Market Update 071123 (Last Hour Sell-off) http://biz.yahoo.com/mu/update.html 1:10 pm : The stock market finished significantly higher on Friday, ending a dismal week on a high note. The S&P 500 has recovered into positive territory year-to-date.
The holiday-shortened session had a small amount of corporate news, and there were no economic releases. The gains today were primarily a rebound bid coming off this week's strikingly poor performance.
Topping headlines this morning, The Wall Street Journal reported GMAC Financial Services and its owners are exploring options to salvage its unprofitable mortgage arm, and they are undertaking a debt buyback of as much as $750 million. The moves are aimed at shoring up Residential Capital, known as ResCap. General Motors (GM 27.16, +0.77) is part owner of GMAC.
Shares of E*Trade (ETFC 5.33, +1.07) skyrocketed 25% after a CNBC analyst said the company is in talks to sell itself, according to people familiar with the situation. The analyst also mentioned there is plenty of interest, but says it is unclear anything will get done.
All ten economic sectors finished in the green, with the financial sector providing leadership (+3.0%). The S&P 500 Retailing Index (2.6%) also outperformed, and was a focus of attention as today is known as "Black Friday", which marks the start of the Holiday shopping season.
Defensive oriented sectors, such as utilities (+0.2%) and consumer staples (+1.0%) underperformed on a relative basis.
December gold futures ($822.50, +23.96) rallied today after the euro hit another all-time high overnight against the dollar ($1.4967) and the yen fell below 108 for the first time in two years (107.56). DJ30 +181.43 NASDAQ +34.45 SP500 +23.92 NASDAQ Dec/Adv/Vol 689/2151/808 mln NYSE Dec/Adv/Vol 554/2635/665 mln
12:30 pm : The major indices continue to slowly drift higher. Overall it has been a very slow news day, with no economic releases.
Volume is very light, with only 407 million shares exchanging hands at the NYSE. Volume is typically light the day after Thanksgiving.
Despite the low volume, there has not been much volatility.DJ30 +152.01 NASDAQ +32.09 SP500 +22.09 NASDAQ Dec/Adv/Vol 748/2021/562 mln NYSE Dec/Adv/Vol 570/2567/407 mln
12:00 pm : The major indices hit fresh intraday highs as they drift upward. All ten economic sectors are in positive territory following the recent pickup in buying interest.
This session's S&P 500 leaders include Exxon Mobil (XOM 88.03, +0.99), JPMorgan (JPM 42.12, +1.44) and Bank of America (BAC 43.20, +1.06). The main laggards are Microsoft (MSFT 33.79, -0.44), Johnson & Johnson (JNJ 66.38, -0.76) and Dominion Resources (D 45.67, -0.55). DJ30 +136.40 NASDAQ +25.61 SP500 +20.56 NASDAQ Dec/Adv/Vol 740/1989/477 mln NYSE Dec/Adv/Vol 604/2500/345 mln
11:30 am : The major indices continue to trade in a tight range near their session highs. The breadth of the market is bullish, as indicated by the A/D line. Advancers outpace decliners by a 3.7-to-1 margin on the NYSE, and the Nasdaq comes in at a slightly smaller 2.5-to-1 margin.
Meanwhile, crude oil has reversed as a barrel for January delivery is now up 0.5% to $97.77. DJ30 +112.18 NASDAQ +17.74 SP500 +15.95 NASDAQ Dec/Adv/Vol 764/1923/395 mln NYSE Dec/Adv/Vol 642/2388/254 mln
11:00 am : The stock market continues to trade near its best level of the session. The Amex Airline Index (+3.0%) is a showing strength this morning.
There are reports this morning that UAL Corp. (UAUA 40.01, +1.01), parent company for United Airlines, is open to the idea of merging with another carrier. The reports hearken back to an article in the December 3 edition of Business Week that reportedly implies United is tacitly signaling its desire to merge by sticking with its existing fleet of planes until 2015 or 2016.
Regular Briefing.com readers will recall that just over a week ago there was a rumor circulating that Delta (DAL 18.30, +0.39) and United were in merger discussions. That rumor gave both stocks, and the entire airline group, a healthy boost until it was summarily shot down by Delta which denied ever being in merger discussions DJ30 +102.50 NASDAQ +15.16 SP500 +14.35 NASDAQ Dec/Adv/Vol 749/1842/314 mln NYSE Dec/Adv/Vol 676/2303/206 mln
10:30 am : The major indices are trading near their best levels of the session as the financial sector (+2.3%) extends its gains. All of the sector's industry groups are in the green, with the thrifts & mortgages group (+3.2%) providing leadership. Financials were down 22.9% year-to-date at Wednesday's closing price.
December gold futures ($816.00, +17.41) are rallying once again after the euro hit another all-time high overnight against the dollar ($1.4967) and the yen fell below 108 for the first time in two years (107.56). DJ30 +87.30 NASDAQ +13.14 SP500 +12.55 NASDAQ Dec/Adv/Vol 754/1728/217 mln NYSE Dec/Adv/Vol 687/2175/135 mln
10:00 am : The S&P and Dow are managing to hold on to the majority of their opening gains. The Nasdaq Composite has slipped a bit, but remains in the green.
Of the nine sectors in the green, the financial sector (+1.7%) is currently providing leadership. Financials were the main laggards on Wednesday, which was the previous day of trading due to the Thanksgiving holiday on Thursday. The utilities sector (-0.3%) stands alone in negative territory.
CNBC reports that E*Trade (ETFC 4.93, +0.67) is in talks to sell itself, according to people familiar with the situation. DJ30 +75.51 NASDAQ +7.91 SP500 +9.01
09:40 am : The stock market opens on a positive note on a morning with a small amount of corporate news and no economic releases. The bounce this morning is primarily a rebound bid coming off this week's strikingly poor showing. The stock market and bond market close early at 1:00 pm ET, following the Thanksgiving holiday yesterday.
Topping headlines, GMAC Financial Services is pursuing options to salvage its mortgage lending business, Residential Capital (ResCap), according to a report in this morning's edition of The Wall Street Journal. The beleaguered mortgage market has undermined ResCap's business, which has become unprofitable and is detracting from GMAC's income. General Motors (GM) is part-owner of GMAC.DJ30 +88.60 NASDAQ +16.40 SP500 +10.96
09:15 am : S&P futures vs fair value: +10.2. Nasdaq futures vs fair value: +11.0.
09:01 am : S&P futures vs fair value: +11.5. Nasdaq futures vs fair value: +12.5. Corporate news has been slow, and there are no economic releases today. Crude oil prices have slipped 0.9% to $96.46 per barrel.
08:30 am : S&P futures vs fair value: +10.8. Nasdaq futures vs fair value: +11.0. A Positive opening is still expected. Retailers and the consumer will likely be an area of focus, as today is “Black Friday”, widely recognized as the start of the holiday shopping season.
07:59 am : S&P futures vs fair value: +10.5. Nasdaq futures vs fair value: +9.8. Futures suggest a positive open. There isn't any specific news to account for the bullish bias, although it is helping on the margin that The Wall Street Journal is reporting that GMAC is exploring options to shore up ResCap, which is its unprofitable mortgage unit. By and large, the bounce this morning is primarily a rebound bid coming off this week's strikingly poor showing. Both the stock and bond markets will be closing early at 1:00 pm ET and 2:00 pm ET, respectively.
06:20 am : S&P futures vs fair value: +8.4. Nasdaq futures vs fair value: +7.0.
06:20 am : FTSE...6213.60...+58.50...+1%. DAX...7581.53...+19.53...+0.3%.
06:20 am : Nikkei...14888.77...+51.11...+0.3%. Hang Seng...26541.09...+536.17...+2.1%.
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