Market Update 080522 http://biz.yahoo.com/mu/update.html 4:20 pm : The stock market closed 3.5% lower this week after losing 1.3% this session. Stocks declined in the face of persistently high oil prices and broad-based selling efforts ahead of the long weekend. Eight of the major economic sectors lost at least 1.0% this session.
Crude oil prices rebounded from yesterday’s drop and weighed on early morning sentiment. The commodity closed $1.31 higher on the New York Mercantile Exchange, finishing the session at $132.12 per barrel. Crude has not finished lower for two consecutive sessions since the beginning of May.
Investor pessimism persisted in the face of positive earnings announcements from retailers Gap (GPS 17.94, -0.35) and Aeropostale (ARO 32.67, -0.05). The pair announced after yesterday's close earnings results that surpassed the consensus earnings per share estimate. Meanwhile, department store Dillards (DDS 15.73, -0.63) reported this morning its first quarter net income slumped during the most recent quarter.
Brewers (+6.4%) performed exceptionally well in the face of the session’s broad-based selling. A report from FT Alphaville indicating Belgium beverage company InBev is interested in acquiring Anheuser-Busch (BUD 56.61, +4.03) helped give the group a lift.
Tech heavyweight Apple (AAPL 181.17, +4.12) helped the Nasdaq 100 (-0.3%) outperform the major indices on a relative basis. Apple had its price target elevated and was added to a buy list at a pair of Wall Street’s leading investment banks.
Separately, existing home sales for April declined 1.0% month-over-month to an annualized rate of 4.89 million units, according to the National Association of Realtors. Economists were expecting April sales to decline 1.6% from the prior month’s annualized sales rate.
The stock market will be closed for trading on Monday in observance of Memorial Day.DJ30 -145.99 NASDAQ -19.91 NQ100 -0.3% R2K -1.2% SP400 -1.2% SP500 -18.42 NASDAQ Dec/Adv/Vol 1944/872/1.73 bln NYSE Dec/Adv/Vol 2243/850/1.11 bln
3:30 pm : The stock market is on track to finish the week roughly 3.4% lower. So far, the stock market is down a less severe 0.6% this month.
All ten of the major economic sectors continue to trade in the red. Eight are trading with losses of at least 1.0%.
Crude closed $1.31 higher on the New York Mercantile Exchange, finishing the session at $132.12 per barrel.DJ30 -128.89 NASDAQ -19.89 SP500 -15.89 NASDAQ Dec/Adv/Vol 1975/842/1.43 bln NYSE Dec/Adv/Vol 2220/855/866 mln
3:00 pm : The stock market was making its most prolonged recovery attempt this session, but encountered another bout of selling pressure. The stock market remains more than 1.0% lower. The Dow Jones is also facing a 1.0% decline, but the Nasdaq is down 0.7%.
Apple (AAPL 181.71, +4.66) is trading higher, lending support to the tech-heavy Nasdaq. Apple was added to the conviction buy list at Goldman Sachs. Apple also had its price target lifted at Merrill Lynch.DJ30 -128.24 NASDAQ -17.63 SP500 -15.39 NASDAQ Dec/Adv/Vol 1920/860/1.32 bln NYSE Dec/Adv/Vol 2212/865/798 mln
2:30 pm : Down as much as 1.5% this session, the S&P 500 continues to encounter concerted selling efforts. The stock market is down 3.4% week-to-date and down 6.3% year-to-date.
Despite oil's strength, energy (-1.8%) is posting the largest decline among the major economic sectors. Integrated oil and gas firms (-3.1%) like Exxon-Mobil (XOM 90.93, -1.58) and Chevron (CVX 100.91, -1.00) are weiging on the industry.DJ30 -147.70 NASDAQ -22.91 SP500 -17.99 NASDAQ Dec/Adv/Vol 1958/815/1.22 bln NYSE Dec/Adv/Vol 2238/825/743 mln
2:00 pm : Stocks continue to encounter renewed selling pressure upon attempted recoveries. The S&P 500 is trending back toward its session low.
The dollar is little changed this session. The dollar index is up marginally to 71.9.
Gold closed $6.50 higher at $924.80 per ounce. Meanwhile, crude prices have risen after falling back to the unchanged mark. Oil is currently trading hands at $132.30 per barrel, up 1.1%.DJ30 -159.67 NASDAQ -28.47 SP500 -19.55 NASDAQ Dec/Adv/Vol 2006/754/1.13 bln NYSE Dec/Adv/Vol 2320/740/679 mln
1:30 pm : The major indices are off their worst levels, but continue to post steep losses in light trading volume. Negative sentiment is widespread, with only nine of the 147 S&P 500 industry groups in positive territory -- only the brewers group (+5.6%) is posting a gain in excess of 1%.
The bearish bias has been prevalent for much of the week, with nine of the economic sectors posting a loss week-to-date. Financials have been hit the hardest with a drop of 6.0%, while the utilities sector is outperforming as it holds a slight 0.1% gain. The S&P 500 as a whole is down 3.5%, marking its worst week since the beginning of February.DJ30 -140.78 NASDAQ -26.89 SP500 -18.39 NASDAQ Dec/Adv/Vol 1947/795/1.02 bln NYSE Dec/Adv/Vol 2272/751/617 mln
1:00 pm : Friday's pessimistic tone has been evident since the start of the session. There are only a few select pockets of relative strength.
Each of the major indices continues to trade with hefty losses. Even the less popular indices have succumbed to strong selling efforts. The Russell 2000 is down 1.5%, the S&P 400 is also down 1.5%, and the Dow Jones World Index, excluding the U.S., is down 1.1%.DJ30 -156.00 NASDAQ -31.64 SP500 -20.34 NASDAQ Dec/Adv/Vol 1959/766/933 mln NYSE Dec/Adv/Vol 2286/714/566 mln
12:30 pm : Persistent selling pressure continues to depress stock prices in Friday's action. Declining components in the S&P 500 continue to outnumber advancers by 9-to-1. Of the components in the Dow Jones, only Boeing (BA 81.99, +0.58), Merck (MRK 39.11, +0.08), and Coca-Cola (KO 58.79, +0.89) are showing gains.
In the face of broad-based selling, the defensive-oriented utilities sector (-1.8%) is trading with the most sizeable loss among the major economic sectors.DJ30 -122.78 NASDAQ -23.73 SP500 -16.31 NASDAQ Dec/Adv/Vol 1919/789/836 mln NYSE Dec/Adv/Vol 2240/748/517 mln
12:00 pm : Despite pulling off its session low, the stock market continues to trade well into negative territory. The S&P 500 is currently down almost 1.2% as market participants find little to motivate buying.
A rebound in crude oil prices weighed on early trading. Oil prices climbed more than 2.0% this morning, but are now trading hands near the unchanged mark. Not since the beginning of May has crude been able to close lower for two consecutive sessions.
Reports from the retail sector have dominated earnings news. Gap (GPS 18.02, -0.27) announced after yesterday's close earnings results that bested the consensus earnings per share estimate. Still, its shares have encountered selling efforts.
Fellow retailer Aeropostale (ARO 32.40, -0.32) also announced a positive earnings surprise, but disappointed some investors with a tepid outlook.
Meanwhile, department store Dillard's (DDS 15.86, -0.50) continues to struggle in the face of strong macro headwinds. Dillard’s reported this morning its first quarter net income plummeted. Notably, the department store industry (-3.3%) is underperforming this session.
In a lonely spot of strength, brewers (+5.6%) are seeing some strength on a report from FT Alphaville that Belgium beverage company InBev is interested in acquiring Anheuser-Busch (BUD 56.22, +3.64). BUD is trading higher in response.
The National Association of Realtors reported existing home sales in April declined 1.0% month-over-month to an annualized rate of 4.89 million units. Economists were expecting annualized April sales to total 4.85 million units, representing a 1.6% decline. DJ30 -118.63 NASDAQ -26.63 SP500 -16.55 NASDAQ Dec/Adv/Vol 1924/764/753 mln NYSE Dec/Adv/Vol 2265/715/465 mln
11:30 am : Stocks have taken another step lower, but have eased upward by a small measure. The S&P 500 is experiencing the most substantial loss this session; the index is currently down nearly 1.3%.
Seven of the ten major economic sectors are trading with losses in excess of 1.0%.
The automobile manufacturing industry (-5.3%) is seeing particular weakness. Shares of Ford Motor (F 6.77, -0.39) are trading sharply lower for the second day in a row.DJ30 -133.37 NASDAQ -29.49 SP500 -17.98 NASDAQ Dec/Adv/Vol 1969/669/624 mln NYSE Dec/Adv/Vol 2305/630/391 mln
11:00 am : Each of the three major indices are down by at least 1.0% as stocks continue trading near their worst level of the session.
Retailer Gap (GPS 17.85, -0.44) announced after yesterday's close earnings results that bested the consensus earnings per share estimate. Despite this feat, shares are trading lower amid the session's largely unbiased selling efforts.
Fellow retailer Aeropostale (ARO 32.68, -0.04) also announced better-than-expected earnings results, but disappointed with its guidance. Its shares have actually climbed off their low and are trading near the unchanged mark.DJ30 -123.51 NASDAQ -25.62 SP500 -15.84 NASDAQ Dec/Adv/Vol 1956/632/481 mln NYSE Dec/Adv/Vol 2261/612/308 mln
10:30 am : After falling precipitously, the stock market made some efforts to climb off its session low, but is now falling to a new low point on renewed selling pressure. Oil has eased a bit off earlier highs and is now trading roughly 1.5% higher at $132.75 per barrel.
Both the energy (-1.5%) and materials (-1.7%) sectors are at their worst levels of the session.
Decliners on the S&P 500 outnumber advancing stocks by nearly 9-to-1.DJ30 -111.87 NASDAQ -17.08 SP500 -13.31 NASDAQ Dec/Adv/Vol 1789/730/340 mln NYSE Dec/Adv/Vol 2137/669/227 mln
10:00 am : Broad-based selling pressure has suddenly intensified as every economic sector has pushed lower. Oil prices have accelerated and are now trading more than 2.1% higher at roughly $133.60 per barrel.
April existing home sales totaled 4.89 million units, which is down 1.0% from the 4.94 million units sold during March. Economists were expecting April sales to total 4.85 million units, representing a 1.6% decline.DJ30 -95.99 NASDAQ -17.76 SP500 -11.18 NASDAQ Dec/Adv/Vol 1726/645/189 mln NYSE Dec/Adv/Vol 2085/662/138 mln
09:45 am : Stocks opened in negative territory Friday. All of the major economic sectors are trading lower, save the energy sector (+0.5%).
Energy's early advance comes on the heels of a rebound in oil prices. After closing lower yesterday, oil is up roughly 1.7% to $133 per barrel.
Though it fell out of favor yesterday, the 10-year Treasury Note has attracted some buying interest early on. The benchmark Treasury Note is up 10 ticks and yielding 3.87%.DJ30 -50.81 NASDAQ -9.10 SP500 -5.42 NASDAQ Dec/Adv/Vol 1468/699/74 mln NYSE Dec/Adv/Vol 1774/805/62 mln
09:15 am : S&P futures vs fair value: -7.5. Nasdaq futures vs fair value: -8.0. The stock market remains on track for a start in negative ground. Stock futures in all three major indices lag fair value.
09:00 am : S&P futures vs fair value: -7.7. Nasdaq futures vs fair value: -7.8. Premarket sentiment remains predominately pessimistic as stock futures continue to trail fair value. Multiple sources are indicating that Yahoo! (YHOO) is delaying its annual shareholder meeting.
08:30 am : S&P futures vs fair value: -7.3. Nasdaq futures vs fair value: -7.0. Stock futures continue to indicate a decidedly downward start to Friday's trading. Crude oil is reclaiming part of yesterday's loss, currently trading electronically at roughly $132.35 per barrel. Crude has been unable to close two consecutive sessions lower since the beginning of May.
08:00 am : S&P futures vs fair value: -5.5. Nasdaq futures vs fair value: -4.2. Premarket traders are looking past better-than-expected quarterly earnings results from retailers Gap (GPS) and Aeropostale (ARO) to push stock futures lower. In turn, Friday's trading is on track to open on a down note.
06:18 am : S&P futures vs fair value: -6.3. Nasdaq futures vs fair value: -7.0.
06:18 am : FTSE...6163.00...-18.60...-0.3%. DAX...7052.29...-18.04...-0.3%.
06:18 am : Nikkei...14012.20...+33.74...+0.2%. Hang Seng...24714.07...-329.05...-1.3%.
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