Market Update 080717 http://biz.yahoo.com/mu/update.html 4:15 pm : Stocks had another strong finish Thursday as all three of the major indices finished more than 1% higher. The Dow Jones Industrial Average had the best performance, finishing near its high with a 1.9% gain. Dow components JPMorgan Chase (JPM 40.80, +4.86) and United Technologies (UTX 64.70, -3.59) both reported better-than-expected earnings per share results. Coca-Cola (KO 50.34, -2.00) also reported strong results, but its shares were shunned.
Shares of JPM jumped to their highest level in roughly one month on the news as many investors returned to the financial sector. Financial stocks finished the session 6.5% higher, building on yesterday's surge. Still, financials remain almost 30% lower year-to-date. Nonetheless, their gain this session made for the second consecutive session in which financials outperformed the other sectors and, again, helped the broader market extend yesterday's gains.
Positive economic data also lent support to Thursday's advance. Housing starts for June increased 9.1% to an annualized rate of 1.066 million units, which is above the 960,000 consensus estimate. The lift in residential construction bodes well for overall economic activity.
Investors found further encouragement when jobless claims for the week ending July 12 indicated an increase of 18,000 to 366,000 since the total was below the consensus expectation for 380,000 claims. The level of initial claims continues to reflect a steady trend. Importantly, though, it also refutes the idea that there has been a material deterioration in the job market.
Falling crude prices helped revive the optimistic mood among investors. Stocks had actually succumbed to selling pressure midday, but when crude dipped lower the stock market rallied. Crude shed roughly $5 to finish below $130 per barrel, its lowest level in more than one month.DJ30 +207.38 NASDAQ +27.45 NQ100 +0.5% R2K +1.4% SP400 +1.4% SP500 +14.96 NASDAQ Adv/Vol/Dec 1929/2.61 bln/906 NYSE Adv/Vol/Dec 2360/1.96 bln/833
3:30 pm : Some profit taking took the stock market off its session high, but stocks continue to trade with a solid gain only a short time before the closing bell sounds. The S&P 500 is on track for its first two-day advance since the beginning of the month.
Still, the S&P 500 remains nearly 2% lower month-to-date. The Dow Jones and the Nasdaq have each advanced a bit during the same period.DJ30 +173.02 NASDAQ +27.38 SP500 +11.51 NASDAQ Adv/Vol/Dec 1892/2.16 bln/950 NYSE Adv/Vol/Dec 2256/1.48 bln/921
3:05 pm : Stocks continue to trend downward. Gains, however, remain appreciable.
Financials (+4.5%) continue to carry the broader market as half of the major economic sectors trade with a gain. The only industry groups within the financial sector trading lower are diversified REITs (-1.1%), industrial REITs (-0.8%), and asset management and consulting (-0.1%). The 15 others are sporting gains.
Oil prices are back below $130 per barrel. The commodity is down nearly 4% in today's trading.DJ30 +135.81 NASDAQ +24.72 SP500 +8.12 NASDAQ Adv/Vol/Dec 1851/1.95 bln/971 NYSE Adv/Vol/Dec 2242/1.34 bln/950
2:40 pm : All three of the major indices continue to boast solid gains, though stocks have taken a step back from their best level of the session. Crude prices are trading near their lowest point of the session as well as their lowest point this month, helping to buoy buying.
Sentiment has been largely optimistic during afternoon trading. Advancing issues on the New York Stock Exchange outnumber decliners by almost three-to-one.DJ30 +163.41 NASDAQ +29.96 SP500 +12.70 NASDAQ Adv/Vol/Dec 1902/1.8 bln/905 NYSE Adv/Vol/Dec 2326/1.24 bln/867
2:05 pm : The major indices climb to session highs as oil prices (-2.9% at $130.60) sink for the third day in a row, falling in tandem with natural gas prices. Natural gas prices are down a steep 7% after the Energy Information Administration data showed a larger-than-expected inventory build.
The financial sector (+5.4%) continues to lead the way higher, lifted by earnings reports from JPMorgan Chase (JPM 39.95, +4.01) and BlackRock (BLK 202.09, +23.14). The sector is up 22% since its multiyear low that was hit on Tuesday.
Meanwhile, Treasuries are facing selling pressure. The 10-year note is down 20 points, sending its yield above 4%.DJ30 +180.27 NASDAQ +29.06 SP500 +14.58 NASDAQ Adv/Vol/Dec 1916/1.62 bln/930 NYSE Adv/Vol/Dec 2267/1.05 bln/884
1:30 pm : Stocks made a distinguished climb as oil prices sank further. The Dow Jones is now up roughly 1.2%. Crude prices are now down 2.5%, trading near 131.20 per barrel.
Crude prices are at their lowest level in nearly one month. Still, the commodity is up roughly 37% year-to-date.
The optimism surrounding stocks has pushed Treasuries out of favor. The 10-year Note is currently yielding more than 4.0%.DJ30 +146.48 NASDAQ +20.48 SP500 +11.15 NASDAQ Adv/Vol/Dec 1784/1.43 bln/963 NYSE Adv/Vol/Dec 2222/1.00 bln/937
1:00 pm : Stocks continue to trade with gains, relying on leadership from the financial sector (+3.8%). Defensive-oriented sectors have fallen out of favor. The consumer staples sector is down 1.0%, utilities has lost 1.8%, and telecom has lost 1.0%.
Energy has also moved lower, following crude oil's reverse into negative ground. The energy sector is down 1.4%, led lower by oil and gas explorers. Among the oil and gas explorers trading with notable losses are XTO Energy (XTO 53.93, -4.00) and Chesapeake Energy (CHK 52.69, -3.98).
Week-to-date, the energy sector is down more than 7%. Meanwhile, the financial sector is up more than 7% week-to-date.DJ30 +76.54 NASDAQ +4.96 SP500 +3.95 NASDAQ Adv/Vol/Dec 1591/1.25 bln/1145 NYSE Adv/Vol/Dec 2038/901 mln/1114
12:30 pm : The Dow Jones Industrial Average is outperforming its counterparts, helped by heavyweight financials like Bank of America (BAC 24.50, +1.83) and JPMorgan Chase (JPM 39.24, +3.30).
Still, not all of the Dow's performers have been so strong. Coca-Cola (KO 50.22, -2.12) is trading lower despite topping analysts' consensus earnings estimate for the most recent quarter. Coke reported its sales climbed some 17% year-over-year to roughly $9.0 billion and earned $1.01 per share on strong volume growth.DJ30 +59.68 NASDAQ +0.70 SP500 +3.05 NASDAQ Adv/Vol/Dec 1518/1.13 bln/1206 NYSE Adv/Vol/Dec 1979/831 mln/1158
12:00 pm : Better-than-expected economic data and earnings results from JPMorgan Chase (JPM 40.04, +4.10), BlackRock (BLK 203.01, +24.06), United Technologies (UTX 64.00, +2.89), and Nokia (NOK 27.15, +2.02) have helped the major indices extend yesterday’s rally. The advance has come under a couple of rounds of selling pressure, leaving participants to ponder whether the stock market can hold its gains through the close.
The mood on Wall Street was helped early on when it was reported that housing starts for June increased 9.1% to an annualized rate of 1.066 million units. That was well ahead of the 960,000 consensus estimate. The pickup in residential construction will contribute to overall economic activity and bode well for second quarter GDP forecasts.
In other economic news, weekly jobless claims for the week ending July 12 increased 18,000 to 366,000. Despite the increase, the total was below the consensus expectation for 380,000 claims.
An uptick from the prior holiday-shortened week was expected, but altogether, the level of initial claims continues to reflect a steady trend that points to another modest decline in nonfarm payrolls for July. Importantly, though, it also refutes the idea that there has been a material deterioration in the job market.
While several firms reported positive earnings per share surprises, focus has been given to JPMorgan Chase. The bank reported its revenue climbed nearly 9% year-over-year to $18.4 billion, topping the consensus estimate of $16.5 billion. A $1.2 billion increase in allowance for credit losses took its toll on earnings, with net income falling to $0.54 per share, or $2.0 billion, compared to $1.20 per share in the prior year. However, the results topped the consensus estimate that called for earnings of $0.44 per share. The bank’s results were helped by its acquisition of Bear Stearns.
Oil prices have been on the move. Crude futures are now 0.7% lower at $133.60 per barrel after seeing an earlier decrease turn into a gain.DJ30 +74.91 NASDAQ +5.27 SP500 +4.89 NASDAQ Adv/Vol/Dec 1555/1.03 bln/1112 NYSE Adv/Vol/Dec 2011/761 mln/1108
11:35 am : The Dow Jones Industrial Average, the Nasdaq, and the S&P 500 each fell into negative ground and are now battling to reclaim gains. The Nasdaq remains just below the neutral line, but its counterparts are up just a bit.
The tone surrounding financials remains upbeat, even for Wachovia (WB 11.01, +0.47), which is being placed under the scrutiny of regulators at its securities headquarters. Regulators went to the location demanding documents and interviewing employees regarding its sales and marketing practices. The Missouri Secretary of State has subpoenaed more than a dozen agents and executives about its auction rate securities business. The news does not appear to have an undermining effect on the bank's share price at this time.DJ30 +44.46 NASDAQ -0.20 SP500 +3.20 NASDAQ Adv/Vol/Dec 1428/911 mln/1208 NYSE Adv/Vol/Dec 1877/675 mln/1219
11:00 am : Trading on the major indices has taken a pessimistic turn as the major indices have fallen from a gain of roughly 1.0% to trade near the unchanged mark.
Four of the major economic sectors are sporting gains. Financials continue to lead, though off its session high. The sector is up 3.1%.
Helping financials were better-than-expected quarterly earnings results from JPMorgan Chase (JPM 39.45, +3.51), BlackRock (BLK 207.97, +29.02), and the regional player PNC Financial (PNC 62.57, +4.66).DJ30 +20.19 NASDAQ +1.28 SP500 +1.90 NASDAQ Adv/Vol/Dec 1424/721 mln/1174 NYSE Adv/Vol/Dec 1926/539 mln/1131
10:30 am : The major indices have moved higher after a round of selling reduced the session's gains. The Nasdaq actually dipped into negative territory, but has made its way back into the green. The Nasdaq 100, however, remains in the red.
A laggard among large-cap tech names, eBay (EBAY 24.28, -3.82) announced after yesterday's close better-than-expected earnings results, but provided a tepid forecast. In turn, the stock has been downgraded to Neutral from Buy at Goldman Sachs and Merrill Lynch.DJ30 +41.85 NASDAQ +3.35 SP500 +4.37 NASDAQ Adv/Vol/Dec 1512/536 mln/999 NYSE Adv/Vol/Dec 2038/415 mln/972
10:00 am : Stocks have pulled back from their rapid advance, though continue to trade with solid gains.
Oil prices, which were down in early action, are trading higher. Crude futures are currently trading 0.7% higher at $135.60 per barrel.
The reverse in crude prices has rekindled buying in the energy sector (+0.5%). Energy had fallen out of favor in recent sessions as crude prices receded from record highs.
In economic data, the Philadelphia Fed Index, a regional manufacturing survey, posted a July reading of -16.3. The reading is worse than the -15.0 that economists were expecting.DJ30 +58.71 NASDAQ +12.05 SP500 +6.49 NASDAQ Adv/Vol/Dec 1533/311 mln/842 NYSE Adv/Vol/Dec 1964/263 mln/955
09:45 am : Stocks have opened markedly higher as financials lead the way. Though sentiment in the early action is generally optimistic, the key question will be whether the stock market can hold its gains through the close.
Financials are currently up 6.9%. The sector's best industry performers this session include thrifts and mortgages (+20.5%) and other diversified financial services companies (+12.7%).DJ30 +104.14 NASDAQ +25.26 SP500 +11.14 NASDAQ Adv/Vol/Dec 1636/151 mln/595 NYSE Adv/Vol/Dec 1976/142 mln/722
09:15 am : S&P futures vs fair value: +4.7. Nasdaq futures vs fair value: +10.0. Futures indicate stocks remain on track for an upward start. Helping premarket sentiment has been a batch of better-than-expected earnings per share results as well as better-than-expected economic data.
09:01 am : S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: +10.5. Stocks are on track for an upward start to Thursday's action. JP Morgan Chase (JPM) reported this morning earnings of $0.54 per share on sales of more than $18 billion for its most recent quarter, topping expectations. The bank's results were helped by its acquisition of Bear Stearns. The bank's management stated that it expects the economy to continue being weak, and conditions are likely to get weaker. That said, the bank is not increasing its dividend at this time.
08:30 am : S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: +12.0. Stock futures continue to indicate an extension to yesterday's rally as upbeat earnings results continue to hit the wires. As for economic data, housing starts for June totaled 1.066 million, besting the 960,000 consensus forecast and up from 977,000 in May. Weekly initial jobless claims were also below the consensus estimate. Total claims for the week were 366,000. Economists were expecting 380,000 claims. Claims filed in the previous week totaled 348,000.
08:00 am : S&P futures vs fair value: +5.5. Nasdaq futures vs fair value: +10.5. Stocks are on track to open higher, according to futures. Helping early morning sentiment are several reports detailing positive earnings surprises. Yum! Brands (YUM), Nokia (NOK), Continental Airlines (CAL), and JPMorgan Chase (JPM) all announced better-than-expected earnings per share results for the most recent quarter.
06:10 am : FTSE...5216.20...+65.60...+1.3%. DAX...6231.27...+75.90...+1.2%.
06:10 am : S&P futures vs fair value: -3.9. Nasdaq futures vs fair value: -5.5.
06:10 am : Nikkei...12887.95...+127.15...+1.0%. Hang Seng...21734.72...+511.22...+2.4%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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