up 4.3%, while oil is now up 6% this session to trade near $74 per barrel. DJ30 +146.47 NASDAQ +29.76 SP500 +19.47 NASDAQ Adv/Vol/Dec 1455/1.36 bln/1138 NYSE Adv/Vol/Dec 1984/880 mln/1049
12:30 pm : Stocks have moved back into positive ground, but a lack of leadership continues to challenge the sustainability of the advance. Health care is up 1.4%; it is the best performing sector, but is currently the second largest sector in the S&P 500 behind tech (+0.8%).
Many participants are keeping an eye on financials, but the sector is without buying interest. It is down 0.7%.DJ30 +10.27 NASDAQ +12.04 SP500 +5.34 NASDAQ Adv/Vol/Dec 1196/1.21 bln/1384 NYSE Adv/Vol/Dec 1621/808 mln/1380
12:05 pm : Despite a vote of confidence from a billionaire investment guru, the major indices have been unable to make a sustainable advance thus far. Strength in large-cap tech holdings helped move the major indices off early lows, but a negative bias remains.
Renowned investor Warren Buffett stated in a New York Times op-ed piece that he is buying U.S. stocks for his personal portfolio. The chairman of Berkshire Hathaway (BRK.A 116,800, +3,650) indicated his portfolio typically holds government debt, but values in stocks are attractive.
Both Google (GOOG 379.32, +26.30) and IBM (IBM 92.08, +0.56) announced upbeat earnings per share results for the latest quarter. IBM's results were less of a surprise since the company preannounced results last week, so the stock is moving less. Google, on the other hand, is up appreciably and acting as a leader in the market.
Earnings results were mixed elsewhere. Diversified manufacturer Honeywell (HON 28.65, -2.28 ) reported better-than-expected earnings results of its own for the third quarter, though its revenue came up short of the consensus forecast. The company also issued a full-year 2008 earnings outlook that is below the consensus estimate.
Schlumberger (SLB 49.61, -3.59) posted an upside earnings surprise for its latest quarter, but the company is also cautious about capital spending in coming periods. The comments have led to weakness of oil and gas equipment companies, which are down 4.6% currently. Oil companies become less interested in pursuing the commodity with the price of oil down more than 25% year-to-date and halved from its high. Oil futures are trading 3% higher to $72 per barrel this session.
Media reports suggest merger discussions are picking up between General Motors (GM 6.49, +0.09) and privately held Chrysler. The Wall Street Journal indicated GM is also considering strategic moves for its Hummer brand.
Housing starts in September fell 6.3% to an annualized rate of 817,000 units. September starts were well below expectations that were around 870,000 and are at their lowest level since January 1991. Building permits, meanwhile, dropped 8.3% to an annualized rate of 786,000. That was also well below the expected number of 840,000 and matched a level also seen in January 1991.
The data clearly reflect weak conditions in the new home market and will contribute to concerns about the fourth quarter GDP outlook.
Options expire today, which will likely induce volatility and add to volume. DJ30 -43.33 NASDAQ -2.08 SP500 -1.53 NASDAQ Adv/Vol/Dec 1045/1.11 bln/1507 NYSE Adv/Vol/Dec 1425/753 mln/1545
11:30 am : The Nasdaq is trying to fight off selling efforts that are threatening to take it back into negative territory, where it would join the Dow and the S&P 500.
Large-cap tech names like IBM (IBM 92.21, +0.69) and Google (GOOG 378.91, +25.89) are providing support to the Nasdaq. Their performance is further reflected in the Nasdaq 100, which is up 0.3%. Both IBM and GOOG are benefiting from buying interest after reporting better-than-expected earnings per share results.DJ30 -53.77 NASDAQ +1.03 SP500 -3.36 NASDAQ Adv/Vol/Dec 1002/1.00 bln/1514 NYSE Adv/Vol/Dec 1321/692 mln/1631
11:00 am : Stocks recently made their way into positive ground, but are fighting to maintain gains.
The move was generally broad based with the major economic sectors seemingly moving in tandem as they quickly rose, but then quickly pared gains.
In contrast to the prior session, small-cap stocks are underperforming larger capitalized holdings. The Russell 2000 is down 1.1% after advancing nearly 7% in the prior session.DJ30 -9.88 NASDAQ +5.54 SP500 +1.64 NASDAQ Adv/Vol/Dec 1063/841 mln/1391 NYSE Adv/Vol/Dec 1381/604 mln/1540
10:30 am : Sentiment remains generally negative as stocks continue to trade in the red. Although, the Dow has pulled up approximately 200 points from its early low.
Oil futures are trading higher after a concerted selling effort in the prior session. They are currently indicated up more than 2% to around $71.50 per barrel. Week-to-date, though, oil futures are down nearly 8%.
Energy has actually traded inversely to oil in recent sessions. Oil slid in the prior session, but energy stocks zoomed to close almost 8% higer. Though oil is up today, energy is down 0.9%.DJ30 -75.19 NASDAQ -9.04 SP500 -6.95 NASDAQ Adv/Vol/Dec 891/660 mln/1476 NYSE Adv/Vol/Dec 1058/506 mln/1803
10:00 am : Stocks have pulled up from their early lows, but the morning's tone remains downbeat. The negative bias persists despite upbeat earnings per share results from tech giants like IBM (IBM 90.75, -0.77) and Google (GOOG 370.99, +17.97).
The much smaller Advanced Micro Devices (AMD 4.50, +0.38) is also trading higher after announcing pleasing quarterly results. AMD recently announced it was dividing itself so that one company manufactures microprocessors and the other will design and sell them.
Just released, the University of Michigan consumer sentiment survey for October came in at 57.5, which is below the reading of 65.0 that was widely expected, and down sharply from the prior month reading of 70.3.DJ30 -81.64 NASDAQ -14.10 SP500 -10.85 NASDAQ Adv/Vol/Dec 712/421 mln/1537 NYSE Adv/Vol/Dec 642/382 mln/2094
09:45 am : The major U.S. indices are off to a negative start. All ten of the major economic sectors are trading lower. Even gold is down, despite its attractiveness in tumultuous times.
The tone contrasts with the mood on European bourses. London's FTSE is up 1.5%. Germany's DAX is up 1.0%. France's CAC is up 1.0%.DJ30 -157.55 NASDAQ -22.37 SP500 -15.54 NASDAQ Adv/Dec 554/1603 NYSE Adv/Dec 464/2206
09:15 am : S&P futures vs fair value: -29.40. Nasdaq futures vs fair value: -32.80. Only a few minutes remain before the week's final trading session kicks off and stock futures continue to indicate a downward open. This is an options expiration date, so volume may increase as the options are exercised.
09:00 am : S&P futures vs fair value: -21.40. Nasdaq futures vs fair value: -23.30. Stocks remain on track for a downward start. President Bush recently concluded a speech that reviewed recent government actions to stabilize the financial system. He stated the government will not exercise control over any private firm. Separately, overnight Libor rates have pulled back to 1.67% from 1.94% yesterday.
08:30 am : S&P futures vs fair value: -20.30. Nasdaq futures vs fair value: -25.50. Stocks continue to move toward a lower open despite encouraging comments from revered investor Warren Buffett. He stated in a New York Times article he is buying U.S. stocks for his personal portfolio. His rule for buying is to be fearful when others are greedy, and be greedy when others are fearful. Honeywell's (HON) latest earnings results bested the consensus estimate, but the company's earnings outlook was a bit short of the consensus forecast. In the latest batch of economic data, housing starts for September totaled 817,000. The consensus called for 872,000 starts, which is also the amount from the prior month. Building permts totaled 786,000 in September, which is down from the 857,000 in the prior month and below the 840,000 that was anticipated.
08:00 am : S&P futures vs fair value: -15.40. Nasdaq futures vs fair value: -13.50. Stock futures suggest a downward open to the week's final trading session, despite relatively upbeat announcements from several widely held companies. Both Google (GOOG) and IBM (IBM) surpassed analysts' earnings per share estimates for the latest quarter. IBM's results are of little surprise, though, since the company preannounced last week. Advanced Micro Devices (AMD) reported that special items helped it grow its top line 32% year-over-year and earn $0.07 per share. Media reports suggest merger discussions are picking up between General Motors (GM) and privately held Chrysler. Schlumberger (SLB) also announced an upside surprise for its latest earnings per share results.
06:15 am : S&P futures vs fair value: -35.60. Nasdaq futures vs fair value: +0.20.
06:14 am : Nikkei...8693.82...+235.40...+2.80%. Hang Seng...14554.21...-676.30...-4.40%.
06:14 am : FTSE...9354.80...+46.60...+0.50%. DAX...4583.37...-39.40...-0.80%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
http://biz.yahoo.com/mu/update.html
4:40 pm : The week's wild ride has concluded, but onlookers might not know it by the relatively mild close had on Friday. The S&P 500 surged almost 12% Monday, suffered its biggest drop since the 1987 crash on Wednesday, and rallied more than 4% Thursday. On Friday alone the index swung nearly 7% from low to high before finishing with a 0.6% loss.
The wide swings persist as participants look for direction, even after renowned investor Warren Buffett indicated he was buying stocks. Buffett stated in a New York Times op-ed piece that he is adding U.S. stocks to his personal portfolio, which typically holds government debt. Buffett indicated he will continue to do so as stocks remain attractive. For instance, the S&P 500 currently trades at 18.6x trailing earnings, which is below its five-year average multiple.
Google (GOOG 373.11, +20.09) attracted interest, for its part. The Internet search giant announced better-than-expected earnings per share results for the latest quarter. Its shares finished appreciably higher, though off their best level of the session. IBM (IBM 90.78, -0.74) preannounced upbeat earnings per share results last week, so the company didn't garner the same attention as Google.
Announcements were mixed elsewhere. Stryker (SYK 52.19, -2.56) missed expectations while Advanced Micro Devices (AMD 4.21, +0.09) announced strong growth. Honeywell (HON 29.37, -1.56) and Schlumberger (SLB 49.99, -3.21) both posted an upside earnings surprise, but had a cautious outlook.
Schlumberger's caution reflects concerns that energy companies will be pressured by softer demand amid slower global growth. After being down more than 5% early on, the energy sector climbed to a gain in excess of 7%. It finished 0.4% lower, despite the fact oil prices finished 3% higher near $72 per barrel. Still, the threat of slower growth has oil prices down 51% from their July high.
Further data was released indicating that U.S. housing remains weak. Housing starts in September fell 6.3% to an annualized rate of 817,000 units. That was well below expectations and marked the lowest level since January 1991. Meanwhile, building permits dropped 8.3% to an annualized rate of 786,000. That number also matched a level also seen in January 1991.
The data reflect continued weakness in the moribund housing industry, which will weaken fourth quarter GDP and continue to spur write-downs at financial firms. The financial sector was a laggard, closing 2.3% lower.
The wild swings of the past week had volatility at record highs with the Volatility Index hitting 81 yesterday. Though today marked the expiration of options, the VIX finished the week at 70.DJ30 -127.04 NASDAQ -6.42 SP500 -5.88 NASDAQ Adv/Vol/Dec 1160/2.76 bln/1580 NYSE Adv/Vol/Dec 1734/1.74 bln/1373
3:30 pm : Stocks are falling again. After sporting solid gains for much of afternoon trade, each of the major indices is succumbing to selling pressure.
While all of the major economic sectors have turned downward, actual losses are currently only present in the financial sector (-1.1%) and the industrial sector (-0.9%). However, energy has retreated the most; it was sporting a 7% gain at its session high, but is now up less than 1%.
Energy's retreat comes despite solid gains for crude. Crude oil futures advanced more than 3% this session to trade above $72 per barrel.DJ30 -22.46 NASDAQ +5.09 SP500 +2.95 NASDAQ Adv/Vol/Dec 1360/2.30 bln/1355 NYSE Adv/Vol/Dec 1958/1.36 bln/1143
3:00 pm : The pendulum continues to swing. The Dow began the session with a near 3% loss before mustering together a rally that took it to a gain of 3.4%. It recently retreated back to the neutral line, but is now up with a healthy gain.
The ride has been ongoing as market participants seek direction amid persistent fear. Some moves are guided by the notion that further losses loom, while some trades contend that a sustained advance is due.
Volatility and volume during this session have only been compounded by the expiration of October options.DJ30 +93.50 NASDAQ +24.74 SP500 +19.51 NASDAQ Adv/Vol/Dec 1551/2.08 bln/1130 NYSE Adv/Vol/Dec 2142/1.25 bln/960
2:30 pm : The major indices continue to pare their gains, sliding off earlier session highs. The S&P 500 was up 4.0%, though only for a moment.
Industrial stocks (+0.2%) are a weak point. United Technologies (UTX 51.98, -0.90) is a laggard in the sector. The stock beat earnings expectations yesterday and offered in-line guidance. This session's downturn threatens to offset part of its advance in the prior session.
Financial stocks are also lagging. The sector is up just 0.3%. Regional banks (-1.4%) and diversified banks (-1.3%) remain underperformers in the sector as investors continue to fear the implications of tighter credit and lingering losses.DJ30 +109.59 NASDAQ +24.83 SP500 +15.63 NASDAQ Adv/Vol/Dec 1540/1.88 bln/1126 NYSE Adv/Vol/Dec 2132/1.15 bln/955
2:00 pm : Gains have been curtailed as stocks pull back from their session high. Although, the tone is still upbeat, marking a complete reversal from earlier when a negative bias held stocks in check.
Despite the surge in stocks, the 10-year Treasury Note has only moved slightly lower. It is currently down just three ticks.DJ30 +217.12 NASDAQ +44.69 SP500 +27.83 NASDAQ Adv/Vol/Dec 1671/1.69 bln/981 NYSE Adv/Vol/Dec 2332/1.06 bln/738
1:30 pm : The stock market continues its run, reaching to new highs for the session. The S&P 500 was down as much as 2.9% earlier. It is now up almost 8% week-to-date.
While the advance may sound encouraging, the S&P 500 is still down nearly 17% for the month of October. The month's loss is largely owed to the declines last week, which combined to make one of the worst weeks for stocks in history. DJ30 +180.96 NASDAQ +40.14 SP500 +23.67 NASDAQ Adv/Vol/Dec 1583/1.51 bln/1051 NYSE Adv/Vol/Dec 2185/962 mln/878
1:05 pm : Stocks have advanced to their best level of the session. The move comes as a collective effort across each of the major economic sectors. All ten are now up.
Energy is the best performing sector. It has successfully shaken its early funk to join crude; each are at session highs. Energy is up 4.3%, while oil is now up 6% this session to trade near $74 per barrel. DJ30 +146.47 NASDAQ +29.76 SP500 +19.47 NASDAQ Adv/Vol/Dec 1455/1.36 bln/1138 NYSE Adv/Vol/Dec 1984/880 mln/1049
12:30 pm : Stocks have moved back into positive ground, but a lack of leadership continues to challenge the sustainability of the advance. Health care is up 1.4%; it is the best performing sector, but is currently the second largest sector in the S&P 500 behind tech (+0.8%).
Many participants are keeping an eye on financials, but the sector is without buying interest. It is down 0.7%.DJ30 +10.27 NASDAQ +12.04 SP500 +5.34 NASDAQ Adv/Vol/Dec 1196/1.21 bln/1384 NYSE Adv/Vol/Dec 1621/808 mln/1380
12:05 pm : Despite a vote of confidence from a billionaire investment guru, the major indices have been unable to make a sustainable advance thus far. Strength in large-cap tech holdings helped move the major indices off early lows, but a negative bias remains.
Renowned investor Warren Buffett stated in a New York Times op-ed piece that he is buying U.S. stocks for his personal portfolio. The chairman of Berkshire Hathaway (BRK.A 116,800, +3,650) indicated his portfolio typically holds government debt, but values in stocks are attractive.
Both Google (GOOG 379.32, +26.30) and IBM (IBM 92.08, +0.56) announced upbeat earnings per share results for the latest quarter. IBM's results were less of a surprise since the company preannounced results last week, so the stock is moving less. Google, on the other hand, is up appreciably and acting as a leader in the market.
Earnings results were mixed elsewhere. Diversified manufacturer Honeywell (HON 28.65, -2.28 ) reported better-than-expected earnings results of its own for the third quarter, though its revenue came up short of the consensus forecast. The company also issued a full-year 2008 earnings outlook that is below the consensus estimate.
Schlumberger (SLB 49.61, -3.59) posted an upside earnings surprise for its latest quarter, but the company is also cautious about capital spending in coming periods. The comments have led to weakness of oil and gas equipment companies, which are down 4.6% currently. Oil companies become less interested in pursuing the commodity with the price of oil down more than 25% year-to-date and halved from its high. Oil futures are trading 3% higher to $72 per barrel this session.
Media reports suggest merger discussions are picking up between General Motors (GM 6.49, +0.09) and privately held Chrysler. The Wall Street Journal indicated GM is also considering strategic moves for its Hummer brand.
Housing starts in September fell 6.3% to an annualized rate of 817,000 units. September starts were well below expectations that were around 870,000 and are at their lowest level since January 1991. Building permits, meanwhile, dropped 8.3% to an annualized rate of 786,000. That was also well below the expected number of 840,000 and matched a level also seen in January 1991.
The data clearly reflect weak conditions in the new home market and will contribute to concerns about the fourth quarter GDP outlook.
Options expire today, which will likely induce volatility and add to volume. DJ30 -43.33 NASDAQ -2.08 SP500 -1.53 NASDAQ Adv/Vol/Dec 1045/1.11 bln/1507 NYSE Adv/Vol/Dec 1425/753 mln/1545
11:30 am : The Nasdaq is trying to fight off selling efforts that are threatening to take it back into negative territory, where it would join the Dow and the S&P 500.
Large-cap tech names like IBM (IBM 92.21, +0.69) and Google (GOOG 378.91, +25.89) are providing support to the Nasdaq. Their performance is further reflected in the Nasdaq 100, which is up 0.3%. Both IBM and GOOG are benefiting from buying interest after reporting better-than-expected earnings per share results.DJ30 -53.77 NASDAQ +1.03 SP500 -3.36 NASDAQ Adv/Vol/Dec 1002/1.00 bln/1514 NYSE Adv/Vol/Dec 1321/692 mln/1631
11:00 am : Stocks recently made their way into positive ground, but are fighting to maintain gains.
The move was generally broad based with the major economic sectors seemingly moving in tandem as they quickly rose, but then quickly pared gains.
In contrast to the prior session, small-cap stocks are underperforming larger capitalized holdings. The Russell 2000 is down 1.1% after advancing nearly 7% in the prior session.DJ30 -9.88 NASDAQ +5.54 SP500 +1.64 NASDAQ Adv/Vol/Dec 1063/841 mln/1391 NYSE Adv/Vol/Dec 1381/604 mln/1540
10:30 am : Sentiment remains generally negative as stocks continue to trade in the red. Although, the Dow has pulled up approximately 200 points from its early low.
Oil futures are trading higher after a concerted selling effort in the prior session. They are currently indicated up more than 2% to around $71.50 per barrel. Week-to-date, though, oil futures are down nearly 8%.
Energy has actually traded inversely to oil in recent sessions. Oil slid in the prior session, but energy stocks zoomed to close almost 8% higer. Though oil is up today, energy is down 0.9%.DJ30 -75.19 NASDAQ -9.04 SP500 -6.95 NASDAQ Adv/Vol/Dec 891/660 mln/1476 NYSE Adv/Vol/Dec 1058/506 mln/1803
10:00 am : Stocks have pulled up from their early lows, but the morning's tone remains downbeat. The negative bias persists despite upbeat earnings per share results from tech giants like IBM (IBM 90.75, -0.77) and Google (GOOG 370.99, +17.97).
The much smaller Advanced Micro Devices (AMD 4.50, +0.38) is also trading higher after announcing pleasing quarterly results. AMD recently announced it was dividing itself so that one company manufactures microprocessors and the other will design and sell them.
Just released, the University of Michigan consumer sentiment survey for October came in at 57.5, which is below the reading of 65.0 that was widely expected, and down sharply from the prior month reading of 70.3.DJ30 -81.64 NASDAQ -14.10 SP500 -10.85 NASDAQ Adv/Vol/Dec 712/421 mln/1537 NYSE Adv/Vol/Dec 642/382 mln/2094
09:45 am : The major U.S. indices are off to a negative start. All ten of the major economic sectors are trading lower. Even gold is down, despite its attractiveness in tumultuous times.
The tone contrasts with the mood on European bourses. London's FTSE is up 1.5%. Germany's DAX is up 1.0%. France's CAC is up 1.0%.DJ30 -157.55 NASDAQ -22.37 SP500 -15.54 NASDAQ Adv/Dec 554/1603 NYSE Adv/Dec 464/2206
09:15 am : S&P futures vs fair value: -29.40. Nasdaq futures vs fair value: -32.80. Only a few minutes remain before the week's final trading session kicks off and stock futures continue to indicate a downward open. This is an options expiration date, so volume may increase as the options are exercised.
09:00 am : S&P futures vs fair value: -21.40. Nasdaq futures vs fair value: -23.30. Stocks remain on track for a downward start. President Bush recently concluded a speech that reviewed recent government actions to stabilize the financial system. He stated the government will not exercise control over any private firm. Separately, overnight Libor rates have pulled back to 1.67% from 1.94% yesterday.
08:30 am : S&P futures vs fair value: -20.30. Nasdaq futures vs fair value: -25.50. Stocks continue to move toward a lower open despite encouraging comments from revered investor Warren Buffett. He stated in a New York Times article he is buying U.S. stocks for his personal portfolio. His rule for buying is to be fearful when others are greedy, and be greedy when others are fearful. Honeywell's (HON) latest earnings results bested the consensus estimate, but the company's earnings outlook was a bit short of the consensus forecast. In the latest batch of economic data, housing starts for September totaled 817,000. The consensus called for 872,000 starts, which is also the amount from the prior month. Building permts totaled 786,000 in September, which is down from the 857,000 in the prior month and below the 840,000 that was anticipated.
08:00 am : S&P futures vs fair value: -15.40. Nasdaq futures vs fair value: -13.50. Stock futures suggest a downward open to the week's final trading session, despite relatively upbeat announcements from several widely held companies. Both Google (GOOG) and IBM (IBM) surpassed analysts' earnings per share estimates for the latest quarter. IBM's results are of little surprise, though, since the company preannounced last week. Advanced Micro Devices (AMD) reported that special items helped it grow its top line 32% year-over-year and earn $0.07 per share. Media reports suggest merger discussions are picking up between General Motors (GM) and privately held Chrysler. Schlumberger (SLB) also announced an upside surprise for its latest earnings per share results.
06:15 am : S&P futures vs fair value: -35.60. Nasdaq futures vs fair value: +0.20.
06:14 am : Nikkei...8693.82...+235.40...+2.80%. Hang Seng...14554.21...-676.30...-4.40%.
06:14 am : FTSE...9354.80...+46.60...+0.50%. DAX...4583.37...-39.40...-0.80%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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