AI
Thursday, November 13, 2008 7:28:33 PM
Market Update 081112
http://biz.yahoo.com/mu/update.html
4:35 pm : Negative headlines sent stocks to their lowest point since 2003, but buyers emerged midday to push the major indices sharply higher. The S&P 500 had been down nearly 4% at its session low, yet finished near its session high with a gain of almost 7%.
The session's gains were had amid disappointing outlooks from tech bellwether Intel (INTC 14.43, +0.91) and retail giant Wal-Mart (WMT 54.93, +2.31), along with another batch of weak jobless claims data.
Intel cut its fourth quarter revenue forecast, citing softer demand. The company now expects revenue to range from $8.7 billion to $9.3 billion, which is a reduction of more than $1 billion from its prior estimate.
Wal-Mart stated it expects earnings for the fourth quarter to range from $1.03 to $1.07 per share, and from $3.42 to $3.46 per share for fiscal 2009. However, both ranges fell below Wall Street's expectations, causing investors to look past better-than-expected results for the latest quarter.
Weekly jobless claims continue to indicate a soft labor market and suggest nonfarm payrolls will decline for an 11th consecutive month. Claims for the week ended Nov. 8 totaled 516,000, which is a seven-year high. Claims were up 32,000 from the prior week and topped the consensus estimate of 480,000.
Despite such headlines, stocks still opened the session in positive ground. But before long the major indices began drifting lower, eventually taking both the S&P 500 and the Nasdaq to new multiyear lows. The Dow came within 2% of hitting its new low, which was registered in October.
Crude oil futures also had a volatile session. Crude was up more than 6% after being down more than 2.5% during the session. It settled near $56 per barrel, up roughly 3.6%.
Oil's advance followed reports that OPEC may schedule an emergency meeting to adjust output. Meanwhile, weekly crude inventories increased by a modest 22,000 barrels during the week ended Nov. 7. A build of 1 million barrels was expected.
The strength in oil prices gave energy a double-digit lift. The energy sector finished 11.1% higher, more than any other sector.
Gains were broad based as all 10 economic sectors posted gains, each finishing near their session highs. Even the struggling financial sector finished with an impressive advance of 8.1%. The financial sector remains the worst performer this year, down more than 54% year-to-date.
The advance came on relatively moderate volume as 95% of the companies in the S&P 500 finished higher.DJ30 +552.59 NASDAQ +97.49 NQ100 +6.5% R2K +1.9% SP400 +8.2% SP500 +58.99 NASDAQ Adv/Vol/Dec 2006/3.0 bln/771 NYSE Adv/Vol/Dec 2311/1.99 bln/805
3:30 pm : The Dow has climbed approximately 600 points from its session low to its current level.
The rally follows broad-based weakness earlier in the session, which was underpinned by downbeat economic data as well as disappointing corporate forecasts.
Stocks are now at session highs.DJ30 +327.43 NASDAQ +52.96 SP500 +35.28 NASDAQ Adv/Vol/Dec 1695/2.43 bln/1078 NYSE Adv/Vol/Dec 2024/1.34 bln/1083
3:00 pm : Stocks rally to session highs in a broad-move that puts all ten economic sectors at their best levels of the day. The energy sector is leading the way with a 5.8% gain as crude prices climb 4.5%.
Treasuries are under selling pressure, with the 30-year bond getting hit especially hard following weaker-than-expected auction results earlier this session.DJ30 +203.82 NASDAQ +38.00 SP500 +25.34 NASDAQ Adv/Vol/Dec 1580/2.01 bln/1281 NYSE Adv/Vol/Dec 1815/1.13 bln/1192
2:30 pm : The major indices have moved back into positive ground, yet small-cap stocks continue to lag substantially.
The Russell 2000 is down 3.6%. Crocs (CROX 1.14, -0.76) has been a primary laggard among small-cap names. The company recently posted disappointing quarterly results, which featured slowing sales. Crocs was once considered a hot growth company trading with a rich valuation multiple, but shares are now down nearly 98% from their 52-week high and trade closer to 16x trailing earnings.DJ30 +145.19 NASDAQ +19.02 SP500 +17.00 NASDAQ Adv/Vol/Dec 1376/1.87 bln/1360 NYSE Adv/Vol/Dec 1633/1.07 bln/1435
2:00 pm : The stock market was down as much as 3.9%, but was able to ascend to positive territory. The rally has encountered some headwinds, though, as stocks slip back into the red.
Still, the turnaround has been broad based. Half of the economic sectors are now trading higher, compared with earlier when all 10 were in the red at the session low. Financials were down 6.3% at their session low, but now trade with a loss of 1.3%. Energy was down 3.2% at its session low, yet it is now up 2.4%.
Oil prices have rebounded as well. Crude was recently down as much as 2.7%, but then rallied to trade as much as 4.6% higher. Recent gains have been pared as crude futures now trade 3.9% higher.DJ30 -31.78 NASDAQ -19.93 SP500 -2.15 NASDAQ Adv/Vol/Dec 975/1.66 bln/1747 NYSE Adv/Vol/Dec 1126/955 mln/1943
1:35 pm : After taking out new 2008 lows, the stock market has pulled upward. Losses remain substantial, however, as losers hold a large advantage over advancers.DJ30 -139.15 NASDAQ -37.04 SP500 -14.09 NASDAQ Adv/Vol/Dec 691/1.45 bln/2008 NYSE Adv/Vol/Dec 795/836 mln/2260
1:00 pm : The S&P 500 and the Nasdaq have both taken out new multiyear lows. Neither index has been at this level since early 2003.
The Dow remains just a few percent above its 52-week low of 7882.5, which was reached Oct. 10.
The downturn has come on broad based weakness; all 10 of the major economic sectors are now in the red.
Financials, still the worst performing sector, are now down 5.3%. Year-to-date, the financial sector is trading with a miserable 60% loss.DJ30 -255.91 NASDAQ -59.71 SP500 -25.69 NASDAQ Adv/Vol/Dec 537/1.20 bln/2111 NYSE Adv/Vol/Dec 542/702 mln/2475
12:30 pm : Stocks have fallen to a fresh session low. The S&P 500 is now hovering only a few points above its 52-week low of 839.8.
The recent downturn has been led by the financial sector, which has tucked tail to trade with a 3.9% loss. It is now the worst performing economic sector this session.
Bank of America (BAC 15.61, -1.39) and Citigroup (C 8.60, -1.04) are the sector's primary laggards. Citigroup, according to reports, may be looking to replace its board chairman, given the company's weak performance. Separate reports indicated Citi is pursuing regional lender Chevy Chase Bank.DJ30 -90.01 NASDAQ -36.20 SP500 -9.27 NASDAQ Adv/Vol/Dec 777/1.04 bln/1849 NYSE Adv/Vol/Dec 892/607 mln/2087
12:00 pm : It has been another volatile session thus far. A disappointing outlook from a pair of bellwethers and dour economic data have stirred sellers, but buyers are showing interest with the stock market trading just above its 52-week low.
Intel (INTC 13.37, -0.15) slashed its fourth quarter revenue forecast amid slowing demand. The announcement was made last evening and sent shares tumbling in overnight markets. The stock has recovered to trade with a relatively modest loss this session.
Weak demand also prompted chip maker Applied Materials (AMAT 10.35, +0.40) to issue a disappointing outlook at its quarterly conference call. As part of an effort to reduce expenses amid softer demand, the company will cut 1,800 jobs. To its credit, though, the company did post better-than-expected earnings results for its latest quarter.
Wal-Mart (WMT 52.07, -0.55) also posted an upside surprise for the third quarter. However, Wal-Mart expects earnings for the fourth quarter and fiscal year 2009 to come in below the consensus estimate.
Weekly jobless claims moved to a seven-year high. Claims for the week ended Nov. 8 totaled 516,000, up 32,000 week-over-week to top the consensus estimate of 480,000. The four-week moving average is up to 491,000 from 477,750.
The downbeat jobs data suggest nonfarm payrolls will decline for an 11th consecutive month.
Crude futures were up as much as 3.2% earlier, but are now trading near the unchanged mark of $56.20 per barrel. Crude's advance followed reports that OPEC may schedule an emergency meeting to adjust output, potentially bolstering prices.
The word preceded news that weekly crude inventories increased by 22,000 barrels during the week ended Nov. 7 A build of 1 million barrels was widely expected.
Energy has been trading higher as a result of crude's strength. The sector is currently up 1.5% and is acting as a relative leader.
Stocks are currently chopping along after some wide swings in the early going. The S&P 500 has been up as much as 1.7% and down as much as 0.6%. At its current level, the S&P 500 is less than 2% off of its 52-week low.DJ30 -38.95 NASDAQ -18.86 SP500 -1.85 NASDAQ Adv/Vol/Dec 1044/924 mln/1563 NYSE Adv/Vol/Dec 1268/540 mln/1694
11:30 am : Microsoft (MSFT 19.36, 0.94) and Google (GOOG 282.92, -8.08) are the primary laggards in the Nasdaq. Their underperformance comes even though fellow Nasdaq component Intel (INTC 13.33, -0.19) slashed its fourth quarter revenue forecast by roughly 15%, or more than $1 billion, amid slowing demand in its end markets.
Microsoft is also contributing to weakness in the Dow, where roughly half of the components are trading lower. Wal-Mart (WMT 52.07, -0.55) is one such laggard in the blue chip index; the company has seen its shares move lower after issuing downside guidance. The disappointing outlook has overshadowed better-than-expected earnings per share results for its latest quarter.DJ30 +19.35 NASDAQ -13.85 SP500 +2.20 NASDAQ Adv/Vol/Dec 1019/795 mln/1533 NYSE Adv/Vol/Dec 1335/459 mln/1601
11:00 am : Crude futures continue to trade higher in the wake of the latest crude inventory report from the Department of Energy. Crude inventories increased by 22,000 barrels during the week ended Nov. 7, which is fewer than the build of 1 million barrels that was widely expected.
Oil found support early on when reports indicated OPEC may schedule an emergency meeting to adjust output amid softer demand and falling prices. OPEC's next regularly scheduled meeting is set for December.
Oil futures are currently up 1.5% to $57.00 per barrel. Crude was up as much as 3.2% earlier.
Stocks are moving in a volatile manner yet again. After opening with solid gains the S&P 500 fell to a loss of 0.6%, but then rallied to a gain of 1.7%. The recent rally proved unsustainable.DJ30 +14.49 NASDAQ -6.03 SP500 +3.37 NASDAQ Adv/Vol/Dec 1310/572 mln/1247 NYSE Adv/Vol/Dec 1587/317 mln/1217
10:35 am : Stocks have returned to positive ground on broad-based gains. Only the tech sector (-0.4%) and industrials (-0.2%) are trading in negative territory.
The industrials sector is being hit by continued weakness in shares of General Electric (GE 15.63, -0.66). Shares of GE have fallen to their lowest point in over a decade as concerns mount that weakness in its finance unit and a global economic slowdown will adversely impact the rest of its business.DJ30 +54.95 NASDAQ +1.41 SP500 +8.66 NASDAQ Adv/Vol/Dec 1234/430 mln/1236 NYSE Adv/Vol/Dec 1551/236 mln/1196
10:00 am : Selling pressure has intensified and taken all three of the major indices into the red.
Traditional defensive sectors are holding up, though; consumer staples (+0.1%), health care (+0.6%), telecom (+0.4%), and utilities (+1.6%) are all sporting gains.
Energy is also trading with a solid gain. The sector is up 0.5%, thanks to an advance by crude oil prices.
Crude futures are currently up 0.5% to $56.50 per barrel after falling to a 22-month low in the prior session.DJ30 -42.93 NASDAQ -18.66 SP500 -3.48 NASDAQ Adv/Vol/Dec 1181/161 mln/1072 NYSE Adv/Vol/Dec 1378/103 mln/1215
09:45 am : Each of the major indices opened the session with a solid gain, but the early advance is hitting some headwinds. Whether stocks resist the selling effort or succumb to its pressure can only be speculated.
The early buying interest has helped keep stocks off their 52-week lows, which were reached when the S&P 500 dipped just below 840 on October 10. The S&P 500 is currently just 2% above that level.
Tech (-0.2%) is an early underperformer. The sector's weakness traces back to a lowered outlook from Intel (INTC 13.54, +0.02). Intel's announcement has cast a pall over the sector.DJ30 +21.82 NASDAQ -0.65 SP500 +3.58 NASDAQ Adv/Dec 1126/1059 NYSE Adv/Dec 1400/1250
09:15 am : S&P futures vs fair value: +5.90. Nasdaq futures vs fair value: -6.50. Stock futures improve with just minutes remaining before the session's opening bell. The change in tone comes despite downbeat jobless claims data and a dour outlook from a couple of economic bellwethers.
09:00 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -13.00. Stock futures indicate a mixed to downward opening for the trading session. After slumping lower in recent sessions, oil futures are advancing. The commodity is currently indicated 0.5% higher, near $56.45 per barrel. Oil prices hit a 22-month low in the prior session. The dollar is relatively unchanged early on. Year-to-date, the dollar index is up 14% .
08:30 am : S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -17.30. Stock futures suggest a weak opening. Initial jobless claims for the week ending November 8 totaled 516,000, up 32,000 from the prior week, and more than the 480,000 claims that were expected. Continuing claims came in at 3.897 million, up from the prior week's downwardly revised 3.832 million continuing claims. The consensus called for 3.825 million continuing claims. The elevated number of jobless claims continue to indicate weak labor markets. In other economic data, the September trade deficit totaled $56.5 billion, which is narrower than the $59.1 billion deficit posted in August, and narrower than the $57.0 billion deficit that was widely anticipated.
08:00 am : S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: -11.50. Stock futures currently indicate a mixed start to the session. The tone in premarket action has improved since stock futures moved lower last evening following a lowered outlook from semiconductor company and tech bellwether Intel (INTC). Applied Materials (AMAT) also gave a disappointing outlook. Discount retail giant and Dow component Wal-Mart (WMT) issued downside guidance of its own upon announcing better-than-expected third quarter earnings per share results. Restructuring charges and expense provisions gave German engineering giant Siemens AG (SI) a loss of approximately $3.1 billion for its latest quarter, according to The Wall Street Journal. The Wall Street Journal also reported Citigroup (C) may be considering replacing its current board chairman as some of the company's directors grow dissatisfied with the financial giant's performance. Citigroup has just entered talks to buy regional lender Chevy Chase Bank, according to Reuters.
06:28 am : S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -23.80.
06:28 am : Nikkei...8238.64...-456.90...-5.30%. Hang Seng...13221.35...-717.70...-5.20%.
06:28 am : FTSE...4100.71...-81.30...-1.90%. DAX...4566.67...-56.60...-1.30%.
http://biz.yahoo.com/mu/update.html
4:35 pm : Negative headlines sent stocks to their lowest point since 2003, but buyers emerged midday to push the major indices sharply higher. The S&P 500 had been down nearly 4% at its session low, yet finished near its session high with a gain of almost 7%.
The session's gains were had amid disappointing outlooks from tech bellwether Intel (INTC 14.43, +0.91) and retail giant Wal-Mart (WMT 54.93, +2.31), along with another batch of weak jobless claims data.
Intel cut its fourth quarter revenue forecast, citing softer demand. The company now expects revenue to range from $8.7 billion to $9.3 billion, which is a reduction of more than $1 billion from its prior estimate.
Wal-Mart stated it expects earnings for the fourth quarter to range from $1.03 to $1.07 per share, and from $3.42 to $3.46 per share for fiscal 2009. However, both ranges fell below Wall Street's expectations, causing investors to look past better-than-expected results for the latest quarter.
Weekly jobless claims continue to indicate a soft labor market and suggest nonfarm payrolls will decline for an 11th consecutive month. Claims for the week ended Nov. 8 totaled 516,000, which is a seven-year high. Claims were up 32,000 from the prior week and topped the consensus estimate of 480,000.
Despite such headlines, stocks still opened the session in positive ground. But before long the major indices began drifting lower, eventually taking both the S&P 500 and the Nasdaq to new multiyear lows. The Dow came within 2% of hitting its new low, which was registered in October.
Crude oil futures also had a volatile session. Crude was up more than 6% after being down more than 2.5% during the session. It settled near $56 per barrel, up roughly 3.6%.
Oil's advance followed reports that OPEC may schedule an emergency meeting to adjust output. Meanwhile, weekly crude inventories increased by a modest 22,000 barrels during the week ended Nov. 7. A build of 1 million barrels was expected.
The strength in oil prices gave energy a double-digit lift. The energy sector finished 11.1% higher, more than any other sector.
Gains were broad based as all 10 economic sectors posted gains, each finishing near their session highs. Even the struggling financial sector finished with an impressive advance of 8.1%. The financial sector remains the worst performer this year, down more than 54% year-to-date.
The advance came on relatively moderate volume as 95% of the companies in the S&P 500 finished higher.DJ30 +552.59 NASDAQ +97.49 NQ100 +6.5% R2K +1.9% SP400 +8.2% SP500 +58.99 NASDAQ Adv/Vol/Dec 2006/3.0 bln/771 NYSE Adv/Vol/Dec 2311/1.99 bln/805
3:30 pm : The Dow has climbed approximately 600 points from its session low to its current level.
The rally follows broad-based weakness earlier in the session, which was underpinned by downbeat economic data as well as disappointing corporate forecasts.
Stocks are now at session highs.DJ30 +327.43 NASDAQ +52.96 SP500 +35.28 NASDAQ Adv/Vol/Dec 1695/2.43 bln/1078 NYSE Adv/Vol/Dec 2024/1.34 bln/1083
3:00 pm : Stocks rally to session highs in a broad-move that puts all ten economic sectors at their best levels of the day. The energy sector is leading the way with a 5.8% gain as crude prices climb 4.5%.
Treasuries are under selling pressure, with the 30-year bond getting hit especially hard following weaker-than-expected auction results earlier this session.DJ30 +203.82 NASDAQ +38.00 SP500 +25.34 NASDAQ Adv/Vol/Dec 1580/2.01 bln/1281 NYSE Adv/Vol/Dec 1815/1.13 bln/1192
2:30 pm : The major indices have moved back into positive ground, yet small-cap stocks continue to lag substantially.
The Russell 2000 is down 3.6%. Crocs (CROX 1.14, -0.76) has been a primary laggard among small-cap names. The company recently posted disappointing quarterly results, which featured slowing sales. Crocs was once considered a hot growth company trading with a rich valuation multiple, but shares are now down nearly 98% from their 52-week high and trade closer to 16x trailing earnings.DJ30 +145.19 NASDAQ +19.02 SP500 +17.00 NASDAQ Adv/Vol/Dec 1376/1.87 bln/1360 NYSE Adv/Vol/Dec 1633/1.07 bln/1435
2:00 pm : The stock market was down as much as 3.9%, but was able to ascend to positive territory. The rally has encountered some headwinds, though, as stocks slip back into the red.
Still, the turnaround has been broad based. Half of the economic sectors are now trading higher, compared with earlier when all 10 were in the red at the session low. Financials were down 6.3% at their session low, but now trade with a loss of 1.3%. Energy was down 3.2% at its session low, yet it is now up 2.4%.
Oil prices have rebounded as well. Crude was recently down as much as 2.7%, but then rallied to trade as much as 4.6% higher. Recent gains have been pared as crude futures now trade 3.9% higher.DJ30 -31.78 NASDAQ -19.93 SP500 -2.15 NASDAQ Adv/Vol/Dec 975/1.66 bln/1747 NYSE Adv/Vol/Dec 1126/955 mln/1943
1:35 pm : After taking out new 2008 lows, the stock market has pulled upward. Losses remain substantial, however, as losers hold a large advantage over advancers.DJ30 -139.15 NASDAQ -37.04 SP500 -14.09 NASDAQ Adv/Vol/Dec 691/1.45 bln/2008 NYSE Adv/Vol/Dec 795/836 mln/2260
1:00 pm : The S&P 500 and the Nasdaq have both taken out new multiyear lows. Neither index has been at this level since early 2003.
The Dow remains just a few percent above its 52-week low of 7882.5, which was reached Oct. 10.
The downturn has come on broad based weakness; all 10 of the major economic sectors are now in the red.
Financials, still the worst performing sector, are now down 5.3%. Year-to-date, the financial sector is trading with a miserable 60% loss.DJ30 -255.91 NASDAQ -59.71 SP500 -25.69 NASDAQ Adv/Vol/Dec 537/1.20 bln/2111 NYSE Adv/Vol/Dec 542/702 mln/2475
12:30 pm : Stocks have fallen to a fresh session low. The S&P 500 is now hovering only a few points above its 52-week low of 839.8.
The recent downturn has been led by the financial sector, which has tucked tail to trade with a 3.9% loss. It is now the worst performing economic sector this session.
Bank of America (BAC 15.61, -1.39) and Citigroup (C 8.60, -1.04) are the sector's primary laggards. Citigroup, according to reports, may be looking to replace its board chairman, given the company's weak performance. Separate reports indicated Citi is pursuing regional lender Chevy Chase Bank.DJ30 -90.01 NASDAQ -36.20 SP500 -9.27 NASDAQ Adv/Vol/Dec 777/1.04 bln/1849 NYSE Adv/Vol/Dec 892/607 mln/2087
12:00 pm : It has been another volatile session thus far. A disappointing outlook from a pair of bellwethers and dour economic data have stirred sellers, but buyers are showing interest with the stock market trading just above its 52-week low.
Intel (INTC 13.37, -0.15) slashed its fourth quarter revenue forecast amid slowing demand. The announcement was made last evening and sent shares tumbling in overnight markets. The stock has recovered to trade with a relatively modest loss this session.
Weak demand also prompted chip maker Applied Materials (AMAT 10.35, +0.40) to issue a disappointing outlook at its quarterly conference call. As part of an effort to reduce expenses amid softer demand, the company will cut 1,800 jobs. To its credit, though, the company did post better-than-expected earnings results for its latest quarter.
Wal-Mart (WMT 52.07, -0.55) also posted an upside surprise for the third quarter. However, Wal-Mart expects earnings for the fourth quarter and fiscal year 2009 to come in below the consensus estimate.
Weekly jobless claims moved to a seven-year high. Claims for the week ended Nov. 8 totaled 516,000, up 32,000 week-over-week to top the consensus estimate of 480,000. The four-week moving average is up to 491,000 from 477,750.
The downbeat jobs data suggest nonfarm payrolls will decline for an 11th consecutive month.
Crude futures were up as much as 3.2% earlier, but are now trading near the unchanged mark of $56.20 per barrel. Crude's advance followed reports that OPEC may schedule an emergency meeting to adjust output, potentially bolstering prices.
The word preceded news that weekly crude inventories increased by 22,000 barrels during the week ended Nov. 7 A build of 1 million barrels was widely expected.
Energy has been trading higher as a result of crude's strength. The sector is currently up 1.5% and is acting as a relative leader.
Stocks are currently chopping along after some wide swings in the early going. The S&P 500 has been up as much as 1.7% and down as much as 0.6%. At its current level, the S&P 500 is less than 2% off of its 52-week low.DJ30 -38.95 NASDAQ -18.86 SP500 -1.85 NASDAQ Adv/Vol/Dec 1044/924 mln/1563 NYSE Adv/Vol/Dec 1268/540 mln/1694
11:30 am : Microsoft (MSFT 19.36, 0.94) and Google (GOOG 282.92, -8.08) are the primary laggards in the Nasdaq. Their underperformance comes even though fellow Nasdaq component Intel (INTC 13.33, -0.19) slashed its fourth quarter revenue forecast by roughly 15%, or more than $1 billion, amid slowing demand in its end markets.
Microsoft is also contributing to weakness in the Dow, where roughly half of the components are trading lower. Wal-Mart (WMT 52.07, -0.55) is one such laggard in the blue chip index; the company has seen its shares move lower after issuing downside guidance. The disappointing outlook has overshadowed better-than-expected earnings per share results for its latest quarter.DJ30 +19.35 NASDAQ -13.85 SP500 +2.20 NASDAQ Adv/Vol/Dec 1019/795 mln/1533 NYSE Adv/Vol/Dec 1335/459 mln/1601
11:00 am : Crude futures continue to trade higher in the wake of the latest crude inventory report from the Department of Energy. Crude inventories increased by 22,000 barrels during the week ended Nov. 7, which is fewer than the build of 1 million barrels that was widely expected.
Oil found support early on when reports indicated OPEC may schedule an emergency meeting to adjust output amid softer demand and falling prices. OPEC's next regularly scheduled meeting is set for December.
Oil futures are currently up 1.5% to $57.00 per barrel. Crude was up as much as 3.2% earlier.
Stocks are moving in a volatile manner yet again. After opening with solid gains the S&P 500 fell to a loss of 0.6%, but then rallied to a gain of 1.7%. The recent rally proved unsustainable.DJ30 +14.49 NASDAQ -6.03 SP500 +3.37 NASDAQ Adv/Vol/Dec 1310/572 mln/1247 NYSE Adv/Vol/Dec 1587/317 mln/1217
10:35 am : Stocks have returned to positive ground on broad-based gains. Only the tech sector (-0.4%) and industrials (-0.2%) are trading in negative territory.
The industrials sector is being hit by continued weakness in shares of General Electric (GE 15.63, -0.66). Shares of GE have fallen to their lowest point in over a decade as concerns mount that weakness in its finance unit and a global economic slowdown will adversely impact the rest of its business.DJ30 +54.95 NASDAQ +1.41 SP500 +8.66 NASDAQ Adv/Vol/Dec 1234/430 mln/1236 NYSE Adv/Vol/Dec 1551/236 mln/1196
10:00 am : Selling pressure has intensified and taken all three of the major indices into the red.
Traditional defensive sectors are holding up, though; consumer staples (+0.1%), health care (+0.6%), telecom (+0.4%), and utilities (+1.6%) are all sporting gains.
Energy is also trading with a solid gain. The sector is up 0.5%, thanks to an advance by crude oil prices.
Crude futures are currently up 0.5% to $56.50 per barrel after falling to a 22-month low in the prior session.DJ30 -42.93 NASDAQ -18.66 SP500 -3.48 NASDAQ Adv/Vol/Dec 1181/161 mln/1072 NYSE Adv/Vol/Dec 1378/103 mln/1215
09:45 am : Each of the major indices opened the session with a solid gain, but the early advance is hitting some headwinds. Whether stocks resist the selling effort or succumb to its pressure can only be speculated.
The early buying interest has helped keep stocks off their 52-week lows, which were reached when the S&P 500 dipped just below 840 on October 10. The S&P 500 is currently just 2% above that level.
Tech (-0.2%) is an early underperformer. The sector's weakness traces back to a lowered outlook from Intel (INTC 13.54, +0.02). Intel's announcement has cast a pall over the sector.DJ30 +21.82 NASDAQ -0.65 SP500 +3.58 NASDAQ Adv/Dec 1126/1059 NYSE Adv/Dec 1400/1250
09:15 am : S&P futures vs fair value: +5.90. Nasdaq futures vs fair value: -6.50. Stock futures improve with just minutes remaining before the session's opening bell. The change in tone comes despite downbeat jobless claims data and a dour outlook from a couple of economic bellwethers.
09:00 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -13.00. Stock futures indicate a mixed to downward opening for the trading session. After slumping lower in recent sessions, oil futures are advancing. The commodity is currently indicated 0.5% higher, near $56.45 per barrel. Oil prices hit a 22-month low in the prior session. The dollar is relatively unchanged early on. Year-to-date, the dollar index is up 14% .
08:30 am : S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -17.30. Stock futures suggest a weak opening. Initial jobless claims for the week ending November 8 totaled 516,000, up 32,000 from the prior week, and more than the 480,000 claims that were expected. Continuing claims came in at 3.897 million, up from the prior week's downwardly revised 3.832 million continuing claims. The consensus called for 3.825 million continuing claims. The elevated number of jobless claims continue to indicate weak labor markets. In other economic data, the September trade deficit totaled $56.5 billion, which is narrower than the $59.1 billion deficit posted in August, and narrower than the $57.0 billion deficit that was widely anticipated.
08:00 am : S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: -11.50. Stock futures currently indicate a mixed start to the session. The tone in premarket action has improved since stock futures moved lower last evening following a lowered outlook from semiconductor company and tech bellwether Intel (INTC). Applied Materials (AMAT) also gave a disappointing outlook. Discount retail giant and Dow component Wal-Mart (WMT) issued downside guidance of its own upon announcing better-than-expected third quarter earnings per share results. Restructuring charges and expense provisions gave German engineering giant Siemens AG (SI) a loss of approximately $3.1 billion for its latest quarter, according to The Wall Street Journal. The Wall Street Journal also reported Citigroup (C) may be considering replacing its current board chairman as some of the company's directors grow dissatisfied with the financial giant's performance. Citigroup has just entered talks to buy regional lender Chevy Chase Bank, according to Reuters.
06:28 am : S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -23.80.
06:28 am : Nikkei...8238.64...-456.90...-5.30%. Hang Seng...13221.35...-717.70...-5.20%.
06:28 am : FTSE...4100.71...-81.30...-1.90%. DAX...4566.67...-56.60...-1.30%.
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