Nasdaq Lags Counterparts
Dow +90.62 at 10541.26, Nasdaq +10.02 at 2319.22,S&P +8.15 at 1125.28
[BRIEFING.COM] The Nasdaq continues to drift downward so that it now trades with only a modest gain. It had been up in excess of 1% in the early going.The Nasdaq's loss of strength comes as large-cap tech stocks come under pressure. For example, Microsoft(MSFT 26.29, -0.16) and Google (GOOG 493.93, -6.10) are near session lows.Semiconductor stocks have provided some support to the tech-rich Nasdaq, though. As a group, semiconductor and semiconductor equipment stocks are up 0.9%.
11:30 ET
Retailers Retreat
Dow +105.81 at 10556.45, Nasdaq +15.76 at 2325.56, S&P +9.70 at 1127.21
[BRIEFING.COM] Shares of retailers have retreated to a 0.3% loss. Their pullback has been led by merchandisers like Nordstrom (JWN 37.91, -0.75), Macy's (M 21.26, -0.20), and Target (TGT 53.06, -0.61).Despite the weakness of retailers, the consumer discretionary sector is still up a solid 0.6%. Most of its strength stems from hotel and casino plays like Wynn Resorts (WYNN 88.45, +3.42) and Las Vegas Sands (LVS 27.79, +1.03).
11:00 ET
Market Makes a Pullback
Dow +85.18 at 10535.82, Nasdaq +12.81 at 2322.61, S&P +7.65 at 1125.16
[BRIEFING.COM] The broader equity market has handed back a chunk of its gains. Stocks are still up comfortably for the session, though.Materials stocks continue to outperform. The sector is up 2.0% at the moment. Of its 32 members, onlyNewmont Mining (NEM 60.66, -0.59), Airgas (ARG 63.54, -0.22), and Pactiv (PTV 29.50, -0.06) are in negative territory.
10:30 ET
Oil and Gas Prices Climb, Copper Too
Dow +103.62 at 10554.26, Nasdaq +17.29 at 2327.09, S&P +9.31 at 1126.82
[BRIEFING.COM] Broad support for commodities has helped drive the CRB Commodity Index to a 1.5% gain.At an individual level, oil prices are up a sharp 1.9% to $78.65 per barrel. Natural gas prices are up an even sharper 3.2% to $5.16 per MMBtu.Gold prices set a new record high overnight, when August futures prices for the yellow metal hit $1266.50 per ounce. The precious metal has since pulled back to trade with a fractional loss at $1255.50 per ounce, though; its retreat comes in response to considerable support for stocks instead of safety plays.Silver prices had managed to hold on to gains a bit longer. The metal had been in positive territory for most of the morning, but it has since pulled back to $19.20 per ounce to trade flat for the session.Copper prices are strong, though. The metal is currently priced at $301 per pound, up 3.9%. Its strength stems largely from news that China will let its currency move more freely -- a move that could benefit exporters of natural resources to the country.
10:00 ETDefensive Plays Lag
Dow +135.66 at 10586.30, Nasdaq +28.58 at 2338.38, S&P +13.37 at 1130.88
[BRIEFING.COM] Traditionally defensive-oriented stocks are lagging in the early going. More specifically, consumer staples stocks are up just 0.4%, telecom and utilities stocks are up 0.5%, and health care stocks are up 0.6%, while the S&P 500 is up more than 1%.Materials stocks continue to sport the strongest gains -- they're now up 2.3%. Energy and industrial stocks are up 1.9% to complement the materials sector's strength.Such strength among stocks has put pressure on Treasuries. In turn, the benchmark 10-year Note is down more than 20 ticks so that its yield is back at 3.30%.
09:45 ET
Metals Stocks Spike to Lead Broader Market
Dow +105.66 at 10559.40, Nasdaq +22.52 at 2332.66, S&P +10.46 at 1127.97
[BRIEFING.COM] The major equity averages are up sharply in the first few minutes of trade. Their strength is broad based, but materials stocks are out in front with a 2.1% gain.The materials sector's advance is led by diversified metals stocks and steel stocks, which are up 5.2% and 3.7%, respectively. Favor for their shares is underpinned by the belief that a more freely moving Chinese yuan will benefit exporters that feed China's voracious appetite for natural resources.
09:15 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +13.10. Nasdaq futures vs fair value: +21.30. Stock futures point to a sharply higher start to the first session of the week. The supportive bid comes in response to a decision by The People’s Bank of China to let its currency move more freely. In the past China has been accused of deliberately undervaluing its currency to boost exports, but its decision to let its currency move more freely reflects a confidence in the country’s underlying economic health. Companies that export to China are expected to benefit from the decision. Given China’s voracious appetite for natural resources, many metals and energy plays have caught a strong bid. However, BP Plc (BP) has fallen under renewed selling as it grapples with headline risk related to ongoing woes at its leaking oil well in the Gulf.
09:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +11.20. Nasdaq futures vs fair value: +20.60. A strong, morning bid for commodities has sent the CRB Commodity Index up 0.8%. Oil prices have provided the strongest support; crude oil was last quoted 1.9% higher at $78.65 per barrel. Natural prices are also up sharply; the commodity was last priced 2.8% higher at $5.14 per MMBtu. As for precious metals, silver prices are up 0.7% to $19.30 per ounce, but gold prices have pulled back to trade with a fractional loss at $1256.30 per ounce. Gold prices had hit a new record high of $1266.50 per ounce overnight.
08:35 ETMarket is Closed
[BRIEFING.COM] S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +17.80. Index futures for the major U.S. markets are off of their morning highs, but they continue to trade with strength. Europe’s major bourses continue to sport strong gains of their own, such that the Euro Stoxx 50 sports a 1.5% gain. Meanwhile, Germany’s DAX is up 1.2%. The German bourse is currently led by BMW, though all but two of its 30 members are in the red – Merck KGAA and Fresenius SE. France’s CAC has climbed to a 1.4% gain. It is currently led by natural resource plays Total (TOT) and ArcelorMittal (MT). France Telecom has failed to participate in the rally, though. Britain’s FTSE is up 0.9%, but BP Plc (BP) is back under pressure. Metals plays have provided the most support as Rio Tinto (RTP), BHP Billiton (BHP), and Anglo American show leadership. The strength among metals stocks comes as a result of China’s decision to allow its currency to move more with market demand. The decision signals that China is comfortable enough with its recovery prospects to make a move that will negatively affect exports, but one that will help companies that supply China with natural resources, like oil, copper, steel, coal, etc. While The People’s Bank of China did not officially change the yuan peg, the currency will be able to move 0.5% per day. In Mainland China, the Shanghai Composite climbed to a 2.9% gain.PetroChina (PTR) was a primary leader. Financial issues were also strong. In Hong Kong, the Hang Seng spiked 3.1%. It was also led by PetroChina and financial plays, specifically China Construction Bank and HSBC(HBC). In Japan, the Nikkei made its way to a 2.4%. Of its 225 components, only seven fell to a loss. Softbank and Japan Tobacco were among the laggards, while Fanuc was a primary leader.
08:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +21.60. There are no economic reports scheduled for release today and corporate news flow is slow. However, a decision by the People’s Bank of China to allow the market to have more of an influence over its currency triggered a strong rally among Asian markets. Europe’s major bourses have followed and now index futures for the S&P 500 point to a sharply higher start for the week. Conversely, Treasuries are under pressure. As such, the yield on the 10-year Note is up to 3.29% after it finished Friday at 3.22%. The spread between the yield of the 2-year Note and that of 10-year Note is just shy of 255 basis points. Results from an auction of 2-year Treasury Notes will be released tomorrow.
07:13 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +14.10. Nasdaq futures vs fair value: +24.60.
07:13 ET
Market is Closed
[BRIEFING.COM] FTSE...5306.80...+55.90...+1.10%. DAX...6305.91...+88.80...+1.40%.
07:13 ET
Market is Closed
[BRIEFING.COM] Nikkei...10238.01...+243.00...+2.40%. Hang Seng...20912.18...+625.50...+3.10%.
16:10 ET
Stocks finish little changed in quiet trade
Dow +16.70 at 10450.87, Nasdaq +2.64 at 2309.80, S&P +1.48 at 1117.52
[BRIEFING.COM] With little leadership, stocks remained near the flat line for most of the session after reaching their highest levels in mid-morning trading. The S&P 500 traded in a seven point range throughout the session with most of the trading occuring between 1115 and 1118.
Energy shares led throughout the session, but received little help from BP (BP 31.77, +0.06) following yesterday's Congressional hearing on Capitol Hill.
Earlier this morning gold hit an all-time high near $1264 per ounce before pulling back and settling at $1258.30 in pit trading. Materials stocks gave back early gains, but were still able to close in positive territory. As expected,SPDR Gold Fund (GLD 122.82, +0.92) benefited from the move higher in the yellow metal.
Shares of Walgreen (WAG 30.05, +0.78) and CVS (CVS 32.45, +0.61) were among the biggest gainers after the two companies announced a new PBM pharmacy agreement.
Next week look for housing data on Tuesday and Wednesday, durable goods and jobless claims on Thursday, and the third estimate for first quarter GDP on Friday. All of those data releases have the potential to move the markets.
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