Market Update 080815 http://biz.yahoo.com/mu/update.html 4:15 pm : The week's final trading session concluded in mixed fashion as results were mixed across the major indices. The Dow and the S&P 500 closed the session up 0.4%, yet the Nasdaq posted a modest decline of 0.1%. For the week, the Dow closed 0.6% lower and the S&P 500 finished 0.1% higher, while the Nasdaq posted a healthy gain of 1.6%.
Participants initially pushed the major indices higher as several retailers provided better-than-expected earnings per share results and a strong dollar helped undercut commodity prices further. Yet the sense of bullishness during the early going waned in afternoon trade as retailers lacked the strength to help the broader market and no market-moving leader emerged.
Kohl's (KSS 51.79, +3.52), Nordstrom (JWN 31.54, +1.32), JCPenney (JCP 39.94, +3.11), and Abercrombie & Fitch (ANF 52.59, +0.02) each announced earnings per share results that exceeded analysts' dour estimates. The upside surprise is indicative that the consumer has not rolled over. However, the retailers did issue cautious guidance, indicating a lack of confidence in the coming quarters. In the end, retailers finished the session 1.8% higher, besting the major indices again.
Helping improve investors' outlook for retailers was another drop in oil prices, thanks largely to a stronger dollar. The dollar index climbed nearly 0.7% as crude shed more than 1% to settle below $114 per barrel. Strength in the greenback also helped push the CRB Commodity Index roughly 1.8% lower. Crude prices are still up more than 18% year-to-date and the CRB is up 6.6% year-to-date.
The weakness in commodities pushed the energy sector 1.8% lower and materials 0.4% lower.
The financial sector was unable to sustain hefty gains from early in the session. Though settling 1.1% higher, the sector was touting a 2.6% advance shortly after opening bell. Financials have been mired somewhat during recent sessions by uncertainty surrounding auction rate securities settlements. Allegations have been made against several major Wall Street firms that clients were duped into purchasing what were marketed as safe investment vehicles, but they later proved to be risky and illiquid.
Participants looked past a batch of economic data that indicated manufacturing activity is holding up better than anticipated. Industrial production climbed 0.2% during July, which follows a 0.4% increase in June. Economists expected the latest reading to be flat.
Additionally, the Empire State Manufacturing Index, a regional survey of manufacturers conducted by the New York Fed, came in at 2.8. It was expected to come in at -4.2. DJ30 +43.97 NASDAQ -1.15 NQ100 -0.4% R2K -0.1% SP400 -0.1% SP500 +5.27 NASDAQ Adv/Vol/Dec 1347/1.77 bln/1463 NYSE Adv/Vol/Dec 1639/1.17 bln/1455
3:35 pm : Entering the week's final minutes of trading the major indices are facing mixed results. At their current level the Dow is facing a 0.7% week-to-date decline, while the Nasdaq is facing a 1.5% week-to-date gain, and the S&P 500 is on pace to close the week just 0.1% higher.
The session has been rather choppy as a lack of meaningful leadership has marked afternoon trading.
Treasuries have found favor, though. The benchmark 10-year Note is up 13 ticks and yielding 3.84%, near its lowest level this month.DJ30 +42.83 NASDAQ -0.34 SP500 +5.12 NASDAQ Adv/Vol/Dec 1293/1.51 bln/1521 NYSE Adv/Vol/Dec 1531/926 mln/1540
3:05 pm : After trending downward the major indices have made a concerted upturn.
Still, three of the major economic sectors are trading with losses. Energy (-1.6%) and materials (-0.3%) are the worst performing sectors. Tech is hovering just below the unchanged mark (-0.1%).
Systems software companies are weighing on the tech sector. An index of the industry is down 0.8% as Microsoft (MSFT 27.72, -0.19) trades lower in afternoon action. DJ30 +42.26 NASDAQ -4.15 SP500 +4.71 NASDAQ Adv/Vol/Dec 1135/1.39 bln/1667 NYSE Adv/Vol/Dec 1423/865 mln/1641
2:30 pm : The action in the major indices remains mixed, yet the broader market continues to sport a modest gain thanks to the leadership of the retailers.
Lower oil prices, and likely some short covering, have contributed to the retail sector's outperformance. For the week the S&P Retailing Index is up 4.5%, which is remarkable given all the cries about the consumer's certain demise.
Separately, the small-cap issues are underperforming in today's market. The Russell 2000 is down 0.6%. Still, the small-cap average is on the cusp of returning to positive ground for the year, as it is down just 2.2% year-to-date now. In mid-July it was down 15.5% since the start of the year.DJ30 +7.90 NASDAQ -7.78 SP500 +1.90 NASDAQ Adv/Vol/Dec 1164/1.23 bln/1653 NYSE Adv/Vol/Dec 1399/775 mln/1616
2:00 pm : The major indices are now making a gradual descent. Still, each is off its worst level of the session when the Dow was down 0.1%, the Nasdaq was down 0.3%, and the S&P 500 was down 0.2%.
Though the Nasdaq is currently lagging its counterparts, it is the only index currently on track to conclude the week with a gain. At its current level it is up 1.5% week-to-date.
Separately, Chicago Fed President Evans stated today that inflation risks at a time of economic weakness pose a tough policy challenge. He sees growth in the second half as extremely sluggish, but the risk of a severe dowturn is averted.DJ30 +20.76 NASDAQ -2.98 SP500 +3.19 NASDAQ Adv/Vol/Dec 1254/1.16 bln/1505 NYSE Adv/Vol/Dec 1489/756 mln/1543
1:35 pm : The Dow Jones Industrial Average is posting a fair gain, as is the S&P 500. The Nasdaq, however, is teetering on the unchanged mark.
Crude prices have fallen below $112 per barrel, shedding 2.6% this session. Commodities are down 2.3%, according to the CRB Commodity Index.
The declines in the commodities are largely owed to a stronger dollar. The greenback is up 0.7%, according to the dollar index. It is also up 0.6% year-to-date.
Note: We apologize to our readers for any missed stock market updates as our servers required technical maintenance.DJ30 +31.10 NASDAQ +0.59 SP500 +4.16 NASDAQ Adv/Vol/Dec 1302/1.11 bln/1440 NYSE Adv/Vol/Dec 1509/725 mln/1506
12:30 pm : The major indices have lost ground as sellers enter the market. Reflecting the decline, the financial sector has fallen to its lowest level of the session. It had been up as much as 2.6% early on, but is now up just 0.2%.
Goldman Sachs (GS 164.47, -2.12) is a laggard in the sector. It had its estimates cut at JPMorgan as analysts see a seasonally slow quarter exacerbated by the credit environment. However, the analysis still sees Goldman as the broker to own. Goldman had its shares downgraded by a bevy of analysts in recent sessions.
Trying to settle the auction rate securities debacle, Wachovia Bank (WB 15.67, -0.14) reached an agreement with the Missouri Secretary of State, New York Attorney General, and the Securities Exchange Commission. Wachovia will offer to purchase at par all ARS held by individuals, charities, and religious organizations. Certain terms and conditions apply to repurchase agreements for other holders.DJ30 +16.20 NASDAQ -2.05 SP500 +2.09 NASDAQ Adv/Vol/Dec 1216/920 mln/1471 NYSE Adv/Vol/Dec 1427/632 mln/1544
12:00 pm : Stocks successfully fought through a bout of selling pressure early on, but sellers have yet to surrender. The Dow and the S&P are trading with fair gains, but the Nasdaq is dwindling.
The advance has been supported by better-than-feared earnings data from some notable retailers along with a flurry of economic data. A drop in oil prices and strength in the dollar has also helped the mood on Wall Street.
Kohl's (KSS 51.50, +3.23), Nordstrom (JWN 31.45, +1.23), JCPenney (JCP 39.15, +2.32), and Abercrombie & Fitch (ANF 53.00, +0.43) all topped analysts' earnings estimates for the most recent quarter, which was when fiscal stimulus checks first began hitting mailboxes. The retailers, however, issued mixed guidance, conveying some uncertainty regarding the back-to-school and holiday shopping season.
The preliminary reading for the University of Michigan Consumer Confidence Survey came in at 61.7, a bit below expectations, but slightly above the prior reading of 61.2. Importantly, empirical evidence has shown that there is relatively little correlation between consumer confidence levels and actual consumer spending.
Providing further evidence the manufacturing index is holding up better than perceived is 0.2% growth for July industrial production, which follows a 0.4% increase. Economists expected the latest reading to be flat.
Additionally, the Empire State Manufacturing Index, a regional survey of manufacturers conducted by the New York Fed, came in at 2.8. It was expected to come in at -4.2.
Oil is down more than 2% to $112.30 per barrel. It had been down as much as 3.2% to trade near $111.35 per barrel. Week-to-date, crude prices have fallen roughly 2.3%, but remain up 17% year-to-date.
Oil's decline from record highs is partly owed to a stronger dollar. The greenback is up roughly 0.6% against a basket of major foreign currencies. DJ30 +29.64 NASDAQ -0.95 SP500 +3.30 NASDAQ Adv/Vol/Dec 1249/849 mln/1425 NYSE Adv/Vol/Dec 1461/592 mln/1487
11:30 am : Stocks remain in positive ground while trading in choppy fashion.
The Nasdaq 100 is underperforming the Dow, Nasdaq, and S&P 500. It is currently up just 0.1%, despite strong leadership from Autodesk (ADSK 38.62, +4.27). Autodesk announced earlier today upside earnings per share results on the back of strong sales growth.
Small-cap and mid-cap holdings are also underperforming the three primary indices. The Russel 2000 and the S&P 400 are trading along the unchanged mark.DJ30 +67.09 NASDAQ +7.51 SP500 +6.38 NASDAQ Adv/Vol/Dec 1361/743 mln/1283 NYSE Adv/Vol/Dec 1548/534 mln/1363
11:00 am : The major indices have advanced higher after falling into the red. Gains are broad-based with eight of the ten economic sectors sporting gains.
The financial sector has rebounded, but remains off its earlier high. It is currently up 1.7%, thanks to leadership from Bank of America (BAC 31.07, +0.89).
Less influential but also performing well are bond insurers Ambac (ABK 5.35, +0.79) and MBIA (MBI 11.03, +0.71). Amback had its AA rating affirmed by S&P, as did MBIA. Ambac was removed from CreditWatch Negative, while MBIA was removed from CreditWatch but still has a negative outlook.DJ30 +81.10 NASDAQ +11.88 SP500 +7.65 NASDAQ Adv/Vol/Dec 1415/641 mln/1204 NYSE Adv/Vol/Dec 1576/483 mln/1308
10:30 am : Stocks have faltered as the financial sector (+1.0%) and the tech sector (-0.1%) lose ground. The financial and tech sectors represent the two largest sectors in the S&P 500, combining for more than 30% of its weight. Energy, the third largest sector, is down 2.1%.
However, advancing issues in the S&P 500 continue to have a leg up on decliners. Roughly 60% of index components are trading with a gain.DJ30 +25.89 NASDAQ -2.63 SP500 +1.80 NASDAQ Adv/Vol/Dec 1253/491 mln/1268 NYSE Adv/Vol/Dec 1403/412 mln/1407
10:00 am : Though a bit of selling pressure has hit stocks, buyers have been able to counter and keep the major indices in positive territory.
The price of oil has fallen below $112 per barrel. With its drop, the consumer discretionary sector is 1% since lower energy prices bode well for consumer spending.
Meanwhile, the preliminary reading for the University of Michigan Consumer Confidence Survey came in at 61.7, a bit below expectations, but slightly above the prior reading of 61.2.DJ30 +57.32 NASDAQ +9.01 SP500 +4.94 NASDAQ Adv/Vol/Dec 1436/310 mln/973 NYSE Adv/Vol/Dec 1617/330 mln/1117
09:45 am : Stocks opened the session in positive ground, thanks primarily to a batch of better-than-feared results from retailers and a drop in crude oil prices.
Kohl's (KSS 51.91, +3.64) and Nordstrom (JWN 34.16, +1.24) both announced after yesterday's close positive earnings per share surprises. JCPenney (JCP 39.09, +2.26) and Abercrombie & Fitch (ANF 53.97, +1.40) followed suit earlier today. The retailers, however, issued mixed outlooks.
Oil prices are currently down 2% to roughly $112.75 per barrel. Week-to-date, oil is down roughly 2.2%.DJ30 +84.52 NASDAQ +16.38 SP500 +8.33 NASDAQ Adv/Vol/Dec 1600/217 mln/735 NYSE Adv/Vol/Dec 1801/284 mln/866
09:15 am : S&P futures vs fair value: +3.0. Nasdaq futures vs fair value: -2.0. Stock futures have eased back a bit. Industrial production for July was up 0.2% and the previous reading was revised downward to a 0.4% increase. Economists expected the latest reading to be flat.
09:00 am : S&P futures vs fair value: +3.7. Nasdaq futures vs fair value: flat. Stock futures indicate a bit of an upward opening. Crude futures are trading more than $1 lower, bringing the price below $114 per barrel. Crude closed the previous session around $115 per barrel.
08:30 am : S&P futures vs fair value: +2.6. Nasdaq futures vs fair value: -1.0. The tone in premarket trading remains mixed. The Empire State Manufacturing Index, a regional survey of manufacturers conducted by the New York Fed, came in at 2.8. It was expected to come in at -4.2, reflecting an improvement from the -4.9 posted in July.
08:00 am : S&P futures vs fair value: +1.6. Nasdaq futures vs fair value: -1.0. Stock futures indicate a mixed open. Retailers Kohl's (KSS), Nordstrom (JWN), Abercrombie & Fitch (ANF), and JC Penney (JCP) all reported better-than-feared earnings per share results.
06:16 am : S&P futures vs fair value: +5.5. Nasdaq futures vs fair value: +2.0.
06:16 am : FTSE...5518.90...+21.50...+0.4%. DAX...6492.23...+50.02...+0.8%.
06:16 am : Nikkei...13019.41...+62.61...+0.5%. Hang Seng...21160.58...-232.13...-1.1%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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