4:20 pm : With the Dow soaring more than 800 points over the last four weeks, logging gains in 18 of the last 20 sessions, and finally eclipsing the psychologically significant 13,000 mark yesterday, it wasn't surprising to see blue chips take a bit of a breather Thursday. Nonetheless, a sizable gain from one of the price-weighted index's most expensive names again helped the Dow close at a new all-time high.
Before the bell, 3M Co. (MMM 80.52 +3.55) handily topped Wall Street forecasts with a 52% rise in Q1 profits and reaffirmed its FY07 outlook, becoming the Dow's best performer. In fact, if it weren't for a 4.6% rally in 3M shares, the Dow would have closed in negative territory.
Fellow Dow component General Motors (GM 32.40 1.33) was the index's next best performer, surging 4.3% after rival Ford Motor (F 8.21 +0.33) posted a narrower than expected Q1 loss that gave investors hope that GM will also surprise the street.
Despite a late-day downturn in oil prices, Exxon Mobil (XOM 80.56 +0.64) turning in a commendable performance was also noteworthy. The world's largest publicly-traded component closed at a new all-time high after shareholders applauded better than expected earnings even though the average price of U.S. crude was 8% lower in Q1 versus last year.
Of the four sectors finishing with gains, Technology was really the only bright spot following a blowout report from Apple (AAPL 98.84 +3.49). Last night, Apple posted an 88% jump in Q2 earnings on robust iPod sales and surged as much as 7.5% intraday before finishing at an all-time high.
Turning in an even better performance on the tech-heavy Nasdaq, though, was Amazon.com (AMZN 62.78 +5.97), which tacked a 10.5% gain onto yesterday's giant 27% surge. The Discretionary sector was also in focus after Harman International (HAR 122.42 +19.86) agreed to be taken private in an $8 bln deal and Wendy's (WEN 37.93 +5.25) said it is exploring strategic options, including a possible sale.
However, the sector's most influential component -- Comcast Corp (CMCSA 27.10 -0.99) -- selling off after merely matching analysts' expectations overshadowed the hefty gains from a handful of companies whose combined market caps still pale in comparison to Comcast's. DJ30 +15.61 DJTA -1.2% DJUA -0.7% DOT +1.1% NASDAQ +6.57 SOX +0.7% SP500 -1.17 NASDAQ Dec/Adv/Vol 1588/1483/2.15 bln NYSE Dec/Adv/Vol 1742/1522/1.62 bln
3:30 pm : Not much has changed since the last update, but that's a good thing for market bulls, as equities hold onto the bulk of their gains going into the close and several indices are on pace to close in record territory again. The Dow, S&P 400 MidCap Index and the Russell 2000 small-cap index are all trading at historic levels.
As evidenced by the Nasdaq turning in the day's best performance, it's not surprising to see that solid follow-through in Technology (+0.5%) has been a huge factor behind this afternoon's resurgence on the part of buyers. Albeit trading below its opening highs (+7.5%), Apple (AAPL 100.41 +5.06) is still up more than 5% and helping to secure a renewed sense of optimism regarding the tech sector's growth prospects. Speaking of earnings, the biggest of all tech bellwethers reports Q3 results after the close; and with shares of Microsoft (MSFT 29.33 +0.34) up 1.2%, investors are apparently pricing in an upside surprise. DJ30 +33.66 NASDAQ +10.96 SP500 +1.45 NASDAQ Dec/Adv/Vol 1534/1526/2.04 bln NYSE Dec/Adv/Vol 1621/1615/1.36 bln
3:00 pm : The bulls continue to show some resolve as a renewed wave of buying interest continues to gain steam. Just over an hour ago the Dow and S&P 500 were trading in opposing directions, with the latter being plagued by the absence of upside leadership from eight of its 10 sectors. In fact, one of the only two sectors trading higher at the time, Industrials, was clinging to as small a gain as there is (+0.01%) without being unchanged. Technology (+0.3%) was truly the only reason the broader market wasn't losing even more ground.
Be that as it may, influential sectors like Financials, Discretionary, and Health Care, which collectively account for nearly half of the total weighting on the S&P 500, have recently turned the corner; 7 of 10 sectors are now posting gains. The return of their leadership, alongside Energy's ability to look past oil's downturn earlier, has sidelined sellers. However, there is still an hour left in the trading day and minimal market gains leave plenty of room for the bears to potentially get in the last word, especially with an advance read on Q1 GDP tomorrow morning (8:30 ET) expected to lend further validation behind slowing economic growth.DJ30 +34.26 NASDAQ +10.82 SP500 +1.76 NASDAQ Dec/Adv/Vol 1610/1434/1.87 bln NYSE Dec/Adv/Vol 1674/1531/1.24 bln
2:30 pm : Absent a catalyst throughout most of the day, stocks finally break out of their tight trading ranges, spearheaded by a sharp reversal in oil prices. Crude for June delivery has spiked lower within the last 15 minutes, giving the bulls something to cheer about and temporarily silence today's naysayers.
Oil is now down 1.3% heading into the close of trading on the NYMEX and trading below $65/bbl for the first time today. Also supportive is the fact that Energy has not sacrificed anything in the way of leadership whatsoever as it has actually climbed back into positive territory despite oil's downturn. DJ30 +31.37 NASDAQ +6.78 SP500 +0.73 NASDAQ Dec/Adv/Vol 1697/1323/1.71 bln NYSE Dec/Adv/Vol 1828/1382/1.13 bln
2:00 pm : Stocks are bouncing off their recent lows but not nearly enough to make a significant change in the standings. The Dow is back above the 13,100 level but is still 20 points below its best levels of the session and 40 points away from yesterday's intraday high.
As has been the case so often lately, the Dow's advance is largely based on a rally in one of the index's priciest blue chips. There are only 11 Dow components trading higher, but with losses from the remaining 19 only modest in scope, 3M Co. (MMM 80.72 +3.75) accounting for 30 points of upside continues to be enough to keep the Dow on pace for its 18th gain in 20 sessions. DJ30 +12.03 NASDAQ +3.22 SP500 -1.89 NASDAQ Dec/Adv/Vol 1762/1236/1.58 bln NYSE Dec/Adv/Vol 1882/1320/1.03 bln
1:30 pm : The indices are slipping to afternoon lows as investors sift through remarks from two Fed officials. Within the last 30 minutes, Fed Governor Mishkin said China "may have gone too far" in following policies to boost exports; but that had little impact on trading as he also did not comment on the current economy.
Dallas Fed President Richard Fisher, though, has stirred things up a bit. Fisher recently saying he sees more economic impact coming from the housing market, in that the subprime effects have not yet been fully felt, appears to be giving the bears another reason to take some more money off the table. DJ30 +2.91 NASDAQ +3.09 SP500 -2.44 NASDAQ Dec/Adv/Vol 1661/1324/1.45 bln NYSE Dec/Adv/Vol 1744/1442/960 mln
1:00 pm : Range-bound trading persists in stocks but the return of upside leadership in Energy is not going totally unnoticed. Crude for June delivery has recently turned the corner, climbing as high as $66.12/bbl since the last update in sympathy with a 1.2% surge in gasoline futures.
While higher oil prices certainly don't bode well for consumers and corporate profitability outside of the energy space, Dow component Exxon Mobil (XOM 80.57 +0.65) hitting fresh all-time highs after slipping into the red midday is acting as an offset to oil's potentially inflationary characteristics. DJ30 +19.56 NASDAQ +5.16 SP500 -0.66 NASDAQ Dec/Adv/Vol 1681/1294/1.31 bln NYSE Dec/Adv/Vol 1762/1410/862 mln
12:30 pm : Not much has changed since the last update as stocks limp into the afternoon session still showing signs of fatigue following yesterday's rally into record territory. Meanwhile, there have been some positive developments in the Discretionary sector (-0.1%).
Consumer Electronics (+19.4%) is today's best performing S&P industry group after Harman International (HAR 122.48 +19.92) agreed to be taken private in an $8 bln deal. Autos are among today's biggest winners after Ford Motor (F 8.18 +0.30) posted a narrower than expected adjusted Q1 loss. Restaurants are another bright spot after Wendy's (WEN 38.12 +5.44) put itself up for sale while Leisure Products is getting a lift after Brunswick (BC 34.10 +3.39) backed its full-year outlook.
Be that as it may, since all four of the aforementioned stocks combined only equate to about $30 bln in market capitalization, a 2.6% decline in Comcast Corp (CMCSA 27.36 -0.73) following its in-line report carries much more weight since CMCSA is the sector's most influential constituent. Broadcast & Cable TV (-1.3%) now ranks among today's worst performers.
As an aside, Homebuilding (+3.0%) has quietly inched its way into today's top five; but bargain hunters assuming a bottom has formed in this year's worst performing group, despite PHM, BZH, and RYL withdrawing full-year guidance, offers little more than a dead-cat bounce scenario that is unlikely to be sustainable given continued housing woes. DJ30 +13.74 NASDAQ +4.51 SP500 -0.96 NASDAQ Dec/Adv/Vol 1631/1306/1.17 bln NYSE Dec/Adv/Vol 1804/1328/770 mln
12:00 pm : Stocks continue to vacillate around the unchanged mark as several indices hitting record levels yesterday raise valuation concerns and cloud what continues to be a better than expected first quarter than many on Wall Street initially feared.
Before the market even opened, with investors still smiling after the Dow finally hit the psychologically significant 13,000 mark for the first time ever, participants were awarded more good news. Last night, Apple (AAPL 100.02 +4.67) posted an 88% jump in Q2 earnings on robust iPod sales while Qualcomm (QCOM 45.78 +0.44) reported record results and raised its Q3 guidance.
Be that as it may, their gains are merely helping Technology try to offset declines in six of 10 economic sectors. Telecom is the only other sector turning in a similar performance; but as one of the least influential areas on the S&P 500, its 0.3% advance has been largely muted.
Industrials is also providing some leadership, but barely, as shareholders applaud 3M Co. (MMM 79.73 +2.76) handily topping Wall Street forecasts and reaffirming its FY07 outlook. However, if it weren't for a 3.6% surge in 3M shares, the Dow would be in negative territory, much like the tech-heavy Nasdaq would be if not for notable gains from tech bellwethers Apple and Qualcomm. DJ30 +9.37 NASDAQ +3.58 SP500 -1.63 NASDAQ Dec/Adv/Vol 1597/1310/1.06 bln NYSE Dec/Adv/Vol 1802/1315/686 mln
11:30 am : So much for buyers trying to regain much momentum over the last hour as sellers remain an active bunch. As reflected in the A/D line, decliners still hold an edge over advancers on both the NYSE and the Nasdaq.
Outside of a respectable 0.4% gain in Technology, fueled primarily by a 4.8% surge in shares of Apple (AAPL 99.96 +4.61), and the Industrials sector merely clinging to a small gain thanks in large part to a 4.2% surge in Dow component 3M Co. (MMM 80.20 +3.23), the bulls have little else to hang their hat on. 3M is currently accounting for all of the Dow's gains. DJ30 +18.23 NASDAQ +4.77 SP500 -0.71 NASDAQ Dec/Adv/Vol 1578/1238/884 mln NYSE Dec/Adv/Vol 1728/1335/560 mln
11:00 am : In similar fashion to the market action yesterday morning following a weekly update from the Energy Dept, oil prices trading at improved levels are actually giving the market a slight boost since large-cap energy stocks have become more attractive.
After being down 1.1% right before weekly natural gas inventories checked in weaker than expected, crude for June delivery paring almost all of that decline has helped Exxon Mobil (XOM 80.45 +0.53) turn the corner. As the most heavily-weighted component on the S&P 500 and one of the more expensive names on the price-weighted Dow, turnarounds in both indexes are largely attributed to the Exxon's recent uptick. DJ30 +28.01 NASDAQ +4.85 SP500 +0.22 NASDAQ Dec/Adv/Vol 1573/1191/732 mln NYSE Dec/Adv/Vol 1740/1303/456 mln
10:30 am : Equities are still on the defensive, but barely, as the bulls continue to face an uphill battle from sellers and their belief that the market's rally is overdone. While the Dow, S&P 500 and Nasdaq are languishing just below the flat line, it is worth noting that large-cap names are showing better resilience in the face of early consolidation efforts than the likes of mid- and small-caps stocks.
As a reminder, the Dow wasn't the only index to closed in record territory yesterday. The S&P 400 MidCap Index (-0.2%) and the Russell 2000 small-cap index (-0.4%) also finished at all-time highs. DJ30 -2.23 NASDAQ -0.06 SP500 -2.38 NASDAQ Dec/Adv/Vol 1668/1109/506 mln NYSE Dec/Adv/Vol 1832/1077/292 mln
10:00 am : Early gains have been short lived as a market viewed by some as ripe for a pullback succumbs to early profit taking. That's not overly surprising since the Dow has climbed virtually unabated over the last last six months, reaching the 13,000 milestone just 128 trading days after eclipsing 12,000, which was about 15 times faster than the previous 1000-point advance.
Fortunately for the bulls, three of the four sectors trading higher are also among the most influential areas on the S&P 500. Health Care is providing the bulk of early support, but it's 0.2% gain is modest at best. The sector is getting a big lift after Aetna (AET 47.11 2.11) and Bristol-Myers Squibb (BMY 29.81 +0.11) raised their full-year forecasts; but the return of leadership in an area also attractive for its defensive characteristics offers little conviction on the part of buyers and whether or not recent gains will be sustainable over the near term. DJ30 -15.14 NASDAQ -1.90 SP500 -3.71 NASDAQ Dec/Adv/Vol 1508/1031/284 mln NYSE Dec/Adv/Vol 1427/1317/122 mln
09:40 am : Decent follow-through seen in stocks, as some of the momentum that lifted several indices to record levels yesterday carries over into this morning's open. As has been the case all month, investors are sifting through more evidence of U.S. companies showing good resilience in the face of economic and interest rate outlooks that have not improved.
Strong quarterly results from Apple (AAPL 101.18 +5.84) and Qualcomm (QCOM 45.78 +0.44) kicked things off last night, while Dow components Exxon Mobil (XOM 79.90 -0.02) and 3M Co. (MMM 80.01 +3.12) handily topping Wall Street forecasts are among just a handful of notable earnings surprises during what has been the busiest morning of reports so far this quarter. DJ30 +25.89 NASDAQ +4.32 SP500 +0.72 NASDAQ Vol 88 mln NYSE Vol 46 mln
09:15 am : S&P futures vs fair value: +0.7. Nasdaq futures vs fair value: +8.0.
09:00 am : S&P futures vs fair value: +0.7. Nasdaq futures vs fair value: +7.3. Futures indications are off their best levels but still pointing to a higher open for the cash market. While the Dow soaring nearly 800 points over the last four weeks, logging gains in 17 of the last 19 sessions and hitting several new records along the way, it's easy to see why early gains look to be modest in scope. Be that as it may, sellers are still finding it difficult to fight the momentum that finally lifted the Dow above a psychological milestone that is likely to lure sidelined liquidity from underinvested fund managers
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