Market Update 071022
http://biz.yahoo.com/mu/update.html 4:20 pm : Monday was a day that traders can appreciate as the market had a roller coaster session that was accented by a noticeable downturn at the start of trading and an equally noticeable comeback effort.
At their lows for the session, which were established just after the start of trading, the Dow, Nasdaq and S&P fell 114, 27 and 10 points, respectively. The declines followed on the heels of Friday's steep losses and big percentage declines in a host of foreign markets.
Interestingly, the declines abroad were attributed to G-7 finance ministers' thinking over the weekend that global economic growth will moderate. The reasoning for those declines, though, was poor considering the IMF cut its global growth forecast last week. In other words, the G-7 ministers weren't telling the markets anything they didn't already know.
The declines in foreign markets were little more than a reflex response to the large losses seen on Friday on Wall Street.
Early selling efforts in the U.S., though, were quickly met with bottom-fishing interest that was plain to see in the attraction to homebuilding, financial and retail names that were among the hardest hit issues last week.
The energy sector (-1.3%) was a notable laggard again as oil prices dipped 1.2% to $87.56. With an excuse needed for every move, concerns about a slowdown in growth got the call for explaining the pullback in crude prices. That excuse, however, doesn't jive with the stock market's performance on Monday as the financial (+1.0%), consumer discretionary (+1.0%), industrial (+0.5%) and technology (+1.0%) sectors led today's action.
In turn, the Treasury market was on the defensive a bit, which wouldn't have been the case if concerns about a slowdown in growth were the real factor for selling in the energy pits that they were made out to be. That's not to say slowdown concerns won't provide a real reason for selling tomorrow, or the next day, but the excuse just didn't mesh with Monday's stock market action.
Reassuring earnings news from Merck (MRK 54.64, +1.53), Kimberly-Clark (KMB 70.19, +3.05) and Royal Caribbean (RCL 42.26, +3.01) provided some support for Monday's bottom-fishing buying interest. Schering-Plough (SGP 28.34, -4.37), however, was a drag on the health care sector (-0.2%) after missing analysts' expectations by two cents.
Separately, the dollar index got a nice boost (+0.8%), which contributed to the weakness in gold prices (-1.4% to $757.60/oz) and other commodities.DJ30 +44.95 NASDAQ +28.77 SP500 +5.70 NASDAQ Dec/Adv/Vol 1179/1782/1.98 bln NYSE Dec/Adv/Vol 1457/1792/1.39 bln
3:30 pm : Heading into the final half hour of the session, the Dow and S&P are now trading with modest losses. The Nasdaq Composite is still in positive territory.
After the close, 36 companies are confirmed to report their earnings including, Apple (AAPL 173.26, +2.84), American Express (AXP 56.14, -0.97) and Texas Instruments (TXN 34.02, +0.10).
Tomorrow, 71 companies are set to report their earnings before the open. There are no notable economic releases. DJ30 -31.29 NASDAQ -3.92 SP500 -4.00 NASDAQ Dec/Adv/Vol 1370/1570/1.59 bln NYSE Dec/Adv/Vol 1677/1537/1.06 bln
3:00 pm : The major indices have slipped of their highs due to a broad-based decline. The Dow and S&P are now in negative territory, but they are trading very close to the unchanged mark. The Nasdaq Composite remains in positive territory, but its gains have been paredDJ30 -7.56 NASDAQ +14.14 SP500 -0.56 NASDAQ Dec/Adv/Vol 1252/1662/1.48 bln NYSE Dec/Adv/Vol 1586/1614/983 mln
2:30 pm : The major indices continue to hover around their best levels of the session. The financial sector (+1.2%) is providing leadership.
The insurance brokers industry (+4.0%) is pacing the sector's advance. The thrifts & mortgages industry (-.5%) is the main laggard after Lehman Brothers downgraded the mortgage finance sector to Negative from Neutral. Lehman believes that even after the major declines in mortgage stocks year-to-date, the worst of their problems may not be fully priced in.
Countrywide Financial (CFC 15.56, +0.33) is managing to outperform, despite Lehman cutting its price target to $12 from $20.DJ30 +31.46 NASDAQ +20.93 SP500 +2.98 NASDAQ Dec/Adv/Vol 1223/1669/1.37 bln NYSE Dec/Adv/Vol 1487/1706/921 mln
2:00 pm : The major indices have dipped off their highs, but are still trading near their best levels of the session.
Homebuilding is the best performing group this session. Reportedly, the outperformance is due to speculation that Beazer Homes (BZH 10.05, +.99) may receive a cash infusion. DJ30 +36.09 NASDAQ 22.78 SP500 3.25 NASDAQ Dec/Adv/Vol 1173/1695/1.27 bln NYSE Dec/Adv/Vol 1399/1781/842 mln
1:30 pm : The major indices have been resilient thus far, considering at their lowest levels this session, the Dow, Nasdaq and S&P 500 were down 114.53, 27.02 and 10.23 points respectively.
Since the last update, the major indices climbed into fresh intraday highs. The small-cap Russell 2000 Index is handily outperforming its large-cap counterparts. The S&P 400 Mid-Cap Index is also outperforming.
The Dow Jones Transportation Average (+1.2%) and Amex Airline Index (+3.2%) are outperforming following the drop in oil prices. Crude oil is down 1.0% to $87.76 a barrel.DJ30 +54.55 NASDAQ +27.72 R2K +1.5% SP400 +0.8% SP500 +6.50 NASDAQ Dec/Adv/Vol 1212/1637/1.16 bln NYSE Dec/Adv/Vol 1549/1614/755 mln
1:00 pm : Since the last update, the Dow and S&P have reached fresh intraday highs after a broad-based increase in buying interest. The Dow and S&P are now posting modest gains, and the Nasdaq is near its best levels of the session.
Six of the ten major economic sectors are currently in the green. The utilities (+0.8%), consumer discretionary (+0.8%) and tech (+0.7%) sectors are providing leadership.
American Express (AXP 56.04, -1.07) is a Dow laggard today after being downgraded to Equal Weight from Overweight at Lehman Brothers. Lehman cut its price target to $60 from $70. Capital One (COF 62.51, -0.17) and Discover (DFS 19.50, -0.30) were also downgraded and had their price targets cut by Lehman.DJ30 +15.28 NASDAQ +21.32 SP500 +2.50 NASDAQ Dec/Adv/Vol 1454/1381/1.04 bln NYSE Dec/Adv/Vol 1813/1325/691 mln
12:30 pm : The major indices continue to trade in a choppy manner. Since the last update, the S&P has taken a a slight dip.
Bear Stearns (BSC 116.80, +0.39) and Chinese investment bank Citic Securities have confirmed that they have formed a strategic alliance, making an cross investments of approximately $1 billion investment in each firm by the other. DJ30 -24.47 NASDAQ +11.42 SP500 -2.50 NASDAQ Dec/Adv/Vol 1483/1328/962 mln NYSE Dec/Adv/Vol 1905/1225/644 mln
12:05 pm : Foreign markets taking a pounding and credit market concerns have weighed on the stock market this session. The market has been choppy throughout the session.
The major indices are currently mixed after recovering off their lows. The Dow and S&P are posting modest losses. The Nasdaq Composite is posting gains, in part due to large-cap leadership.
Over the weekend, G-7 finance ministers concluded that global economic growth will moderate. This forecast is not a revelation, though, considering last week the International Monetary Fund reduced its outlook for global economic growth.
Earnings reports were mostly positive. Merck (MRK 53.47, +0.36) beat estimates by six cents, Halliburton (HAL 38.96, +0.11) topped estimates by two cents and Hasbro (HAS 28.16, -0.25) beat expectations by seven cents.
Schering-Plough (SGP 28.33, -4.38) came up two cents short of its earnings estimate.
Apple (AAPL 173.09, +2.67), which is set to report its third quarter earnings after today's close, is currently a standout. Caris raised its price target on Apple's stock to $200.
Meanwhile, Microsoft (MSFT 30.47, +0.30) is also providing leadership. The Wall Street Journal reports the European Union has said that it has reached an agreement with Microsoft over compliance issues with the commission's 2004 ruling on the software giant's anticompetitive business practices.
The financial (+0.5%), consumer staples (+0.5%) and consumer discretionary (+0.5%) sectors are currently leaders. Both sectors were hit especially hard on Friday. The energy sector (-2.2%) is the main laggard, as it was last Friday.
In commodities, oil is down 2.0% to $86.80. Gold is down 2.0% to $752.60.
The dollar index is up 0.9% today. DJ30 -29.75 NASDAQ +13.90 SP500 -1.13 NASDAQ Dec/Adv/Vol 1515/1269/851 mln NYSE Dec/Adv/Vol 1791/1297/559 mln
11:30 am : The major indices have had slight gains since the last update. The indices have been choppy this session. The Nasdaq is now trading back in the green as is the financial sector (+0.1%).
The S&P 500 Retailing Index (+1.0%) is showing relative strength this session. Lowe's (LOW 26.73, +0.60), Staples (SPLS 22.00, +0.46) and Amazon (AMZN 90.65, +0.89) are providing leadership. DJ30 -60.51 NASDAQ +6.36 SP500 -3.20 NASDAQ Dec/Adv/Vol 1647/1084/742 mln NYSE Dec/Adv/Vol 2016/1041/473 mln
11:05 am : Since the last update, selling interest has picked up, pushing the Dow and S&P near their lowest levels of the session. The Nasdaq is above its lows, but is now back in the red.
The decline has been broad-based. The financial sector (flat) has taken a notable hit, as it was previously up 0.4%.
Dow component, Merck (MRK 53.16, +0.05) reported better than expected third quarter earnings of $0.75 per share. Analysts were expecting earnings of $0.69 per share. For the third time this year, MRK raised FY07 guidance. The initial guidance for the year was $2.75-$2.85 per share, and now stands at $3.08-$3.14. DJ30 -92.34 NASDAQ -1.33 SP500 -7.94 NASDAQ Dec/Adv/Vol 1412/1286/592 mln NYSE Dec/Adv/Vol 1752/1245/372 mln
10:30 am : The major indices have extended their recovery effort. After briefly trading in positive territory, the S&P is now hovering around the unchanged mark. Meanwhile, the Dow is trading with modest losses.
Apple (AAPL 173.91, 3.49), which is set to report its earnings after today's close, is providing leadership. Caris raised its price target on Apple's stock to $200.
Exxon Mobil (XOM 90.80, -1.34) is the main drag on the Dow. Energy stocks are lagging this session due to falling crude oil prices.DJ30 -43.14 NASDAQ +14.18 SP500 -0.81 NASDAQ Dec/Adv/Vol 1352/1245/393 mln NYSE Dec/Adv/Vol 1888/1015/237 mln
10:00 am : The major indices have recovered off their opening lows. The Nasdaq is now in positive territory, while the S&P and Dow are trading with modest losses.
The consumer discretionary (+0.4%), financials (+0.4%), consumer staples (+0.2%), and technology (+0.2%) sectors currently have slight gains. The energy sector (-1.5%) is the main laggard, as it was on Friday.
Crude oil is down 2.0% to $86.82 a barrel. DJ30 -46.58 NASDAQ +3.51 SP500 -3.27 NASDAQ Dec/Adv/Vol 1673/782/183 mln NYSE Dec/Adv/Vol 2117/444/90 mln
09:45 am : A follow through in selling efforts pushed the indices lower. Continued concerns over deteriorating credit quality, and foreign markets taking a pounding are weighing on the indices.
G-7 finance ministers have concluded that global economic growth will moderate. This forecast is not new, considering last week the IMF also reduced its forecast for global economic growth.DJ30 -73.65 NASDAQ -14.63 SP500 -7.52
09:16 am : S&P futures vs fair value: -12.9. Nasdaq futures vs fair value: -14.0. Crude oil is down 1.6% to 87.22. Gold is down 2.2% to $751.70.
09:00 am : S&P futures vs fair value: -10.5. Nasdaq futures vs fair value: -10.0.
08:30 am : S&P futures vs fair value: -12.2. Nasdaq futures vs fair value: -11.5. The futures market has gained some ground, but still points to a lower open.
08:00 am : S&P futures vs fair value: -16.0. Nasdaq futures vs fair value: -17.8. The futures market points to a decidedly lower open. Foreign markets steeply selling off, and reports that G-7 minister have concluded global economic growth will be moderate are weighing on the futures market. In earnings news, Dow component Merck (MRK) topped its earnings estimate and raised its FY07 earnings guidance.
06:24 am : S&P futures vs fair value: -13.5. Nasdaq futures vs fair value: -14.3.
Market Data 
Markets 
AI
