Market Update 080515 http://biz.yahoo.com/mu/update.html 4:20 pm : Stocks spent Thursday morning trading in subdued fashion as traders found little to motivate their interests. However, concerted buying efforts surfaced early in the afternoon after crude prices took a dive. The stock market closed at its session high, up more than 1%.
Oil traded in volatile fashion Thursday. During the session, crude traded hands for more than $126 per barrel, near its all time intraday record high, before falling below $121 per barrel. Oil reclaimed its losses to finish largely unchanged near $124 per barrel.
The drop in oil prices rekindled buying interest in stocks. The tech sector (+2.1%) ended the session with the largest gain, led by large-cap tech players Intel (INTC 24.97, +1.13), Cisco (CSCO 26.50, +0.75), and Microsoft (MSFT 30.45, +0.52).
Yahoo! (YHOO 27.75, +0.61) also ended the day higher after billionaire activist investor Carl Icahn officially announced plans to take a proxy fight to the company. Icahn delivered a letter to Yahoo! with the biographies of 10 nominees he is recommending for the company's board of directors.
In merger and acquisition news, media company CBS Corp. (CBS 24.23, -0.59) announced it will acquire Internet news company CNET Networks (CNET 11.41, +3.46) for $1.8 billion, or $11.50 per share.
Dow Jones component and industrial conglomerate General Electric (GE 32.37, -0.14) announced it will be selling its appliance business. Investors reacted by pushing the stock marginally lower.
A batch of economic news prompted little reaction among stock traders in the early going. Leading the list were jobless claims data for the week ending May 10, which totaled 371,000. The claims were largely in-line with expectations. Most notably, the four-week claims average edged down a bit and continues to trend below recessionary levels.
Industrial production for April slipped 0.7%, which was a more substantial downturn than the 0.3% downturn that was expected. Capacity utilization for April totaled 79.7%, which is below the consensus utilization rate forecast of 80.1%. The prior month's capacity utilization reading was revised marginally lower to 80.4%.
The Empire State Manufacturing Index for May came in at -3.2, which is below the flat reading economists expected. Meanwhile, the Philadelphia Fed Survey, another regional manufacturing index, posted a reading of -15.6 for May. A reading of -19.0 was expected. Notably, the prior month's reading was unrevised at -24.9.
Treasuries attracted some buying interest. The 10-year Treasury Note climbed 24 ticks this session, reducing its yield to 3.82%. DJ30 +94.28 NASDAQ +37.03 NQ100 +1.7% R2K +1.0% SP400 +1.2% SP500 +14.91 NASDAQ Dec/Adv/Vol 1106/1757/2.22 bln NYSE Dec/Adv/Vol 911/2192/1.20 bln
3:30 pm : Stocks have been moving in choppy fashion during the final hour of trading. Still, the stock market remains markedly higher than early-session levels.
On the NYSE, advancing stocks outnumber declining issues by almost 2-to-1, reflecting the improved sentiment among market participants. Only the utilities sector (-0.5%) and the healthcare sector (-0.2%) are trading noticeably lower.
The 10-year Treasury Note has picked up momentum, now up 25 ticks this session.DJ30 +54.63 NASDAQ +29.76 SP500 +9.85 NASDAQ Dec/Adv/Vol 1178/1679/1.80 bln NYSE Dec/Adv/Vol 1073/2002/853.70 mln
3:05 pm : Buyers have re-entered the stock market after a sudden rise in selling pressure. The renewed buying interest helped push the stock market to a new session high.
Tech (+1.6%) remains a strong performer among the other major economic sectors, helping the tech-heavy Nasdaq Composite outperform its counterparts. Leaders include heavyweight Microsoft (MSFT 30.33, +0.40) and Intel (INTC 24.61, +0.77). Video game maker Electronic Arts (ERTS 51.27, -1.51) has been an underperformer for the second straight session. DJ30 +50.88 NASDAQ +25.36 SP500 +8.84 NASDAQ Dec/Adv/Vol 1181/1640/1.63 bln NYSE Dec/Adv/Vol 1096/1981/777.65 mln
2:30 pm : After moving a leg higher, the stock market is dropping back to previous levels. The sudden selling pressure is broad-based.
Oil has reclaimed its losses; crude is currently near the unchanged mark of $124.20 per barrel. Gold, on the other hand, is up 1.7% to $881.50 per ounce. The CRB Commodity Index is down 0.4% this session.DJ30 +30.20 NASDAQ +20.31 SP500 +6.32 NASDAQ Dec/Adv/Vol 1210/1602/1.49 bln NYSE Dec/Adv/Vol 1131/1942/708.35 mln
2:00 pm : The stock market continues to trade in higher ground, though off its best level. Sentiment has improved as only the defensive-oriented utility sector (-0.5%) is trading with a meaningful loss. The Dow Jones Utility Average is also down 0.4%.
Carl Icahn officially announced he has delivered a letter to Yahoo! (YHOO 27.34, +0.20) with the biographies of 10 nominees for the company's board of directors as part of a proxy fight.
Treasurys have attracted some added buying interest. The benchmark 10-year Treasury Note is trading 15 ticks higher and is now yielding 3.86%.DJ30 +40.22 NASDAQ +22.84 SP500 +6.73 NASDAQ Dec/Adv/Vol 1219/1593/1.34 bln NYSE Dec/Adv/Vol 1178/1852/642.13 mln
1:30 pm : The stock market is trading near session highs as crude oil prices fall 1.8%.
Eight of the ten economic sectors at trading at or near their session peak. Meanwhile, energy (-0.2%) and materials (+0.5%) have been trending lower, and are now trading near their session troughs.
There has been notable strength within large-cap tech names, as the Nasdaq 100 advances 1.2%. Heavyweights Microsoft (MSFT 30.38, +0.45), Apple (AAPL 188.51, +2.25) and Qualcomm (QCOM 44.83, +0.70) are lending support.DJ30 +49.50 NASDAQ +23.14 SP500 +6.81 NASDAQ Dec/Adv/Vol 1154/1621/1.23 bln NYSE Dec/Adv/Vol 1167/1864/588 mln
1:00 pm : The stock market made a nice move higher, but has taken a step back. Buying picked up after the Department of Energy announced natural gas inventories were greater than analysts had forecast.
The energy sector (+0.2%), which had been a session leader, took a dive on the news.
Crude prices also reversed course. Oil had been trading above $125 per barrel for the session, but is now below $123 per barrel. For the session, oil is down roughly 1.6%.DJ30 +36.15 NASDAQ +21.24 SP500 +6.30 NASDAQ Dec/Adv/Vol 1150/1606/1.12 bln NYSE Dec/Adv/Vol 1154/1849/520.53 mln
12:30 pm : The stock market has made a gradual advance to reach its best level of the session. The tech-rich Nasdaq, now up 0.9%, is outperforming the S&P 500 and the Dow Jones.
Microsoft (MSFT 30.34, +0.41) is providing tech with the most leadership. The tech sector is up 1.2%.
Media company CBS Corp. (CBS 24.12, -0.70) announced it is acquiring Internet news company CNET Networks (CNET 11.41, +3.46) for $1.8 billion, or $11.50 per share. Shares of CBS are trading lower, but CNET is trading higher to reflect the rich bid.DJ30 +33.46 NASDAQ +18.60 SP500 +5.60 NASDAQ Dec/Adv/Vol 1204/1529/991.26 mln NYSE Dec/Adv/Vol 1218/1766/452.59 mln
12:00 pm : Stocks continue to trade in a subdued manner at midday as the S&P 500 is trending just above the unchanged line. Oil's rebound and a batch of uninspiring economic reports have provided little stimulus to the broader market.
After trading lower yesterday, oil has moved above $125 per barrel. Though crude is off its record intraday high of $126.98, which was hit earlier this week, rising oil prices can dampen investor enthusiasm.
The rise in oil prices has provided strength to one sector in particular: Energy (+1.4%). Energy has been the session's best performing economic sector, led by Dow Jones component Exxon Mobil (XOM 90.81, +0.90).
The day's economic reports have been met with little reaction by traders.
Jobless claims for the week ending May 10 totaled 371,000, which is largely in-line with expectations. Industrial production for April slipped 0.7%, though economists were expecting a 0.3% downturn. Capacity utilization for April totaled 79.7%, which is below the consensus utilization rate forecast of 80.1%. The prior month's capacity utilization reading was revised marginally lower to 80.4%.
The Empire State Manufacturing Index for May came in at -3.2, which is a bit below the flat reading economists expected. Meanwhile, the Philadelphia Fed Survey, another regional manufacturing index, posted a reading of -15.6 for May. A reading of -19.0 was expected. Notably, the prior month's reading was unrevised at -24.9.
In other news, activist investor Carl Icahn is taking a proxy battle against Yahoo! (YHOO 27.18, +0.04), while General Electric (GE 32.38, -0.23) is putting its appliances business up for sale. Shares of YHOO are off their session high, while GE's stock is at its session low. DJ30 +2.76 NASDAQ +9.06 SP500 +2.43 NASDAQ Dec/Adv/Vol 1325/1361/863.34 mln NYSE Dec/Adv/Vol 1332/1632/390.45 mln
11:30 am : Trading continues to lack conviction as the stock market moves sideways. Energy continues to outperform the other sectors, up 1.6% to a session high.
Transocean (RIG 153.95, +6.75) is lending support to the energy sector. Transocean recently received a Buy rating at UBS. Oil giant and Dow Jones component Exxon Mobil (XOM 90.90, +0.99) is also providing leadership.
Fellow Dow component General Electric (GE 32.34, -0.17) has succumbed to selling interest after trading higher in premarket activity. The company announced it is putting its appliances business up for sale. Notably, GE's appliances are primary competitors of Whirlpool (WHR 77.79, +1.10). Whirlpool is trading higher this session.DJ30 -4.16 NASDAQ +5.16 SP500 +1.73 NASDAQ Dec/Adv/Vol 1336/1328/739.66 mln NYSE Dec/Adv/Vol 1390/1542/336.18 mln
11:00 am : Stocks continue to trade listlessly; the S&P 500 is largely unchanged from earlier levels. Advancing stocks in the S&P 500 are relatively in-line with the number of decliners.
Mid-cap stocks are outperforming the major indices. The S&P 400 is up more than four points, or 0.5%, this session.
The dollar is trading slightly lower Thursday, as measured by the dollar index. The dollar index is down just 0.1% to 72.32.DJ30 +10.82 NASDAQ +8.50 SP500 +2.85 NASDAQ Dec/Adv/Vol 1233/1374/606.46 mln NYSE Dec/Adv/Vol 1324/1563/271.19 mln
10:30 am : The morning mood among traders remains rather subdued. The stock market continues to trend along the neutral line, surrendering its few, marginal advances.
After trading lower in yesterday's action, oil is back up above $125 per barrel. Crude hit a record intraday high of $126.98 earlier this week.
Oil's rebound is helping support the energy sector (+1.1%), which remains the leading economic sector this session.DJ30 +14.49 NASDAQ +7.47 SP500 +2.31 NASDAQ Dec/Adv/Vol 1207/1330/465.67 mln NYSE Dec/Adv/Vol 1385/1435/205.31 mln
10:00 am : The stock market is trending higher, stepping off the unchanged line. Still, the move is modest.
The Philadelphia Fed Survey, an index for regional manufacturing conditions, posted a reading of -15.6 for May. Economists, on average, were expecting a reading of -19.0. The prior month's reading was unrevised at -24.9.
There have been several economic readings released this morning. Most have had little impact on market sentiment. The more recognizable reports have also caused little reaction since their results were in step with expectations.DJ30 -3.02 NASDAQ +5.66 SP500 +1.51 NASDAQ Dec/Adv/Vol 1182/1254/299.94 mln NYSE Dec/Adv/Vol 1465/1273/123.65 mln
09:45 am : Only a few minutes into the trading session and market sentiment is neutral. Though stock futures indicated a mildly positive start for most of the morning, the stock market is balancing the unchanged line.
The only economic sectors trading in positive ground include energy (+1.0%), materials (+1.0%), and technology (+0.2%). Year-to-date, energy is trading 5.5% higher, while the materials sector is trading almost 8.2% higher. Tech is down 5.8% this year.DJ30 -22.88 NASDAQ -0.61 SP500 -0.77 NASDAQ Dec/Adv/Vol 1302/1005/175.59 mln NYSE Dec/Adv/Vol 1484/1154/79.25 mln
09:15 am : S&P futures vs fair value: +0.6. Nasdaq futures vs fair value: flat. Stock futures indicate a near-neutral start. Industrial production for April slipped 0.7%. Economists were expecting a 0.3% downturn. Capacity utilization for April totaled 79.7%, which is below the consensus utilization rate forecast of 80.1%. The prior month's capacity utilization reading was revised marginally lower to 80.4%.
09:01 am : S&P futures vs fair value: +1.6. Nasdaq futures vs fair value: +3.0. The stock market is back on track for a slightly positive start. Net long-term TIC flows for March totaled $80.4 billion, which is above the $62.5 billion economists were expecting. The prior month's reading was revised lower to $64.9 billion.
08:30 am : S&P futures vs fair value: +1.9. Nasdaq futures vs fair value: -1.5. Stock futures have come down following a couple economic reports. Initial jobless claims for the week ending May 10 totaled 371,000, which is largely in-line with the 370,000 claims economists forecast. The Empire State Manufacturing Index for May came in at -3.2. Economists expected a flat reading.
08:00 am : S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +2.0. Stock futures currently indicate a mildly positive start to Thursday's trading. In earnings news, Agilent (A) announced last evening quarterly earnings results that topped the consensus estimate. There is also some buzz related to shake-ups and restructuring efforts; Reuters reported that activist investor Carl Icahn is taking a proxy battle against Yahoo! (YHOO), while multiple sources indicate General Electric (GE) is putting its appliances business up for sale.
06:17 am : S&P futures vs fair value: +0.8. Nasdaq futures vs fair value: -1.5.
06:16 am : FTSE...6225.40...+9.40...+0.2%. DAX...7076.59...-6.65...-0.1%.
06:16 am : Nikkei...14251.74...+133.19...+0.9%. Hang Seng...25513.71...-19.77...-0.1%.
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