Nasdaq Outperforms
[BRIEFING.COM] The Nasdaq has pulled itself back into positive territory to trade with a modest gain. The broader S&P 500 and blue chips in the Dow remained mired in the red with a modest loss, though.
Though its influence over the price-weighted Dow has been less pronounced, Microsoft (MSFT 25.49, +0.49) has provided leadership to the Nasdaq. The stock's strength this session comes on top of a solid performance in the prior session. However, weakness in the first part of the week has left the stock on track for a weekly loss of almost 2%.
1:30 ETConsumer Staples Stocks Still Under Pressure
Dow -36.50 at 10136.03, Nasdaq +0.68 at 2219.39, S&P -4.47 at 1082.37[BRIEFING.COM] Stocks have bounced back a bit after they had extended their slide. Still, the tone to trade remains one of general weakness.
Consumer staples stocks continue to come under selling pressure. The sector is down 1.2%, worse than any other major sector. Of the sector's 41 members, only a handful have managed to make gains. Constellation Brands (STZ 16.81, +0.39), Tyson Foods (TSN 18.40, +0.27), and Kroger (KR 20.05, +0.28) are among the advancers, but Walgreen (WAG 29.29, -0.67), Philip Morris International (PM 43.94, -1.17), and Supervalue(SVU 12.26, -0.23) are at the bottom of the bunch.
11:00 ETStocks Slip, but Treasuries Trade with Strength
Dow -27.81 at 10144.72, Nasdaq +4.41 at 2223.12, S&P -3.88 at 1082.96[BRIEFING.COM] The Nasdaq has been able to put together a modest a gain, but both the Dow and S&P 500 recently ran into a bit of resistance at their respective neutral lines. That resistance has given way to some renewed selling, which has knocked the broader market a leg lower.
Treasuries trade with strength. More specifically, the benchmark 10-year Note is up 18 ticks so that its yield now stands at 3.25% and the 30-year Bond is up a full point so that its yield is down to 4.17%.
10:30 ETCommodities Met with Mixed Interest
Dow -3.40 at 10170.39, Nasdaq +13.26 at 2232.36, S&P +0.59 at 1087.43[BRIEFING.COM] A handful of key commodities are caught in mixed trade this morning. Specifically, oil prices are down 0.8% to $74.85 per barrel, but natural gas prices have been propeled to a 2.9% gain at $4.78 per MMBtu.
In the precious metals space, gold prices are up incrementally to $1223 per ounce. Silver was last quoted with a 0.8% loss at $18.20 per ounce.
Despite the assorted action, the CRB Commodity Index is up 0.5% at the moment. That helps put it on track for a weekly gain of 3.0%, which makes for its best weekly performance since early April.
10:00 ETStocks Swing Upward
Dow -40.51 at 10132.17, Nasdaq -0.20 at 2218.20, S&P -3.93 at 1082.65[BRIEFING.COM] Stocks have trimmed their losses, such that the Nasdaq now flirts with a gain. The improved tone to trade follows the preliminary Consumer Confidence Survey for June. The survey came in at 75.5, which is up from the prior month reading of 73.6 and above the expected reading of 74.5.
Business inventory data for April was just released. Inventories saw a 0.4% increase during the month, though many had expected it to increase 0.5%. Inventories for March were revised upward to reflect a 0.7% increase.
09:45 ETSellers Send Stocks Lower in Early Trade
Dow -68.40 at 10104.13, Nasdaq -9.78 at 2208.93, S&P -6.66 at 1080.18[BRIEFING.COM] Widespread weakness has left the major equity averages to contend with losses in the opening minutes of trade. Selling pressure is most pronounced among defensive-oriented plays like consumer staples stocks (-1.4%), utilities (-1.2%), and telecom (-1.1%).
Of the major sectors in the S&P 500, only health care is higher. The sector currently sports a 0.5% gain as pharmaceutical plays (+0.9%) and health care services stocks (+1.5%) attract buyers.
09:15 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -21.30. A tepid tone in the wake of a strong performance during the prior session has worsened in the wake of a disappointing retail sales report for May. Total retail sales saw their worst slide since September 2009, while sales less autos had their worst drop since March 2009. Both came in the face of a consensus that called for an increase. A retreat by the euro hasn’t helped the tone of premarket trade either. The euro had initially extended its recent run against the greenback, but it is now down nearly 0.3% to $1.209. Coming up is the preliminary Consumer Confidence Survey for June from University of Michigan (9:55 AM ET). Business inventory data for April follows (10:00 AM ET). Market participants will take most of their early cues from the reports, given the lack of corporate news flow.09:00 ETMarket is Closed
[BRIEFING.COM] S&P futures vs fair value: -11.60. Nasdaq futures vs fair value: -22.10. Sellers have redoubled their efforts to send U.S. stock futures to morning lows. The weakened tone has imbued action in Europe, where Germany's DAX is now down 0.6% amid weakness in consumer goods stocks (-1.3%), health care stocks (-1.0%), and industrial stocks (-1.0%). Consumer services plays (+0.9%) have provided support, though. France's CAC was up more than 1%, but that has been cut to a 0.3% gain. Still, there is strength in bank stocks (+4.5%). Banking plays have benefited from comments from officials of Banco Santandar (STD) that the crisis in Spain has been blown out of proportion and that the Spanish bank will maintain its dividend. Spain's bank stocks (+6.1%) have lifted the IBEX to a 3.0% gain. Britain's FTSE has managed to hold on to a 0.1% gain, thanks to BP Plc (BP), which continues to rebound from its recent rout. The newfound strength flies in the face of upwardly revised estimates on the flow of leaked oil in the Gulf. In Asia, Japan's Nikkei was pushed 1.7% higher after participants were motivated by a surge on Wall Street Thursday. Advancing issues outnumbered decliners by almost 7-to-1 in the Nikkei. Fast Retailing provided some of the strongest leadership, while KDDI Corp. lagged. Hong Kong's Hang Seng made its way to a 1.2% gain. Global banking outfit HSBC (HBC) was one of its best performers and a primary leader. In contrast, China Unicom (CHU) was the only name in the 43-member index to log a loss. Mainland China's Shanghai Composite only managed to make a modest gain of 0.3%. Its moves were somewhat limited by a barrage of reports, including a reading that showed consumer prices climbed 3.1% and a 7.1% spike in producer price inflation. Industry output was up 16.5% and new lending hit $639.4 billion yuan, which matched data that had been previously leaked. Data leaks earlier this weak had sent the Shanghai Composite up sharply. That move helped the index preserve a weekly gain, which came in at 0.6%.08:35 ETMarket is Closed
[BRIEFING.COM] S&P futures vs fair value: -9.60. Nasdaq futures vs fair value: -20.30. Stock futures have fallen under a sharp flurry of selling following the release of the latest monthly retail sales figures. Advance retail sales for May fell 1.2%, which is a negative surprise since many had expected an increase of 0.2%. Excluding autos, retail sales fell 1.1% in May, though a 0.1% increase had been expected. Figures for the prior month were revised upward to show a 0.6% increase in both total retail sales and retail sales less autos. Still on tap is the preliminary Consumer Confidence Survey for June from University of Michigan at 9:55 AM ET, followed by April business inventory at 10:00 AM ET.08:00 ETMarket is Closed
[BRIEFING.COM] S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -7.10. Stock futures are flat at the moment. The tepid tone comes after the S&P 500 had surged 3% in the prior session. Those gains helped spur markets in Asia higher overnight, but Europe has only managed mixed gains. The euro continues to climb against the greenback so that it is now at $1.215, up 0.2% this morning. The Advance Retail Sales Report for May is due at the bottom of the hour. The preliminary Consumer Confidence Survey for June from University of Michigan is due at 9:55 AM ET. Business inventory data for April immediately follows at 10:00 AM ET.06:28 ETMarket is Closed
[BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: -4.80.06:28 ETMarket is Closed
[BRIEFING.COM] FTSE...5173.41...+40.90...+0.80%. DAX...6063.12...+6.60...+0.10%.06:28 ETMarket is Closed
[BRIEFING.COM] Nikkei...9705.25...+162.60...+1.70%. Hang Seng...19872.38...+239.70...+1.20%.16:25 ETEnd of day summary--stocks surge on broad-based strength
Dow +273.28 at 10172.53, Nasdaq +59.86 at 2218.71, S&P +31.15 at 1086.84[BRIEFING.COM] Better-than-expected economic data from China and Australia combined with a successful Spanish bond auction and in-line to slightly better-than-expected weekly jobs data in the U.S. were good enough reasons for U.S. equity investors buy beaten down shares.
The Dow Jones Industrial Average surged 273 points, with the S&P 500 up 31, and the Nasdaq higher by 60.
Stocks opened the day sharply higher, and drifted sideways for much of the session before extending their gains in the final hour of trading to finish at session highs. The energy sector was particularly strong with BP Plcclosing up 12.7% (BP 32.92, +3.72).
Shares of Goldman Sachs (GS 133.71, -3.09) failed to participate in the rally following a FT report regarding an additional SEC inquiry into a mortgage backed security. The stock closed lower by 2.3%.
The euro continued its recent climb, regaining the 1.2100 level for the first time in a week after trading as low as 1.1877 on Monday. The pound also extended its recent gains, climbing above 1.4700 after spend some of today's session near 1.4500.
Commodities were mostly higher today led by strength in energy, with crude oil closing at 75.48 +1.10, its highest close since May 11th.
Gold grinded lower throughout the day and found support near 1118. The yellow metal continues to hover near 1120.
Advancing Sectors: Industrials (+3.5%), Financials (+3.3%), Materials (+3.5%), Consumer Discretionary (+3.2%), Energy (+4.9%), Tech (+2.5%), Utilities (+2.7%), Health Care (+2.0%), Consumer Staples (+1.5%), Telecom (+2.1%)
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