Market Update 080528 http://biz.yahoo.com/mu/update.html 4:15 pm : Positive financial results from select retailers and lower oil prices prompted buyers to enter the market in the early going. However, oil bounced back and sent the stock market into the red for the majority of the session, but a late surge in buying helped the S&P 500 close at its session high.
Chico's FAS (CHS 8.14, +0.97) and American Eagle Outfitters (AEO 18.61, +1.39) announced this morning earnings results that surpassed analysts’ estimates for the most recent quarter. Polo Ralph Lauren (RL 69.00, +7.25) also reported pleasing quarterly results, which helped the apparel and accessories industry advance more than 4.0% on the session.
Oil slipped below $126 per barrel in electronic trading earlier this morning, but ended its trading session on the Nymex $2.03 higher at $130.88 per barrel. In turn, the advance helped offset yesterday's declines. Oil has not closed lower for two consecutive sessions since early May.
The Dow Jones Transportation Average was unfazed by oil’s rebound. The index advanced nearly 1.0% Wednesday, helped by component United Parcel Service (UPS 70.54, +2.14). Reports indicated the global delivery and shipment company may see its sales climb if it can complete a deal to provide services for competitor DHL Express. Shares of UPS were also upgraded to Buy from Hold at Merrill Lynch.
Of the major economic sectors, materials (+2.8%) made the largest advance of the session. The sector was helped by fertilizer and agricultural chemical company Monsanto (MON 125.19, +6.12).
Despite the session’s choppy trading, market participants shunned U.S. Treasuries. The benchmark 10-year note fell 27 ticks. In turn, the 10-year note saw its yield rise above 4.0% for the first time this year.
Separately, the Commerce Department reported that durable goods orders fell 0.5% during April, which is a less substantial downturn than economists forecast. Excluding transportation, durable goods orders increased 2.5%. Economists were expecting a 0.5% downturn following the previous month’s 1.7% increase. Importantly, nondefense capital goods orders, excluding transportation, increased 4.2%. This is an important figure since it is viewed as a proxy for business investment. The report is not reflective of an economy in recession.
3:30 pm : Market participants are making a late-day push to lift stocks. Each of the major indices has spiked to their best levels of the afternoon. There appears to be no specific catalyst for the advance, though buying is largely broad-based.
Six of the major economic sectors are trading with a gain. Three of them have advanced 1.0% or more.DJ30 +27.93 NASDAQ -0.26 SP500 +3.14 NASDAQ Dec/Adv/Vol 1480/1346/1.50 bln NYSE Dec/Adv/Vol 1438/1670/906 mln
3:00 pm : Each of the three major indices has been unable to break through the unchanged line. Though off their session lows, each remains in the red.
Materials stocks continue to perform well. The sector is now up nearly 2.3% to its best level this session. Fertilizers and agricultural chemicals (+4.9%) companies are providing the sector with the largest gains.
Crude ended its trading session on the Nymex $2.03 higher at $130.88 per barrel. Oil has not closed lower for two consecutive sessions since early May.DJ30 -13.51 NASDAQ -8.27 SP500 -2.18 NASDAQ Dec/Adv/Vol 1629/1177/1.35 bln NYSE Dec/Adv/Vol 1595/1486/800 mln
2:30 pm : Stocks continue to trade in choppy fashion, unable to make a sustainable advance. Each of the major indices is trading with a loss.
The materials sector (+1.9%) is outperforming the other economic sectors. Monsanto (123.93, +4.86) is providing it with the most leadership.
Gold closed the session $7.40 lower at $900.50 per ounce. Oil, on the other hand, is trading 1.8% higher at $131.20 per barrel. In turn, the CRB Commodity Index is up 0.7%.DJ30 -27.44 NASDAQ -10.55 SP500 -3.42 NASDAQ Dec/Adv/Vol 1623/1168/1.24 bln NYSE Dec/Adv/Vol 1623/1467/737 mln
2:00 pm : Pessimism has prevailed as stocks have fallen back into negative ground after rallying to the unchanged mark. The financial sector (-1.8%) is near its worst level of the session and continues to weigh on the broader market.
Treasuries remain strongly out of favor. The benchmark 10-year note is down 22 ticks and yielding 4.0%, which marks the first time since last year its yield has gone this high.DJ30 -19.95 NASDAQ -8.68 SP500 -2.73 NASDAQ Dec/Adv/Vol 1589/1186/1.12 bln NYSE Dec/Adv/Vol 1600/1474/670 mln
1:35 pm : The stock market recovers to the unchanged mark as material stocks (+1.9%) spike higher. Weakness in the financial sector (-1.4%) is preventing the market from extending the modest recovery effort.
Shares of AIG (AIG 34.92, -1.70) are trading at their lowest level since 1998 on cautious comments from Citigroup. Citigroup noted that it is not clear if AIG's capital position is sufficient, even after the insurance company raised a total of $20 billion in capital. Citi also cut its price target on AIG to $41 from $47.
Separately, Federal Reserve Governor Frederic Mishkin has resigned, effective Aug. 31, 2008. In 2006, Mishkin was appointed by President Bush to fill an unexpired term ending Jan. 31, 2014. The statement on the Fed's Web site gave no reason for the resignation, although it did state Mishkin will return to Columbia University as a professor of economics.DJ30 +4.97 NASDAQ -5.36 SP500 -1.31 NASDAQ Dec/Adv/Vol 1477/1280/1.04 bln NYSE Dec/Adv/Vol 1480/1569/615 mln
1:00 pm : After spiking off its session low, the stock market is trading sideways in negative territory. Only five of the major economic sectors are trading in the green.
Crude oil prices have moved above $130 per barrel, trading near their session high. Despite oil's rebound, the Dow Jones Transportation Average is sporting a nice gain this session, up 0.4%. Component United Parcel Service (UPS 70.51, +2.11) is making the largest advance in the index.DJ30 -10.18 NASDAQ -9.93 SP500 -2.34 NASDAQ Dec/Adv/Vol 1560/1192/932 mln NYSE Dec/Adv/Vol 1555/1503/554 mln
12:30 pm : After taking out a fresh session low, the stock market is making an upward spike. However, the Dow Jones Industrial Average, Nasdaq, and S&P 500 are still holding on to losses.
The financial sector (-1.6%) is having the worst performance this session. Financials have also declined more than any other sector year-to-date; losing more than 16% this year.
Despite the losses in stocks, Treasuries are also falling under selling pressure. The 10-year note is down 18 ticks and yielding 3.99%, which is its highest yield in roughly three months.DJ30 -14.00 NASDAQ -9.81 SP500 -2.77 NASDAQ Dec/Adv/Vol 1537/1177/849 mln NYSE Dec/Adv/Vol 1554/1487/502 mln
12:00 pm : Upbeat quarterly results from a handful of retailers and a dip in crude oil prices sent stocks higher in early trading. However, oil made a rebound midmorning, prompting broad-based selling in the stock market. Stocks are making a drop to their worst levels of the session.
Prior to the opening bell, Chico's FAS (CHS 7.70, +0.53) and American Eagle Outfitters (AEO 18.78, +1.56) announced better-than-expected earnings results for the most recent quarter. Polo Ralph Lauren (RL 68.45, +6.70) reported this morning an increase in sales and earnings; the company also reaffirmed its full-year outlook. Discount variety store operator Dollar Tree (DLTR 35.00, +1.22) also reported upbeat results for its latest quarter.
Global delivery and shipment company United Parcel Service (UPS 70.70, +2.30) is also receiving attention from buyers after reports surfaced the company may see its sales climb upon reaching a deal to provide services for competitor DHL Express. Notably, shares of UPS were also upgraded to Buy from Hold at Merrill Lynch.
An early morning drop in oil prices helped fuel buying interest in the early going. Oil slipped below $126 per barrel in electronic trading, but has since rebounded to reclaim part of yesterday’s decline. Crude has been unable to close lower for two consecutive sessions in nearly one month. The commodity is currently trading near $129.40 per barrel, up 0.4%.
Oil’s rebound appears undeterred by a stronger dollar, which makes the price of imports such as oil and other commodities less expensive. The dollar index is making its way to its highest level in over one week.
The Commerce Department provided traders with some economic data. Durable goods orders fell 0.5% during April, which is a less severe downturn than expected. Excluding transportation, durable goods orders increased 2.5%. Economists forecast a 0.5% downturn following 1.7% increase registered in the previous month.DJ30 -15.31 NASDAQ -7.42 SP500 -3.46 NASDAQ Dec/Adv/Vol 1516/1172/734 mln NYSE Dec/Adv/Vol 1602/1412/436 mln
11:30 am : The stock market's recovery effort proved brief and unsustainable; each of the major indices is back into negative territory and falling toward previous lows. Small- and mid-cap stocks are also trading lower. The Russell 2000 is down 0.5%, while the S&P 400 is down 0.2%.
Despite the rekindled selling effort, advancing stocks continue to outnumber decliners by a slight margin in the S&P 500 and the Dow Jones Industrials.
The dollar is showing strength Wednesday. The dollar index is making its way to its highest level in over one week.DJ30 -10.34 NASDAQ -9.00 SP500 -3.38 NASDAQ Dec/Adv/Vol 1532/1105/629 mln NYSE Dec/Adv/Vol 1603/1368/369 mln
11:00 am : The stock market has poked its nose into positive territory. The Dow Jones Industrial Average has also moved higher and is now sporting a decent gain.
Regional banks (-3.9%) have been some of the worst performers this session. Industry members Fifth Third Bancorp (FITB 18.83, -0.72), KeyCorp (KEY 19.76, -2.19), and SunTrust Banks (STI 51.96, -2.04) are some of the primary laggards. Each is trading at or near its 52-week low.DJ30 +18.48 NASDAQ -1.94 SP500 +0.19 NASDAQ Dec/Adv/Vol 1414/1171/519 mln NYSE Dec/Adv/Vol 1427/1507/303 mln
10:30 am : Stocks continue to push lower as selling pressure intensifies. All three of the major indices are now in negative territory, trading just above the morning's worst levels.
The drop in stock prices follows a rebound in oil prices. Crude had fallen below $126 per barrel in early electronic trading, but is now showing a 0.5% gain and trading at $129.50 per barrel.
Oil's rebound has prompted buyers to enter the energy sector (+0.2%), which had been the worst performing economic sector this morning. Now, financials (-1.6%) are underperforming the other sectors.DJ30 -10.26 NASDAQ -10.47 SP500 -3.48 NASDAQ Dec/Adv/Vol 1429/1080/389 mln NYSE Dec/Adv/Vol 1555/1319/224 mln
10:05 am : After opening in positive fashion, the stock market has fallen into negative ground. Both the S&P 500 and the Nasdaq are showing losses, but the Dow Jones Industrial Average continues to show a slight gain.
Supporting early buying interest were better-than-expected earnings per share results from Chico's FAS (CHS 7.53, +0.36) and American Eagle Outfitters (AEO 18.30, +1.08). Dollar Tree (DLTR 34.65, +0.87) also reported an earnings per share surprise.DJ30 +18.16 NASDAQ -2.63 SP500 -0.52 NASDAQ Dec/Adv/Vol 1156/1196/232 mln NYSE Dec/Adv/Vol 1301/1469/144 mln
09:50 am : Stocks have opened Wednesday's trading session in positive ground. Buying interest is broad-based with the majority of the major economic sectors posting gains.
Energy (-0.7%) is posting the largest decline. The sector has been hit by a drop in crude oil prices for the second consecutive session. Oil is currently trading more than 1.0% lower, near $127.50 per barrel.DJ30 +32.33 NASDAQ +6.79 SP500 +2.19 NASDAQ Dec/Adv/Vol 936/1298/134 mln NYSE Dec/Adv/Vol 948/1712/79 mln
09:15 am : S&P futures vs fair value: +3.6. Nasdaq futures vs fair value: +8.5. Supportive interest in stock futures remains strong just ahead of opening bell. Global delivery and shipment company United Parcel Service (UPS) is trading higher in premarket activity after its stock was upgraded to Buy from Hold at Merrill Lynch.
09:00 am : S&P futures vs fair value: +4.9. Nasdaq futures vs fair value: +10.2. Stocks are looking to start Wednesday's session in positive ground. Oil is headed lower again. Crude is indicated roughly 1.5% lower in electronic trading.
08:30 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +6.2. Stock futures continue to indicate a positive start following a key economic report from the Commerce Department. The report indicated orders of big-ticket, durable goods fell 0.5% during April. The monthly reading was above expectations. Excluding transportation, durable goods orders increased 2.5%, which is better than expected and up from the 1.7% increase registered in the previous month.
08:00 am : S&P futures vs fair value: +3.7. Nasdaq futures vs fair value: +5.2. Stock futures are showing some optimism in premarket activity; stocks are positioned for a start in positive ground. Helping early morning sentiment is news that retailers Chico's FAS (CHS) and American Eagle Outfitters (AEO) reported better-than-expected quarterly earnings.
06:18 am : S&P futures vs fair value: +0.5. Nasdaq futures vs fair value: -2.0.
06:17 am : FTSE...6078.80...+20.30...+0.3%. DAX...6998.08...+39.42...+0.6%.
06:17 am : Nikkei...13709.44...-183.87...-1.3%. Hang Seng...24249.51...-32.53...-0.1%.
Market Data 
Markets 
AI
