Market Update 080519 http://biz.yahoo.com/mu/update.html 4:15 pm : On Monday, the stock market rose as much as 1%, but ended the day nearly unchanged following a late-day sell-off. Some negative news out of the tech sector prompted traders to lock in some profits following the S&P 500's strong 2.7% gain in the prior week.
At a JPMorgan tech conference, flash memory maker SanDisk (SNDK 30.02, -2.42) noted it continues to see soft U.S. retail sales, similar to levels it saw in the first quarter. This caused a notable drop in SanDisk's stock, as well as the tech sector (-0.5%), which ended the session as a laggard.
Shares of Microsoft (MSFT 29.46, -0.53) also weighed on the market after traders were disappointed that the company is in talks with Yahoo! (YHOO 27.68, +0.02) about a possible business "transaction" that does not involve acquiring all of Yahoo. Reuters reported Microsoft's proposal involves purchasing Yahoo's search business.
In earnings news, home improvement retailer Lowe's (LOW 24.25, -0.64) reported better-than-expected first quarter earnings, but its revenue fell short of estimates and the company lowered its full year outlook. Competitor Home Depot (HD 28.87, -0.23) -- which reports earnings tomorrow -- fell in conjunction with Lowe's. Separately, shares of Campbell Soup (CPB 33.70, -2.25) posted a hefty 6.3% decline -- the largest in more than eight years -- after the company missed its earnings estimate.
Five of the ten economic sectors posted a loss, led by weakness in financials (-0.5%) and tech. Goldman Sachs (GS 184.40, -2.74), Morgan Stanley (MS 46.20, -1.01) and Lehman Brothers (LEH 42.79, -0.85) were laggards after having their second quarter earnings estimates cut at Citigroup. Meanwhile, the energy sector (+1.0%) provided leadership as crude prices advanced.
With regard to crude oil, the commodity settled with a gain of $0.77 at $127.06 per barrel, marking a new all-time closing high. The current contract for June delivery expires tomorrow.
The session's sole economic release topped expectations. The April leading indicators index -- a basket of economic indicators -- rose 0.1%, marking its second straight increase after five consecutive declines. This was better than the flat reading economists expected, and matched the Briefing.com forecast. Looking ahead, early indications in stock prices, M2 (money supply), yield curve and other indicators suggest an even larger gain in May, reflecting improved prospects for the economy. DJ30 +41.36 NASDAQ -12.76 NQ100 -0.7% R2K -0.4% SP400 -0.3% SP500 +1.28 NASDAQ Dec/Adv/Vol 1693/1189/2.25 bln NYSE Dec/Adv/Vol 1642/1494/1.15 bln
3:30 pm : The stock market has been heading sideways for the past half-hour. The ten economic sectors are split down the middle with five in the red and five in the green. Similarly, advancers match declining issues on the NYSE.
Looking ahead, the market will get an inflation reading tomorrow with the release of the April Producer Price Index (8:30 AM ET). Market participants will be digesting earnings from AutoZone (AZO 127.83, +0.62), Home Depot (HD 28.96, -0.14), Target (TGT 55.08, +0.20), Staples (SPLS 23.65, -0.18) and Medtronic (MDT 47.91, +0.93).DJ30 +68.06 NASDAQ -7.80 SP500 +3.48 NASDAQ Dec/Adv/Vol 1582/1266/1.84 bln NYSE Dec/Adv/Vol 1551/1579/859 mln
3:00 pm : The stock market stabilizes as selling pressure eases. The S&P 500 remains in the green but has given up the majority of its gains, going from a 1.0% advance to its current advance of 0.3%.
Crude oil finished its session with a gain of $0.77 to $127.06, marking a new all-time closing high. The current contract for June delivery expires tomorrow.DJ30 +71.89 NASDAQ -4.41 SP500 +4.08 NASDAQ Dec/Adv/Vol 1569/1273/1.68 bln NYSE Dec/Adv/Vol 1521/1597/775 mln
2:30 pm : The major indices take a sudden retreat. Tech stocks (-0.5%) are seeing a notable amount of selling pressure, sending the Nasdaq into negative territory for the first time since the early-going. The S&P 500 and Dow are holding onto modest gains, but are well off their best levels.
There is not a specific catalyst for the recent weakness, other than traders looking to lock in some profit after the stock market's strong 2.7% gain last week. Four of the ten economic sectors are now in negative territory.DJ30 +56.50 NASDAQ -11.75 SP500 +2.47 NASDAQ Dec/Adv/Vol 1577/1241/1.51 bln NYSE Dec/Adv/Vol 1531/1574/701 mln
2:00 pm : Stocks slip off their best levels in a broad-based retreat but continue to post formidable gains. Within the S&P 500, 78% of components are in positive territory. Heavyweights Exxon Mobil (XOM 93.90, +1.23) and General Electric (GE 32.54, +0.41) are leading the way. Microsoft (MSFT 29.66, -0.33) and Anheuser Busch (BUD 50.46, -1.27) are the worst-performing names.
European markets ended their session with solid gains, as oil and commodity stocks provided leadership. London's FTSE advanced 1.2%, France's CAC rose 1.0% and Germany's DAX gained 1.3%.DJ30 +109.34 NASDAQ +9.61 SP500 +9.68 NASDAQ Dec/Adv/Vol 1226/1584/1.30 bln NYSE Dec/Adv/Vol 1139/1960/905 mln
1:35 pm : Stocks continue to sport solid gains as all ten of the major economic sectors are trading in the green. The major indices have each established a new session high.
Industrials (+1.7%) are showing some of the strongest gains Monday. The sector's railroad industry is lending considerable support. The S&P 500 Railroad Index is up 3.8% this session. Noteworthy names include Union Pacific (UNP 159.00, +6.00) and CSX (68.42, +2.88).DJ30 +144.93 NASDAQ +21.75 SP500 +14.55 NASDAQ Dec/Adv/Vol 1121/1680/1.20 bln NYSE Dec/Adv/Vol 1058/2045/555 mln
1:00 pm : The major indices are trading slightly below their best levels, as market bulls have been unable to send the market higher. Meanwhile commodities are trading near their session lows, with the CRB down 0.1%.
Market breadth is positive with advancers outpacing decliners by 7-to-4 on the NYSE, and by 7-to-5 on the Nasdaq. Volume is on the light side.DJ30 +127.34 NASDAQ +17.08 SP500 +12.26 NASDAQ Dec/Adv/Vol 1169/1603/1.09 bln NYSE Dec/Adv/Vol 1135/1941/504 mln
12:30 pm : The Dow is outperforming as it extends its gains, while the S&P 500 stalls near session highs. Boeing (BA 87.98, +2.81) is the best-performing name in the Dow.
The Semiconductor Index (+1.2%) is outperforming, partially due to strength in Texas Instruments (TXN 32.55, +0.76). Citigroup upgraded Texas Instruments to Buy from Hold, and added the company to Citi's Top Picks Live list. Citi expects a significant increase in chip orders in the second half of 2008. The enthusiasm in semiconductor stocks has not translated to the rest of the tech sector (+0.5%).DJ30 +127.50 NASDAQ +17.90 SP500 +12.99 NASDAQ Dec/Adv/Vol 1145/1617/988 mln NYSE Dec/Adv/Vol 1082/1948/453 mln
12:00 pm : The stock market kicked off the week on a sluggish note, but quickly recovered into positive territory. After drifting higher throughout the session, the S&P 500 is trading at its highest level since early January.
The broad-based buying interest has been fueled by continuation of last week's improved market sentiment. A better-than-expected economic reading has also encouraged market participants.
The April leading indicators index -- a basket of economic indicators -- rose 0.1%, marking its second straight increase after five declines. This was better than the flat reading economists expected, and matched the Briefing.com forecast. Looking ahead, early indications in stock prices, M2 (money supply), yield curve and other indicators suggest an even larger gain in May, reflecting improved prospects for the economy.
Transportation stocks have led this session's advance. The Dow Jones Transportation Average has rebounded more than 38% from its January low to a fresh all-time high. This session's 3.0% advance is being led by railroad stocks.
First quarter earnings report season is winding down, with only five companies reporting this morning. Of note, Lowe's (LOW 24.25, -0.64) topped its earnings estimates, but its outlook did not please market participants. Meanwhile, Campbell Soup (CPG 34.13, -1.82) is seeing selling pressure after reporting earnings that fell short of expectations.
In deal news, Microsoft (MSFT 29.55, -0.44) announced it is in talks with Yahoo! (YHOO 27.86, +0.20) about a possible business "transaction" but at this time is no longer looking to acquire all of the company.
Strength has been broad-based, with all ten economic sectors trending higher. The best performing sectors include industrials (+1.6%) and financials (+1.2%).
In commodity trading, crude oil was up as much as 1.2% to $127.77 per barrel, but has since retreated to $126.18. DJ30 +102.40 NASDAQ +17.33 SP500 +11.72 NASDAQ Dec/Adv/Vol 1127/1608/869 mln NYSE Dec/Adv/Vol 1081/1953/399 mln
11:30 am : The stock market extends its gains in a broad-based push higher, sending the S&P 500 to its highest level in four months. Financials have had a noticeable recovery, going from a laggard with a 0.3% loss to a leader with a 1.0% gain.
Despite record high oil prices and macroeconomic headwinds, the Dow Jones Transportation Average has rebounded 38% from its January 52-week low to hit a fresh lifetime high. Railroad companies are some of the best performers this session, as they have been throughout the year. In 2008, CSX (CSX 68.73, +3.19) is up 58%, Burlington Northern (BNI 112.09, +3.53) is up 35% and Norfolk Southern (NSC 66.68, +2.37) is up 31%. Transports are up 3.0% this session, extending the sector's year-to-date gain to 21%.DJ30 +82.56 NASDAQ +16.88 SP500 +10.75 NASDAQ Dec/Adv/Vol 1230/1466/728 mln NYSE Dec/Adv/Vol 1164/1813/329 mln
11:00 am : Stocks continue to post decent gains, with the S&P 500 up roughly 0.5%. The S&P 500 is now up nearly 14% from its March 52-week low, but is still down 2.5% in 2008.
The S&P 500 Retailing Index is trailing the broader market, with a loss of 0.1%. Weakness in Lowe's (LOW 24.25, -0.64) and Home Depot (HD 28.89, -0.21) are largely to blame.
Crude oil continues its record run, as it trades up 0.8% to $127.26 per barrel. Crude is up 32.5% this year after gaining 57% in 2007.DJ30 +47.14 NASDAQ +11.76 SP500 +7.53 NASDAQ Dec/Adv/Vol 1320/1322/586 mln NYSE Dec/Adv/Vol 1229/1676/263 mln
10:30 am : The stock market is trading at its best level of the session, although gains remain modest. All ten economic sectors are now in positive territory.
The consumer discretionary sector is underperforming on a relative basis as it clutches the unchanged mark. Lowe's (LOW 24.15, -0.74) is acting as the main drag as traders are responding negatively to the company's earnings report. A hefty 6.4% advance in shares of Amazon.com (AMZN 81.34, +4.88) is helping to offset Lowe's weakness. The Internet retailer was added the Conviction Buy List at Goldman Sachs, according to CNBC.DJ30 +41.28 NASDAQ +12.21 SP500 +6.32 NASDAQ Dec/Adv/Vol 1309/1266/439 mln NYSE Dec/Adv/Vol 1261/1553/192 mln
10:05 am : The stock market recovered from its early losses and is now posting a modest gain. Six of the ten economic sectors are trending higher, led by gains in tech (+0.5%), utilities (+0.7%) and energy (+0.6%).
Just hitting the wires, April leading indicators rose 0.1%, compared to the previous month that saw an increase of 0.1%. Economists forecast a flat reading. The leading indicators report is an index of 10 economic indicators. Because most of the components have already been reported, the release typically has a limited impact on trading.DJ30 +12.94 NASDAQ +8.00 SP500 +2.96 NASDAQ Dec/Adv/Vol 1290/1146/236 mln NYSE Dec/Adv/Vol 1313/1379/704 mln
09:40 am : The stock market opens on an uninspired note, as the futures market suggested.
Overall it has been a slow morning with no economic releases and only a handful of earnings reports. However, there were a few notable deal developments. The top story has been news that Microsoft (MSFT) is talking to Yahoo! (YHOO) about business alternatives, but not a full acquisition. Separately, Electronic Arts (ERTS) extended its offer for Take-Two (TTWO) until June 16, 2008. Finally, Manitowoc (MTW) has increased its offer to acquire Enodis PLC to $2.4 billion in response to Illinois Tool Works (ITW) bid for Enodis.
In earnings news, Lowe's (LOW) reported a better-than-expected quarterly profit, but issued a cautious outlook.DJ30 -19.87 NASDAQ -3.23 SP500 -1.62
08:58 am : S&P futures vs fair value: -0.7. Nasdaq futures vs fair value: +2.4.
08:30 am : S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: +1.9. Early indications point to a flat start for the stock market. Citigroup cut its earnings estimate on Goldman Sachs (GS), Lehman Brothers (LEH), and Morgan Stanley (MS). In deal news, Electronic Arts (ERTS) has extended its offer for Take-Two (TTWO) until June 16, 2008. Manitowoc (MTW) has increased its offer to acquire Enodis PLC to $2.4 billion in response to Illinois Tool Works (ITW) bid for Enodis.
08:24 am : S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: +3.4.
08:00 am : S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: +0.2. Futures point to a muted start to the trading day. The top story this morning is news that Microsoft (MSFT) announced it is in talks to make a transaction with Yahoo! (YHOO), but the transaction does not involve acquiring all of Yahoo. In earnings news, retailer Lowe's (LOW) topped its earnings estimate by a penny, but reported revenue that fell short of expectations. Meanwhile, crude oil is trading up 0.9% to $127.40 per barrel, $0.42 cents shy of its all-time high that was reached last Friday.
06:18 am : S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: -0.8.
06:18 am : FTSE...6318.70...+14.40...+0.2%. DAX...7183.67...+27.12...+0.4%.
06:18 am : Nikkei...14269.61...+50.13...+0.3%. Hang Seng...25742.23...+123.37...+0.5%.
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