Market Update 080725 http://biz.yahoo.com/mu/update.html 4:25 pm : The stock market traded in choppy fashion Friday before finishing the session just 0.4% higher. The advance was too small to give stocks a gain for the week, finishing a bit below the unchanged mark instead. Still, the stock market is up 4.8% from its low last week.
Early session gains were driven by upbeat economic data and pleasing earnings results. Yet when the financial sector began trading without clear direction the broader market fluctuated as no clear leader emerged.
A rise in durable goods orders for June lifted early sentiment. The increase in orders totaled 0.8%, which is up from the prior increase of 0.1% and better than economists expected. Excluding transportation, orders increased 2.0%, up from the 0.5% downturn in the prior month. Importantly, the report suggests businesses continue to spend, which bodes well for second quarter economic growth.
June new home sales totaled 530,000, which is down from the upwardly revised 533,000 new homes sold in May. The results were also better than expected and suggest signs of stabilization, despite yesterday’s existing home sales data.
Earnings announcements were also generally upbeat. Wynn Resorts (WYNN 90.44, -1.55), YRC Worldwide (YRCW 17.23, -3.06), Burlington Northern Santa Fe (BNI 98.05, -0.72), and Fortune Brands (FO 58.78, +0.49) all exceeded expectations.
From the financial sector, Legg Mason (LM 39.51, +1.30) posted a loss, but T Rowe Price (TROW 56.62, +0.61) announced earnings results that matched the consensus earnings per share estimate.
Following yesterday’s concerted selling effort the financial sector struggled to make a sustainable advance Friday. The sector finished 0.6% lower after being up as much as 2.2% in early action.
Particular weakness was seen among mortgage thrifts for the second straight session as Fannie Mae (FNM 11.55, -0.47) and Freddie Mac (FRE 8.27, -0.54) were the subject of continued credit and housing concern. Importantly, rating agency Standard & Poor's placed the two on CreditWatch Negative.
In the end, technology emerged as the best performing economic sector, advancing 1.6%. In turn, the tech-rich Nasdaq outperformed its counterparts, trading in positive territory for the entire session before finishing 1.3% higher.
The Nasdaq was aided by strong gains from heavyweights Microsoft (MSFT 26.16, +0.72), Apple (AAPL 162.12, +3.09), Qualcomm (QCOM 54.45, +2.02), and Google (GOOG 491.98, +16.36). With the exception of communications equipment maker Qualcomm, each encountered heavy selling pressure in yesterday’s session.
Fellow communications equipment company Juniper Networks (JNPR 26.57, +4.00) reported strong earnings per share results that topped Wall Street's forecast and issued upside guidance.
As a side note, oil finished the session below $124 per barrel, bringing its week-to-date decline to 4.3%. Oil is currently more than 19% below its record high, but still up more than 28% year-to-date. Importantly, lower oil prices ease inflationary pressures.DJ30 +21.41 NASDAQ +30.42 NQ100 +1.6% R2K +1.1% SP400 +0.4% SP500 +5.22 NASDAQ Adv/Vol/Dec 1706/2.03 bln/1078 NYSE Adv/Vol/Dec 1760/1.29 bln/1339
3:30 pm : Stocks' recent upswing has faded as the S&P 500 is back at earlier lower levels. The Dow Jones Industrial average is now trending below the unchanged mark. The Nasdaq, however, continues to sport strong gains; it is currently up 1.2%.
Oil settled the session more than $2 lower at $123.42 per barrel. Oil finished the week roughly 4.3% lower. However, crude prices are still up 28.6% year-to-date.
Oil's slide comes in the face of a weaker dollar, which makes imported prices more expensive. The dollar index is down 0.1% for the session.DJ30 -11.32 NASDAQ +25.20 SP500 +1.51 NASDAQ Adv/Vol/Dec 1654/1.70 bln/1112 NYSE Adv/Vol/Dec 1634/998 mln/1464
3:00 pm : The major indices are back on the rise, as the tech sector (+1.6%) rallies to fresh session highs.
The strength in tech is helping the Nasdaq outperform, aided by a sharp 18% rise in shares of network infrastructure solution provider Juniper Networks (JNPR 26.52, +3.95). Juniper reported second quarter earnings per share growth of 40%, which topped Wall Street's forecast, and also gave an upside outlook for fiscal year 2008. Competitor Cisco (CSCO 22.28, +0.52) is also attracting some buying interest.
Other Nasdaq names posting solid gains today include Apple (AAPL 162.95, +3.92), Qualcomm (QCOM 54.45, +2.02) and Google (GOOG 492.33, +16.71).DJ30 +36.40 NASDAQ +30.62 SP500 +5.84 NASDAQ Adv/Vol/Dec 1736/1.53 bln/1022 NYSE Adv/Vol/Dec 1738/913 mln/1337
2:35 pm : Stocks remain in positive territory after bouncing back from a momentary dip into the red.
Recent action has been without leadership. Early on the financal sector dictated much of the stock market's gyrations, but it has since been relegated. Financials trail the broader market, down 1%, while S&P 500 holds on to a decent gain of 0.2%.
Despite the pullback in the financial sector over the last two sessions, it remains 23% above its low, which was hit last week.DJ30 +6.92 NASDAQ +20.09 SP500 +2.69 NASDAQ Adv/Vol/Dec 1623/1.42 bln/1109 NYSE Adv/Vol/Dec 1650/859 mln/1439
2:00 pm : The S&P 500 and the Dow Jones Industrial Average both momentarily dipped into the red, but have moved back into positive ground. The Nasdaq continues to trade well into positive territory, thanks to leadership from large-cap tech names.
Broad-based strength has weakened. Only half of the economic sectors are now trading with a gain.DJ30 +4.72 NASDAQ +20.80 SP500 +2.68 NASDAQ Adv/Vol/Dec 1670/1.30 bln/1051 NYSE Adv/Vol/Dec 1696/790 mln/1380
1:30 pm : Stocks have moved lower following a negative announcement from a major rating agency as it relates to key government-sponsored enterprises (GSEs).
Standard & Poor's affirmed its AAA/A-1+ senior unsecured debt rating on Fannie Mae (FNM 11.19, -0.83) and Freddie Mac (FRE 8.06, -0.75). The report noted that the affirmation of the senior unsecured debt ratings reflects the strong explicit and implicit support these GSE securuties hold in the marketplace. It also noted the weak mortgage credit cycle has led to a crisis of confidence in the strength of the capital positions at the GSEs.
Further, the language in the Treasury's proposed liquidity plan increases subordination risk. This risk is not incorporated in current subordinated debt and preferred stock ratings on Fannie Mae and Freddie Mac. S&P may lower these issue ratings one to two notches at the conclusion of review of the final legislation. S&P has put Fannie Mae and Freddie Mac on CreditWatch Negative.DJ30 +9.12 NASDAQ +18.55 SP500 +2.31 NASDAQ Adv/Vol/Dec 1638/1.20 bln/1051 NYSE Adv/Vol/Dec 1665/729 mln/1391
1:15 pm : Standard & Poor's has put Fannie Mae (FNM 11.28, -0.74) and Freddie Mac (FRE 8.29, -0.52) on CreditWatch Negative. After a bit of a delay, traders responded by sending shares lower, undercutting much of the stock market's advance.
Financials are now down 1.0% and are the worst performing economic sector this session. Still, the sector is off its low.DJ30 +7.57 NASDAQ +19.12 SP500 +2.77 NASDAQ Adv/Vol/Dec 1679/1.15 bln/1000 NYSE Adv/Vol/Dec 1717/696 mln/1325
1:00 pm : The three major indices continue to chop along through positive territory. Gains are most visible among energy and materials stocks, up 1.5% and 1.3%, respectively.
Both sectors have moved lower in recent sessions as investors have rotated out of their holdings in the two. Though pushed to a year-to-date loss only recently, the two sectors are the best performing among the major economic sectors in the S&P 500.
After yesterday's climb Treasuries have fallen out of favor. The 10-year Note is down 24 ticks.DJ30 -42.42 NASDAQ -24.39 SP500 -6.75 NASDAQ Adv/Vol/Dec 1740/1.09 bln/936 NYSE Adv/Vol/Dec 1835/661 mln/1208
12:30 pm : The major indices continue to chop along. Gains remain appreciable.
Large-cap tech names have been performing well, reversing part of yesterday's steep declines. The Nasdaq 100 is up 1.4% as heavyweights Microsoft (MSFT 25.77, +0.33) and Google (GOOG 489.58, +13.96) attract buyers.
Thrifts and mortgages (-2.7%) continue to underperform. The group was especially hard hit in yesterday's action as traders were reminded of credit concerns and housing market challenges. The U.S. Senate is expected to vote on Saturday whether to approve the housing market rescue bill.DJ30 +31.18 NASDAQ +22.03 SP500 +5.66 NASDAQ Adv/Vol/Dec 1710/998 mln/940 NYSE Adv/Vol/Dec 1828/599 mln/1194
12:00 pm : Stocks continue to trade with solid gains as the session’s tone remains upbeat, thanks to some encouraging economic data, earnings results, and a slide in oil prices.
Traders lifted stocks in early action after it was reported durable goods orders made a surprising increase for June. The increase totaled 0.8%, which is better than the prior increase of 0.1% and the 0.3% downturn that economists forecast. Excluding transportation, orders increased 2.0%, up from the 0.5% downturn in the prior month and above the 0.2% downturn that was expected. Despite broad macro headwinds, the report suggests businesses continue to spend, which bodes well for second quarter economic growth.
May new home sales totaled 530,000, which is down from the upwardly revised 533,000 new homes sold in May. Economists were expecting new home sales of 503,000 for June. Importantly, the data suggest that signs of stabilization, though at depressed levels, and can be viewed positively in comparison with yesterday’s existing home sales data.
On the earnings front, casino operator Wynn Resorts (WYNN 91.83, +0.24) announced better-than-expected results after yesterday’s close, as did transportation companies YRC Worldwide (YRCW 18.68, -1.61) and Burlington Northern Santa Fe (BNI 97.01, -1.76). Fortune Brands (FO 57.99, -0.30) joined in with an upside earnings surprise of its own.
From the financial sector, Legg Mason (LM 39.10, +0.89) posted a loss after seeing its revenue drop and it incurred charges amid turmoil in the financial and credit markets. Meanwhile, T Rowe Price (TROW 56.10, +0.09) announced earnings results that matched the consensus earnings per share estimate.
Financial stocks have traded without direction this session. The sector has swung from a loss of 2.2% at its low to a gain of 2.2% at its high. It is currently a laggard among the other sectors, down 0.7%.
Oil continues to trade lower, lending support to Friday’s sense of optimism. Oil fell as much as 2.4% this session. It is currently down roughly 1.5% and trading below $124 per barrel.DJ30 +33.55 NASDAQ +24.08 SP500 +5.59 NASDAQ Adv/Vol/Dec 1737/896 mln/882 NYSE Adv/Vol/Dec 1831/534 mln/1159
11:35 am : The stock market remains in positive ground but down from its earlier levels. The session's action remains rather choppy.
Oil continues to trade lower, helping support the generally upbeat tone governing Friday's action. Most recently, the commodity is trading hands at $124 per barrel, down nearly 4% this week. Notably, it has shed 19% off its 52-week high.
Despite the drop in oil, energy is trading higher. The sector is one of the session's best performers, up 1.6%, led by oil and gas refiners (+2.8%).DJ30 +40.47 NASDAQ +22.34 SP500 +5.70 NASDAQ Adv/Vol/Dec 1748/794 mln/827 NYSE Adv/Vol/Dec 1861/472 mln/1102
11:00 am : Stocks continue to chop along. The Dow Jones and the S&P 500 are trading higher than earlier levels, but remain off their session highs. The Nasdaq has hit a fresh session high.
Transportation outfit Burlington Northern Santa Fe (BNI 97.16, -1.61) topped earnings expectations for its most recent quarter, earning $1.34 per share. YRC Worldwide (YRCW 18.90, -1.39) also topped estimates, generating $0.39 per share. Despite the positive earnings surprises, shares of both are trading lower. The two are components in the Dow Jones Transportation Index, which is up 0.6%.DJ30 +81.42 NASDAQ +31.15 SP500 +10.12 NASDAQ Adv/Vol/Dec 1760/661 mln/713 NYSE Adv/Vol/Dec 1952/394 mln/963
10:30 am : After advancing nearly 0.9% the stock market is paring its gains as the financial sector trades without direction.
Financials were down as much as 2.2% earlier, but managed to swing to a 2.2% gain, influencing the broader market with each move. The financial sector is now back in the red, down 0.7%. Particular weakness is evident in the thrifts and mortgages industry where Fannie Mae (FNM 10.62, -1.40) and Freddie Mac (8.07, -0.74) are underperforming.DJ30 +42.67 NASDAQ +16.01 SP500 +4.38 NASDAQ Adv/Vol/Dec 1471/504 mln/902 NYSE Adv/Vol/Dec 1638/303 mln/1205
10:05 am : Stocks have spiked higher on more economic data. Financial stocks have also reversed course and are now trading 1.1% higher.
May new home sales totaled 530,000, which is down from the upwardly revised 533,000 new homes sold in May. Economists were expecting new home sales of 503,000 for June.
The final consumer confidence survey from the University of Michigan came in at 61.2 for June, reflecting considerable improvement from the preliminary reading of 56.6. Economists expected a June reading of 56.4.DJ30 +54.39 NASDAQ +14.85 SP500 +6.31 NASDAQ Adv/Vol/Dec 1555/306 mln/701 NYSE Adv/Vol/Dec 1743/170 mln/1006
09:40 am : Stocks have opened higher, helped by encouraging economic data. Noticeably absent from the session's immediate advance is the financial sector.
The financial sector encountered some concerted selling in yesterday's session and is currently down 0.8%.
A drop in oil is also helping the broader market. Oil was up in early action, but is now down 1.3% to trade below $124 per barrel.DJ30 +30.05 NASDAQ +11.54 SP500 +3.80 NASDAQ Adv/Vol/Dec 1279/86 mln/745 NYSE Adv/Vol/Dec 1464/60 mln/800
09:16 am : S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +7.0. Stocks remain on track for a positive start. From the financial sector, Legg Mason (LM) posted a loss of $0.22 per share amid charges, which may not be comparable to the consensus estimate. Meanwhile, T Rowe Price (TROW) announced it earned $0.60 per share, which is on par with analysts' average estimate.
09:00 am : S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +8.5. The stock market remains on track for an upward start, according to futures. Freddie Mac (FRE) reported its single-family delinquency rate for all loans increased five basis points to 0.86% in May from April. Its total mortgage portfolio has increased at an annualized rate of 9.4% year-to-date and 5.7% in June.
08:30 am : S&P futures vs fair value: +7.1. Nasdaq futures vs fair value: +9.8. Stock futures have picked up following upbeat economic data. Durable goods orders made during June increased 0.8%, which is better than the prior increase of 0.1% and the 0.3% downturn that economists forecast. Excluding transportation, orders increased 2.0%, up from the 0.5% downturn in the prior month and above the 0.2% downturn that was expected.
08:00 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: -0.2. Stocks are heading for a mixed start, according to futures markets. After yesterday's close trendy footwear maker Crocs (CROX) issued downside guidance that sent its shares plummeting in after-hours action. Casino operator Wynn Resorts (WYNN) announced better-than-expected earnings results, as did trucking outfit YRC Worldwide (YRCW). Fortune Brands (FO) joined the earnings parade by announcing upside earnings per share results, though it expects profits to weaken further.
07:32 am : S&P futures vs fair value: +7.1. Nasdaq futures vs fair value: +9.8. Stock futures have picked up following upbeat economic data. Durable goods orders made during June increased 0.8%, which is better than the prior increase of 0.1% and the 0.3% downturn that economists forecast. Excluding transportation, orders increased 2.0%, up from the 0.5% downturn in the prior month and above the 0.2% downturn that was expected.
06:16 am : S&P futures vs fair value: -1.2. Nasdaq futures vs fair value: -3.0.
06:14 am : FTSE...5316.00...-46.30...-0.9%. DAX...6348.70...-92.00...-1.4%.
06:14 am : Nikkei...13334.76...-268.55...-2.0%. Hang Seng...22740.71...-347.01...-1.5%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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