4:20 pm : As far as today's participants were concerned, there wasn't much to get excited about when it came to buying stocks. Their disinterest was understandable, too.
Oil prices pushed above $64 per barrel, the February durable orders report was relatively weak, and Fed Chairman Bernanke reminded listeners in his testimony on the economy before the Joint Economic Committee that Fed policy remains oriented toward inflation control.
The translation there is that participants shouldn't expect a rate cut from the Fed anytime soon. That realization was effective at taking the wind out of the market's already wet sails and left the indices languishing in negative territory from bell to bell.
At their worst levels of the day, the Dow, Nasdaq and S&P were down approximately 139, 24 and 14 points, respectively. They managed a decent recovery try in early-afternoon trading, but ultimately, that effort was met with resistance when the influential financial sector didn't show any lasting support.
The weak showing by the financials (-1.22%) was linked to an assortment of concerns - subprime mortgage problems, housing market weakness, stock market volatility, the economic slowdown, and lackluster earnings growth - that clipped just about every industry group.
The financial sector had plenty of company, though, as there wasn't a single economic sector that ended the day with a gain.
Telecom services (-1.22%) joined with financials to lead the list of losers, but the technology (-0.92%), industrial (-0.99%), and consumer discretionary (-1.04%) sectors were among the more influential loss leaders.
Underpinned by the spike in crude prices that was linked to concerns about the growing tension in the Persian Gulf over Iran's capture of 15 British sailors, energy (-0.20%) exhibited some relative strength along with some other traditionally defensive-oriented sectors such as consumer staples (-0.18%) and utilities (-0.09%).
Although durable orders for February rose 2.5%, the focal point for economists was the 1.2% drop in nondefense capital goods orders, excluding transportation, which is a proxy for business investment. That decline followed on the heels of a 7.4% decline for January.
There weren't a lot of individual stock stories of note. However, Beazer Homes (BZH 28.77, -2.64) is one company that couldn't escape the spotlight as it was reported by Business Week that the home builder is under investigation by several federal agencies for various fraud issues. The company denied the allegations made in the report, but investors were inclined to believe the worst today.DJ30 -96.93 NASDAQ -20.33 SP500 -11.39 NASDAQ Dec/Adv/Vol 2057/957/1.85 bln NYSE Dec/Adv/Vol 2190/1103/1.40 bln
3:30 pm : The market is working again to try and recoup some of today's losses, but overall, it has been hurt by a lack buyers today on account of concerns about a slowdown in economic growth and persistent inflation pressures.
The former is supposed to take care of the latter, but for the time being, participants are allowing themselves to be pre-occupied with the potential for an evironment of stagflation.
We're not saying that's what we're going to see, only that it is an idea that seems to be affecting sentiment in today's market.
3:00 pm : Stocks are floundering in late-afternoon trade amid a lack of leadership that has deterred buying interest.
The major indices have spent the entirety of today's session in negative territory held down by concerns about the jump in oil prices, a relatively weak durable orders report, and the understanding that a rate cut isn't likely to happen anytime soon given the declaration from Fed Chairman Bernanke that policy is still oriented toward inflation control.
Altria Group (MO 86.14, +1.06) is the lone Dow component in positive territory; however, Boeing (BA 89.20, -1.32) is the only one of the remaining 29 components to show a loss greater than one point. DJ30 -97.65 NASDAQ -17.10 SP500 -10.70
2:25 pm : Sellers have stepped up their efforts again, which has knocked the indices back in appreciable fashion.
The tech sector (-0.70%), mentioned earlier as a driving factor in the recovery try, has been a target of sellers in the latest pullback.
Separately, the Dow Jones Transportation Average (-1.20%) is another notable drag on the proceedings, as the jump in oil prices (+$1.32 at $64.25) has been a selling catalyst. DJ30 -96.85 NASDAQ -16.78 SP500 -10.55 NASDAQ Dec/Adv/Vol 1952/1014/1.26 bln NYSE Dec/Adv/Vol 1976/1255/1.01 bln
2:00 pm : There hasn't been much change since the last update. The indices remain stuck in negative territory, impeded in their effort to continue a concerted rally effort by a lack of influential leadership.
The consumer discretionary sector (-0.70%), which Briefing.com recently lowered to Underweight, is one of today's worst-performing sectors. Homebuilding (-2.30%) is the biggest laggard in that arena with today's downtick coming amid ongoing concerns about new home sales.
Additionally, allegations that several federal agencies are investigating Beazer Homes (BZH 28.48, -2.93) for various fraud issues has also cast a pall on the homebuilding group.DJ30 -63.13 NASDAQ -8.50 SP500 -5.99 NASDAQ Dec/Adv/Vol 1809/1139/1.17 bln NYSE Dec/Adv/Vol 1890/1328/947 mln
1:25 pm : The market's recovery try has been met with some resistance as the major indices have been backpedalling some in the past half hour.
They are still well off their lows, but with the influential financial sector (-0.90%) failing to flex any concerted leadership muscle the broader market's rebound effort has been impeded.
The Treasury market, underpinned by the relatively weak durable orders report for February, is sporting modest gains across the yield curve. The benchmark 10-year note is up 2 ticks with its yield at 4.59%.DJ30 -66.57 NASDAQ -7.36 SP500 -6.20 NASDAQ Dec/Adv/Vol 1831/1094/1.06 bln NYSE Dec/Adv/Vol 1899/1274/873 mln
12:55 pm : Buying efforts have cooled off, but the indices have managed to recoup a large portion of earlier losses.
The technology sector has played an influential role in driving the recovery effort with big-cap technology issues catching a bid. The Nasdaq 100, which was down 1.0% at its low today, is now down just 0.1%.
All sectors have pared their losses, but there is a defensive-orientation evident in the market with the utilities (+0.40%) and consumer staples (+0.20%) sectors joining energy (+0.20%) as the only sectors on positive ground.DJ30 -66.65 NASDAQ -6.30 SP500 -6.03 NASDAQ Dec/Adv/Vol 1785/1086/961 mln NYSE Dec/Adv/Vol 1806/1344/806 mln
12:25 pm : The last half hour has seen a noticeable increase in buyig interest that has cut today's losses by a significant amount.
The uptick gained newfound momentum after Fed Chairman Bernanke ended his testimony on the economy before the Joint Economic Committee. The quick and broad-based nature of the recovery try suggests there might be some program trading influences.
Either way, the market is much improved from its worst levels which equated to declines of approximately 139, 24 and 14 points for the Dow, Nasdaq and S&P 500, respectively.DJ30 -54.47 NASDAQ -4.94 SP500 -4.11 NASDAQ Dec/Adv/Vol 1952/908/823 mln NYSE Dec/Adv/Vol 2132/1002/682 mln
12:00 pm : It has been a struggle for the stock market since the opening bell as investors have refrained from committing new money due to a number of bothersome factors.
The most nettlesome factor in the early-going was the jump in crude prices that followed unsubstantiated reports that there was a military altercation with Iran in the Persian Gulf. Despite the government dismissing that rumor, oil prices didn't retreat in expected fashion as traders opted to maintain the risk premium that stems from concerns about supply disruptions that would occur in the event of an actual military confrontation.
On a related note, a government report showing a drawdown in oil inventories in the latest week versus an expectation for a build provided another layer of support for oil prices (+$1.54 at $64.47).
More recently, the market has been consumed with the economic outlook provided by Fed Chairman Bernanke for the Joint Economic Committee.
Although Bernanke has reiterated much of what was already known about the Fed's view on inflation and economic growth potential, the market has been disappointed by the realization that his remarks today reinforced the view that a rate cut isn't likely to happen anytime soon.
The market hit session lows shortly after Bernanke's remarks crossed the wires at 10:30 ET and have languished near those lows to this point.
Separately, the durable orders report for February was on the weak side with nondefense capital goods orders, ex-transportation - a proxy for business investment - declining 1.2% after a 7.4% decline in January. That consideration, along with Bernanke's stance that Fed policy is still oriented toward inflation control, has weighed on sentiment.
The financial sector (-1.10%) and consumer discretionary sector (-1.20%) are pacing the declines for the broader market. DJ30 -102.38 NASDAQ -17.47 SP500 -10.11 NASDAQ Dec/Adv/Vol 2028/819/737 mln NYSE Dec/Adv/Vol 2179/937/626 mln
11:30 am : The market is languishing near its lows and is finding it challenging to establish any upside momentum with major influences such as the financial (-1.10%), technology (-0.70%) and consumer discretionary (-1.20%) sectors on the defensive.
Aside from the jump in oil prices, the realization that Bernanke's commentary today has reinforced the view that a rate cut isn't likely to happen anytime soon has weighed on sentiment. Bernanke, in fact, has reminded listeners that the Fed's policy is still oriented toward controlling inflation.DJ30 -116.80 NASDAQ -20.18 SP500 -11.77 NASDAQ Dec/Adv/Vol 1956/854/626 mln NYSE Dec/Adv/Vol 2152/928/509 mln
11:00 am : The major indices have hit new session lows in the past half hour, failing to take any comfort from either the Dept. of Energy's inventory data or Fed Chairman Bernanke's economic outlook.
Briefly, with crude prices a focal point today, the market was bothered by the report that oil inventories fell by 846K barrels versus an expectation for a build of 2.025 million barrels.
Bernanke, meanwhile, reiterated much of what has been said in prior Fed statements, as well as what was said in the directive that was issued at the March 21 FOMC meeting.
Strikingly, though, the market's reaction to today's comments is not at all like the bullish response we saw after the FOMC decision. To wit, there was a knee-jerk sell-off today after Bernanke's remarks reinforced the view that there isn't likely to be a rate cut anytime soon. DJ30 -104.70 NASDAQ -16.18 SP500 -10.12 NASDAQ Dec/Adv/Vol 2017/733/463 mln NYSE Dec/Adv/Vol 2022/982/332 mln
10:25 am : The stock market continues to languish near its lows for the session (which aren't that low in a session that isn't that old).
After the initial dip that was driven largely by the concerns about the uptick in crude prices (+1.76 at $64.69) and a relatively weak durable orders report, participants have gone into wait-and-see mode.
They are waiting for the Dept. of Energy's weekly inventory statistics and Fed Chairman Bernanke's testimony on the economic outlook. Headlines on both will start crossing the wires beginning at 10:30 ET. DJ30 -61.12 NASDAQ -8.67 SP500 -5.75 NASDAQ Dec/Adv/Vol 1703/896/270 mln NYSE Dec/Adv/Vol 1971/971/198 mln
10:00 am : The indices remain mired in negative territory, bogged down by concerns about the economy and rising oil prices, as well as the weakness seen in the influential financial sector (-0.60%).
REITs comprise the main pocket of weakness in the sector, but there isn't any other leadership to be found as lingering concerns about the subprime mortgage market, a slowdown in economic activity, and a challenged stock market are keeping investors out of the financial stocks for the time being.
Fed Chairman Bernanke has the influence to change that position with his testimony on the economic outlook befoe the Joint Economic Committee. Bernanke's prepared remarks will hit the wires at the bottom of the hour and then the Q&A will follow. DJ30 -64.97 NASDAQ -10.06 SP500 -6.16 NASDAQ Dec/Adv/Vol 1696/752/137 mln NYSE Dec/Adv/Vol 1723/638/60 mln
09:40 am : As expected, the stock market has started the day on a negative note with the early slide driven by an increase in oil prices (+$1.50 at $64.43) and festering concerns about economic activity that were fed by a relatively weak durable orders report for February.
Energy (+0.30%), to no one's surprise, is exhibiting relative strength as related stocks are drafting off the uptick in oil prices. As a reminder, the Dept. of Energy will release its weekly inventory statistics at 10:30 ET. That is the same time Fed Chairman Bernanke is scheduled to begin his testimony on the economic outlook before the Joint Economic Committee.DJ30 -57.52 NASDAQ -12.04 SP500 -6.13
09:16 am : S&P futures vs fair value: -6.2. Nasdaq futures vs fair value: -10.2.
08:55 am : S&P futures vs fair value: -6.5. Nasdaq futures vs fair value: -10.0. Stock futures are off their worst levels of the morning as a retracement of the gains seen in crude futures (+1.08 at $64.01) stemmed the building tide of negativity. The stock market is still poised for a lower open, however, as a relatively weak durable orders report and the recent trend in oil prices remain bearish influences.
08:35 am : S&P futures vs fair value: -7.4. Nasdaq futures vs fair value: -12.5. Durable Orders data didn't do much to improve today's negative tone. February orders were up 2.5%, but that was below the consensus estimate that called for a gain of 3.5%. Orders, ex-transportation, slipped 0.1% after a 4.0% decline in January. The latter is feeding concerns about capital investment and the underlying pace of economic activity. The 10-yr note is up 5 ticks with its yield falling to 4.58%
08:15 am : S&P futures vs fair value: -5.2. Nasdaq futures vs fair value: -9.2. Market remains poised for a negative start as traders continue to concentrate on oil price movement. Separately, the Durable Orders report for February will cross the wires at 08:30 ET. Economists are expecting the notoriously volatile report to show a 3.5% jump in orders for February versus a 7.8% decline registered in January.
08:05 am : S&P futures vs fair value: -5.2. Nasdaq futures vs fair value: -9.2. The stock market is headed for a lower open with a surge in oil prices (+$1.61 to $64.54) acting as the main, driving influence. The jump in prices stems from concerns about the growing tension with Iran and the supply disruptions that would occur in the event of a military conflict in the Persian Gulf. Separately, investors are sticking to the sidelines cognizant that Fed Chairman Bernanke will be testifying on the economic outlook before the Joint Economic Committee at 10:30 ET.
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