13:30 ETStocks Return to Red
Dow +13.15 at 10156.33, Nasdaq -1.07 at 2221.69,S&P -1.33 at 1074.93
The broader market spent the past hour moving sideways with a slight gain, but it has since slipped back into the red.Though the stock market hasn't seen any truly dramatic swings this session, volatility is up. Specifically, the Volatility Index is up 2.0% at the moment.
13:00 ET
Broader Market Mixed at Midday
Dow +15.19 at 10159.00, Nasdaq +4.29 at 2227.77,S&P +0.86 at 1077.62
Overall trade for the first half of the session has been generally listless. In turn, the stock market is mired just above the neutral line at midday.The major market averages slipped in the early going as mild, but broad-based selling effort undercut stocks. A generally positive reaction to news that members of the G-20 agreed to slash deficits and even proposed to give banks a more flexible timeline to build capital reserves evidently didn't matter much to market participants once the opening bell sounded. The news had been cited by many pundits as a source of premarket strength and gains in Europe.Market participants also showed little lasting enthusiasm for the latest personal spending and income figures, which contained some encouraging markers for future spending activity.Specifically, real disposable income for May increased 0.5% -- the third straight monthly increase -- while the personal savings rate ticked up to 4.0% from 3.8% in April. Though the 0.4% increase in personal income for May was shy of the 0.5% increase that had been widely expected, personal income for April was revised higher to reflect a 0.5% increase.Core personal consumption expenditures (PCE) increased 0.2%, which was slightly higher than the 0.1% increase that has been expected.Early losses were led by materials stocks as metals plays came under a pronounced spell of pressure. The sector is still in trouble as it grapples with a 1.1% loss and trades near its session low.Persistent weakness in the materials sector comes even though the broader market has made its way back into positive territory. It had been up 0.5% at its session high, but gains have since moderated.The broader market's modest pullback has coincided with a drop by the euro to session lows. The euro is now down 0.6% against the greenback.While the broader market now only trades with a slight gain, telecom has displayed steady strength for the entire session. Even now the sector is up 1.5%.Treasuries have also displayed strength this session. That has sent the yield on the benchmark 10-year Note below 3.04% to a fresh 52-week low.
12:30 ET
Gains Moderate
Dow +27.89 at 10171.70, Nasdaq +8.33 at 2231.81, S&P +2.39 at 1079.15
The stock market recently extended its pullback all the way to the neutral line, but it was able to find some support there. The broader market now trades with a moderate gain.
12:00 ET
Major Indices Ease Back
Dow +29.47 at 10173.08, Nasdaq +12.15 at 2235.63, S&P +3.07 at 1079.83
The stock market recently pushed to a fresh session high, but it has since eased back to the 1080 line. The euro has been hit by some selling, too; the currency now trades with a near 0.5% loss against the greenback.The pullback by the euro and the equity market has prompted Treasuries to tick higher, such that the benchmark 10-year Note is back near its best levels of the session.Gold hasn't caught much interest, though. The yellow metal is now down 1.0% to trade at $1243 per ounce. Earlier it had been as high as $1262 per ounce, which is just a few dollars shy of its record high above $1265 per ounce.
11:30 ET
Broader Market Takes Breather, but Tech Ticks Higher
Dow +44.49 at 10188.70, Nasdaq +14.18 at 2237.66, S&P +3.92 at 1080.68
The S&P 500 has paused at the 1080 mark after working its way roughly 10 points higher from the session lows that were set little more than an hour ago.Tech stocks continue to tick higher, though. The sector is now at a fresh session high with a 0.9% gain. Semiconductor stocks are especially strong -- they are up 1.5%, collectively. Such strength among tech plays has helped the tech-rich Nasdaq take a modest lead over its counterparts.
11:00 ET
Stocks Bounce
Dow +33.55 at 10177.36, Nasdaq +5.77 at 2229.25, S&P +2.34 at 1079.10
The S&P 500 came within a few points of last week's low of 1068, but a broad-based bounce has since taken stocks back into positive territory. Telecom (+1.0%) and consumer staples (+1.1%) stocks continue to sport the strongest gains.However, tech stocks and health care stocks, which combine to represent roughly 30% of the S&P 500 market weight, have managed to put together solid gains of their own. Both sectors are up 0.4%.
10:35 ET
Crude Above $78, Precious Metals Near Session Highs
Dow -1.29 at 10142.52, Nasdaq -4.78 at 2218.70, S&P -0.91 at 1075.85
Despite strength in the US Dollar Index, which is trading near session highs currently, precious metals rallied into positive territory and to new session highs about an hour ago. August Gold pushed to $1263.70, while July silver rose to $19.22 per ounce. In current trade, gold is 0.5% higher at $1262.70 per ounce and silver is up 0.6% at $19.22 per ounce.August crude oil moved into negative territory overnight and has remained there since. Crude hit new session lows of $77.72 per barrel near the top of the hour, but has recovered a small portion of its losses and it moved back above the $78.00 level. In current trade, crude is trading at $78.21, down 0.8%.July natural gas has been in negative territory all session today. The energy component fell sharply at the open of pit trading, falling to fresh morning lows of $4.70 per MMBtu on no direct catalyst. News that Tropical Storm Alex is not expected to hit near the BP spill is bearish for natural gas, but this was out earlier this morning. Natural gas is currently 1.8% lower at $4.77 per MMBtu.
10:00 ET
Sellers Apply Pressure
Dow -32.42 at 1011.39, Nasdaq -10.75 at 2212.73, S&P -4.11 at 1072.62
Selling pressure has picked up in the past few minutes, such that stocks now sit at morning lows with broad-based losses. Of the major sectors in the S&P 500, only telecom stocks (+0.4%) and consumer staples stocks (+0.1%) are in higher ground.Weakness among stocks has spurred buying among Treasuries. In turn, the benchmark 10-year Note is now up 20 ticks so that it's yield stands below 3.04% at a fresh 52-week low.Meanwhile, spot gold prices recently made an upward push to $1260.80 per ounce, up $5.20.Advancing Sectors: Telecom (+0.4%), Consumer Staples (+0.1%)Declining Sectors: Materials (-1.3%), Energy (-0.8%), Financials (-0.7%), Industrials (-0.7%), Utilities (-0.6%), Consumer Discretionary (-0.5%), Health Care (-0.5%), Tech (-0.1%)
09:45 ET
Mixed Start for Stocks
Dow +4.00 at 10147.81, Nasdaq -3.75 at 2219.73, S&P -0.43 at 1076.33
The broader market is mixed in the first few minutes of trade, but telecom is up to a strong gain of 0.7%. The sector is currently led by Sprint Nextel (S 4.33, +0.13), which has snapped back from a couple of sharp losses.In contrast, materials stocks are under pressure. The sector has already sunk 0.9% as steel stocks (-2.2%) and diversified materials plays (-2.3%) take an early pounding.
09:15 ET
Market is Closed
S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +2.30. The stock market appears poised for a flat start. The tone had been more positive roughly an hour ago as premarket participants took their cues from Europe's major bourses, which continue to sport gains. However, the mood among morning traders began to moderate ahead of what some have actually argued are rather encouraging personal income and spending figures for May. A slip by the euro to a morning low hasn't helped -- it is currently down 0.3%. The euro's weakness comes even though members of the G-20 agreed during the weekend to slash deficits. A suggestion was also made at the G-20 meeting to give banks a more flexible timeline to build capital reserves.
09:00 ET
Market is Closed
S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +0.50. Index futures for the S&P 500 have fallen back to the flat line and gains in Europe have moderated. The pullback comes as the euro slips to a 0.3% loss against the greenback. Still, trade across the pond remains generally upbeat as the Euro Stoxx 50 sports a 0.7% gain. Germany’s DAX is up 0.8% as Infineon leads 27 of the bourses 30 members to a gain. Adidas, RWE AG, and K&S AG are presently the only names to trade with a loss. BNP Paribas has led France’s CAC to a 0.8% gain. Advancers outnumber declining issues by almost 4-to-1 in the French Index. Britain’s FTSE is flat, though its advancers outnumber decliners by roughly 2-to-1. Embattled BP Plc (BP) has benefited from news that efforts to relieve its leaking oil well may be completed prior to what had been previously anticipated. However, bank stocks on the British index have been pressured, even though it was suggested at the G-20 to relax the timeline for banks to build their capital levels. In Asia, trade was largely mixed in the first session of the week. Japan’s Nikkei settled 0.5% lower as Softbank and Tokyo Electron succumbed to stiff selling. Fast Retailing provided broader market support, though. In Hong Kong, the Hang Seng mustered a 0.2% gain. CNOOC (CEO) proved a pivotal source of strength that offset weakness in China Shenhua and HSBC. Mainland China’s Shanghai Composite closed with a 0.7% loss as declining issues outnumbered advancers by more than 4-to-1. Oil plays China Petroleum and PetroChina (PTR) were primary sources of weakness, which undermined strength in shares of China Citic Bank, China Merchants Bank, and China Life Insurance.
08:30 ET
Market is Closed
S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +4.30. Stock futures recently pulled back to the flat line, but have since made a modest bounce on the back of the latest data. Personal income for May made a 0.4% increase, which is softer than the 0.5% increase that a sample of economists polled by Briefing.com had expected, on average. Personal spending for May increased 0.2%, which is stronger than the 0.1% increase had been widely expected. As for core personal consumption expenditures, they increased 0.2% month-over-month when a 0.1% increase had been expected.
08:15 ET
Market is Closed
S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +5.30. Index futures point to a slightly higher start for trade on Monday. Overall news flow is slow this morning, but early participants have taken note of agreements by G-20 members to slash deficits over coming years and suggestions to allow more gradual increases to bank reserve requirements. The latter issue appeared to provide a lift to many European banks stocks, which have led the continent’s major bourses higher. However, the euro has slipped succumbed to some selling so that it is currently down 0.2% against the dollar. Economic data for today is limited to May personal income and spending figures at the bottom of the hour. The data will include personal core expenditures (PCE).
06:39 ET
Market is Closed
S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +5.80.
06:39 ET
Market is Closed
FTSE...5071.28...+24.80...+0.50%. DAX...6132.72...+62.10...+1.00%.
06:39 ET
Market is Closed
Nikkei...9693.94...-43.50...-0.50%. Hang Seng...20726.68...+38.90...+0.20%.
16:30 ETBroader Market Holds on for First Gain of Week
Dow -8.99 at 10143.81, Nasdaq +6.06 at 2223.48, S&P +3.07 at 1076.76
A finalized financial reform bill drove banks and a bevy of other financial services firms sharply higher Friday, but the broader market had to fight for even a modest gain.The House and Senate reached an agreement on financial regulation this morning. The bill, which is expected to be passed in coming weeks, will prohibit banks from making risky bets with their own money, but some will still be able to participate in hedge funds and private equity funds. Though there are still some uncertainties related to the bill's implications, its finalization removes an overhang from the financial sector. Diversified financial services spiked 3.4%, investment banks and brokerages bounced 3.1%, and specialized finance stocks climbed 3.0%. The overall financial sector settled with a 2.8% gain, which was twice the 1.4% gain of the next best performing sector -- materials.The materials sector was led by strength in gold and silver stocks like Newmont Mining (NEM 61.67, +2.72) and diversified metals plays like Freeport McMoRan (FCX 66.57, +3.13). Their gains came partly in response to a pullback by the greenback, which fell to a 0.5% loss against competing currencies.The dollar's decline and the euro's resulting climb also coincided with an afternoon advance by the broader market, but the move proved difficult to sustain as stocks chopped lower into the close. Still, stocks were able to settle with a modest gain that snapped their recent losing streak at four sessions.While the broader market saw mixed interest, small caps in the Russell 2000 spiked 1.9% ahead of the annual reconstitution of the Russell indices. The rebalancing occurs after the close, but preparation for the change stoked trading volume.The latest in economic data and corporate headlines seemed to have little lasting impact on the overall mood of market participants this session.The final GDP reading for the first quarter showed that the overall economy grew at a slower-than-expected rate of 2.7% from January through March. Meanwhile, personal consumption growth increased at a softer-than-expected rate of 3.0% and core personal consumption expenditures made a 0.7% increase, which is slightly stronger than many had anticipated.Traders also got their hands on the final Consumer Sentiment Survey for June from the University of Michigan. It improved slightly to 76.0, which represents the best reading since January 2008.Oracle (ORCL 22.60, +0.38) was one of the more widely held companies to recently report quarterly results. The company's earnings topped what Wall Street had expected. The company also issued solid guidance.Research In Motion (RIMM 53.26, -5.32) also brought in a better-than-expected bottom line, but that was overshadowed by a relatively mixed forecast. Shares of RIMM plummeted to a fresh 52-week low in their worst single-session percentage drop in roughly nine months.Advancing Sectors: Financials (+2.8%), Materials (+1.4%), Industrials (+0.6%), Utilities (+0.3%), Health Care (+0.2%), Consumer Discretionary (+0.1%)Declining Sectors: Consumer Staples (-1.5%), Telecom (-1.2%), Tech (-0.6%), Energy (-0.1%)..Nasdaq 100 -0.3%. ..S&P Midcap 400 +1.1%. ..Russell 2000 +1.9%.
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