Market Update 080509 http://biz.yahoo.com/mu/update.html 4:20 pm : The stock market remained in a funk for the majority of Friday's trading, but managed to attract some modest buying interest late in the session. The buying was short-lived as stocks retreated to close at their previous levels, concluding the week almost 2.0% lower.
Investor pessimism was exacerbated by record high oil prices. Crude closed at $125.88 per barrel on the Nymex, which is a new record closing high. Crude set a new record closing high every session this week.
Despite the rise in oil prices, the energy sector (-1.0%) attracted few buyers. The sector was a primary laggard throughout the session.
Materials (-1.5%) were also largely out of taste. After climbing more than 2.0% in the previous session, the sector consistently underperformed its counterparts in Friday's action.
Specific weakness was exhibited by Dow Jones component American International Group (AIG 40.28, -3.87). The financial giant incurred $9 billion in pretax charges and announced an $8 billion loss for its most recent quarter. In turn, the company is planning to raise more than $12 billion through a common stock and equity linked offering to help bolster its financial health.
Weakness was also exhibited by fellow Dow components Exxon Mobil (XOM 88.82, -0.71) and General Electric (GE 32.27, -0.32). Both were laggards, weighing on the S&P 500.
The Nasdaq finished the session lower, but was a relative leader among the three major indices. The Nasdaq was helped by Priceline.com (PCLN 138.63, +14.85) and Activision (ATVI 31.64, +3.94). Both companies reported after yesterday's close earnings results that surpassed analysts' estimates for the most recent quarter.
Despite broad-based weakness in equities, Treasuries also attracted little buying interest. The benchmark 10-year Treasury Note closed just 2 ticks higher, moving its yield to 3.77%.
In economic news, the March trade deficit totaled $58.2 billion, which is less than economists expected and down from the revised $61.7 billion deficit reported for February. A narrowing deficit bodes well for GDP, which will likely be favorably reflected in revisions to first quarter GDP.DJ30 -120.90 NASDAQ -5.72 NQ100 -0.3% R2K +0.1% SP400 +0.1% SP500 -9.40 NASDAQ Dec/Adv/Vol 1454/1340/1.70 bln NYSE Dec/Adv/Vol 1639/1432/1.10 bln
3:30 pm : Stocks have spent the majority of the afternoon trading sideways, but have made a step higher in the final hour of Friday's session. Unless the advance gains momentum and makes a substantial move higher the stock market will conclude the week with a loss near 2.0%.
Crude closed at $125.88 per barrel on the Nymex, which is a new record closing high. Crude has set a new record closing high for five straight sessions.
Oil and gas refiners have been trading lower this session; the industry is currently down 3.3% amid concern that rising oil prices will threaten to pinch refiners' profit margins.DJ30 -99.00 NASDAQ -3.90 SP500 -6.99 NASDAQ Dec/Adv/Vol 1492/1284/1.42 bln NYSE Dec/Adv/Vol 1631/1417/859.37 mln
3:00 pm : Trading remains subdued this afternoon. Stocks are holding steady and unchanged from earlier levels.
Citigroup (C 23.75, -0.55) has made a steady decline in afternoon trading. According to Financial Times, the financial conglomerate is working to identify $400 billion in noncore assets that could be sold. The financial sector (-1.1%) is near its session low.DJ30 -133.69 NASDAQ -9.48 SP500 -10.71 NASDAQ Dec/Adv/Vol 1551/1213/1.28 bln NYSE Dec/Adv/Vol 1736/1304/776.56 mln
2:30 pm : The stock market continues to post a substantial loss. Weakness is broad-based, with only four of the 147 industry groups in the S&P 500 posting a gain of 1% or more.
At current levels the S&P 500 is down 1.9% for the week, which follows three consecutive positive weeks. Commodities have fared better, with oil surging 7.6% and the CRB Index gaining 3.4%.DJ30 -145.17 NASDAQ -10.31 SP500 -12.08 NASDAQ Dec/Adv/Vol 1564/1168/1.15 bln NYSE Dec/Adv/Vol 1740/1291/722 mln
2:00 pm : The stock market is making a slight advance, attempting to garner some strength.
Despite surging fuel prices, several airliners are trading higher. Continental Airlines (CAL 17.27, +0.41), UAL Corp (UAUA 13.77, +0.23), and Delta Air Lines (DAL 7.79, +0.22) are all trading in positive ground. Additionally, the Amex Airline Index is up 0.3%.
Several major foreign indices closed noticeably lower. The Hang Seng closed 1.5% lower, the Nikkei finished 2.1% lower, the DAX ended 1.0% for the worse, and the FTSE finished 1.1% in the red.DJ30 -121.64 NASDAQ -7.11 SP500 -10.00 NASDAQ Dec/Adv/Vol 1507/1228/1.08 bln NYSE Dec/Adv/Vol 1676/1342/655.69 mln
1:30 pm : After trading sideways for some time, the stock market has stepped a bit lower. The Dow Jones Industrial Average is now down more than 1.0% this session.
Four of the major economic sectors are trading with a loss of 1.0% or more.
Participants are selling small- and large-cap names alike. The S&P 100 is down 0.9% and the Russell 2000 is down a less severe 0.2%.DJ30 -140.36 NASDAQ -11.74 SP500 -12.37 NASDAQ Dec/Adv/Vol 1558/1150/986.51 mln NYSE Dec/Adv/Vol 1728/1278/604.57 mln
1:00 pm : Stocks remain largely unchanged from previous levels. Sellers continue to hold the market in check as declining stocks outnumber the advancing issues on the NYSE.
The telecom sector (+0.1%) has made its way into positive ground. The sector had opened lower, but Sprint Nextel (S 9.86, +0.88) is providing leadership.DJ30 -103.64 NASDAQ -8.36 SP500 -9.80 NASDAQ Dec/Adv/Vol 1568/1126/896.25 mln NYSE Dec/Adv/Vol 1748/1247/548.24 mln
12:30 pm : The stock market is trading sideways with little indication for change. At its current level, the stock market is positioned to conclude the week with a loss of nearly 2.0%.
Dow components American International Group (AIG 40.47, -3.68), Exxon Mobil (XOM 88.38, -1.15), and General Electric (GE 32.28, -0.31) are laggards this session. All three are weighing on the S&P 500.DJ30 -106.17 NASDAQ -12.26 SP500 -10.97 NASDAQ Dec/Adv/Vol 1619/1062/826.11 mln NYSE Dec/Adv/Vol 1785/1184/500.47 mln
12:05 pm : The stock market has been unable to reverse the session's pessimistic tone as all ten of the major economic sectors are trading with losses. More than two-thirds of the S&P 500 components are trading downward.
Though it remains in the red, the Nasdaq is a relative leader among the three major indices. Leaders in the Nasdaq include Priceline.com (PCLN 142.99, +19.21) and Activision (ATVI 29.94, +2.24). Both Priceline.com and Activision recently reported earnings results that surpassed analysts' estimates for the most recent quarter.
Energy (-1.3%) and materials (-2.0%) are currently the two worst performing sectors this session. Energy is trading lower despite record oil prices; crude eclipsed $126 per barrel earlier this session. Materials lag even though the dollar index, down 0.4%, suggests weakness in the greenback. Notably, materials gained more than 2.0% yesterday.
Financials (-0.6%) have been trading in volatile manner. The sector opened sharply lower after Dow component American International Group (AIG 40.65, -3.50) reported this morning $9 billion in pretax charges, which contributed to a quarterly loss of roughly $8 billion. AIG is planning to raise more than $12 billion through a common stock and equity linked offering.
Despite the session's broad-based pessimism, Treasuries are attracting relatively little attention. The benchmark 10-year Treasury Note is up just 8 ticks, moving its yield to 3.74%.
Separately, the March trade deficit totaled $58.2 billion, which is less than the $61.0 billion deficit economists forecast. The deficit for February was revised to $61.7 billion, down from a previously announced $62.3 billion deficit. The narrowing of the trade deficit during March came as little surprise since a weak dollar makes exports more attractive and imports pricier.DJ30 -111.30 NASDAQ -7.76 SP500 -10.16 NASDAQ Dec/Adv/Vol 1554/1097/742.41 mln NYSE Dec/Adv/Vol 1719/1221/451.48 mln
11:30 am : The stock market has descended after making a climb from previous levels.
Financials (-0.1%) made a brief rally into positive ground, but succumbed to selling pressure. All ten of the major economic sectors are back to trading with losses.
Though off its high, oil continues to trade higher in intraday activity. Crude is currently selling for roughly $125 per barrel, up 1.0% this session.DJ30 -94.69 NASDAQ -3.71 SP500 -8.45 NASDAQ Dec/Adv/Vol 1487/1138/631.87 mln NYSE Dec/Adv/Vol 1607/1283/388.58 mln
11:00 am : The stock market is turning upward, though off its best level of the session. The S&P 500 and Dow Jones continue trading in the red, but the Nasdaq is now trading near positive ground.
Leaders in the Nasdaq include Research in Motion (RIMM 134.30, +3.12), Priceline.com (PCLN 143.45, +19.67), and Activision (ATVI 29.77, +2.07). Both Priceline.com and Activision reported earnings results that surpassed analysts' estimates for the most recent quarter.
Larger tech names are providing less support. Apple (AAPL 183.42, -1.64) and Google (GOOG 576.24, -6.77) are both trading with losses.DJ30 -87.44 NASDAQ -0.02 SP500 -6.94 NASDAQ Dec/Adv/Vol 1361/1192/532.21 mln NYSE Dec/Adv/Vol 1506/1356/329.64 mln
10:30 am : All ten of the major economic sectors are showing losses as the stock market continues to slog through morning trade.
Despite the pessimism exhibited in the stock market, Treasuries are attracting little attention. The benchmark 10-year Treasury Note is up just 3 ticks, moving its yield to 3.76%. One year ago the 10-year Treasury Note yield was roughly 90 basis points higher.DJ30 -108.36 NASDAQ -12.73 SP500 -10.26 NASDAQ Dec/Adv/Vol 1628/853/377.78 mln NYSE Dec/Adv/Vol 1832/997/238.75 mln
10:00 am : The stock market remains well into negative territory with little support. More than 85% of the S&P 500 components are trading lower.
Energy (-1.2%) and materials (-1.7%) are currently the two worst performing sectors this session.
Energy's downturn comes despite record oil prices. Crude prices are pushing higher again, already moving past $126 per barrel earlier this session. Materials lag even though the dollar is showing some signs of weakness. The dollar index is down 0.4%.DJ30 -120.25 NASDAQ -18.06 SP500 -12.64 NASDAQ Dec/Adv/Vol 1613/748/222.99 mln NYSE Dec/Adv/Vol 1887/833/148.35 mln
09:45 am : Extending yesterday's gains into Friday's session has proven too challenging. Weighing on early market sentiment is a disappointing quarterly earnings announcement from Dow component American International Group (AIG 41.87, -2.28). The financial giant reported this morning $9 billion in pretax charges, which contributed to a quarterly loss of roughly $8 billion.
On a related note, Standard & Poor's reduced AIG's credit rating to AA- from AA. To help bolster its financial position AIG is planning to raise more than $12 billion through a common stock and equity linked offering.DJ30 -103.15 NASDAQ -16.97 SP500 -10.77 NASDAQ Dec/Adv/Vol 1574/654/109.00 mln NYSE Dec/Adv/Vol 1877/725/80.56 mln
09:15 am : S&P futures vs fair value: -13.5. Nasdaq futures vs fair value: -16.8. Only a few minutes remain before the week's final trading session begins. The mood in premarket activity is largely pessimistic as stock futures continue to indicate a downward open. Shares of government-backed mortgage lender Fannie Mae (FNM) are being pushed lower ahead of opening bell. Fannie Mae priced a previously announced common stock offering at $27.50 per share, which is below yesterday's closing price.
09:00 am : S&P futures vs fair value: -14.3. Nasdaq futures vs fair value: -17.2. Trading in the futures market suggests Friday's session will open at a lower level.
08:30 am : S&P futures vs fair value: -15.3. Nasdaq futures vs fair value: -17.0. Stock futures continue to indicate Friday's trading will begin in the red. The March trade deficit totaled $58.2 billion, which is less than the $61.0 billion deficit that economists widely expected. The deficit for February was revised to $61.7 billion, down from a previously announced $62.3 billion deficit. The initial February trade balance worsened surprisingly -- economists have postulated that a weak dollar will make exports more attractive and imports more pricey.
08:00 am : S&P futures vs fair value: -16.2. Nasdaq futures vs fair value: -16.8. Stock futures point to a decidedly down start. Weighing on premarket sentiment is news that financial giant AIG (AIG) incurred $9 billion in pretax write-downs. The company reported a loss for its most recent quarter.
06:22 am : S&P futures vs fair value: -15.2. Nasdaq futures vs fair value: -17.0.
06:22 am : FTSE...6179.20...-91.60...-1.5%. DAX...6974.41...-97.49...-1.4%.
06:22 am : Nikkei...13655.34...-287.92...-2.1%. Hang Seng...25063.17...-386.62...-1.5%.
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