4:25 pm : The stock market closed just above the unchanged mark Friday, locking in a 2.6% gain for the week. Despite being an options expiration date, the session's tone was rather subdued.
Several popular retailers posted mixed results during Friday's trading. Nordstrom (JWN 38.44, +1.15), Kohl's (KSS 49.27, -1.22), and Abercrombie & Fitch (ANF 76.19, +0.11) each announced better-than-expected earnings results for the most recent quarter. Only Nordstrom traded noticeably higher, despite announcing worse-than-expected same-store sales results and a lowered outlook.
The S&P 500 Retailing Index ended the session 1.1% lower, off its session low.
The Dollar Index fell to its lowest point in more than one week, helping to inflate commodity prices. Notably, the CRB Commodity Index advanced more than 1.0%. Gold also had a strong showing -- closing $20.50 higher at just over $900 per ounce.
Crude hit a fresh all time record high of $127.82 per barrel before closing at $126.30 on the New York Mercantile Exchange. Oil is up almost 35% year-to-date.
Oil's rise lent support to the energy sector (+2.5%), where mega-cap Exxon Mobil (XOM 92.67, +1.37) provided leadership. Shares of ConocoPhillips (COP 91.98, +2.67) and Chevron (CVX 100.38, +1.89) also lent support to the sector.
The financial sector (-1.4%) lagged its counterparts for virtually the entire session. Citigroup (C 23.12, -0.61) weighed the most on the sector, though regional banks (-3.3%) were the sector's worst performing industry.
Encouraging economic data came in the form of new housing data. Seasonally adjusted annualized housing starts for April totaled 1,032,000, which is above the 939,000 that economists expected. Annualized starts for March were revised from 947,000 to 954,000. Meanwhile, building permits for April jumped 4.9% to 978,000.
Separately, the University of Michigan issued its preliminary consumer sentiment survey reading for May, which came in at 59.5. The reading dropped month-over-month from 62.6 and was below the reading of 62.0 economists expected.DJ30 -5.86 NASDAQ -4.88 NQ100 +0% R2K -0.3% SP400 +0.3% SP500 +1.78 NASDAQ Dec/Adv/Vol 1644/1230/2.27 bln NYSE Dec/Adv/Vol 1491/1612/1.26 bln
3:30 pm : Stocks have made their way into positive ground after spending nearly the entire session in the red. The change in sentiment is broad-based as six of the major economic sectors are showing gains.
Treasuries have gone a bit out of favor. After spending the majority of the session ticking higher, the 10-year Treasury Note is now down 9 ticks. Its yield is now up to 3.85%.DJ30 -15.80 NASDAQ -4.80 SP500 +0.79 NASDAQ Dec/Adv/Vol 1635/1196/1.92 bln NYSE Dec/Adv/Vol 1480/1598/1.04 bln
3:00 pm : After a gradual ascent, the stock market has hit its best level since the early going. However, it has yet to break back into positive ground.
Crude ended its session on the New York Mercantile Exchange $2.18 higher at $126.30 per barrel.
Energy (+2.0%) continues to outperform the other economic sectors. Energy has climbed back to a session high.DJ30 -16.77 NASDAQ -8.57 SP500 -0.06 NASDAQ Dec/Adv/Vol 1709/1104/1.74 bln NYSE Dec/Adv/Vol 1513/1562/952 mln
2:30 pm : The S&P 500 continues to trend a bit below the neutral line. However, the stock market has advanced almost 2.3% this week. Month-to-date, the stock market is up almost 2.5%.
Only seven of the 30 Dow Jones components are trading with a gain. The Dow's two best performers this session are Exxon Mobil (XOM 92.22, +0.92) and Chevron (CVX 99.84, +1.35).DJ30 -46.73 NASDAQ -14.50 SP500 -3.12 NASDAQ Dec/Adv/Vol 1816/1002/1.63 bln NYSE Dec/Adv/Vol 1661/1413/892 mln
2:00 pm : After easing off the afternoon's high, the stock market is attempting to push back toward the neutral line. General sentiment remains largely pessimistic.
Gold made a nice gain on Friday. The precious metal closed up $20.50 at just over $900 per ounce. Gold remains more than 12% off its 52-week high reached in mid-March. At that time, gold climbed to almost $1,034 per ounce.
The CRB Commodity Index is showing strength, up nearly 0.9% this session. Meanwhile, the dollar remains largely unchanged from earlier levels as the dollar index is down 0.7%.DJ30 -42.50 NASDAQ -16.29 SP500 -2.81 NASDAQ Dec/Adv/Vol 1820/977/1.51 bln NYSE Dec/Adv/Vol 1684/1374/826 mln
1:30 pm : The the stock market is trying to climb to the unchanged level, but is stalling near its afternoon high. The recent push higher was broad-based, with the exception of energy (+1.4%), which has given up a portion of its earlier gains.
Market-moving news has slowed considerably, which typically happens on Friday afternoons.DJ30 -47.63 NASDAQ -13.52 SP500 -3.11 NASDAQ Dec/Adv/Vol 1743/1028/1.37 bln NYSE Dec/Adv/Vol 1639/1409/773 mln
1:00 pm : Stocks continue trending upward from their morning low. However, seven of the ten major economic sectors remain in negative territory.
Crude prices have come down a bit, but remain roughly 1.5% higher at $126 per barrel.
The international indices have shown some positive numbers. The Dow Jones World Index, excluding the U.S., is up 1.2%.DJ30 -46.00 NASDAQ -12.47 SP500 -3.16 NASDAQ Dec/Adv/Vol 1752/1011/1.27 bln NYSE Dec/Adv/Vol 1658/1374/725.34 mln
12:30 pm : Stocks are making a gradual climb off their session low. Still, the S&P 500 continues to trade with a noticeable loss.
Though opening in modest fashion, the utilities sector (+0.6%) is sporting a decent gain. The Dow Jones Utility Average (+0.5%) is leading the other Dow Indices.
In an earlier statement, Treasury Secretary Paulson stated that the housing correction won't be resolved quickly, but the economy's pace should pick up by year's end. Paulson also said the markets are considerably calmer now than in March.DJ30 -55.45 NASDAQ -16.12 SP500 -4.36 NASDAQ Dec/Adv/Vol 1772/965/1.14 bln NYSE Dec/Adv/Vol 1716/1292/670 mln
12:00 pm : The stock market opened flat on Friday, but has gradually made its way into negative territory as participants have encountered little to motivate buying.
On the earnings front, retailers Nordstrom (JWN 37.75, +0.46), Kohl's (KSS 48.30, -2.19), and Abercrombie & Fitch (ANF 75.98, 0.10) all reported better-than-expected earnings results for the latest quarter. Their performance has been mixed this session.
Fellow retailer Macy's (M 24.76, -0.56) announced plans this morning to feature FAO Schwartz-operated toy shops in various Macy's locations, beginning this fall.
The retailing industry is struggling this session as the S&P 500 Retailing Index is down 1.8%.
In other deal news, Apple (AAPL 188.39, -1.34) announced it has signed a deal with French wireless carrier Orange to sell Apple's popular iPhone in the Middle-East, Africa, and select countries throughout Europe.
Also, UAL Corp (UAUA 13.77, -0.61) and Continental Airlines (CAL 17.98, -0.66) are in talks regarding a possible alliance, according to Reuters. Many analysts postulate the airline industry must consolidate to achieve operational efficiencies in the face of record high fuel prices.
Crude hit a fresh all time record high of $127.82 per barrel in Friday's early action. Oil is up almost 35% year-to-date.
The rise in oil is prompting buying in the energy sector (+1.6%). Energy has been the strongest performer this session. Dow Jones component Exxon Mobil (XOM 92.25, +0.95) is providing leadership to the sector.
While energy is trading higher, the financial sector (-1.7%) is showing weakness. Regional banks (-3.8%) are the financial sector's worst performing industry group.
In economic news, seasonally adjusted annualized housing starts for April totaled 1,032,000, which is above the 939,000 that economists expected. Starts during March were revised from 947,000 to 954,000. Meanwhile, building permits for April jumped 4.9% to 978,000.
The preliminary May consumer sentiment survey from the University of Michigan came in at 59.5, though economists were expecting a reading of 62.0. According to the survey, sentiment slipped month-over-month as the prior reading came in at 62.6.
While the dollar index is showing weakness this session, down 0.6%, gold is showing strength. The yellow metal is currently up more than 2.6% to over $903 per ounce. DJ30 -81.09 NASDAQ -19.14 SP500 -6.29 NASDAQ Dec/Adv/Vol 1792/924/1.03 bln NYSE Dec/Adv/Vol 1751/1235/617.72 mln
11:30 am : Stocks have moved deeper into negative territory. The S&P 500's declining stocks outnumber the advancers by roughly 3-to-1.
The dollar is showing additional weakness this session as the dollar index is down 0.6%. A weaker dollar makes imports like oil more expensive.
Gold is showing strength. The yellow metal is currently up more than 2.7% to over $904 per ounce.DJ30 -93.71 NASDAQ -25.78 SP500 -8.51 NASDAQ Dec/Adv/Vol 1865/803/901.05 mln NYSE Dec/Adv/Vol 1819/1143/548.80 mln
11:00 am : The stock market continues to trade in negative territory, recently moving to a new session low. The financial sector, which is the largest of the major economic sectors, is posting the most substantial decline. The sector is down 1.7%.
Some of the sector's worst performing industries include regional banks (-3.3%), diversified banks (-2.6%), and thrifts and mortgages (-2.8%).
Energy (+1.5%) remains the best performing economic sector, riding the heels of $127 oil.DJ30 -68.88 NASDAQ -24.03 SP500 -7.09 NASDAQ Dec/Adv/Vol 1765/840/756.70 mln NYSE Dec/Adv/Vol 1734/1197/482.03 mln
10:30 am : The stock market has moved lower. Seven of the ten economic sectors are trading with losses.
The tech-rich Nasdaq is trading with the largest loss. Index component Apple (AAPL 187.91, -1.82) has taken a sharp downturn. The company announced earlier today it has signed a deal with French wireless carrier Orange to sell Apple's popular iPhone in the Middle-East, Africa, and select countries throughout Europe.DJ30 -27.85 NASDAQ -17.83 SP500 -3.34 NASDAQ Dec/Adv/Vol 1644/898/582.38 mln NYSE Dec/Adv/Vol 1673/1183/401.00 mln
10:00 am : The stock market continues to trend along the unchanged mark. Nearly 60% of the S&P 500 components are trading lower.
The preliminary May consumer sentiment survey from the University of Michigan came in at 59.5. Economists were expecting a reading of 62.0. The prior reading came in at 62.6.
Despite positive earnings surprises from Nordstrom (JWN 37.92, +0.63), Kohl's (KSS 49.02, -1.47), and Abercrombie & Fitch (ANF 76.79, 0.71), the S&P 500 Retailing Index is trading noticeably lower. The index is currently down 1.6%.DJ30 -16.69 NASDAQ -9.65 SP500 -1.36 NASDAQ Dec/Adv/Vol 1459/966/388.72 mln NYSE Dec/Adv/Vol 1534/1241/316.76 mln
09:45 am : The major indices have opened the session flat. The Nasdaq, however, has made a more noticeable move lower, currently down 0.3%.
Oil prices have made a jump in early trading. Crude hit a fresh all time record high of $127.82 per barrel earlier. The rise in oil is prompting some buying interest in the energy sector (+1.9%).
The preliminary May consumer sentiment survey from the University of Michigan is due at the top of the hour.DJ30 -13.52 NASDAQ -6.76 SP500 -1.32 NASDAQ Dec/Adv/Vol 1249/1010/244.48 mln NYSE Dec/Adv/Vol 1341/1304/249.94 mln
09:16 am : S&P futures vs fair value: +2.4. Nasdaq futures vs fair value: +1.5. Stock futures continue to indicate the major indices will open in positive territory. According to Reuters, more merger-related news has surfaced from the airline industry as UAL Corp (UAUA) is holding talks with Continental Airlines (CAL).
09:00 am : S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +2.0. Stocks remain on track for a positive start to Friday's trading. A challenging retail environment took its toll on Kohl's (KSS) and Nordstrom (JWN). Yet both companies announced earnings results after yesterday's close that topped analysts' estimates for the most recent quarter.
08:30 am : S&P futures vs fair value: +2.5. Nasdaq futures vs fair value: +2.0. Stock futures remain up after the latest residential construction data hit the wires. Housing starts for April totaled 1,032,000, which is above the 939,000 that economists expected. Starts during March were revised from 947,000 to 954,000. Building permits for April totaled 978,000. The consensus forecast called for 915,000.
08:00 am : S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +2.0. Stock futures currently indicate the major indices will open slightly higher. Oil has passed the $127.00 mark in electronic trading.
06:18 am : S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: +3.8.
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