4:20 pm : Stocks rallied Monday as investors applauded a batch of better-than-expected earnings, some M&A activity and encouraging economic data. With the S&P 500 finishing Friday above its closing price the day before the global sell-off on February 27, broad-based gains helped the Dow and Nasdaq follow suit. All 10 economic sectors closed in positive territory.
With the market exhibiting a fair amount of optimism heading into what is still widely expected to be an uninspiring first quarter of earnings, the majority of reports this morning checking in better than expected offered some validation behind recent market gains. The Dow, S&P 500 and Nasdaq had climbed 2.4% on average over the last two weeks amid heightened expectations the first quarter won't be as bad as initially thought. Today's gains now leave all three indices up about 3.4% on average during the month of April alone.
Citigroup (C 52.86 +1.26) beating Wall Street expectations topped today's list of earnings surprises, especially with so much nervousness surrounding financial stocks. The sector remains this year's biggest disappointment amid concerns stemming from a liquidity crisis and global recession to fears about subprime lending woes spilling over into the broader economy; but today's 2.1% advance helped erase most of its 2.9% year-to-date decline. That point aside, Briefing.com recently lowered its rating for the sector to Underweight.
Fremont General (FMT 8.85 +1.80) finding a buyer for $2.9 bln in subprime loans provided additional relief, especially in the struggling Thrifts & Mortgage (+3.2%) space. Diversified Banks (+2.0%) was another bright spot after Wachovia (WB 55.14 +1.14) posted a 33% rise in Q1 profits and reminded shareholders it has a "very low amount" of subprime mortgages.
More evidence of ample liquidity to help support the stock market also provided some reassurance about current valuations and made beaten-down Investment Banks & Brokers more attractive. SLM Corp (SLM 55.37 +8.61) confirmed it will be taken private for roughly $25 bln, a proposal that was better than the rumored $20 bln price tag that vaulted SLM shares 15% on Friday. Today's 18.4% surge in SLM shares earmarked Consumer Finance (+4.6%) as the day's second best performing S&P industry group.
More M&A news, which is typical for a Monday morning, came from Google (GOOG 474.27 +7.98). The stock's 1.7% surge following reports that it will pay $3.1 bln for DoubleClick provided a big boost to the Tech sector. Health Care was another influential sector gaining ground Monday. Drug stocks got a lift after Eli Lilly (LLY 58.37 +1.49) followed up its solid Q1 earnings report by raising its full-year outlook. Boston Scientific (BSX 15.97 +0.96) soaring 6.4% after saying the FDA has lifted restrictions on its St. Paul plant provided additional sector support.
On the economic front, March retail sales and sales, ex-autos, checked in better than expected while an upward revision to February sales provided further proof that consumer spending remains on track. With the market increasingly concerned about the pace of economic growth, especially in manufacturing, the April NY Empire State Index rebounding from its lowest level since May 2005 was also noteworthy. BTK +0.7% DJ30 +108.33 DJTA +1.4% DJUA +0.5% DOT +1.1% NASDAQ +26.39 NQ100 +0.9% R2K +1.4% SOX +0.3% SP400 +1.1% SP500 +15.62 NASDAQ Dec/Adv/Vol 875/2180/1.75 bln NYSE Dec/Adv/Vol 915/2353/1.42 bln
3:30 pm : The S&P 500's intraday gain is back above 1% to 1467.74, its highest level since September 2000. The Nasdaq is also up 1% to its best levels since late February while the Dow is up 0.8%, paced by a 2.6% surge in Citigroup (C 52.94 +1.34).
The latter accounts for nearly 11 Dow points and, since it ranks as the third most heavily-weighted constituent on the S&P 500, is having a noticeable impact on the broader market as well. Fellow Dow components and Financials sector peers JP Morgan (JPM 50.00 +0.91) and American Express (AXP 58.32 +0.96), which also report earnings this week, are surging in sympathy with Citigroup's strong Q1 report. DJ30 +102.58 NASDAQ +23.66 SP500 +14.89 NASDAQ Dec/Adv/Vol 927/2110/1.48 bln NYSE Dec/Adv/Vol 954/2288/1.20 bln
3:00 pm : Stocks enter the final hour of trading retracing previous highs as sellers remain a reluctant bunch. However, it is worth noting that volume is tapering off heading into the close as investors remain cognizant of the monthly CPI report's ability to move the market and influence Fed policy.
The latest read on inflation at the consumer level will hit the wires at 8:30 ET tomorrow and, with the FOMC minutes recently stating that "further policy firming might prove necessary to foster lower inflation," the report is likely to set the tone for tomorrow's pre-market action and prompt some consolidation should the core CPI rate push year/year growth higher above the Fed's comfort zone. DJ30 +94.67 NASDAQ +21.39 SP500 +13.58 NASDAQ Dec/Adv/Vol 953/2087/1.36 bln NYSE Dec/Adv/Vol 962/2282/1.09 bln
2:30 pm : The major averages are trading near their lowest levels of the afternoon but are holding on to strong gains across the board. The Dow is trading higher for the 11th time in 12 sessions and is now up nearly 2% for the year. While that is impressive it's not all that surprising since April has been its best month since 1950, according to the Stock Trader's Almanac, turning in an average return of 1.8%.
Knowing that the blue-chip index is already up 2.8% just two weeks into the month alone, though, is likely to raise some concerns about overbought conditions, especially since the old adage "sell in May and go away" could apply again and every key fundamental factor has worsened over the past couple of months. DJ30 +84.38 NASDAQ +19.37 SP500 +12.28 NASDAQ Dec/Adv/Vol 965/2046/1.27 bln NYSE Dec/Adv/Vol 959/2271/1.01 bln
2:00 pm : The market continues to put together a strong advance as positive breadth figures and strong industry leadership to the upside continue to bode well for equities. As reflected in the A/D line, advancers hold a more than 2-to-1 edge over decliners on both the NYSE and the Nasdaq. The number of new 52-week highs on the NYSE stands at a whopping 289 to only 5 new lows; the ratio on the Nasdaq is 141 to 11.
The ratio of up to down volume further underscores the sense of reserve on the part of sellers given more evidence of ample liquidity to help support the stock market and that first quarter earnings may not be as bad as initially forecast.DJ30 +96.14 NASDAQ +20.67 SP500 +13.21 NASDAQ Dec/Adv/Vol 902/2090/1.16 bln NYSE Dec/Adv/Vol 892/2340/932 mln
1:30 pm : More of the same for stocks as the major averages settle into a relatively narrow range. Bonds, though, have caught a bid since the last update and are trading at session highs. The 10-year note is now up 8 ticks to yield 4.72% after a report at the top of the hour showed a decline in confidence of U.S. home builders.
The Wells Fargo/NAHB housing market index fell 3 points to 33 in April, the lowest level since December, suggesting a continued sluggish pace as the Spring home sales season begins. The report's other two components -- future sales and buyer traffic -- also showed declines and present a weaker than expected pace. DJ30 +96.99 NASDAQ +22.03 SP500 +13.81 NASDAQ Dec/Adv/Vol 921/2055/1.07 bln NYSE Dec/Adv/Vol 859/2351/860 mln
1:00 pm : The indices have slipped from their best levels but hardly enough to make a significant change in the standings. Oil's recent turnaround appears to have stalled some of the market's momentum; but for the most part, buyers are still in total control.
Fortunately for the bulls, a 0.6% advance in the Energy sector is acting as somewhat of an offset to crude prices now flirting with $64/bbl. At its lows of the day, crude for May delivery was down as much as 1.7% at $62.55/bbl. DJ30 +94.02 NASDAQ +21.25 SP500 +13.46 NASDAQ Dec/Adv/Vol 882/2078/982 mln NYSE Dec/Adv/Vol 822/2361/790 mln
12:30 pm : No real change in the proceedings as the afternoon session gets underway. All 10 S&P 500 sectors are still in positive territory, paced by a 2.0% surge in Financials. Its 22% weighting on the S&P 500 is a big reason why the broader market is up nearly 1.0% on the day. Telecom and Materials are up at least 1.0% while Consumer Discretionary is off it best levels, as oil prices turn positive, but is still trading sharply higher (+0.9%).
Education Services (+6.3%) is today's best performing S&P industry group following an analyst upgrade on Apollo Group (APOL 46.56 +2.74). Internet Retail is also providing sector support as Amazon.com (AMZN 44.90 +2.49) soars nearly 6% to new 52week high after being upgraded. DJ30 +104.10 NASDAQ +23.09 SP500 +14.17 NASDAQ Dec/Adv/Vol 858/2079/906 mln NYSE Dec/Adv/Vol 814/2352/726 mln
12:00 pm : The indices are trading at their best levels of the session midday as investors continue to rally around solid earnings reports, M&A news, and encouraging economic data. All 10 economic sectors are posting gains.
With nearly half of the Dow scheduled to report this week and so much nervousness surrounding financial stocks of late, Citigroup (C 53.12 +1.52) handily topping Wall Street expectations left investors thinking first quarter earnings growth might not be as bad as initially feared. Diversified Banks (+2.0%) has been another bright spot for the troubled sector after Wachovia (WB 55.06 +1.06) posted a 33% rise in Q1 profits and reminded shareholders it has a "very low amount" of subprime mortgages.
Also providing a floor of support for the influential Financials sector (+2.2%) has been strength across the board among Investment Banks & Brokers (+2.8%) following confirmation that SLM Corp (SLM 55.00 +8.24) will be taken private for roughly $25 bln and news that Google (GOOG 475.33 +9.04) is paying $3.1 bln for DoubleClick.
This morning's economic reports are also acting as sources of support. March retail sales and sales, ex-autos, checked in better than expected while an upward revision to February sales further suggests consumer spending remains on track. The April NY Empire State Index rebounded from its lowest level since May 2005.DJ30 +111.98 NASDAQ +25.33 SP500 +14.77 NASDAQ Dec/Adv/Vol 840/2079/772 mln NYSE Dec/Adv/Vol 762/2343/618 mln
11:30 am : With the S&P 500 finishing Friday above its closing price the day before the global sell-off on February 27, the Dow and Nasdaq have followed suit. Broad-based buying efforts leave 27 of 30 Dow components trading higher while the S&P 500 has gotten an additional boost from a turnaround in Energy.
Despite oil prices still posting a 1% decline, the Energy sector turning positive is providing some notable leadership while strength in transportation stocks continues to provide a floor of support for the economically-sensitive Industrials sector. DJ30 +90.85 DJTA +1.0% NASDAQ +19.69 SP500 +12.58 NASDAQ Dec/Adv/Vol 847/2031/662 mln NYSE Dec/Adv/Vol 784/2303/532 mln
11:00 am : Onward and upward remains the driving mantra this morning as buyers remain in complete control of the action. The broad-based rally in Financials (+2.1%) continues to chip away at the sector's lagging 2.9% year-to-date decline. Asset Management (+2.2%), Regional Banks (+2.0%), and Diversified Banks (+2.0%) have become the latest S&P industry groups to break into today's top ten.
Another key sector helping the S&P 500 approach seven-year highs is Health Care. It is up 0.8% on the day and now up more than 6.5% for the year, getting a boost today after Boston Scientific (BSX 16.00 +0.99) said the FDA has lifted restrictions on its St. Paul plant. DJ30 +89.88 NASDAQ +21.06 SP500 +12.23 NASDAQ Dec/Adv/Vol 812/2018/510 mln NYSE Dec/Adv/Vol 772/2252/410 mln
10:30 am : The major averages are holding onto the bulk of their early gains. In addition to solid earnings, M&A news and encouraging economic data, investors are now getting some reprieve from falling oil prices. After closing out the week relatively unchanged, crude for May delivery is now down 1.3% and back below $63/bbl.
Also noteworthy is the fact that Energy (-0.4%) has not relinquished too much in the way of leadership. Refiners are today's worst performer (-1.8%), but declines among the likes of Drillers and Integrated Oil companies remain modest in scope. DJ30 +66.99 NASDAQ +15.01 SP500 +9.42 NASDAQ Dec/Adv/Vol 796/1973/350 mln NYSE Dec/Adv/Vol 655/2287/270 mln
10:00 am : Equities are extending their reach to the upside as nine out of 10 economic sectors remain positive. The 1.8% surge in Financials really tells the whole story today since it is the S&P 500's most heavily-weighted sector. Consumer Finance (+4.2%) is pacing the way following confirmation of the proposed SLM Corp (SLM 55.45 8.69) takeover; M&A activity is also boosting Investment Banks (+2.5%).
Other Diversified Financial Services (+2.6%) ranks among this morning's top five performing S&P industry groups following Citigroup's (C 52.65 +1.05) strong Q1 report. Specialized Financials (+1.7%) is also among today's top performers, getting a lift from an analyst upgrade on Moody's (MCO 64.34 +1.54), while Fremont General (FMT 9.54 2.49) finding a buyer for $2.9 bln in subprime loans renews enthusiasm for Thrifts & Mortgage (+2.8%), one of this year's worst performing S&P industry groups (-8.8%).DJ30 +62.82 NASDAQ +17.80 SP500 +9.70 NASDAQ Dec/Adv/Vol 604/1990/178 mln NYSE Dec/Adv/Vol 523/2217/102 mln
09:40 am : With the market exhibiting a fair amount of optimism heading into the Q1 earnings season, the bulk of reports this morning checking in better than expected, especially Dow component Citigroup (C 52.64 +1.04), has given the market an early lift. Today's retail sales report providing some comfort that consumer spending remains on track is providing a floor of support. March retail sales and sales, ex-autos, were better than expected while February sales were upwardly revised.
More evidence of ample liquidity to help support the stock market has also provided investors with some early reassurance. SLM Corp. (SLM 55.00 +8.24) confirmed it will be taken private for roughly $25 bln while Google (GOOG 471.52 +5.23) agreed to pay $3.1 bln for DoubleClick. DJ30 +55.99 NASDAQ +13.72 SP500 +7.82 NASDAQ Vol 72 mln NYSE Vol 48 mln
09:15 am : S&P futures vs fair value: +4.8. Nasdaq futures vs fair value: +6.5.
09:00 am : S&P futures vs fair value: +4.7. Nasdaq futures vs fair value: +6.5. The stage remains set for the cash market to kick off a new week on an upbeat note. Aside from M&A activity, the market entering the heavy part of earnings season with optimism and a solid retail sales report providing some relief that consumer spending remains on track, investors are also taking a bullish cue from sizable gains in overseas markets. The Nikkei 225 and Hang Seng Index closed up 1.52% and 2.05%, respectively, while the three major European bourses are up 0.8% on average.
08:33 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +7.0. Futures trade gets a boost since the last update, now suggesting an even stronger open for stocks. March retail sales rose 0.7% (consensus 0.4%) while more closely-watched sales, ex-autos, rose 0.8% (consensus 0.7%). An upward revision to February sales further suggests consumer spending remains relatively solid. The April NY Empire State Index checked in at 3.8, rebounding from its lowest level since May 2005 but checking in below an expected reading of 10.0.
08:00 am : S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +5.0. Early indications are pointing to a higher open for the cash market. With earnings kicking into full gear this week and nearly half of the Dow's 30 components reporting, Citigroup (C) handily topping Wall Street expectations heads today's list of better-than-expected results. Some M&A news is also contributing to the bullish disposition. SLM Corp. (SLM) has confirmed it will be taken private for approximately $25 bln while Google (GOOG) has agreed to acquire DoubleClick for $3.1 bln.
06:19 am : S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +5.0.
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