From Briefing.com: 4:15 pm : The major averages began the new trading week on a slightly lower note with small caps leading the weakness. The Russell 2000 shed 0.3% while the S&P 500 slipped less than a point with six sectors ending in the red.
Equity indices began the day in negative territory with only the Nasdaq (-0.04%) making a very brief appearance in the green. After sliding through the first hour of action, the major averages reversed and spent the remainder of the session climbing off their lows with help from the three top-weighted sectors. Health care and financials gained 0.4% and 0.04%, respectively, while technology (-0.1%) ended just below its flat line. Also contributing to the rebound was the energy sector, which added 0.2% even as crude oil fell 1.4% to $101.07/bbl.
The S&P 500 tried to regain its flat line, but came up just short as the weakness among consumer discretionary (-0.4%), industrials (-0.5%), and materials (-0.1%) sectors kept a lid on the attempted rally.
Although the materials sector accounts for less than 4.0% of the entire S&P 500, the group was a notable early laggard after China reported disappointing trade figures for February. The country's trade balance swung from a surplus to a deficit of $22.98 billion (expected surplus of $14.50 billion) as exports fell 18.1% (expected +6.8%) while imports grew 10.1% (consensus +8.0%). The big miss did not come without an excuse as the Lunar New Year, which took place at the start of the month, was cited for causing distortions to the report.
The trade figures put additional pressure on copper futures, which continued their recent weakness. The metal fell 1.3% to $3.042/lb after starting the year in the 3.400/lb area. Miners and steelmakers were also pressured with Freeport-McMoRan (FCX 31.38, -0.81) and Market Vectors Steel ETF (SLX 43.87, -0.75) sliding 2.5% and 1.7%, respectively.
Elsewhere, the industrial space was pressured by Boeing (BA 126.89, -1.65), which lost 1.3% after a 777 jet operated by Malaysia Airlines vanished over the South China Sea during the weekend. Separately, a Tokyo-bound 787 from San Francisco was forced to make an emergency landing in Hawaii due to engine issues. Although the industrial space finished at the bottom of the leaderboard, transports fared a bit better. The Dow Jones Transportation Average shed 0.2%, trimming its March gain to 3.2%.
Also of note, the discretionary sector spent the duration of the session among the laggards. Homebuilders ended broadly lower with the iShares Dow Jones US Home Construction ETF (ITB 25.23, -0.49) falling 1.9%. Automakers also lagged with Ford (F 15.51, -0.11) and General Motors (GM 37.08, -0.61) ending lower by 0.7% and 1.6%, respectively.
The Treasury market spent the day inside a narrow range and the 10-yr yield slipped one basis point to 2.78%.
Trading volume was well below average with just over 615 million shares changing hands at the NYSE.
Tomorrow, the January Wholesale Inventories report will be released at 10:00 ET.
Nasdaq Composite +3.8% YTD
Russell 2000 +3.4% YTD
S&P 500 +1.6% YTD
Dow Jones Industrial Average -1.0% YTD
DJ30 -34.04 NASDAQ -1.77 SP500 -0.87 NASDAQ Adv/Vol/Dec 1149/1.95 bln/1423 NYSE Adv/Vol/Dec 1306/615.7 mln/1707
3:35 pm :
Commodities ended the day mostly lower today with energy, excl natural gas, grains (corn, wheat and soybeans) and copper and silver all finishing in the red.
Gold and natural gas futures ended today's session higher.
Grains sold off today following the monthly USDA WASDE report.
Corn ended the day 2% lower at $4.87/bushel, soybeans lost 40 cents (or -2.7%) to $14.19/bu and wheat fell 14 cents (or ) to $6.39/bu.
Copper ended 1.6% to $3.03/lb following Friday's notable losses following news that China saw its "first" corporate bond default, with Shanghai Chaori Solar Energy unable to pay its debt in full today.
Since China is the largest importer of copper in the world, this kind of news is something to keep in mind.
Apr crude oil ended today's session $1.47/barrel lower at $101.07/barrel.
Apr nat gas rose 3 cents to $4.65/MMBtu.
April gold rose $3.80 to$1341.60/oz, May silver lost one cent to $20.91/oz.
4:19PM Qualcomm names Derek Aberle President (QCOM) 77.05 +0.26 : Co announced that Derek Aberle, executive vice president of Qualcomm Incorporated and group president has been promoted to president of Qualcomm Incorporated. Prior to his current role, Aberle held several roles within Qualcomm's Technology Licensing division, including EVP & president and SVP & general manager. In 2000, Aberle joined Qualcomm after representing the Company as outside counsel for several years at large, international law firms.
12:11PM Notable movers of interest (SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers
ALXN (178.74 +6.36%): Raised FY14 EPS guidance to $4.37-4.47 from $3.70-3.80 (may not compare to $3.82 estimate), raised FY14 rev guidance to $2.15-2.17 bln from $2.00-2.02 bln (may not compare to $2.03 estimate)
FMC (82 +5.30%): Announced separation into two independent public companies; new FMC will be comprised of FMC Agricultural Solutions and FMC Health and Nutrition segments
FB (71.76 +2.81%): Target raised to $90 from $72 at UBS; target raised to $82 from $70 at Telsey Advisory Group
Large Cap Losers
VOD (38.3 -4.08%): FT reporting that AT&T CEO Randall Stephenson was negative on chances of Vodafone being acquired
SCCO (27.84 -4.00%): Weakness in metals stocks: GGB, FCX, TCK, BHP, AA, VALE also lower
BA (125.47 -2.39%): Weakness following a Reuters report of wing cracks on 787 Dreamliners in production; a Japanese Airlines 787 also made an emergency landing
Mid Cap Gainers
HIMX (15.62 +11.73%): Target raised to $20 from $17.50 at Northland Capital - early channel checks indicate that Q1 is tracking in-line or better than the firm's current model
NBG (5.15 +6.85%): Initiated with a Buy at Deutsche Bank
CVRR (22.64 +4.04%): Mentioned positively at Barron's
Mid Cap Losers
ATHM (45.46 -6.35%): Initiated with a Neutral at Citigroup
DDD (63.94 -5.01%): Mentioned cautiously in Barron's article
CLF (17.75 -4.83%): Initiated with a Sell at Axiom Capital
Kinoma, a unit within semiconductor company Marvell (MRVL) launched its Indiegogo crowdfunding campaign for Kinoma Create, the JavaScript-powered Internet of Things construction kit that helps software developers become makers, makers tackle projects with less hassle, and designers prototype products faster
7:16AM Trina Solar announces sale of Wuwei solar power plant to Huadian Fuxin (TSL) 18.34 : Co announced it has successfully sold its 50 MW solar power plant in Wuwei, Gansu province to Huadian Fuxin Energy Corporation. Huadian Fuxin will assume 100 percent ownership of the project from the co with the completion of the transaction.
Freescale Semi (FSL) confirmed that 20 of its employees were confirmed passengers on Malaysia Airlines Flight MH370 en route from Kuala Lumpur to Beijing. Twelve are from Malaysia and eight are from China.
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