Market Update 080502 http://biz.yahoo.com/mu/update.html 4:30 pm : Friday opened markedly higher, looking to extend the prior session's gains, but buying interest gradually subsided. Still, the stock market closed the session with a modest gain of 0.3% and concluded the week with a 1.2% gain.
Early buying was encouraged by favorable employment data. The unemployment rate for April fell to 5.0% from 5.1% in March. April's unemployment rate was less than the consensus estimate of 5.2%. Nonfarm payrolls for April slipped by 20,000, which is less than the revised decline of 81,000 experienced in March and also less than the 75,000 decline economists expected. Importantly, these figures do not reflect the kind of weakness often associated with a recession.
Continuing to act in a proactive manner, the Fed announced today intentions to increase its Term Auction Facility to $150 billion from $100 billion, and also allow AAA asset-backed securities to be pledged as collateral. Moreover, the Fed is increasing swap lines with the Swiss National Bank to $12 billion from $6 billion and increasing swap lines with the European Central Bank to $50 billion from $20 billion in a multilateral effort to address persistent liquidity pressures.
Tech (-0.1%) was a relative underperformer for the majority of the session, hamstrung by Sun Microsystems (JAVA 12.64, -3.69) and Microsoft (MSFT 29.24, -0.16). Sun Microsystems announced today lackluster results for its most recent quarter, while various reports indicated the company will cut up to 2,500 jobs. Microsoft traded lower in response to word that it may enrich its offer to acquire Yahoo! (YHOO 28.67, +1.86). In turn, shares of YHOO were pushed higher, helping to offset the drag of JAVA and MSFT on the tech sector.
Record crude prices helped bolster Chevron's (CVX 95.32, +0.38) first quarter profits. The company reported first quarter earnings results of $2.48 per share, or $0.07 better than analysts anticipated. The energy sector finished 1.2% higher.
Crude closed $3.81 higher on the Nymex to finish at $116.33 per barrel. Crude climbed more than 3.5% during Friday's trading. The commodity had finished lower in each of this week's preceding sessions. It ended the week 1.8% lower.
Gold closed $7.90 higher at $858.80 per ounce after finishing lower in recent sessions. Gold ended the week unchanged.
The dollar extended its recent strength into Friday. The dollar index made its way up 0.3% to 73.5, its highest level in over one month.
In other economic news, factory orders for March climbed 1.4%, which is better than the 0.2% increase that economists expected. Orders for the prior month were revised from a 0.9% downturn to a 1.3% downturn.
Friday's focus on equities pushed the 10-year Treasury Note 24 ticks lower so that its yield increased to 3.86%. DJ30 +48.20 NASDAQ -3.72 NQ100 +0.1% R2K -0.6% SP400 +0.1% SP500 +4.56 NASDAQ Dec/Adv/Vol 1597/1225/2.27 bln NYSE Dec/Adv/Vol 1331/1769/1.27 bln
3:30 pm : The stock market continues to trade modestly higher, but mostly unchanged from previous levels.
Various reports are indicating merger discussions between Microsoft (MSFT 29.07, -0.33) and Yahoo! (YHOO 29.12, +2.31) have intensified. Allegedly, Microsoft may increase its offer to acquire Yahoo!.
Crude oil closed $3.81 higher on the Nymex, finishing at $116.33 per barrel.
Crude's resurgance has helped the energy sector (+1.3%) move higher this session. Energy is one of only three economic sectors sporting a gain year-to-date.DJ30 +27.44 NASDAQ -8.41 SP500 +2.24 NASDAQ Dec/Adv/Vol 1508/1325/1.88 bln NYSE Dec/Adv/Vol 1329/1780/1.01 bln
3:00 pm : Afternoon trading remains relatively subdued as the stock market continues to trend along the unchanged line, currently with its nose pointed to the positive side.
Heading into Friday's final hour of trading, the stock market is positioned to close the week with a gain of roughly 0.9%.
Year-to-date, the stock market has lost 4.0%. It remains 10.5% off its 52-week high.DJ30 +8.47 NASDAQ -14.95 SP500 +0.45 NASDAQ Dec/Adv/Vol 1567/1242/1.70 bln NYSE Dec/Adv/Vol 1389/1710/919.60 mln
2:30 pm : The Nasdaq continues to trade with sizeable losses. The S&P 500 and Dow Jones Industrial Average are both trading with modest losses.
The Dow Jones Transportation Average is down 1.0% this session, pushed lower by oil's advance. Meanwhile, the Dow Jones Utility Average is up 0.9%; only three of its 15 members are trading lower.
Gold closed $7.90 higher at $858.80 per ounce. For the session, the S&P 500 Gold Index has climbed 2.5% higher. For the week, the index is down 0.9%.DJ30 -10.66 NASDAQ -16.56 SP500 -1.19 NASDAQ Dec/Adv/Vol 1564/1224/1.57 bln NYSE Dec/Adv/Vol 1405/1697/856.52 mln
2:00 pm : The S&P 500 is holding in positive territory, but its current advance of 0.1% falls well short of its 1.0% gain at session highs. The Nasdaq composite remains in the red as tech stocks (-0.7%) underperform.
At current levels, the major indices are set to end the week with a gain. The Nasdaq and S&P are up a little more than 1%, while the Nasdaq is posting a more substantial gain of 2%. This will mark the third consecutive weekly gain for the S&P 500, its best streak since October.
Despite a 3% rise this session, crude oil is still set to end the week with a 2.2% loss. Commodities as a whole are down 2.5% for the week.DJ30 +12.54 NASDAQ -12.02 SP500 +0.91 NASDAQ Dec/Adv/Vol 1499/1273/1.44 bln NYSE Dec/Adv/Vol 1308/1753/776 mln
1:30 pm : Stocks have extended their downturn as all three major indices were in negative ground at one point. The Dow Jones and S&P 500 are now trading near the unchanged mark. The Nasdaq continues to trade in the red, slightly above its session low.
Weakness in the tech sector (-0.8%) is broad as only three of its 14 industry groups are showing gains.
Energy (+0.9%) and Materials (+1.0%) are showing resiliance. The two sectors are sporting the most sizeable gains in the face of a stronger dollar.
The dollar index is largely unchanged from earlier levels, remaining 0.3% for the better. The dollar index stands at 73.5.DJ30 +13.11 NASDAQ -12.98 SP500 +0.78 NASDAQ Dec/Adv/Vol 1507/1250/1.34 bln NYSE Dec/Adv/Vol 1363/1697/724.48 mln
1:00 pm : Stocks have fallen to near-neutral territory after spending the entire session in positive ground. Only five of the major economic sectors are in the green.
The defensive-oriented utilities (+1.1%) is the leading sector. Primary influence is coming from Duke Energy (DUK 19.00, +0.33) and Dominion Resources (D 45.46, +1.22).DJ30 +17.59 NASDAQ -10.35 SP500 +1.99 NASDAQ Dec/Adv/Vol 1465/1271/1.23 bln NYSE Dec/Adv/Vol 1287/1759/670.88 mln
12:30 pm : Stocks have been trading in choppy fashion and trending lower through the course of the session.
Only two of the major economic sectors are in the red, but three others are trading in near-neutral ground. Advancers in the S&P 500 are evenly matched with the number of declining stocks. Early in the session, all ten economic sectors were sporting solid gains and advancing stocks outnumbered decliners by 4-to-1 in the S&P 500.
The aluminum index (+3.2%) is the best performing industry group this session as shares of Alcoa (AA 36.04, +1.32) push higher.DJ30 +26.38 NASDAQ -9.81 SP500 +3.35 NASDAQ Dec/Adv/Vol 1413/1308/1.12 bln NYSE Dec/Adv/Vol 1247/1782/612.59 mln
12:00 pm : Stocks continue to trade in higher ground, extending yesterday's strong gains, but are off their best levels of the session. The stock market opened markedly higher in response to a solid employment report for April and word that the Fed is taking additional measures to address persistent liquidity pressures.
Specifically, the unemployment rate for April was 5.0%, down from 5.1% in March and less than the consensus estimate of 5.2%. Nonfarm payrolls fell 20,000 during April, which is less than the 80,000 decline experienced in March and less than the 75,000 decline economists expected. The figures do not indicate relatively strong labor conditions, but more importantly, they do not reflect weakness typically associated with a recession.
The Fed announced intentions to increase its Term Auction Facility to $150 billion from $100 billion and expand the collateral that can be pledged to include AAA asset-backed securities. Additionally, the Fed is increasing swap lines with the Swiss National Bank from $6 billion to $12 billion and increasing swap lines with the European Central Bank from $20 billion to $50 billion.
In other economic news, factory orders for March climbed 1.4%, which is better than the 0.2% increase that economists expected. Orders for the prior month were revised from a 0.9% downturn to a 1.3% downturn.
Tech (-0.5%) has been an underperformer this session. Specific laggards include Sun Microsystems (JAVA 12.92, -3.41) and Microsoft (MSFT 29.29, -0.11). Yahoo! (YHOO 27.65, +0.84) is providing a bit of leadership to the sector. Sun Microsystems announced this morning lackluster results for its most recent quarter, while shares of MSFT and YHOO are responding to word that Microsoft may make a hostile bid to acquire Yahoo!, according to The Wall Street Journal.
After slipping yesterday, oil prices have climbed 3.0% Friday, recently trading hands at more than $116.00 per barrel.
Record crude prices helped bolster Chevron's (CVX 95.45, +0.51) first quarter profits. The company reported earnings results of $2.48 per share, or $0.07 better than the consensus earnings per share estimate.
The dollar continues to extend its recent strength into Friday. The dollar index is currently up 0.2% at 73.4, its highest level in over one month.
The focus on equities has pushed the 10-year Treasury Note 26 ticks lower. The 10-year Treasury Note is currently yielding 3.87%. DJ30 +54.07 NASDAQ -4.31 SP500 +6.31 NASDAQ Dec/Adv/Vol 1275/1405/998.71 mln NYSE Dec/Adv/Vol 1096/1905/543.92 mln
11:30 am : Stocks remain in favor Friday as market participants push Treasuries lower. Though the S&P 500 is off its best level of the session, it continues to sport solid gains. The 10-year Treasury Note is down 23 ticks now, and yielding 3.86%.
Oil has increased its session gain. Crude prices are currently up more than 2.5% as oil trades at approximately $115.60 per barrel.
The utilities sector (+1.4%) is currently sporting the strongest gains among the major economic sectors. Duke Energy (DUK 18.99, +0.32) announced earlier today positive first quarter earnings results and guided its full-year outlook in-line with analysts' expectations.DJ30 +49.59 NASDAQ -3.44 SP500 +6.19 NASDAQ Dec/Adv/Vol 1208/1430/885.29 mln NYSE Dec/Adv/Vol 1002/1957/476.51 mln
11:00 am : The stock market's morning fervor has cooled. The broader market is still holding on to decent gains, but the tech-rich Nasdaq is lagging its counterparts.
Financials (+0.9%) remain a relative leader in the S&P 500. Bank of America (BAC 40.13, +0.74) is providing the sector with the most influence. According to Bloomberg.com, Bank of America may not guarantee $38 billion of Countrywide's (CFC 6.11, +0.06) debt after the bank completes its acquisition of the home lender.
Tech (-0.4%) remains an underperformer, now the only major economic sector to trade in negative territory. Primary laggards include Sun Microsystems (JAVA 13.16, -3.17) and mega-cap Microsoft (MSFT 29.38, -0.02). Shares of JAVA are trading at a new 52-week low, while shares of MSFT are approximately 9% above their 52-week low.DJ30 +38.35 NASDAQ -4.07 SP500 +4.67 NASDAQ Dec/Adv/Vol 1225/1362/722.60 mln NYSE Dec/Adv/Vol 1062/1859/383.31 mln
10:30 am : Stocks have come off their morning highs, though buying remains widespread. Advancing members of the S&P 500 outnumber the decliners by 4-to-1. Advancing components of the Dow Jones outnumber decliners by 6-to-1.
After slipping yesterday, oil prices are up more than 1.0% Friday.
Crude is currently trading hands at $113.80 per barrel in the face of a stronger dollar. The dollar index is up roughly 0.5% at 73.6.DJ30 +65.79 NASDAQ +2.91 SP500 +6.47 NASDAQ Dec/Adv/Vol 1064/1449/534.96 mln NYSE Dec/Adv/Vol 887/1993/291.44 mln
10:05 am : Stocks continue to trade in higher ground, extending yesterday's strong gains. The stock market received an extra boost from a better than expected increase in March's factory orders.
March's factory orders climbed 1.4%, which is better than the 0.2% increase that economists expected. Last month's orders were revised from a 0.9% downturn to a 1.3% downturn.
Tech (+0.3%) is underperforming the major economic sectors. Although, Yahoo! (YHOO 27.65, +0.84) is providing a bit of leadership to the sector. Shares of Yahoo! are trading higher in response to word that Microsoft (MSFT 29.43, +0.03) may be taking its bid to acquire Yahoo! to shareholders, according to The Wall Street Journal.
Sun Microsystems (JAVA 13.14, -3.19) is an underperformer in the sector. The company announced its adjusted earnings per share broke even for its most recent quarter. The company noted it has seen softness in the U.S. economy, while various reports indicate the company will eliminate up to 2,500 jobs.DJ30 +114.56 NASDAQ +13.49 SP500 +12.46 NASDAQ Dec/Adv/Vol 811/1548/348.98 mln NYSE Dec/Adv/Vol 670/2164/198.18 mln
09:40 am : Stocks have opened in positive territory with all ten of the major economic sectors in the green. The initial exuberance has eased a bit, but optimism remains broad-based.
Financials (+1.3%) are currently leading the other sectors for the second straight session.
The focus on equities has pushed the 10-year Treasury Note 19 ticks lower. The 10-year Treasury Note is currently yielding 3.84%.DJ30 +83.05 NASDAQ +13.87 SP500 +10.12 NASDAQ Dec/Adv/Vol 663/1502/129.61 mln NYSE Dec/Adv/Vol 513/1946/77.90 mln
09:15 am : S&P futures vs fair value: +13.6. Nasdaq futures vs fair value: +18.0. Stock futures remain in position for a decidedly positive start. Earnings announcements in early morning focus primarily surround Chevron (CVX) and Sun Microsystems (JAVA). Chevron announced earnings per share results that topped the consensus estimate, but Sun Microsystems announced underwhelming results and plans to cut up to 2,500 jobs, according to reports.
09:01 am : S&P futures vs fair value: +13.2. Nasdaq futures vs fair value: +17.8. Broader market stock futures continue to indicate a healthy start to Friday's trading. A favorable April unemployment report provided the primary impetus for futures' advance. Actions by the Fed to address persistent liquidity pressures are also providing support.
08:30 am : S&P futures vs fair value: +15.5. Nasdaq futures vs fair value: +15.0. Futures have spiked on a positive April employment report. April's unemployment rate came in at 5.0%, which is down from March's 5.1%. Economists were expecting April's unemployment rate would total 5.2%. Nonfarm payrolls fell 20,000 in April, which is less than March's 80,000 decline and less than the 75,000 decline economists forecast. Separately, the Fed has announced it is increasing its Term Auction Facility to $150 billion from $100 billion. The Fed is increasing its swap lines to the Swiss National Bank from $6 billion to $12 billion, increasing the line to the European Central Bank from $20 billion to $50 billion, and expanding its TSLF to include AAA asset-backed securities.
08:00 am : S&P futures vs fair value: +3.6. Nasdaq futures vs fair value: -0.8. Following yesterday's solid finish, stock futures indicate a flat start to Friday's trading. Premarket action will likely remain subdued ahead of April's unemployment report.
06:16 am : S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: -3.3.
06:15 am : FTSE...6146.50...+59.20...+1.0%. DAX...7027.48...+78.66...+1.1%.
06:15 am : Nikkei...14049.26...+282.40...+2.0%. Hang Seng...26241.02...+485.67...+1.9%.
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