From Briefing.com: 4:15 pm : The S&P 500 settled higher by 1.0% as all ten sectors registered gains.
Equities began the session on an upbeat note despite today's disappointing economic news, which indicated first quarter GDP growth was revised down with the third estimate to 1.8% from 2.4%. Typically, revisions to GDP in the third estimate are very minor. The large decline in this report was very unusual and caught all economists by surprise.
Most of the downward revision came from consumption in services. In the previous estimate, services spending increased 3.1%. That was revised down to 1.7% growth and contributed 0.6 percentage points less to GDP growth.
Stocks received this news in stride as sluggish growth suggests the Federal Reserve is less likely to withdraw its support from the markets. To that end, the Treasury complex received an aggressive bid immediately after the GDP revision crossed the wires. The benchmark 10-yr yield ended lower by seven basis points at 2.542%.
There was no defined sector leadership today as health care and utilities finished atop the leaderboard while the discretionary sector and industrials followed closely.
The health care space rose 1.5% as biotechnology rallied. The iShares Nasdaq Biotechnology ETF (IBB 173.02, +4.38) advanced 2.6%.
Another countercyclical group, utilities, settled higher by 1.3% as today's gain allowed the rate-sensitive sector to erase its June loss and join the telecom space in positive territory for the month.
Elsewhere, the discretionary sector climbed 1.3% as most components rebounded from recent weakness. However, homebuilders remained shaky. DR Horton (DHI 20.92, +0.01) ended little changed, Toll Brothers (TOL 32.56, +0.60) added 1.9%, while the broader iShares Dow Jones US Home Construction ETF (ITB 22.21, +0.19) rose 0.9%. Despite today's advance, the homebuilders ETF is down more than 15.0% since notching its mid-May high.
Also of note, the industrial sector received a boost from transportation-related names as the Dow Jones Transportation Average added 0.8%.
Precious metals endured another rough session as gold futures fell 3.9% to $1225.00 per troy ounce while silver futures declined 5.2% to $18.50 per troy ounce.
With stocks ending on their highs, the CBOE Volatility Index (VIX 17.22, -1.25) settled on its lowest level in more than a week.
Tomorrow, weekly initial claims, May personal income, personal spending, and core PCE prices will all be reported at 10:00 ET while the May pending home sales report will cross the wires at 10:00 ET.
The U.S. Treasury will auction $29 billion in 7-yr notes.DJ30 +149.83 NASDAQ +28.34 SP500 +15.23 NASDAQ Adv/Vol/Dec 1349/1.59 bln/1110 NYSE Adv/Vol/Dec 2346/774.2 mln/741
3:30 pm :
Precious metals fell to new lows since August 2010 as a stronger dollar index put pressure on prices.
Aug gold tumbled to $1228.80 per ounce in afternoon pit trade and settled with a 3.6% loss at $1229.80 per ounce as it was unable to find support from buyers.
July silver saw even biggest losses as prices slumped to $18.52 per ounce in morning pit action. It eventually settled at $18.59 per ounce, booking a 4.8% loss.
Aug crude oil slipped to a session low of $93.68 per barrel following weak inventory data that showed a build of 0.018 mln barrels when a draw of 1.725 mln barrels was anticipated. However, the energy component managed to erase the loss and settled 0.2% higher at $95.49 per barrel, slightly below its session high of $95.60 per barrel.
Aug natural gas chopped around in positive territory today. It brushed a session low of $3.67 per MMBtu in early morning floor trade and eventually settled with a 1.9% gain as it closed at its session high of $3.74 per MMBtu.
5:30PM Applied Micro announces retirement of CFO (AMCC) 9.54 -0.07 : Co announced the retirement of Robert G. Gargus, Chief Financial Officer. Shiva Natarajan, Chief Accounting Officer and Controller, will serve as Interim CFO.
1:37PM SolarCity introduces LightMount for commercial buildings (SCTY) 37.17 +1.16 : Co introduced LightMount, a lightweight roof mounting product that will maximize solar installation capacity on commercial building rooftops. LightMount will be available exclusively to SolarCity customers for commercial rooftop solar installations. LightMount was engineered to ease rooftop weight constraints and maximize the solar capacity of a system.
11:04AM Canadian Solar popping higher; Samsung Renewable Energy signs manufacturing partnership agreement with Canadian Solar (CSIQ) 9.51 +0.58 : Samsung Renewable Energy reached a partnership agreement with Canadian Solar to open a new manufacturing facility in London, Ontario. The facility will produce solar PV Modules and Medium Voltage Power Stations. This plant will supply Samsung's Ontario solar projects, such as the 100 megawatt (MW) Grand Renewable Energy Park in Haldimand County, the 100 MW Sol-Luce Kingston Solar PV project in Kingston and Loyalist Township, and future solar projects within the GEIA. The new facility will also be a hub for Canadian Solar to conduct research and product development associated with solar energy generation.
10:16AM Apple continues to slide lower off the opening, nearing Monday's low of 398.05. (AAPL) 398.18 -4.45 : Next support zone lies around its April swing lows of 392.50/390/385.10.
10:13AM Semiconductor Hldrs ETF displaying some intraday relative weakness in recent trade (SMH) 37.20 +0.12 : AMAT -1.3%, NVDA -0.6%, BRCM -0.3%, ALTR -0.2%, MRVL -0.1%, KLAC -0.1%
Qualcomm (QCOM) announced that its subsidiary, Qualcomm Technologies, is enabling the Samsung (SSNLF) Galaxy S4 LTE-A, powered by the Qualcomm Snapdragon 800 processor.
NXP Semiconductors (NXPI) announced that Vestel, a home appliance manufacturer based in Turkey, has selected the LPC1785 microcontroller to drive advanced TFT displays in new models of ovens.
Synopsys (SNPS) and United Microelectronics (UMC) announced that the collaboration between the two cos has resulted in the successful tapeout of UMC's first process qualification vehicle in its 14-nanometer FinFET process utilizing Synopsys' DesignWare Logic Library IP portfolio and StarRC parasitic extraction solution, a part of the Galaxy Implementation Platform.
Lattice Semiconductor (LSCC) announced the introduction of AEC-Q100-certified "Lattice Automotive" devices in its award-winning LatticeECP3 FPGA family.
Global supercomputer leader Cray (CRAY) announced the European Centre for Medium-Range Weather Forecasts selected a Cray XC30 supercomputer and Cray Sonexion storage for their next operational facility.
The Benchmark Company upgrades Arm Holdings (ARMH) to Buy from Hold and raises their target to $45 from $44; perception is the only thing that has changed during the recent sell-off in ARM shares. Over the next several years, they continue to expect the served available market for the types of chips ARM is designed into to grow at a 9% compound annual rate through 2017 and for ARM to grow market share by 300bp-400bp over this time frame (translating into 15-20%-point growth premium over the chip industry). ar term as it delivers more consistent revenue and earnings growth.
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