Market Update 080801 http://biz.yahoo.com/mu/update.html 4:15 pm : The stock market kicked off the month of August with a modest decline after a rise in crude oil prices offset a modestly better-than-expected employment report.
Nine of the ten sectors posted a loss, with only financials posting a gain (+0.6%). Materials (-2.6%) and utilities (-3.3%) were the main laggards.
With regard to this session's economic data, the government's jobs report for July came in close to expectations, but a smaller-than-expected drop in payrolls helped limit the selling interest this session. Specifically, nonfarm payrolls fell by 51,000 which was better than the expected decline of 75,000. Payrolls are declining at about a 0.5%, which is generally associated with real GDP growth of 1.5% to 2% -- consistent with second quarter data and projections for the third quarter. Meanwhile, the unemployment rate rose to 5.7% from 5.5%.
The ISM Index, a national manufacturing survey, posted a decent reading in July given the current economic conditions. The index was roughly unchanged at 50.0, which represents flat manufacturing growth.
Crude oil prices continued the recent trend of volatile swings. Prices climbed as much as 3.6% on reports that Israel's prime minister said that Iran is close to a major breakthrough in its nuclear weapons program. Prices eased off their highs, however, to settle with a 0.8% gain at $125.09. The stock market's worst level of the session, a loss of 1.0%, corresponded with the session high for oil prices.
On the earnings front, Chevron (CVX 84.42, -0.14) reported a healthy 11% rise in net income on the spiking oil prices, although the results fell short of Wall Street's expectations as crimped refinery margins weighed on results. The stock managed to limit its losses this session, as some of the earnings miss was already priced in, as the company dropped 3% yesterday after peer Exxon Mobil (XOM 76.95, -0.78) announced similar results.
General Motors (GM 10.19, -0.88), swung to a massive $15.5 billion second quarter net loss, as consumer preferences shift away from large trucks and SUVs in the face of record gasoline prices.
In other corporate news, shares of Biogen (BIIB 50.00, -19.76) plunged 28% after announcing that there have been two confirmed cases of a rare brain disease in patients taking its multiple sclerosis drug Tysabri.DJ30 -51.70 NASDAQ -14.59 NQ100 -1.2% R2K +0.2% SP400 -0.6% SP500 -7.07 NASDAQ Adv/Vol/Dec 1400/1.84 bln/1343 NYSE Adv/Vol/Dec 1537/940 mln/1545
3:35 pm : The stock market is attempting to recover going into the final half hour of trade, led by buying interest in financials (+0.9%).
CNBC reported that New York Attorney General Cuomo will charge Citigroup (C 18.81, +0.12) with fraud related to the sale of auction rate securities. Shares of Citigroup were lower through most of the session but have climbed to positive territory as the broader financial sector recovers.
Drug maker Schering-Plough (SGP 20.51, -0.51 ) announced that the U.S. Food and Drug Administration issued a "not-approvable" letter for the company's anesthesia drug Sugammadex. Shares of SGP are down 2.7%. DJ30 -25.56 NASDAQ -10.65 SP500 -4.10 NASDAQ Adv/Vol/Dec 1400/1.84 bln/1343 NYSE Adv/Vol/Dec 1537/940 mln/1545
3:00 pm : All three of the major indices are carrying losses into the final hour of trading.
Though the S&P 500's technology sector is down 0.4%, weakness among large-cap tech is more noticeable in the Nasdaq 100, which is down 1.0%. Shares of Apple (AAPL 157.06, -1.89), Research In Motion (RIMM 120.62, -2.20), and Microsoft (MSFT 25.48, -0.24) have all spent nearly the entire session in the red.
Despite the pessimistic tone governing Friday's session, Treasuries have received little interest. The 10-year Note is currently unchanged.DJ30 -45.92 NASDAQ -11.85 SP500 -5.84 NASDAQ Adv/Vol/Dec 1359/1.65 bln/1360 NYSE Adv/Vol/Dec 1541/844 mln/1531
2:30 pm : The three major indices continue to sport losses. The small-cap Russell 2000, however, is sporting a nice gain when compared with others; it is up 0.2%.
Consumer staples is now the only economic sector to trade with a gain, although it is up just 0.1%. Meanwhile, energy has fallen to trade near its worst level of the session. It had traded with a gain of as much as 1.8%, but is now sporting a 0.4% loss.
Energy's position has weakened as crude oil prices have waned. Oil is now up 0.8% to $125 per barrel. It was up as much as 3.6%.DJ30 -59.60 NASDAQ -15.45 SP500 -7.88 NASDAQ Adv/Vol/Dec 1355/1.52 bln/1355 NYSE Adv/Vol/Dec 1489/783 mln/1582
2:00 pm : Stocks are largely unchanged from earlier levels as buyers find little motivation to bid broader stock prices higher.
Nonetheless, forest products have been one of the session's best performing industry groups. In turn, forestry and timber outfit Weyerhaeuser (WY 55.95, +2.49) is trading higher. The stock hit a 52-week low in mid-June and has since rallied more than 20%.
Still, strength this session remains relatively narrow. Decliners outnumber advancing issues in the S&P 500 by roughly 3-to-2, which is an improvement from the session's low when roughly four out of five stocks were showing losses.
In light of the session's weakness, stocks are on track to conclude the week with mixed results. The Dow is facing a 0.3% downturn, while the Nasdaq is facing a 0.1% gain and the S&P 500 is lining up to a 0.4% gain.DJ30 -33.87 NASDAQ -11.79 SP500 -5.29 NASDAQ Adv/Vol/Dec 1422/1.40 bln/1258 NYSE Adv/Vol/Dec 1579/713 mln/1475
1:30 pm : Stocks continue to slog along through negative territory. The respective positions of the three major indices have improved, though. At their lows, the Dow was down 1.0%, the Nasdaq was down 1.7%, and the S&P 500 was down 1.0%.
Weakness is most distinguishable in utilities and materials, both down 1.8%. Every component of the Dow Jones Utility Average is now in the red. Weakness in materials is focused around Monsanto (MON 115.39, -3.72) and Freeport-McMoRan (FCX 92.25, -4.50).
Additionally, materials are not being helped by a stronger dollar. The dollar index is up almost 0.2%.DJ30 -39.89 NASDAQ -12.52 SP500 -5.44 NASDAQ Adv/Vol/Dec 1375/1.29 bln/1287 NYSE Adv/Vol/Dec 1540/624 mln/1496
1:05 pm : All ten of the economic sectors are now in the red as the stock market moves another leg lower.
Ford (F 4.82, +0.02) said its overall vehicle sales totaled 156,406 in July, which is 13% lower year-over-year. Year-to-date sales are down 14% from where they stood this time last year. Meanwhile, Daimler AG (DAI 56.60, -1.09) announced it sold 23,292 units in July, a 25% increase year-over-year. General Motors (GM 10.48, -0.59) stated it will discuss July sales later. GM already announced a wide loss for its latest quarter earlier today. The automobile manufacturers index is currently down 1.7%.DJ30 -88.83 NASDAQ -25.98 SP500 -11.27 NASDAQ Adv/Vol/Dec 1203/1.19 bln/1446 NYSE Adv/Vol/Dec 1307/606 mln/1718
12:30 pm : The stock market continues to chop along in negative territory. Despite the widespread losses and the generally dour tone, the defensive-oriented utilities sector (-1.8%) is trading appreciably lower.
In the Dow Jones Utility Average only Firstenergy (FE 73.56, +0.01) and Williams Companies (WMB 32.07, +0.02) are trading higher. DJ30 -58.29 NASDAQ -18.86 SP500 -7.50 NASDAQ Adv/Vol/Dec 1287/1.07 bln/1346 NYSE Adv/Vol/Dec 1411/553 mln/1589
12:00 pm : Stocks opened in positive territory Friday, but stayed there only for a short time as sellers quickly entered the market.
Early sentiment was helped by a smaller-than-expected drop in payrolls. Nonfarm payrolls fell by 51,000 in July, which is less than the 75,000 decline that was widely expected. Manufacturing payrolls were cut by 35,000, though economists forecast a decline of 40,000 for July. The July unemployment rate climbed to 5.7% from 5.5% in June.
In other economic news, the ISM Manufacturing Index came in at 50.0 for July. Economists expected a reading of 49.0. The reading is a reasonably good sign that manufacturing conditions have improved since the first quarter.
Despite the relatively encouraging economic data, market sentiment has been largely pessimistic. The negative tone overcame trading as oil prices rebounded strongly.
At its session high oil was up 3.6% at more than $128 per barrel, despite being lower in the early going.
Oil's bounce has made the energy sector (+0.8%) a relative leader as the other sectors struggle. Integrated oil and gas giant Chevron (CVX 84.37, -0.19) is trading in mixed fashion after announcing earnings per share results that failed to meet the consensus estimate. Apache (APA 115.43, +3.26) is garnering the most interest, providing leadership to the sector as a result. Apache announced an upside earnings per share surprise yesterday.
Though oil remains off historic highs, its ascent this year has challenged automakers as consumers' desire to drive gas-guzzling vehicles has waned. General Motors (GM 10.67, -0.44), for example, reported an adjusted loss of $11.21 per share for its most recent quarter. The company saw revenue slip nearly 18% from the prior year to $38.16 billion.
Still, one of the worst performing S&P 500 components is Biogen (BIIB 52.47, -17.29). The biotech company announced that there have been two confirmed cases of a rare brain disease in patients taking its multiple sclerosis drug Tysabri.DJ30 -43.88 NASDAQ -13.81 SP500 -4.76 NASDAQ Adv/Vol/Dec 1331/954 mln/1269 NYSE Adv/Vol/Dec 1525/491 mln/1450
11:35 am : Stocks are moving upward again after their last advance faded. Joining the energy sector (+0.4%) in the green is the defensive-oriented consumer staples sector (+0.3%) is making attempts to move into positive ground.
Helping consumer staples is carbonated beverage king Coca-Cola (KO 57.26, +1.26). Shares of KO, however, are still down around 15% year-to-date.DJ30 -44.94 NASDAQ -19.18 SP500 -5.23 NASDAQ Adv/Vol/Dec 1113/844 mln/1365 NYSE Adv/Vol/Dec 1387/430 mln/1574
11:00 am : The major indices climb off their session lows, but remain in negative territory. Crude is trading with a gain of 2.1% after easing off its session high when it was up 3.6%.
The worst performing S&P 500 component is Biogen (BIIB 52.19, -17.59), down 24%. The biotech company announced that there have been two confirmed cases of a rare brain disease, progressive multifocal leukoencephalopathy, in patients taking the multiple sclerosis drug Tysabri. Shares of Elan (ELN 10.95, -9.10) are tumbling in tandem, as the company comarkets the drug with Biogen.
The healthcare sector is down 1.2% this session.DJ30 -49.94 NASDAQ -21.77 SP500 -6.13 NASDAQ Adv/Vol/Dec 1063/697 mln/1420 NYSE Adv/Vol/Dec 1266/355 mln/1625
10:30 am : All three of the major indices are trading markedly lower amid broad-based declines. Only 20% of the S&P 500 components are trading with a gain.
Energy (+1.1%) is the lone standout among the major economic sectors. The sector is receiving leadership from oil giants Exxon Mobil (XOM 80.70, +0.27), ConocoPhillips (COP 83.00, +1.38), and Chevron (CVX 85.00, +0.44). Exxon actually traded lower yesterday after it announced disappointing earnings results. Chevron is trading higher, despite announcing earnings per share results that failed to meet the consensus estimate. One immediate difference between the two session's is today's higher oil price, which is now up more than 3%.DJ30 -89.89 NASDAQ -34.15 SP500 -10.85 NASDAQ Adv/Vol/Dec 779/511 mln/1628 NYSE Adv/Vol/Dec 926/254 mln/1912
10:05 am : The three major indices have all fallen well into negative territory. Losses are most intense in the Nasdaq, which contrasts with yesterday's session when it outperformed its counterparts.
Oil prices are now up almost 1.4% to $125.80 per barrel. The commodity was down in earlier trading.
Oil's rebound has given the energy sector a boost. It is currently up 1.4%, chipping into yesterday's 3.4% downturn.
In economic news, the ISM Manufacturing Index came in at 50.0 for July, which is above the 49.0 that was expected. ISM Prices Paid Index came in at 88.5, which is above the 88.0 consensus forecast. Also, construction spending during June was down 0.4%, though economists expected a 0.3% downturn.DJ30 -29.80 NASDAQ -28.35 SP500 -5.40 NASDAQ Adv/Vol/Dec 787/336 mln/1488 NYSE Adv/Vol/Dec 1030/166 mln/1736
09:45 am : After opening in higher ground the major indices are encountering some selling pressure. The Dow Jones Industrial Average is fighting to stay in the green, though its counterparts are showing losses.
Early losses are strong in the financial and materials sectors. They are both down 1.1%.
Oil has pared early-morning losses and is now trading a bit below the unchanged mark. DJ30 +1.14 NASDAQ -9.73 SP500 -1.50 NASDAQ Adv/Vol/Dec 938/142 mln/1126 NYSE Adv/Vol/Dec 1232/84 mln/1364
09:15 am : S&P futures vs fair value: +3.8. Nasdaq futures vs fair value: +5.2. Trading opens shortly and the mood is currently upbeat, according to stock futures. Early morning sentiment was initially rather dour, but a smaller-than-expected decline in July nonfarm payrolls reversed the pessimistic tone.
09:00 am : S&P futures vs fair value: +2.5. Nasdaq futures vs fair value: +4.2. Stock futures continue to indicate an upward start to trading Friday. Oil futures remain lower, extending yesterday's decline. Oil services giant Chevron (CVX) announced earlier this morning second quarter earnings per share results that fell short of the consensus estimate.
08:30 am : S&P futures vs fair value: +1.9. Nasdaq futures vs fair value: +0.2. Stock futures now indicate an upward open. The July unemployment rate hit 5.7%, up from 5.5% in June. Nonfarm payrolls fell by 51,000 in July, which is less than the 75,000 decline that was widely expected and even with a 51,000 drop in June. Manufacturing payrolls were cut by 35,000, though economists forecast a decline of 40,000 for July. Manufacturing payrolls also dropped by 35,000 the month before.
08:00 am : S&P futures vs fair value: -2.1. Nasdaq futures vs fair value: -6.2. Stock futures indicate a downward start to the week's final trading session. General Motors (GM) reported a hefty adjusted loss of $11.21 per share after revenues slipped nearly 18% from the prior year to $38.16 billion. Meanwhile, Deutsche Bank had its counterparty credit rating cut to AA- from AA at S&P. Still ahed is the July employment report, which is due at the bottom of the hour.
06:15 am : S&P futures vs fair value: +2.1. Nasdaq futures vs fair value: -2.5.
06:15 am : FTSE...5397.30...-14.60...-0.3%. DAX...6438.52...-41.04...-0.6%.
06:15 am : Nikkei...13094.59...-282.22...-2.1%. Hang Seng...22862.60...+131.50...+0.6%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
Market Data 
Markets 
AI
