AI
Tuesday, November 04, 2008 9:37:35 PM
Market Update 081104
http://biz.yahoo.com/mu/update.html
4:15 pm : Stocks and commodities surged on Election Day, benefiting from some better-than-expected quarterly earnings results, improvement in the credit market and a report that the a broader range of financial firms may receive investments from the Treasury.
The S&P 500 rose 4.1% in broad-based strength, ending near its best level of the session. Small-cap names, however, saw less of a bid, with the Russell 2000 Index closing up just 1.3%.
Commodities rallied 5.3% as the dollar tumbled 1.8% against a basket of world currencies. Oil futures for December delivery surged 9.0% to $69.65 per barrel, getting an added boost from reports that some OPEC members were cutting production.
Credit markets continue to show improvement and investors are showing less fear. Interbank dollar lending, known as Libor, declined across all terms and the TED Spread fell 18 basis points to 2.24%. The Volatility Index, which is considered the "fear index", declined 11%.
General Electric (GE 20.81, +1.51) was the best-performing S&P 500 component. The U.S. Treasury is considering investments in a broad range of financial companies, not just banks and insurers, The Wall Street Journal reported, citing sources. The report specifically mentioned GE's capital unit and CIT Group (CIT 6.15, +1.63) as possible recipients. A GE spokesperson said a Treasury investment is not expected, although GE would consider an offer if one was made, Reuters reported.
In earnings news, MasterCard (MA 169.37, +25.48), Archer Daniels Midland (ADM 24.23, +3.12) and Automatic Data Processing (ADP 36.23, +2.96) topped estimates for their latest quarters. The latter company, however, gave downside revenue guidance for its fiscal year 2009.
All ten of the economic sectors rose, led by energy (+6.4%), telecom (+5.2%) and industrials (+5.5%). Healthcare (+1.6%) and utilities (+2.3%) underperformed on a relative basis.
In economic news, market participants shrugged off negative factory orders data. September factory orders fell 2.5% month-over-month after dropping 4.3% in August. The results were worse than the 0.8% decline that was expected.
Despite the rally in stocks, the longer term Treasuries rallied. The 10-year note rose 48 ticks and the 30-year bond rose 68 ticks in light trade.
The S&P 500 has surged 19.8% since its October 10 multi-year low. Despite the massive advance, it is still down 31.5% year-to-date.DJ30 +305.45 NASDAQ +53.79 NQ100 +3.3% R2K +1.4% SP400 +2.3% SP500 +39.45 NASDAQ Adv/Vol/Dec 1758/2.33 bln/1006 NYSE Adv/Vol/Dec 2464/1.31 bln/663
3:25 pm : The major indices sport solid gains going into the final half-hour of the trading session.
Tomorrow, traders will look at the ADP private employment report for clues of what the government's job report on Friday may bring. In addition, the ISM Services Index is set for release at 10:00 AM ET and the weekly crude inventory data will be announced at 10:35 AM ET.DJ30 +208.28 NASDAQ +35.22 SP500 +28.39 NASDAQ Adv/Vol/Dec 1521/1.87 bln/1228 NYSE Adv/Vol/Dec 2257/906 mln/838
3:05 pm : Stocks are giving up some gains as all ten of the economic sectors dip.
Dell (DELL 12.80, +0.19) plans further cost-cutting measures, including a hiring freeze and voluntary severance packages, The Wall Street Journal reports.
The utilities sector underperforms with a gain of only 0.2%. Electric utility PPL (PPL 28.57, -3.90) this morning reported worse-than-expected third quarter earnings and issued downside fiscal year 2008 and 2009 earnings guidance, citing cost pressures and higher financing costs.DJ30 +175.54 NASDAQ +30.07 SP500 +24.40 NASDAQ Adv/Vol/Dec 1462/1.73 bln/1273 NYSE Adv/Vol/Dec 2209/841 mln/880
2:30 pm : The stock market posts a strong gain, modestly below session highs.
Longer-term Treasuries are rallying higher. The 10-year note is up 33 ticks and the 30-year bond is up 42 ticks.
At the same time, the small-cap Russell 2000 Index retreats to the unchanged mark.DJ30 +235.20 NASDAQ +44.07 SP500 +31.51 NASDAQ Adv/Vol/Dec 1565/1.56 bln/1153 NYSE Adv/Vol/Dec 2282/761 mln/794
2:00 pm : Stocks continue trading with solid gains. The Dow is just a bit off its session high, and now stands almost 22% above its 52-week low reached in early October.
Despite the advance from its low, the blue chip index continues trading at a historically cheap price-to-earnings multiple. The Dow's current P/E multiple is just 11.6x. During the past five years the Dow averaged a price-to-earnings multiple closer to 17.3x.DJ30 +266.42 NASDAQ +49.29 SP500 +35.49 NASDAQ Adv/Vol/Dec 1657/1.42 bln/1050 NYSE Adv/Vol/Dec 2402/698 mln/682
1:30 pm : Stocks trade in a relatively tight range near session highs.
Today's advance is mostly a large cap rally. The S&P 400 is up 1.8% and the Russell 2000 is only up 1.1%. By comparison, the S&P 500 is up more than 3.5%.
Within the S&P 500, 454 stocks are posting a gain. Heavyweights General Electric (GE 20.92, +1.62), Exxon Mobil (XOM 77.30, +3.01) and AT&T (T 29.40, +1.59) are leading the way. Hewlett-Packard (HPQ 37.85, -0.76), PPL (PPL 28.59, -3.87) and Amgen (AMGN 59.99, -1.56) are the main laggards.DJ30 +266.30 NASDAQ +49.88 SP500 +34.77 NASDAQ Adv/Vol/Dec 1696/1.29 bln/973 NYSE Adv/Vol/Dec 2424/635 mln/648
1:00 pm : The S&P 500 trades with a gain of more than 3% in broad-based strength.
Market breadth is positive. Advancers outpace decliners by 15-to-4 on the NYSE and by 2-to-1 on the Nasdaq. Volume is on the light side.DJ30 +247.55 NASDAQ +47.60 SP500 +32.10 NASDAQ Adv/Vol/Dec 1753/1.18 bln/909 NYSE Adv/Vol/Dec 2416/583 mln/644
12:30 pm : Stocks trade modestly below session highs.
Crude prices spike higher, now up 11.5% to $70.63 per barrel.
Airlines (-2.7%) are notable laggards, with selling interest driven by the spike in crude prices weighing on the industry and a poor November outlook from Continental Airlines (CAL 18.19, -2.26). Continental said it expects domestic revenue per available seat mile to rise by 4% to 6% in November, compared to recent guidance of low-to-mid teens, Reuters reports.DJ30 +264.47 NASDAQ +48.56 SP500 +33.56 NASDAQ Adv/Vol/Dec 1798/1.07 bln/845 NYSE Adv/Vol/Dec 2456/538 mln/608
11:55 am : Stocks and commodities are surging on Election Day as cash comes off the sidelines, aided by some better-than-expected quarterly earnings reports and improvement in the credit market.
At midday, the stock market is up nearly 4% in broad-based strength. At the same time, commodities rally (+4.3%), with oil up 9.0% to $69.65 per barrel, as the dollar tumbles 2.0%.
General Electric (GE 20.97, +1.67) is showing notable strength, surging 9%. The Wall Street Journal reported earlier today, citing sources, that the Treasury is considering investments in a broad range of financial companies, not just banks and insurers. The report went on to specifically mention GE's capital unit and CIT Group (CIT 6.09, +1.57). A GE spokesperson said a Treasury investment is not expected, but if one was offered the company would consider it, Reuters reported.
In earnings news, MasterCard (MA 164.86, +20.97), Archer Daniels Midland (ADM 24.91, +3.80) and Automatic Data Processing (ADP 35.73, +2.46) topped estimates for their latest quarters. The latter company, however, gave downside revenue guidance for its fiscal year 2009.
Credit markets continue to show improvement. Interbank dollar lending, known as Libor, declined across all terms and the TED Spread is down 20 basis points to 2.22%.
All ten of the economic sectors are in positive territory, led by telecom (+6.1%), energy (+6.1%) and industrials (+5.5%).
In economic news, market participants shrugged off negative factory orders data. September factory orders fell 2.5% month-over-month after dropping 4.3% in August. The results were worse than the 0.8% decline that was expected.DJ30 +302.64 NASDAQ +56.84 SP500 +38.46 NASDAQ Adv/Vol/Dec 1823/895 mln/775 NYSE Adv/Vol/Dec 2501/469 mln/516
11:30 am : The stock market trades slightly below its recently reached session high. Oil prices continue to surge higher, up 7.7% to $68.86 per barrel.
General Electric (GE 20.89, +1.59) is showing notable strength, rallying 8.2%. The Wall Street Journal reported earlier today, citing sources, that the Treasury is considering investments in a broad range of financial companies, not just banks and insurers. The report went on to specifically mention GE's capital unit and CIT Group (CIT 5.89, +1.37).
A GE spokesperson said a Treasury investment is not expected, but the company would consider an offer if one was made, Reuters reported.DJ30 273.75 NASDAQ 46.95 SP500 1001.01 NASDAQ Adv/Vol/Dec 1837/759 mln/712 NYSE Adv/Vol/Dec 2464/409 mln/519
11:00 am : Stocks and commodities rally to session highs while the dollar tumbles to session lows. The S&P 500 is now up more than 3%, briefly crossing the 1000 point mark.
There does not appear to be a specific news item behind the latest surge. Buying interest is broad-based.
Dallas Fed President Fisher, who has been an inflation hawk, said the market crisis has arrested inflation momentum.DJ30 +259.25 NASDAQ +43.05 SP500 +32.50 NASDAQ Adv/Vol/Dec 1795/608 mln/704 NYSE Adv/Vol/Dec 2445/335 mln/508
10:30 am : Stocks climb to session highs in broad-based strength led by telecom (+4.7%), energy (+4.8%), materials (+4.2%) and financials (+3.3%).
The healthcare sector is underperforming on a relative basis with a gain of 1.4%.
The S&P 500 has rallied 18% since its multi-year low reached on October 10, but is still down 32% this year.DJ30 +215.56 NASDAQ +31.30 SP500 +27.13 NASDAQ Adv/Vol/Dec 1558/427 mln/854 NYSE Adv/Vol/Dec 2196/247 mln/668
10:00 am : September factory orders fell 2.5% month-over-month after dropping 4.3% in August. The results were worse than the 0.8% decline that was expected.
The stock market sports a solid gain, having a mostly muted reaction to the data. All ten sectors are in positive territory, led by energy (+3.9%).
Commodities are rallying in conjunction with stocks, with oil up 3.7% to $66.26 per barrel and gold up 2.4% to $744.20 per ounce. The dollar, meanwhile, is down 1.5% against a basket of world currencies.DJ30 +134.45 NASDAQ +16.61 SP500 +14.86 NASDAQ Adv/Vol/Dec 1513/228 mln/755 NYSE Adv/Vol/Dec 2147/152 mln/614
09:35 am : The stock market gets off to a positive start with Election Day in focus.
In earnings news, MasterCard (MA 157.48, +13.07), Archer Daniels Midland (ADM 23.84, +2.73) and Automatic Data Processing (ADP 33.84, +0.62) topped estimates for their latest quarters. The latter company, however, gave downside revenue guidance for its fiscal year 2009.
In overseas news, Australia cut its benchmark rate by 75 basis points to 5.25%, which was larger than the expected 50 basis point cut.
Credit markets continue to show improvement. Interbank dollar lending, known as Libor, declined across all terms and the TED Spread is down 21 basis points to 2.21%.DJ30 +168.54 NASDAQ +26.81 SP500 +18.07
09:15 am : S&P futures vs fair value: +22.20. Nasdaq futures vs fair value: +24.50.
09:01 am : S&P futures vs fair value: +24.20. Nasdaq futures vs fair value: +28.00.
08:30 am : S&P futures vs fair value: +24.90. Nasdaq futures vs fair value: +29.00. A sharply higher start is expected, although futures have dipped from session highs. Credit markets continue to show improvements. Interbank dollar lending, known as Libor, declined across all terms and the TED Spread is down 20 basis points to 2.22%. Walgreen (WAG) reported a 2% year-over-year increase in October same-store sales and an overall increase of 6.8%.
08:00 am : S&P futures vs fair value: +28.10. Nasdaq futures vs fair value: +33.80. Futures suggest a sharply higher open on Election Day. In earnings news, MasterCard (MA) is up 10.5% in premarket trading after its third quarter earnings and revenue were better than expected. Archer Daniels Midland (ADM) is up 9.6% after reporting a 65% year-over-year spike in fiscal first quarter revenue. Yahoo (YHOO) and Google (GOOG) scaled back their search advertisment agreement in an effort to get U.S. antitrust approval, Reuters reports. In overseas news, Australia cut its benchmark rate by 75 basis points 5.25%, which was larger than the expected 50 basis point cut.
06:28 am : S&P futures vs fair value: +24.00. Nasdaq futures vs fair value: +34.50.
06:28 am : Nikkei...9114.60...+537.60...+6.30%. Hang Seng...14384.34...+40.00...+0.30%.
06:28 am : FTSE...4530.68...+86.40...+1.90%. DAX...5129.27...+101.40...+2.00%.
http://biz.yahoo.com/mu/update.html
4:15 pm : Stocks and commodities surged on Election Day, benefiting from some better-than-expected quarterly earnings results, improvement in the credit market and a report that the a broader range of financial firms may receive investments from the Treasury.
The S&P 500 rose 4.1% in broad-based strength, ending near its best level of the session. Small-cap names, however, saw less of a bid, with the Russell 2000 Index closing up just 1.3%.
Commodities rallied 5.3% as the dollar tumbled 1.8% against a basket of world currencies. Oil futures for December delivery surged 9.0% to $69.65 per barrel, getting an added boost from reports that some OPEC members were cutting production.
Credit markets continue to show improvement and investors are showing less fear. Interbank dollar lending, known as Libor, declined across all terms and the TED Spread fell 18 basis points to 2.24%. The Volatility Index, which is considered the "fear index", declined 11%.
General Electric (GE 20.81, +1.51) was the best-performing S&P 500 component. The U.S. Treasury is considering investments in a broad range of financial companies, not just banks and insurers, The Wall Street Journal reported, citing sources. The report specifically mentioned GE's capital unit and CIT Group (CIT 6.15, +1.63) as possible recipients. A GE spokesperson said a Treasury investment is not expected, although GE would consider an offer if one was made, Reuters reported.
In earnings news, MasterCard (MA 169.37, +25.48), Archer Daniels Midland (ADM 24.23, +3.12) and Automatic Data Processing (ADP 36.23, +2.96) topped estimates for their latest quarters. The latter company, however, gave downside revenue guidance for its fiscal year 2009.
All ten of the economic sectors rose, led by energy (+6.4%), telecom (+5.2%) and industrials (+5.5%). Healthcare (+1.6%) and utilities (+2.3%) underperformed on a relative basis.
In economic news, market participants shrugged off negative factory orders data. September factory orders fell 2.5% month-over-month after dropping 4.3% in August. The results were worse than the 0.8% decline that was expected.
Despite the rally in stocks, the longer term Treasuries rallied. The 10-year note rose 48 ticks and the 30-year bond rose 68 ticks in light trade.
The S&P 500 has surged 19.8% since its October 10 multi-year low. Despite the massive advance, it is still down 31.5% year-to-date.DJ30 +305.45 NASDAQ +53.79 NQ100 +3.3% R2K +1.4% SP400 +2.3% SP500 +39.45 NASDAQ Adv/Vol/Dec 1758/2.33 bln/1006 NYSE Adv/Vol/Dec 2464/1.31 bln/663
3:25 pm : The major indices sport solid gains going into the final half-hour of the trading session.
Tomorrow, traders will look at the ADP private employment report for clues of what the government's job report on Friday may bring. In addition, the ISM Services Index is set for release at 10:00 AM ET and the weekly crude inventory data will be announced at 10:35 AM ET.DJ30 +208.28 NASDAQ +35.22 SP500 +28.39 NASDAQ Adv/Vol/Dec 1521/1.87 bln/1228 NYSE Adv/Vol/Dec 2257/906 mln/838
3:05 pm : Stocks are giving up some gains as all ten of the economic sectors dip.
Dell (DELL 12.80, +0.19) plans further cost-cutting measures, including a hiring freeze and voluntary severance packages, The Wall Street Journal reports.
The utilities sector underperforms with a gain of only 0.2%. Electric utility PPL (PPL 28.57, -3.90) this morning reported worse-than-expected third quarter earnings and issued downside fiscal year 2008 and 2009 earnings guidance, citing cost pressures and higher financing costs.DJ30 +175.54 NASDAQ +30.07 SP500 +24.40 NASDAQ Adv/Vol/Dec 1462/1.73 bln/1273 NYSE Adv/Vol/Dec 2209/841 mln/880
2:30 pm : The stock market posts a strong gain, modestly below session highs.
Longer-term Treasuries are rallying higher. The 10-year note is up 33 ticks and the 30-year bond is up 42 ticks.
At the same time, the small-cap Russell 2000 Index retreats to the unchanged mark.DJ30 +235.20 NASDAQ +44.07 SP500 +31.51 NASDAQ Adv/Vol/Dec 1565/1.56 bln/1153 NYSE Adv/Vol/Dec 2282/761 mln/794
2:00 pm : Stocks continue trading with solid gains. The Dow is just a bit off its session high, and now stands almost 22% above its 52-week low reached in early October.
Despite the advance from its low, the blue chip index continues trading at a historically cheap price-to-earnings multiple. The Dow's current P/E multiple is just 11.6x. During the past five years the Dow averaged a price-to-earnings multiple closer to 17.3x.DJ30 +266.42 NASDAQ +49.29 SP500 +35.49 NASDAQ Adv/Vol/Dec 1657/1.42 bln/1050 NYSE Adv/Vol/Dec 2402/698 mln/682
1:30 pm : Stocks trade in a relatively tight range near session highs.
Today's advance is mostly a large cap rally. The S&P 400 is up 1.8% and the Russell 2000 is only up 1.1%. By comparison, the S&P 500 is up more than 3.5%.
Within the S&P 500, 454 stocks are posting a gain. Heavyweights General Electric (GE 20.92, +1.62), Exxon Mobil (XOM 77.30, +3.01) and AT&T (T 29.40, +1.59) are leading the way. Hewlett-Packard (HPQ 37.85, -0.76), PPL (PPL 28.59, -3.87) and Amgen (AMGN 59.99, -1.56) are the main laggards.DJ30 +266.30 NASDAQ +49.88 SP500 +34.77 NASDAQ Adv/Vol/Dec 1696/1.29 bln/973 NYSE Adv/Vol/Dec 2424/635 mln/648
1:00 pm : The S&P 500 trades with a gain of more than 3% in broad-based strength.
Market breadth is positive. Advancers outpace decliners by 15-to-4 on the NYSE and by 2-to-1 on the Nasdaq. Volume is on the light side.DJ30 +247.55 NASDAQ +47.60 SP500 +32.10 NASDAQ Adv/Vol/Dec 1753/1.18 bln/909 NYSE Adv/Vol/Dec 2416/583 mln/644
12:30 pm : Stocks trade modestly below session highs.
Crude prices spike higher, now up 11.5% to $70.63 per barrel.
Airlines (-2.7%) are notable laggards, with selling interest driven by the spike in crude prices weighing on the industry and a poor November outlook from Continental Airlines (CAL 18.19, -2.26). Continental said it expects domestic revenue per available seat mile to rise by 4% to 6% in November, compared to recent guidance of low-to-mid teens, Reuters reports.DJ30 +264.47 NASDAQ +48.56 SP500 +33.56 NASDAQ Adv/Vol/Dec 1798/1.07 bln/845 NYSE Adv/Vol/Dec 2456/538 mln/608
11:55 am : Stocks and commodities are surging on Election Day as cash comes off the sidelines, aided by some better-than-expected quarterly earnings reports and improvement in the credit market.
At midday, the stock market is up nearly 4% in broad-based strength. At the same time, commodities rally (+4.3%), with oil up 9.0% to $69.65 per barrel, as the dollar tumbles 2.0%.
General Electric (GE 20.97, +1.67) is showing notable strength, surging 9%. The Wall Street Journal reported earlier today, citing sources, that the Treasury is considering investments in a broad range of financial companies, not just banks and insurers. The report went on to specifically mention GE's capital unit and CIT Group (CIT 6.09, +1.57). A GE spokesperson said a Treasury investment is not expected, but if one was offered the company would consider it, Reuters reported.
In earnings news, MasterCard (MA 164.86, +20.97), Archer Daniels Midland (ADM 24.91, +3.80) and Automatic Data Processing (ADP 35.73, +2.46) topped estimates for their latest quarters. The latter company, however, gave downside revenue guidance for its fiscal year 2009.
Credit markets continue to show improvement. Interbank dollar lending, known as Libor, declined across all terms and the TED Spread is down 20 basis points to 2.22%.
All ten of the economic sectors are in positive territory, led by telecom (+6.1%), energy (+6.1%) and industrials (+5.5%).
In economic news, market participants shrugged off negative factory orders data. September factory orders fell 2.5% month-over-month after dropping 4.3% in August. The results were worse than the 0.8% decline that was expected.DJ30 +302.64 NASDAQ +56.84 SP500 +38.46 NASDAQ Adv/Vol/Dec 1823/895 mln/775 NYSE Adv/Vol/Dec 2501/469 mln/516
11:30 am : The stock market trades slightly below its recently reached session high. Oil prices continue to surge higher, up 7.7% to $68.86 per barrel.
General Electric (GE 20.89, +1.59) is showing notable strength, rallying 8.2%. The Wall Street Journal reported earlier today, citing sources, that the Treasury is considering investments in a broad range of financial companies, not just banks and insurers. The report went on to specifically mention GE's capital unit and CIT Group (CIT 5.89, +1.37).
A GE spokesperson said a Treasury investment is not expected, but the company would consider an offer if one was made, Reuters reported.DJ30 273.75 NASDAQ 46.95 SP500 1001.01 NASDAQ Adv/Vol/Dec 1837/759 mln/712 NYSE Adv/Vol/Dec 2464/409 mln/519
11:00 am : Stocks and commodities rally to session highs while the dollar tumbles to session lows. The S&P 500 is now up more than 3%, briefly crossing the 1000 point mark.
There does not appear to be a specific news item behind the latest surge. Buying interest is broad-based.
Dallas Fed President Fisher, who has been an inflation hawk, said the market crisis has arrested inflation momentum.DJ30 +259.25 NASDAQ +43.05 SP500 +32.50 NASDAQ Adv/Vol/Dec 1795/608 mln/704 NYSE Adv/Vol/Dec 2445/335 mln/508
10:30 am : Stocks climb to session highs in broad-based strength led by telecom (+4.7%), energy (+4.8%), materials (+4.2%) and financials (+3.3%).
The healthcare sector is underperforming on a relative basis with a gain of 1.4%.
The S&P 500 has rallied 18% since its multi-year low reached on October 10, but is still down 32% this year.DJ30 +215.56 NASDAQ +31.30 SP500 +27.13 NASDAQ Adv/Vol/Dec 1558/427 mln/854 NYSE Adv/Vol/Dec 2196/247 mln/668
10:00 am : September factory orders fell 2.5% month-over-month after dropping 4.3% in August. The results were worse than the 0.8% decline that was expected.
The stock market sports a solid gain, having a mostly muted reaction to the data. All ten sectors are in positive territory, led by energy (+3.9%).
Commodities are rallying in conjunction with stocks, with oil up 3.7% to $66.26 per barrel and gold up 2.4% to $744.20 per ounce. The dollar, meanwhile, is down 1.5% against a basket of world currencies.DJ30 +134.45 NASDAQ +16.61 SP500 +14.86 NASDAQ Adv/Vol/Dec 1513/228 mln/755 NYSE Adv/Vol/Dec 2147/152 mln/614
09:35 am : The stock market gets off to a positive start with Election Day in focus.
In earnings news, MasterCard (MA 157.48, +13.07), Archer Daniels Midland (ADM 23.84, +2.73) and Automatic Data Processing (ADP 33.84, +0.62) topped estimates for their latest quarters. The latter company, however, gave downside revenue guidance for its fiscal year 2009.
In overseas news, Australia cut its benchmark rate by 75 basis points to 5.25%, which was larger than the expected 50 basis point cut.
Credit markets continue to show improvement. Interbank dollar lending, known as Libor, declined across all terms and the TED Spread is down 21 basis points to 2.21%.DJ30 +168.54 NASDAQ +26.81 SP500 +18.07
09:15 am : S&P futures vs fair value: +22.20. Nasdaq futures vs fair value: +24.50.
09:01 am : S&P futures vs fair value: +24.20. Nasdaq futures vs fair value: +28.00.
08:30 am : S&P futures vs fair value: +24.90. Nasdaq futures vs fair value: +29.00. A sharply higher start is expected, although futures have dipped from session highs. Credit markets continue to show improvements. Interbank dollar lending, known as Libor, declined across all terms and the TED Spread is down 20 basis points to 2.22%. Walgreen (WAG) reported a 2% year-over-year increase in October same-store sales and an overall increase of 6.8%.
08:00 am : S&P futures vs fair value: +28.10. Nasdaq futures vs fair value: +33.80. Futures suggest a sharply higher open on Election Day. In earnings news, MasterCard (MA) is up 10.5% in premarket trading after its third quarter earnings and revenue were better than expected. Archer Daniels Midland (ADM) is up 9.6% after reporting a 65% year-over-year spike in fiscal first quarter revenue. Yahoo (YHOO) and Google (GOOG) scaled back their search advertisment agreement in an effort to get U.S. antitrust approval, Reuters reports. In overseas news, Australia cut its benchmark rate by 75 basis points 5.25%, which was larger than the expected 50 basis point cut.
06:28 am : S&P futures vs fair value: +24.00. Nasdaq futures vs fair value: +34.50.
06:28 am : Nikkei...9114.60...+537.60...+6.30%. Hang Seng...14384.34...+40.00...+0.30%.
06:28 am : FTSE...4530.68...+86.40...+1.90%. DAX...5129.27...+101.40...+2.00%.
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