Market Update 080811 http://biz.yahoo.com/mu/update.html 4:20 pm : The stock market posted a solid gain on Monday, with notable strength in financials and retailers. The end result was not as strong as it could have been, however, as the stock market gave up half its advance in afternoon trade as crude prices recovered some losses and the Fed said that lending standards have tightened.
The stock market inversely tracked oil price movements for most of the session, as there was very little corporate news and no economic data to focus on.
The stock market fell 0.4% at its session low and rose 1.3% at its session high, which corresponded with crude's high of 1.5% and low of -2.2%. Crude prices eventually ended the session with a loss of 0.5% at $114.62 per barrel, while the stock market posted a gain of 0.7%.
Meanwhile, according to the Fed's latest survey, domestic financial institutions tightened their lending stands on all major loan categories over the past three months. Specifically, 75% of domestic respondents tightened requirements for lending standards on prime mortgages, which is up from the previous survey's reading of 60%.
The financial sector ended the day with a gain of 1.7%, a substantial retreat from its session high when it was up as much 3.8%. Consumer finance stocks (+4.0%) saw the most buying interest. Goldman Sachs (GS 176.89, +0.94) underperformed on a relative basis after having its earnings estimates cut at the brokerage firm Ladenburg Thalmann, citing that business has "dried up."
Consumer discretionary (+2.5%) stocks were an area of strength. Retailing stocks posted a solid advance of 4.8%, after being up as much as 8.0%. Amazon.com (AMZN 88.05, +7.54) soared 9.4% after Citi said that sales of Amazon's electronic book reader, Kindle, appear to be much stronger than expected. Expect more action out of the retailers this week, with quarterly earnings reports slated from Wal-Mart (WMT 58.49, +0.63) and several major department stores.
The energy sector (-0.4%) was a laggard, with a steep drop in coal stocks (-5.2%) acting as a major drag. The materials sector (-0.4%) also posted a loss. Mining stocks came under pressure after gold (-3.8%) and silver (-4.4%) prices tumbled as the dollar rose 0.5%.
In corporate news, Waste Management (WMI 36.09, +0.08) raised its offer to purchase Republic Services (RSG 35.05, +0.19) to $37 per share, or $6.73 billion, from $34 per share. This represents a 33% premium to Republic's share price prior to Waste Management's original proposal. Republic said it will review the offer.
Food products company Sysco (SYY 31.11, +1.24) said its latest quarterly earnings rose 12% year-over-year to $0.55 per share, which topped Wall Street's forecast of $0.52. The company's results were bolstered by the ability to keep operating expenses in check.
Small-cap stocks outperformed, with the Russell 2000 Index climbing 2.3%. This, along with strength in AMZN, helped the Nasdaq Composite (+1.1%) outpace the Dow (+0.4%) and S&P 500, which only contain large-cap stocks.DJ30 +48.03 NASDAQ +25.85 NQ100 +0.8% R2K +2.3% SP400 +0.9% SP500 +9.00 NASDAQ Adv/Vol/Dec 1993/2.30 bln/857 NYSE Adv/Vol/Dec 1955/1.26 bln/1158
3:30 pm : Stocks attempt to turn higher but run into selling resistance. The major indices remain in positive territory.
The Dow is underperforming, as it has throughout the session. IBM (IBM 126.05, -2.76) and Boeing (BA 66.53, -1.34), which have heavy weightings in the price-weighted index, are the main drags. According to reports, Boeing may not bid on the $35 billion Air Force refueling tanker contract.DJ30 +14.24 NASDAQ +19.06 SP500 +4.47 NASDAQ Adv/Vol/Dec 1950/1.93 bln/893 NYSE Adv/Vol/Dec 1906/952 mln/1211
3:00 pm : The stock market gives up a large portion of this session's advance as crude recovers to the unchanged mark. The energy (-0.5%) and materials (-0.2%) sectors are in recovery mode as the broader market slips.
The consumer staples (-0.3%) and healthcare sector (-0.1%) retreat into negative territory.
The Nasdaq Composite continues to outperform, as Amazon.com (AMZN 88.45, +8.11) maintains most of this session's advance.DJ30 +25.54 NASDAQ +20.77 SP500 +6.11 NASDAQ Adv/Vol/Dec 1980/1.75 bln/862 NYSE Adv/Vol/Dec 1925/865 mln/1190
2:30 pm : The stock market retreats from its recently reached session high as oil prices pare some losses and the Fed reports that lending standards have tightened for consumer loans. Despite the recent dip, stocks are still posting a solid advance.
Crude oil prices are down 0.7% to $114.37 per barrel. Prices were down 2.2% just one hour ago. There is no specific news item that accounts for the recent buying interest.
Separately, the Fed said that over the past three months, domestic financial institutions reported having tightened their lending stands on all major loan categories. Specifically, 75% of domestic respondents tightened requirements for lending standards on prime mortgages, which is up from the previous survey's reading of 60%.
The financial sector is up 2.4%, a significant retreat from its recent high of +3.8%.DJ30 +57.89 NASDAQ +32.09 SP500 +9.71 NASDAQ Adv/Vol/Dec 2021/1.57 bln/805 NYSE Adv/Vol/Dec 2004/773 mln/1106
2:00 pm : The stock market continues to rally, as oil posts a 1.9% loss. Buying interest is mostly broad-based, with the exception of commodity stocks.
The financial sector (+3.4%) is seeing a notable gain. Within the sector, 80 of 88 stocks are higher, led by a 6.0% rally in Wells Fargo (WFC 31.98, +1.81). Fannie Mae (FNM 8.74, -0.31) and Freddie Mac (FRE 5.79, -0.11) are the main laggards, but have made a sharp recovery off session lows.
The S&P 500 Retailing Index advances 8.1%, marking its largest percent gain in seven and a half years. All 29 members of the index are in positive territory. By percent gain, the leaders are Gap (GPS 20.51, +2.42), up 13.4%, Dillard's (DDS 12.27, +1.42), up 13.1%, and Amazon.com (AMZN 89.72, +9.21), up 11.4%. This session's advance sends retailers to a 0.6% gain for the year.
The energy sector (-2.0%) and materials sector (-1.8%) fall to fresh session lows. Precious metal mining companies are under pressure as the price of gold tumbles 4.0% and silver falls 4.3%.DJ30 +114.54 NASDAQ +44.46 SP500 +14.49 NASDAQ Adv/Vol/Dec 2070/1.36 bln/742 NYSE Adv/Vol/Dec 2045/681 mln/1046
1:30 pm : Eight of the ten economic sectors are trading higher as the major indices move to fresh session highs. Only energy (-1.9%) and materials (-1.3%) are trading lower.
A stronger dollar is placing downward pressure on prices of imported commodities. The dollar index is currently up 0.3% this session, lifting the index to its highest level since February.
The CRB Commodity Index is down 0.7%. Meanwhile, crude oil futures are down 1.9%, near its session low.DJ30 +108.61 NASDAQ +40.89 SP500 +14.56 NASDAQ Adv/Vol/Dec 2018/1.19 bln/779 NYSE Adv/Vol/Dec 2015/612 mln/1062
1:00 pm : The stock market runs into some resistance at its recently reached session high, but still sports a solid gain of nearly 1%.
Small-cap stocks are outperforming, with the Russell 2000 Index up 2.2%. Small-cap stocks typically garner more buying interest as investors show more willingness to take on risk. The Russell 2000 is down 2.0% this year, compared with the S&P 500's decline of 10.9%.
As stocks advance, Treasuries decline. The 10-year note is down 22 ticks, and the 30-year bond is down 45 ticks.DJ30 +72.87 NASDAQ +33.47 SP500 +11.96 NASDAQ Adv/Vol/Dec 1956/1.05 bln/808 NYSE Adv/Vol/Dec 1961/541 mln/1093
12:35 pm : Oil is now down 1.7% to $113.21 per barrel. As a result, the stock market as a whole climbs higher, as the energy sector (-1.8%) slips. The S&P 500 is now up 1%.
The consumer discretionary sector (+3.5%) continues to rally, with Amazon.com (AMZN 89.65, +9.14) and department stores (+7.6%) providing leadership. Four major department stores are set to announce their quarterly results this week.
Oil-cost sensitive names are seeing a large boost. Retailers climb 6.1% and airlines spike 9.0%. Retailers have rallied 29% from their July 15 52-week low, while the Amex Airline Index is up 116%. Still, retailers are down 1.2% this year and airlines are down 20.2%DJ30 +84.67 NASDAQ +36.01 SP500 +13.13 NASDAQ Adv/Vol/Dec 1944/934 mln/795 NYSE Adv/Vol/Dec 1962/479 mln/1073
12:00 pm : The stock market climbs to a solid gain at midday after recovering from a sluggish start. The stock market's recovery was aided by a pullback in oil prices.
Crude prices are currently down 1.2% to $113.81 per barrel after retreating from a gain of 1.5% at $116.90 per barrel in early trading. Crude prices are at their lowest level since the beginning of May, and are down 29% since July 11.
Eight of the ten sector are posting a gain on what has been a slow news day.
Stocks climbed to session highs after financials rebounded from a loss 0.9% to a gain of 2.0%. Strength in consumer finance (+3.6%) more than offsets weakness in Fannie Mae (FNM 8.20, -0.85) and Freddie Mac (FRE 5.64, -0.26).
Telecom (+2.4%) is outperforming. Verizon (VZ 35.44, +0.85) reached an agreement with two unions that represent 65,000 employees, which prevented a potential strike.
Consumer discretionary (+2.6%) stocks are also an area of strength. Retailers are up (+4.6%), as Amazon.com (AMZN 88.00, +7.49) soars 9%. Citigroup said sales of Amazon's electronic book reader, Kindle, appear to be much stronger than expected. Retailers are also benefiting from the drop in crude prices.
The energy sector (-1.6%) is the main laggard, falling to session lows as oil prices reversed into negative territory.
In corporate news, Waste Management (WMI 36.00, -0.01) is making headlines after raising its offer to purchase Republic Services (RSG 34.78, -0.08) to $37 per share, or $6.73 billion, from $34 per share. This represents a 33% premium to Republic's share price prior to Waste Management's original proposal. Republic said it will review the offer.
Food products company Sysco (SYY 30.72, +0.85) said its latest quarterly earnings rose 12% year-over-year to $0.55 per share, which topped Wall Street's forecast of $0.52. The company's results were aided by the ability to keep operating expenses in check.DJ30 +51.21 NASDAQ +25.37 SP500 +8.74 NASDAQ Adv/Vol/Dec 1842/781 mln/863 NYSE Adv/Vol/Dec 1899/398 mln/1094
11:30 am : The major indices climb to session highs as the financial sector (+1.0%) rebounds out of negative territory. The move higher is mostly broad-based, with the exception of energy (-0.9%) and material stocks (-1.1%).
Financials were down as much as 0.9% in early trade, but recently spiked higher due to strength in consumer finance (+1.7%). The gains in financials come as Fannie Mae (FNM 8.23, -0.82) and Freddie Mac (FRE 5.56, -0.34) come under selling pressure. Financials have rallied 31% since their multiyear low reached on July 15.
Of the eight sectors posting a gain, telecom (+2.1%) and consumer discretionary (+1.6%) are sporting the largest advance. The consumer discretionary sector is aided by a strong 3.0% advance in retailers.DJ30 +1.87 NASDAQ +15.11 SP500 +3.20 NASDAQ Adv/Vol/Dec 1722/630 mln/915 NYSE Adv/Vol/Dec 1743/317 mln/1227
10:55 am : The stock market trades with a slight gain in uneventful trade.
The telecom sector posts a solid a advance of 1.8%, benefiting from a rebound trade and word that Verizon (VZ 35.14, +0.55) reached an agreement with two unions, and therefore avoided a potential strike.
The material sector (-1.1%) trails the broader market. Diversifed mining company Freeport McMoRan (FCX 83.43, -2.09) is the main laggard on no specific news item.
The energy sector (-0.5%) is also underperforming, as coal stocks (-3.5%) come under selling pressure.DJ30 -15.07 NASDAQ +8.97 SP500 +1.62 NASDAQ Adv/Vol/Dec 1498/494 mln/1062 NYSE Adv/Vol/Dec 1585/247 mln/1328
10:30 am : The stock market trades with a slight gain, with five of the ten economic sectors in positive territory. The Nasdaq is outperforming, partially due to strength in Amazon.com (AMZN 86.29, +7.78).
Food products company Sysco (SYY 31.24, +1.37) is posting a solid 4.6% advance. Sysco said its latest quarterly earnings rose 12% year-over-year to $0.55 per share, which topped Wall Street's forecast of $0.52. The company's results were aided by the ability to keep operating expenses in check.DJ30 -19.79 NASDAQ +9.47 SP500 +0.39 NASDAQ Adv/Vol/Dec 1493/382 mln/998 NYSE Adv/Vol/Dec 1546/187 mln/1291
10:00 am : The stock market recovers to the unchanged mark in mixed trade. Six of the ten economic sectors are posting a loss, led by weakness in materials (-1.1%). Telecom (+1.2%) and consumer discretionary (+0.7%) are outperforming.
Retailing stocks (+1.2%) are a pocket of strength this morning. Online giant Amazon.com (AMZN 84.32, +3.81) is leading the way, after Citigroup said sales of Amazon's book reader, Kindle, appear to be much stronger than expected.
Retailers will be an area of focus throughout the week, with earnings reports from JCPenney (JCP 36.39, +0.69), Kohl's (KSS 47.50, +0.64), Nordstrom (JWN 30.37, +0.78), TJX Cos (TJX 36.99, +0.12) and Wal-Mart (WMT 58.34, +0.48).DJ30 -14.66 NASDAQ +5.47 SP500 +0.25 NASDAQ Adv/Vol/Dec 1334/216 mln/1014 NYSE Adv/Vol/Dec 1288/110 mln/1436
09:40 am : The stock market takes a bit of a breather after surging nearly 3% in the previous week. The opening decline is modest. It is a very slow news day, with a dearth of market-moving earnings reports and no economic news.
Waste Management (WMI 35.91, -0.10) is making headlines after raising its offer to purchase Republic Services (RSG 34.90, +0.04) to $37 per share, or $6.73 billion, from $34 per share. The current offer represents a 33% premium to Republic's share price prior to Waste Management's original proposal. In July, Republic rejected Waste Management's $34 per share bid, saying it was not in the best interest of Republic shareholders.
Crude oil is up 0.4% to $115.60 per barrel. Prices were up as much as 1.5% in electronic trade, as market participants speculated about the potential impact on crude supply from the Russia-Georgia conflict and the threat of hurricanes.DJ30 -45.84 NASDAQ -7.18 SP500 -4.06 NASDAQ Adv/Vol/Dec 1056/70 mln/1131 NYSE Adv/Vol/Dec 1031/47 mln/1394
09:19 am : S&P futures vs fair value: -3.3. Nasdaq futures vs fair value: -5.0. Wall Street is set for a lower open on what has been a slow news day.
08:57 am : S&P futures vs fair value: -3.4. Nasdaq futures vs fair value: -3.2.
08:30 am : S&P futures vs fair value: -3.5. Nasdaq futures vs fair value: -3.2. Stock futures continue to suggest a slightly lower start to the trading day. In earnings news, food and food product company Sysco (SYY) reported a 12% rise in quarterly earnings per share, which topped Wall Street's forecast.
08:00 am : S&P futures vs fair value: -2.6. Nasdaq futures vs fair value: -0.5. Futures suggest a slightly lower start to the trading day. In corporate news, Verizon (VZ) reached an agreement with two unions that represent 65,000 employees. Waste Management (WMI) raised its offer to purchase Republic Services (RSG) to $37 per share, or $6.73 billion, from $34 per share. In July, Republic rejected Waste Management's bid, saying it was not in the best interest of Republic shareholders. Separately, crude oil prices are up 1.1% to $116.43 per barrel on fears that the conflict between Russia and Georgia will disrupt supply.
06:12 am : S&P futures vs fair value: -3.3. Nasdaq futures vs fair value: -4.3.
06:11 am : FTSE...5517.70...+40.20...+0.7%. DAX...6586.68...+25.03...+0.4%.
06:11 am : Nikkei...13430.91...+262.50...+2.0%. Hang Seng...21859.34...-25.87...-0.1%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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