Market Update 080814 http://biz.yahoo.com/mu/update.html 4:20 pm : Stocks settled with healthy gains Thursday, though short of their session high. Still, the advance was well-received after a downward open followed disappointing economic data. After being down 0.7% the S&P 500 climbed to a gain of 1.1% midday, but finished 0.6% higher. At its current level the S&P 500 is facing a week-to-date loss of 0.3%.
Receding oil and commodity prices helped quell fears that worse-than-expected July inflation would persist. The decline in crude and commodities was partially owed to strength in the dollar, which is beginning to look more attractive as foreign economies wane. Those trends helped bolster buying in equities.
According to July data, the Consumer Price Index (CPI) was up 5.6% year-over-year, thanks to higher food and energy costs. That was more than forecast and higher than June. Excluding food and energy, the CPI advanced 0.3% for July, also higher than expected. The increase in the core suggests higher import prices and recent pressures on commodity prices have led to some cost-push inflation.
However, the August CPI will probably be much better, given the recent decline in oil and commodity prices. Those trends persisted as crude prices and commodity prices finished almost 1% lower after the dollar advanced roughly 0.6% against a basket of major foreign currencies this session.
The dollar's recent strength is based on concerns related to slower growth in other major economies. Supporting that notion, Europe's economy contracted for the first time since the introduction of the euro almost one decade ago. Eurozone GDP fell 0.2% in the second quarter.
The two largest sectors in the S&P 500, technology (+0.7%) and financials (+2.6%), helped lift the major indices, as did better-than-expected earnings reports from Wal-Mart (WMT 58.10, +0.22), Urban Outfitters (URBN 35.40, +1.35), and Estee Lauder (EL 51.25, +6.29). Their numbers helped retailers advance 2.1%, collectively, and provide evidence that consumers continue to spend despite looser labor markets.
Initial jobless claims totaled 450,000 for the week ending Aug. 9. Though weekly claims fell 10,000, the four-week moving average rose 19,000 to 440,500, which reflects deterioration in the labor market.DJ30 +82.97 NASDAQ +25.05 NQ100 +1.2% R2K +0.9% SP400 +0.8% SP500 +7.10 NASDAQ Adv/Vol/Dec 1740/1.86 bln/1109 NYSE Adv/Vol/Dec 1999/1.00 bln/1101
3:30 pm : Heading into the final stretch stocks are holding on to healthy gains. The advance remains most pronounced among large-cap tech players in the Nasdaq 100 (+1%), where Research In Motion (RIMM 129.88, +3.08) remains the most positive influence.
In light of weakness overseas, the Dow Jones World Index is up just 0.1%. Excluding the U.S., the Dow World Index is down 0.1%.DJ30 +60.42 NASDAQ +19.43 SP500 +3.82 NASDAQ Adv/Vol/Dec 1635/1.55 bln/1189 NYSE Adv/Vol/Dec 1866/758 mln/1224
3:00 pm : Stocks continue to hold solid gains, but have been trending lower in afternoon action. The S&P 500 is currently up 0.4%, but was up as much as 1.1% at its session high. Still, advancing components of the S&P 500 outnumber decliners by more than 2-to-1.
Inducing some of the downturn has been a decline in the financial sector. It is now up just 1.5% after being up 3.4% earlier.DJ30 +67.01 NASDAQ +19.12 SP500 +4.67 NASDAQ Adv/Vol/Dec 1669/1.42 bln/1141 NYSE Adv/Vol/Dec 1908/697 mln/1187
2:30 pm : All three of the major indices continue to sport healthy gains. The Nasdaq is boasting the strongest performance. It is also the only index currently touting a week-to-date gain.
The energy sector has pared its losses. The sector was down 2.5% at its low, but is now trading near its best level of the afternoon with a loss of 0.9%.
The defensive-oriented utility sector remains out of favor this session. The sector is down 1.0% Thursday and 1.4% week-to-date. Meanwhile, the Dow Jones Utility Average is down 9.7% since the start of July.DJ30 +108.86 NASDAQ +24.36 SP500 +8.90 NASDAQ Adv/Vol/Dec 1678/1.29 bln/1113 NYSE Adv/Vol/Dec 1988/657 mln/1100
2:00 pm : The major indices continue to sport solid gains. Market breath is positive, with advancers outpacing decliners by 7-to-4 on the NYSE and by 7-to-5 on the Nasdaq. Volume is relatively light.
The dollar is up 0.66% against a basket of currencies, sending it into positive territory for the year, up 0.03%, for the first time since February. The dollar has rebounded 7.8% from its March 52-week low, but is down 7.1% from its August 2007 52-week high.DJ30 +121.32 NASDAQ +24.78 SP500 +9.70 NASDAQ Adv/Vol/Dec 1636/1.17 bln/1144 NYSE Adv/Vol/Dec 1954/580 mln/1123
1:30 pm : Seven of the ten economic sectors are trading higher. Utilities (-0.9%), materials (-1.1%), and energy (-1.7%) are each in the red.
Materials and energy have suffered amid concerns that weakened demand from consumers and commodity-buying companies will result from a weaker global economy. In turn, fuel and commodity prices have been pulling back from their record highs. For example, oil is down nearly 30% from its 52-week high, currently trading hands below $114 per barrel, though it remains 18% higher year-to-date.
Supporting concerns of a global slowdown, Europe's economy contracted for the first time since the introduction of the euro almost one decade ago. Eurozone GDP fell 0.2% in the second quarter, down from a 0.7% advance in the previous quarter.DJ30 +125.15 NASDAQ +26.19 SP500 +9.87 NASDAQ Adv/Vol/Dec 1692/1.08 bln/1060 NYSE Adv/Vol/Dec 1991/544 mln/1073
1:05 pm : Stocks have moved another step higher, but are currently trading off their session highs. Each of the major indices are trading with attractive gains. The Dow continues to lead the way.
Large-cap tech has shown notable strength. The Nasdaq 100 is up 1.2%, thanks to Research In Motion (RIMM 130.37, +3.47) and Qualcomm (QCOM 56.32, +0.93). Google (GOOG 505.70, +5.67) is also providing support.
The techonology sector is the largest in the S&P 500. The sector is currently up 1% this session.DJ30 +158.85 NASDAQ +28.57 SP500 +12.03 NASDAQ Adv/Vol/Dec 1741/993 mln/1007 NYSE Adv/Vol/Dec 2038/502 mln/1024
12:30 pm : Oil is down below $114 per barrel, shedding roughly 1.7% this session. Its decline has helped buying in oil-sensitive areas, like the consumer discretionary sector, up 2.5%, and retailers, which are collectively up 3.0%.
Among retailers, Home Depot (HD 27.49, +0.97) is providing the most leadership. Shares of HD are at a session high and lending support to the Dow Jones Industrial Average.
Only three Dow components are trading lower. AT&T (T 31.05, -0.25), Chevron (CVX 85.58, -0.66), and Exxon Mobil (XOM 77.25, -0.92) are the losers.DJ30 +104.22 NASDAQ +21.73 SP500 +7.15 NASDAQ Adv/Vol/Dec 1696/867 mln/999 NYSE Adv/Vol/Dec 1926/442 mln/1107
12:00 pm : Participants have lifted the major indices out of the red despite disappointing economic data. Upbeat results from a handful of retailers and a recent decline in oil prices are helping.
The core rate on July CPI advanced 0.3% for the second straight month and was higher than expected, thus causing disappointment. The core increase suggests higher import prices and recent pressures on commodity prices have led to some cost-push inflation.
Total CPI pushed higher, thanks to food and energy costs. It was up 5.6% year-over-year, which is more than the 5.1% increase that was forecast. It was also more than the 5.0% increase registered in June. However, the August CPI will probably be much better, given the recent decline in oil and commodity prices.
Also disappointing market participants in the early going were initial jobless claims of 450,000 for the week ending Aug. 9. Though weekly claims fell 10,000, the four-week moving average rose 19,000 to 440,500. The trend reflects a deterioration in the labor market that is going to feed concerns about consumer spending activity.
Despite the negative implications associated with the morning's economic data, stocks are moving higher. Retailers are trading nearly 2% higher in the wake of better-than-expected results from Wal-Mart (WMT 57.99, +0.11), Urban Outfitters (URBN 34.74, +0.69), and Estee Lauder (EL 49.72, +4.76).
Retailers are also being helped by a decline in oil prices. After moving higher in early action the price of crude is now down 1.2% to trade below $115 per barrel. The decline is eating into its advance in the previous session. The energy sector is down 1.1% as a result; it is one of the worst performing sectors.
Financial stocks have also stepped in to provide leadership this session. The sector is up more than 2%, thanks to heavy hitters Bank of America (BAC 30.03, +1.17) and JPMorgan Chase (JPM 37.92, +1.01). JPMorgan has recently confirmed its settlement with state regulators regarding the purchase of certain auction rate securities.DJ30 +111.39 NASDAQ +22.20 SP500 +7.88 NASDAQ Adv/Vol/Dec 1682/761 mln/986 NYSE Adv/Vol/Dec 1931/384 mln/1063
11:30 am : Stocks continue to make gains. The Dow Jones Industrial Average was up 1%, but has pulled back slightly. Its advance this session is close to reversing its decline in the previous session.
Helping the Dow is leadership from General Motors (GM 10.96, +0.70), Bank of America (BAC 29.93, +1.07), JPMorgan Chase (JPM 37.92, +1.01), and AIG (AIG 22.75, +0.70).
The concentrated strength among financial firms is apparent throughout the financial sector, which is up 2.2%, although it was up 2.7% earlier at its session high.DJ30 +99.83 NASDAQ +19.89 SP500 +7.36 NASDAQ Adv/Vol/Dec 1645/656 mln/987 NYSE Adv/Vol/Dec 1918/334 mln/1040
11:00 am : The major indices have pulled back a bit from their session highs, but continue to trade with strong gains.
The advance has broadened as roughly 60% of the S&P 500 components are sporting gains and half the economic sectors are now trading higher.
Still, the Dow and the S&P 500 are trading lower week-to-date. They are down 1.2% and 0.5%, respectively. The Nasdaq is sporting a 1.3% week-to-date advance.DJ30 +75.48 NASDAQ +16.16 SP500 +5.08 NASDAQ Adv/Vol/Dec 1544/542 mln/1016 NYSE Adv/Vol/Dec 1854/277 mln/1052
10:30 am : The S&P 500 has recently joined the Nasdaq and Dow Jones Industrial Average in the green. The sentiment has picked up in early action, thanks to a strong lift by the financial sector.
Financials are the second largest sector in the S&P 500, representing almost 15% of its weighting behind technology (unch.). Financials are currently up 2.1%. All of the financial sector's industy components are moving higher.DJ30 +27.04 NASDAQ +8.34 SP500 +1.24 NASDAQ Adv/Vol/Dec 1287/371 mln/1192 NYSE Adv/Vol/Dec 1542/199 mln/1300
10:00 am : Stock prices have made strong upward spike to their best levels of the morning. However, the major economic sectors continue to sport mixed results.
The energy sector is currently down 1.1% after advancing more than 3.0% in the previous session.
Oil prices are oscillating. Earlier, crude futures surrendered gains to trade with a loss. They are trading hands near $116 per barrel.DJ30 -21.33 NASDAQ +5.54 SP500 -3.15 NASDAQ Adv/Vol/Dec 1128/208 mln/1254 NYSE Adv/Vol/Dec 1274/122 mln/1452
09:45 am : The major indices opened in negative territory. The Nasdaq, however, has inched into positive ground.
Seven of the ten economic sectors are sporting losses.
Premarket trading initially indicated a mixed start to the session, but disappointing economic data caused traders to take a pessimistic stance. A widely followed inflationary measure, the Consumer Price Index, climbed more than expected for July. The latest weekly jobless claims were also more than forecast.DJ30 -39.57 NASDAQ +1.57 SP500 -6.11 NASDAQ Adv/Vol/Dec 1010/124 mln/1289 NYSE Adv/Vol/Dec 1108/83 mln/1536
09:15 am : S&P futures vs fair value: -8.0. Nasdaq futures vs fair value: -11.0. A sense of pessimism lingers in premarket action. Disappointing economic data has overwhelmed upbeat results from a handful of retailers and some relatively bullish merger and acquisition news.
09:00 am : S&P futures vs fair value: -8.2. Nasdaq futures vs fair value: -12.0. A downward open to the session is currently indicated by stock futures. There's been a flurry of merger and acquisition related news. Wells Fargo (WFC) is planning to acquire Century Bancshares, though the terms were not disclosed. Meanwhile, Skechers (SKX) has offered to buy Heelys (HLYS) for $5.25 per share. UnionBanCal (UB) is refusing a $63 per share buyout offer from Mitsubishi UFJ Financial.
08:30 am : S&P futures vs fair value: -5.5. Nasdaq futures vs fair value: -10.8. Stock futures have weakened. The July Consumer Price Index (CPI) climbed 5.6% year-over-year, though economists forecast a 5.1% increase. It was also more than the 5.0% increase registered in June. Excluding food and energy, July CPI increased 2.5%, which is more than the consensus 2.4% advance and up from the 2.4% increase the month before. Month-over-month, the index increased 0.8%, which is above the 0.4% increase economists came to expect yet below the 1.1% increase registered in June. The month-over-month increase totaled 0.3% after excluding food and energy, which is above the 0.2% increase that was widely expected and even with the increase for the preceding month. Separately, jobless claims for the week ending August 9 totaled 450,000. Economists expected 435,000 claims following the upwardly revised 460,000 claims filed for the previous week.
08:00 am : S&P futures vs fair value: +2.6. Nasdaq futures vs fair value: -1.5. Stock futures currently indicate a mixed start to action Thursday. Wal-Mart (WMT) topped analysts' expectations with its latest quarterly earnings report, as did J.M. Smucker (SJM) and Urban Outfitters (URBN).
06:30 am : S&P futures vs fair value: +0.7. Nasdaq futures vs fair value: -3.3.
06:24 am : FTSE...5510.80...+62.20...+1.1%. DAX...6442.13...+19.94...+0.3%.
06:24 am : Nikkei...12956.80...-66.25...-0.5%. Hang Seng...21392.72...+99.39...+0.5%.
05:29 am : S&P futures vs fair value: +0.7. Nasdaq futures vs fair value: -3.3.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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