From Briefing.com: 4:30 pm : Mostly muddled trade ended in a modest loss for the S&P 500 as the worst new home sales figures on record acted as a drag on trade and the FOMC failed to deliver any positive news to market participants.
Stocks set their session lows in the early going as it was reported that new home sales for May fell almost 33% month-over-month to an annualized rate of 300,000 units. Not only was that far below the rate of 430,000 units that had been expected by economists polled by Briefing.com, but it was the lowest rate since records began more than 45 years ago.
Though the stock market was able to trim its losses, it didn't make its way into higher ground until the afternoon release of the latest policy statement from the Federal Open Market Committee (FOMC). The FOMC maintained the target range for the federal funds rate at 0.00% to 0.25%, as expected. It also stated that exceptionally low levels of the federal funds rate are expected for an extended period.
Once again, Thomas Hoenig voted against the decision to keep the interest rate target unchanged. He also argued against the language about keeping exceptionally low interest rates.
Though the FOMC included in its statement the observation that economic recovery is proceeding, it also stated that financial conditions have become less supportive of economic growth on balance.
The stock market's upward push during the minutes that followed the FOMC statement proved short lived, mostly because it lacked any sort of real leadership. In turn, stocks spent the rest of the session stuck in choppy trade with moderate losses.
Energy stocks represented some of the session's weakest performers. The sector shed 1.0%. A 1.6% drop in crude oil prices to $76.57 per barrel didn't help the sector -- an unexpected build in weekly oil inventories helped keep oil prices in the red for the entire session.
Telecom was a solid performer, though. The sector settled with a 0.6% gain.
Treasuries had a strong session. As such, the yield on the benchmark 10-year Note fell below 3.10% for its first time in almost one month before it ticked higher in afternoon trade. Treasuries encountered some selling after results from an auction of 5-year Notes showed that dollar demand fell below $100 billion for the first time in nine months and the auction's bid-to-cover came in below 2.6, which is less than the average ratio for the past eight sessions.
The euro had a quiet start to the session, but it managed to make its way to a 0.3% gain against the greenback. The British pound was an even better performer as it spiked 0.9% versus the dollar. The pound was helped by positive comments about the U.K. budget plan from various credit analysts and a tacit vote of confidence in the U.K. economy by a member of the recent Bank of England who wanted an increase in the bank's interest rate.
Advancing Sectors: Telecom (+0.6%), Consumer Staples (+0.3%), Materials (+0.1%)
Declining Sectors: Utilities (-1.1%), Energy (-1.0%), Tech (-0.5%), Industrials (-0.4%), Financials (-0.3%), Health Care (-0.3%)
Unchanged: Consumer Discretionary DJ30 +4.92 NASDAQ -7.57 NQ100 -0.3% R2K -0.3% SP400 -0.2% SP500 -3.27 NASDAQ Adv/Vol/Dec 1187/1.88 bln/1412 NYSE Adv/Vol/Dec 1422/1.13 bln/1601
5:00PM Monolithic Power: ITC confirms MPS patent victory against O2 Micro (MPWR) 18.72 -0.27 : Co announced the U.S. International Trade Commission issued a final determination finding no violation of Section 337 by MPS or its customers in an action brought by O2 Micro International, Ltd. in 2008. An ITC administrative law judge had previously issued an initial determination in April that also found no violation. The ITC's final determination concludes that none of MPS' accused products infringe O2 Micro's U.S. Patent No. 7,417,382 (the '382 patent).
4:30PM Dell updates FY11 guidance; sees FY11 revs of ~$60.3-62.95 bln vs $61.55 bln Thomson Reuters consensus (DELL) 13.82 +0.01 : Co expects solid growth for the year driven by the refresh of PCs in commercial and public segments coupled with the company's expanding abilities. Co expects revenue for Fiscal 2011 will increase 14 to 19% (which calc to $60.3-62.95 bln vs $61.55 bln Thomson Reuters consensus). Co also said it expects that non-GAAP operating income will increase by 18 to 23% and cash flow from operations will be greater than net income for the current year.
4:17PM Advanced Micro announces commencement of exchange offer of up to $500 mln for its 8.125% senior notes due 2017 (AMD) 8.56 -0.02 :
4:05PM LDK Solar signs module supply contract with Gestamp Solar (LDK) 5.75 +0.05 : Co announced today that it has signed a contract to supply solar modules to Spain-based Gestamp Asetym Solar, a subsidiary of Gestamp Corporation. Under terms of the agreement, LDK Solar will deliver 15.8 megawatts of solar modules to Gestamp Solar during the third quarter.
3:31PM Cisco Systems provides details of $1 bln multi year investment in Russia (CSCO) 22.88 -0.09 : Co today made commitment to invest $1 bln in Russian initiative to drive technological innovation within the country. Cisco has identified a five phase collaborative approach over this next decade through which this $1B investment will be staged. 1) Co will seek venture capital partners 2) Co announced its commitment to establish a dedicated physical presence in Skolkovo. 3) Co will attempt to build a model for partnering with existing businesses, venture capital and technology companies in Russia. 4) Co will focus on collaboration in the areas of go-to-market models for the creation and success of start-ups in partnership with the Russian venture capital community. 5) Create a second Emerging Technologies group HQ in Skolkovo.
AI
Market Data 
Markets 
