Monday began with strong gains as the Dow Jones Industrial Average climbed more than 100 points before swinging to a loss of more than 100 points. The total swing between its high of the day and its low was 278 points. Similar volatility was seen in the other major indices, yet buyers returned late in the session to lift the major indices off their worst levels of the session.
A lack of concerted leadership during trading contributed to the broad-based declines.
Financials were the worst performer yet again. The financial sector had been up more than 1.0% early on, but fell to a loss of 4.0% in the afternoon. It closed 3.2% lower.
Fannie Mae (FNM 15.74, -2.99) and Freddie Mac (FRE 11.91, -2.59) were two notable laggards in the sector. The two outfits encountered concerted selling pressure on chatter that accounting changes could force the companies to bring off-balance sheet assets on to their books, thus requiring large capital raises. Selling pressure eased, though, on the realization that Lehman Brothers noted the mortgage lenders would likely be exempt from the requirement.
The drop among financial stocks precipitated a broad-based decline, which pulled each of the major indices into bear market territory. That is, down 20% from peaks that were reached several months ago.
The afternoon's dour tone overshadowed a drop in oil prices, which closed its session on the Nymex more than $4 lower at $141.23 per barrel. The drop is the largest single-session dip in weeks.
A lack of earnings news led participants to act on corporate news. Word that Microsoft (MSFT 26.03, +0.05) is willing to enter discussions with Yahoo! (YHOO 23.91, +2.56) if Yahoo replaces its board of directors lifted YHOO to its best level in recent weeks.
In a similar vein, InBev is planning an effort that would replace the Anheuser-Busch (BUD 61.74, +0.07) board of directors, according to reports. Takeover attempts by InBev have been blocked by the St. Louis-based brewer's board.
Elsewhere, General Electric's (GE 27.38, +0.47) NBC Universal is joining Blackstone Group (BX 16.77, -0.46) and Bain Capital to purchase The Weather Channel for $3.5 billion.
On the selling side, The Wall Street Journal reported that Merrill Lynch (MER 30.36, -0.76) may be moving closer to selling its stakes in holdings like Bloomberg and BlackRock (BLK 164.21, -5.36), while General Motors (GM 10.24. +0.12) may sell some of its brands and cut its employee headcount. DJ30 -56.58 NASDAQ -2.06 NQ100 +0.6% R2K -1.1% SP400 -0.8% SP500 -10.59 NASDAQ Adv/Vol/Dec 974/2.35 bln/1877 NYSE Adv/Vol/Dec 947/1.52 bln/2225
3:30 pm : Broad-based pessimism has eased. Losses have lightened as many of the primary sectors are off their worst levels. Specifically, financials, which have been the session's primary laggard, are now down 2.3%.
The Nasdaq has made its way into positive ground. Large-cap names like Yahoo! (YHOO 24.00, +2.65) and Apple (AAPL 175.45, +5.33) are providing enough positive influence to offset shares of trailing issues like Teva Pharmaceuticals (TEVA 42.75, -4.45). Teva announced disappointing drug treatment trial results earlier today. The news sent shares of TEVA sharply lower to roughly 6% above their 52-week low.DJ30 -14.08 NASDAQ +8.23 SP500 -4.66 NASDAQ Adv/Vol/Dec 1127/1.94 bln/1723 NYSE Adv/Vol/Dec 1004/1.18 bln/2160
3:05 pm : The stock market has made an upturn from the session's depths. Stocks had been trading listlessly and unchanged for some time. Still, losses remain sizeable.
Crude closed its session on the Nymex more than $4 lower at $141.23 per barrel. The drop is the largest single-session dip in weeks.
Only the technology sector is sporting a gain, currently up 0.4%. Tech has been helped by shares of Yahoo! (YHOO 24.04, +2.69), which are trading higher on speculation of a possible major transaction.DJ30 -83.29 NASDAQ -12.75 SP500 -13.93 NASDAQ Adv/Vol/Dec 779/1.71 bln/2035 NYSE Adv/Vol/Dec 742/1.06 bln/2419
2:30 pm : Stocks are largely unchanged from earlier levels as the S&P 500 is down 1.4%. Financials (-3.6%) are off their lows, but continue to weigh on the broader market.
Every industry group comprising the financial sector is trading with a loss. The thrifts and mortgage group (-12.2%) is faring the worst. Losses are least intense among insurance brokers (-0.3%).
The financial sector is the worst performing economic sector year-to-date, down nearly 34%.DJ30 -106.17 NASDAQ -18.99 SP500 -16.47 NASDAQ Adv/Vol/Dec 839/1.56 bln/1965 NYSE Adv/Vol/Dec 747/964 mln/2392
1:55 pm : The major indices remain entrenched in negative territory, led there by an ailing financial sector and held there by a dearth of leadership.
All ten economic sectors are trading with a loss at the moment. On a relative basis, the materials sector (-0.2%), last week's big loser, is faring the best in today's trading.
Notably, the dollar index (72.62, -0.15%) has given back its earlier gains and then some with further selling in the stock market weighing on the greenback. The reversal in the dollar's earlier fortunes has helped oil prices bounce off lower levels. After hitting $139.50 at their low today, oil prices are back to $142.87. The bounce there has been an added weight on the stock market.DJ30 -132.79 NASDAQ -27.08 SP500 -18.81 NASDAQ Adv/Vol/Dec 843/1.33 bln/2006 NYSE Adv/Vol/Dec 787/795 mln/2330
1:35 pm : After falling to almost 1240, the stock market has taken a breather, trading slightly north of its session low. The sell-off hit each of the major indices hard, sending each into bear market territory; that is, down 20% or more from their respective highs.
The selling pressure comes despite a drop in oil prices. Falling crude prices have recently been met with a positive reaction among equity investors. Crude prices continue to trade roughly 3.0% lower, near $141 per barrel.
However, crude's drop has been overshadowed by ongoing pessimism in the financial sector (-4.0%). Financial stocks continue to underperform the broader market, down 34% year-to-date.DJ30 -127.50 NASDAQ -23.24 SP500 -17.86 NASDAQ Adv/Vol/Dec 827/1.28 bln/1944 NYSE Adv/Vol/Dec 750/783 mln/2376
1:00 pm : The stock market continues to trade in negative ground. The S&P 500 has fallen to a 20% drop from its high, which was reached last October.
The session's tone has completely reversed. The Dow Jones Industrial Average was up more than 100 points in the early going. Now, the Dow is down more than 100 points, resulting in a swing of more than 200 points.
All ten of the major economic sectors are now in negative ground.DJ30 -110.24 NASDAQ -19.67 SP500 -16.46 NASDAQ Adv/Vol/Dec 862/1.13 bln/1885 NYSE Adv/Vol/Dec 796/679 mln/2311
12:30 pm : Without the help of a strong leader, the stock market has taken a dive into negative ground. The broad-based decline has taken all economic sectors lower, many to their worst levels of the session.
Financials are underperforming yet again; the sector is now down 3.1%. The sector's subpar performance has weighed on sentiment during recent sessions, pushing buyers to the sidelines.
The drop-off in equities has spurred buying among Treasuries. The 10-year note has gone from a modest downturn to gaining 23 ticks.DJ30 -31.91 NASDAQ -5.90 SP500 -6.50 NASDAQ Adv/Vol/Dec 943/979 mln/1786 NYSE Adv/Vol/Dec 979/574 mln/2096
12:05 pm : The session’s tone has been generally upbeat, though the stock market is currently trading slightly above its session low.
Depressed oil prices are lending support to the session’s buying in the absence of market-moving earnings reports. Crude futures are now below $140 per barrel, offsetting last week’s ascent.
Corporate news has dominated Monday’s headlines. First on the list is word that Microsoft (MSFT 26.02, +0.04) is willing to enter discussions with Yahoo! (YHOO 23.91, +2.55) if Yahoo replaces its board of directors. The announcement has sent shares of YHOO to their best level in recent weeks.
In other business news, InBev is planning an effort that would replace the Anheuser-Busch (BUD 61.78, +0.11) board of directors, according to reports. The Anheuser-Busch board recently rebuffed InBev’s takeover bid, stating it undervalued shares of BUD and was not in the best interest of shareholders.
In a transaction nearing completion, General Electric's (GE 27.38, +0.47) NBC Universal is joining Blackstone Group (BX 16.87, -0.36) and Bain Capital to purchase The Weather Channel. Specifics of the deal have yet to be disclosed, but the deal comes with a $3.5 billion price tag.
On the selling side, The Wall Street Journal reported that Merrill Lynch (MER 30.78, -0.33) may be moving closer to selling its stakes in holdings like Bloomberg and BlackRock (BLK 165.64, -3.93). The sale would generate cash to help offset potential write-downs and adjustments. DJ30 +69.05 NASDAQ +12.50 SP500 +2.70 NASDAQ Adv/Vol/Dec 1200/832 mln/1503 NYSE Adv/Vol/Dec 1347/490 mln/1688
11:30 am : The stock market continues to trade with solid gains, helping to offset last week's decline.
San Francisco Fed President Yellen stated that core inflation is likely to rise as businesses pass on higher costs to consumers and housing prices likely fall well into 2009. The confluence of inflation and depressed home values has a dampening effect on consumers' spirits as families spend more despite a diminished sense of wealth.
Despite recently lowering its earnings outlook, shares of apparel retailer J.Crew (JCG 32.83, +0.74) are moving higher after being upgraded to Hold from Sell by analysts at Citigroup. J.Crew is generally believed to be better insulated from economic downdrafts and consumer headwinds than other apparel retailers given its more affluent customer base.DJ30 +100.31 NASDAQ +20.13 SP500 +8.27 NASDAQ Adv/Vol/Dec 1287/700 mln/1397 NYSE Adv/Vol/Dec 1521/418 mln/1501
11:00 am : The Dow Jones Industrial Average, the Nasdaq, and the S&P 500 continue to oscillate, though all three remain in positive ground. The optimistic tone has been present since the session's open.
Helping the upbeat sentiment is a stronger dollar, which is putting downward pressure on oil prices. The dollar index is up 0.4% to 73.0, while crude futures are down more than 2.5% to $141.60 per barrel.DJ30 +78.98 NASDAQ +14.13 SP500 +5.55 NASDAQ Adv/Vol/Dec 1282/563 mln/1355 NYSE Adv/Vol/Dec 1499/335 mln/1488
10:30 am : The major indices have moved off their early morning highs. Gains remain largely broad-based, though the financial sector (-0.6%) has come under pressure. Financial stocks were trading more than 1.0% higher earlier, but those gains have been more than offset.
Authorities may require European financial firms Credit Suisse (CS 42.12, -2.00) and UBS (UBS 19.44, -0.88) to raise additional capital, according to Reuters. The capital raise would help stem losses related to ongoing valuation adjustments and help the firms maintain their balance sheets.DJ30 +73.04 NASDAQ +20.24 SP500 +6.39 NASDAQ Adv/Vol/Dec 1348/428 mln/1236 NYSE Adv/Vol/Dec 1601/254 mln/1327
10:00 am : The positive tone continues through early trading. All ten of the major economic sectors are in the green.
Technology (+2.0%) is boasting the largest advance. The sector's advance is due, in large part, to Yahoo! (YHOO 23.64, +2.29). Shares of Yahoo! are trading higher after Microsoft (MSFT 26.30, +0.32) stated it would enter discussions with Yahoo! if Yahoo! replaced its board of directors.DJ30 +103.57 NASDAQ +29.67 SP500 +10.24 NASDAQ Adv/Vol/Dec 1605/251 mln/867 NYSE Adv/Vol/Dec 1822/157 mln/1011
09:45 am : Stocks are off to a strong start during Monday's early trading. All three of the major indices are trading higher, but the Nasdaq is outpacing its counterparts, up nearly 1.2%.
Oil prices are down noticeably. Crude prices are trading near $142 per barrel, or roughly $3 lower.
The drop in crude oil prices has helped provide support to transportation stocks; the Dow Jones Transportation Average is up nearly 1.8% currently.DJ30 +80.85 NASDAQ +27.36 SP500 +8.23 NASDAQ Adv/Vol/Dec 1588/145 mln/811 NYSE Adv/Vol/Dec 1800/98 mln/959
09:16 am : S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: +11.3. The stock market remains on track for an upward opening, shortly ahead of the session's opening bell. The Wall Street Journal postulated Merrill Lynch (MER) may be closer to selling its stake in a few of its holdings to raise cash ahead of expected write-downs.
09:00 am : S&P futures vs fair value: +1.4. Nasdaq futures vs fair value: +6.0. Stock futures have eased back a bit, but still indicate a slightly upward start to trading. Dow Jones is reporting that Carl Icahn has been in talks with Microsoft (MSFT) regarding a transaction with Yahoo! (YHOO).
08:30 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +10.3. Stock futures continue to indicate a positive start to the week's opening session. General Electric's (GE) NBC Universal is joining Blackstone Group (BX) and Bain Capital to purchase The Weather Channel.
08:00 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +6.8. Stocks are positioned for an upward start to Monday's action. InBev is planning to replace the Anheuser-Busch (BUD) board of directors, according to reports. The move by InBev comes as part of an effort to maintain its original bid for the St. Louis-based brewer.
06:21 am : S&P futures vs fair value: -0.2. Nasdaq futures vs fair value: -0.7.
06:21 am : FTSE...5419.80...+7.00...+0.1%. DAX...6306.33...+34.12...+0.5%.
06:21 am : Nikkei...13360.04...+122.15...+0.9%. Hang Seng...21913.06...+489.24...+2.3%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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