Market Update 080630 http://biz.yahoo.com/mu/update.html 4:20 pm : A lack of key economic data and market-moving earnings reports left investors to focus on energy prices and the turbulent financial sector during Monday’s action. In the end, financials (-2.1%) closed at their worst level of the session and the broader market closed with a modest gain.
Oil futures climbed to a new record high of $143.67 per barrel in the early going. The surge in oil prices induced selling among stocks, but buyers returned to defensive plays in an effort to protect against a bear market. Before stocks bounced back into positive ground, both the Dow Jones Industrial Average and the S&P 500 had fallen almost 20% from their record highs, which were reached last October.
Utilities (+2.3%) and telecom (+3.2%) were the session's best performing sectors. Their stable businesses and steady earnings streams, considered defensive characteristics, attracted buyers amid continued concern related to financial stocks.
Particular weakness was exhibited by its regional banks whose weakness undermined the Nasdaq, which was a consistent underperformer during the session. The Nasdaq closed 1.0% lower. The Dow Jones Industrial Average finished near the unchanged mark and the S&P 500 closed with a gain of just 0.1%.DJ30 +3.50 NASDAQ -22.65 NQ100 -1.0% R2K -1.2% SP400 -0.5% SP500 +1.62 NASDAQ Adv/Vol/Dec 994/2.07 bln/1902 NYSE Adv/Vol/Dec 1269/1.61 bln/1898
3:30 pm : The stock market is trending upward as the session nears its end. The Nasdaq, however, has succumbed to renewed selling pressure after working its way upward toward the unchanged mark. The Nasdaq has consistently underperformed its counterparts this session.
Banking components within the Nasdaq are down 1.5%, collectively, and weighing on its performance. Within the group, Fifth Third (FITB 10.16, -0.07) has been a laggard of late.DJ30 +50.97 NASDAQ -8.02 SP500 +8.00 NASDAQ Adv/Vol/Dec 1095/1.60 bln/1795 NYSE Adv/Vol/Dec 1417/1.04 bln/1712
3:00 pm : Stocks are largely unchanged from previous levels as the major indices move into the final hour of trading.
The Dow Jones Utility Average is performing well. It is currently up nearly 2.7% this session, more than any of the other Dow Jones Averages or the major indices. Utilities often benefit when investors seek companies that produce steady, predictible earnings and cash flow that is often paid out in a healthy dividend yield.
Crude closed its session on the Nymex just $0.12 higher, finishing at $140.33 per barrel.DJ30 +37.05 NASDAQ -10.69 SP500 +5.06 NASDAQ Adv/Vol/Dec 1118/1.43 bln/1744 NYSE Adv/Vol/Dec 1401/929 mln/1715
2:30 pm : After touching an afternoon low the stock market is gaining ground again. The advance has coincided with another pullback in oil prices.
Despite the swings in oil prices, the Dow Jones Transportation Average has held steady, sporting solid gains. It is currently trading more than 1.2% higher. FedEx (FDX 78.87, +1.62) is the relateive leader among other components in the index.DJ30 +55.21 NASDAQ -5.88 SP500 +7.31 NASDAQ Adv/Vol/Dec 1671/1185/1.30 bln NYSE Adv/Vol/Dec 1481/856 mln/1642
2:00 pm : Larger gains seen earlier continue to get pared as the financial sector goes back on the defensive.
Currently, the financial sector is down 1.7% for the session, after being down just 0.3% less than two hours ago. At its worst level today, which was reached shortly after 10:00 AM ET, the financial sector was down 2.0%. That was roughly the same time the S&P 500 hit its lows for the session, making it clear that the sector is playing a leading role in driving the market.
Separtately, we have also seen the consumer discretionary sector (-0.5%) retreat into negative territory in recent trading as oil prices have bounced back from a bout of selling interest. Crude futures are currently up 0.9% at $141.47 per barrel.DJ30 +26.46 NASDAQ -12.91 SP500 +3.54 NASDAQ Adv/Vol/Dec 1227/1.14 bln/1640 NYSE Adv/Vol/Dec 1482/726 mln/1610
1:30 pm : The stock market has moved a bit lower from earlier levels, but gains remain healthy. Strength continues to be exhibited by the more defensive sectors. Telecom is sporting the largest session gain, currently up 2.1%, followed by utilities, which is up 1.9%.
Auto manufacturers are trading lower ahead of the June auto sales, due tomorrow. The automobile manufacturing index is down 3.7% this session.
Advancing issues on the New York Stock Exchange are essentially in even balance with decliners.DJ30 +58.79 NASDAQ -1.81 SP500 +8.26 NASDAQ Adv/Vol/Dec 1263/1.06 bln/1541 NYSE Adv/Vol/Dec 1586/703 mln/1494
1:00 pm : Stocks have taken a step back from their session high. The Nasdaq has dipped into negative ground.
Of the major economic sectors, tech (-0.2%) has joined the financial sector (-0.6%) in the red; the two are the only sectors trading with a loss. Cisco (CSCO 23.31, -0.30) and Apple (AAPL 168.14, -1.95) are weighing on the tech sector, while Dow components American International Group (AIG 26.57, -1.18) and Citigroup (C 16.88, -0.37) are weighing on the financial sector. Shares of AIG and C hit a new 52-week low this session.DJ30 +64.98 NASDAQ -0.95 SP500 +9.12 NASDAQ Adv/Vol/Dec 1269/972 mln/1527 NYSE Adv/Vol/Dec 1605/647 mln/1473
12:30 pm : The stock market continues to trade with solid gains. The S&P 500 is currently up 0.8% this session, while the Dow Jones Industrials has advanced 0.7% in Monday's action. The Nasdaq, however, is underperforming, posting a modest advance of 0.1% this session.
Weakness in the Nasdaq is primarily focused around its banking components, which feature names like Huntington Bancshares (HBAN 5.92, -0.19) and Popular Inc (BPOP 6.50, -0.38).DJ30 +81.34 NASDAQ +3.90 SP500 +10.80 NASDAQ Adv/Vol/Dec 1289/879 mln/1493 NYSE Adv/Vol/Dec 1635/587 mln/1440
12:05 pm : The stock market has found support from buyers defending against a bear market as the S&P 500 is trading a bit below its session high. The stock market is now roughly 18% below its all time high, which was reached last October. The session’s primary supporters include the more defensive sectors of consumer staples (+1.2%), healthcare (+1.5%), utilities (+1.7%), and telecom (+2.3%).
Financials (-0.9%) have been an underperformer again this session, holding much of the session’s gains in check as investors keep a watchful eye on the sector. Still, financials remain off their session low after recouping earlier losses.
Investors are also keeping an eye on oil prices. Crude was up to a new record high of $143.67 per barrel earlier this morning, but has since fallen back to $140.00 per barrel.
Fear and concern related to financials and energy prices continue to occupy investors’ attention, especially in the absence of major economic news or earnings releases.
Still, shares of H&R Block (HRB 21.59, +0.77) are trading higher after the company announced upbeat sales and earnings results for its most recent quarter, issued upside guidance, announced a new share repurchase plan, and increased its dividend.
Campbell Soup Company (CPB 34.06, +1.88) also gave its investors a couple spoonfuls of good news, announcing an increased dividend and increased share buybacks.
Both stocks are trading higher, but are having limited impact on the overall market’s sentiment.DJ30 +61.47 NASDAQ +2.46 SP500 +8.76 NASDAQ Adv/Vol/Dec 1358/781 mln/1395 NYSE Adv/Vol/Dec 1632/522 mln/1407
11:30 am : Following some choppy action the stock market has made a move to its best level of the session. The ascent has been relatively broad-based with financials (-0.7%) recovering more than half of earlier losses.
Providing additional fuel to the stock market's advance has been a retreat in oil prices. Crude is now down 0.3% to $139.80 per barrel.
Some strength in the dollar is helping reduce oil prices. The dollar index is up 0.1%.DJ30 +85.49 NASDAQ +9.67 SP500 +10.58 NASDAQ Adv/Vol/Dec 1426/672 mln/1312 NYSE Adv/Vol/Dec 1685/446 mln/1321
11:00 am : Seven of the ten major economic sectors are showing gains as the stock market extends its gains. Energy is the best performing economic sector this session, currently up 2.1%. Energy is also the best performing economic sector this year, up 8.5% year-to-date.
Pilots of Northwest Airlines (NWA 6.31, +0.00) and Delta Air Lines (DAL 5.38, -0.14) unanimously approved a tentative joint contract that will go into effect if the airlines' merger is approved, according to The Wall Street Journal.DJ30 +41.45 NASDAQ +1.18 SP500 +7.79 NASDAQ Adv/Vol/Dec 1251/520 mln/1419 NYSE Adv/Vol/Dec 1513/342 mln/1440
10:30 am : The S&P 500 has made its way back into positive ground and is challenging the morning's best level. The Dow Jones Industrials Average is now up moderately, while the Nasdaq is at the unchanged marek.
Schlumberger (SLB 107.71, +1.81) and ConocoPhillips (COP 93.64, +2.00) are the two primary leaders in the S&P 500 this session. Losers include JPMorgan Chase (JPM 34.50, -0.55) and Citigroup (C 16.75, -0.50).
Announced at 9:45 AM ET, the Chicago Purchasing Managers Index, a regional manufacturing report, came in at 49.6 for June. Economists were expecting a reading of 48.0.DJ30 +10.99 NASDAQ -0.62 SP500 +4.05 NASDAQ Adv/Vol/Dec 1233/388 mln/1382 NYSE Adv/Vol/Dec 1420/253 mln/1496
10:00 am : After making a nice jump shortly after opening bell, selling pressure has resumed to undercut the morning's progress. The major indices have surrendered all their early gains.
Shares of auto makers are being hit hard. Ford Motor Company (F 4.53, -0.45) and General Motors (GM 10.87, -0.68) are both falling to new 52-week lows.DJ30 -28.66 NASDAQ -7.99 SP500 -0.78 NASDAQ Adv/Vol/Dec 1129/220 mln/1363 NYSE Adv/Vol/Dec 1208/152 mln/1595
09:50 am : Stocks made a bit of a jump shortly after opening bell. Each of the major indices are trading with gains.
Bulls have a slight edge over bears; advancing issues on the S&P 500 outnumber decliners by just a bit.
Oil prices continue to climb higher. Crude is currently up by more than 1.0% to $141.80 per barrel.DJ30 +19.54 NASDAQ +2.22 SP500 +4.32 NASDAQ Adv/Vol/Dec 1242/115 mln/1116 NYSE Adv/Vol/Dec 1364/81 mln/1317
09:15 am : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: -6.0. Stocks indicate a flat to downward start shortly ahead of opening bell. Earnings and economic news is light.
09:01 am : S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: -3.5. Futures continue to indicate a mixed start to the week's opening session. H&R Block (HRB) announced a positive sales and earnings per share surprise for its most recent quarter. Meanwhile, Campbell Soup (CPB) sees 2008 full-year earnings per share results growing at the upper end of its 5% to 7% range when compared with prior year results.
08:30 am : S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: -6.0. Stocks are now positioned for a mixed start, according to futures. Oil is trading hands at more than $142 per barrel in early electronic trading.
08:00 am : S&P futures vs fair value: -3.3. Nasdaq futures vs fair value: -13.5. Stock futures indicate a downward open to Monday's trading. Anheuser-Busch (BUD), which has become the target of InBev, disclosed it is trimming its workforce by 10% to 15%.
06:22 am : S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: -7.0.
06:22 am : FTSE...5572.10...+42.20...+0.8%. DAX...6354.95...-66.75...-1.0%.
06:22 am : Nikkei...13481.38...-62.98...-0.5%. Hang Seng...22102.01...+59.66...+0.3%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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