14:30 ET
Airline Stocks Ascend
Dow +183.38 at 9927.00, Nasdaq +40.87 at 2134.75,S&P +21.64 at 1049.68
[BRIEFING.COM] The broader market is drifting along at session highs with a gain of more than 2%. Meanwhile, airline stocks have ascended to a 4.6% gain, collectively. US Airways (LCC 9.16, +1.08) is a top performer in the group after it announced that its load factor for June hit 86.9%. That was in step with the 86.8% June load factor that was reported by AMR Corp(AMR 6.72, +0.32) reports a June load factor of 86.8%.
14:00 ET
Stocks and Oil Trade at Session Highs
Dow +184.90 at 9928.52, Nasdaq +39.47 at 2133.35, S&P +21.25 at 1049.31
[BRIEFING.COM] The stock market has steadied its ascent, but it is still at a session high with a 2% gain.Crude oil prices are also at session highs. The commodity was last quoted at $74.20 per barrel with a 3.1% gain. Natural gas prices have moved in the other direction, though; the commodity is currently priced 1.9% lower at $4.59 per MMBtu.
13:30 ET
Stocks Set Fresh Session Highs
Dow +183.23 at 9926.85, Nasdaq +36.61 at 2130.49, S&P +20.49 at 1048.55
[BRIEFING.COM] The stock market had been relatively range bound for about two hours, but it recently moved another leg higher. It now trades at its best level of the day.Though the recent climb has been broad based, financial stocks and materials stocks have benefited the most. Both sectors are now up nearly 3%. Between the 111 stocks that make up the two sectors, only E*TRADE (ETFC 11.42, -0.23), NYSE Euronext (NYX 26.94, -0.27), and Vulcan Materials (VMC 43.56, -0.75) are in negative territory.
13:00 ET
Gains Hold Steady into Afternoon Action
Dow +147.28 at 9890.90, Nasdaq +28.65 at 2122.53, S&P +16.30 at 1044.36
[BRIEFING.COM] Despite a lack of news flow or otherwise apparent trading catalysts, stocks are up sharply this session. Share volume has been unimpressive, though.Advancing issues outnumber decliners by 10-to-1 in the S&P 500, though there isn’t any apparent cause for the overly optimistic tone of trade. In fact, overseas markets had been lower when the U.S. opened for trade.Action has turned a bit choppy in the past couple of hours, but in contrast to the prior session the broad-based advance has held strong into early afternoon trade. Stocks had actually surrendered a gain of nearly 2% before a late bid helped stocks close the prior session with their first gain in a week.Financials and materials stocks have been out in front of the broader market for most of this session. The two sectors are up 2.3% and 2.4%, respectively. Within their respective sectors, regional banks (+3.0%) and consumer finance stocks (+3.0%), steel stocks (+4.7%) and diversified metals and miners plays (+5.0%) are the best performers.Strength in the broader market continues to keep down the Volatility Index (VIX), which is currently almost 7% lower.While current gains are impressive, participation has been underwhelming. So far, only a half billion shares has exchanged hands on the NYSE. Whether that is the result of few headlines providing cues to traders or lingering diffidence in the wake of the stock market’s recent losing streak, light participation is often associated with a lack of conviction.
12:30 ET
Stocks Stay Range Bound
Dow +140.93 at 9884.55, Nasdaq +27.55 at 2121.43, S&P +15.28 at 1043.34
[BRIEFING.COM] There haven't been any news items to induce any swings in the S&P 500, so the benchmark index has spent the past two hours chopping along in a five-point range. The generally sideways action has kept the stock market's strong gains intact, though.
12:00 ET
Trade Turns Choppy
Dow +116.56 at 9860.18, Nasdaq +23.21 at 2117.47, S&P +12.48 at 1040.54
[BRIEFING.COM] Trade has become a bit choppy in the past hour. The action has pulled stocks off of session highs to their lowest level of the past hour. Still, broad-based gains remain.Strength in the broader market continues to keep down volatility, such that the Volatility Index (VIX) is down 7%.Despite strong gains by equities and a sharp slide by the VIX, Treasuries haven't seen much pressure. Specifically, the benchmark 10-year Note is down just a few ticks, while the 5-year Note is actually up one tick and the 2-year Note is flat. Their yields stand at 2.94%, 1.75%, and 0.60%, respectively.
11:30 ET
Market Makes Modest Pullback
Dow +125.60 at 9869.22, Nasdaq +25.45 at 2119.33, S&P +14.21 at 1042.27
[BRIEFING.COM] The stock market has eased back a bit, but it continues to sport an impressive gain. Whether the dip is the start of a more meaningful downturn remains uncertain, but it was about this same time in the prior session that the stock market began to gradually give up a gain of nearly 2% so that it dipped into negative territory in the final leg of trade. Stocks were able to reclaim some of their gains into the close, though. That gave the stock market its first positive finish in a week.
11:00 ETStocks Swing Higher Amid Light Volume
Dow +142.25 at 9885.87, Nasdaq +31.16 at 2125.04, S&P +16.35 at 1044.41
[BRIEFING.COM] The stock market has worked its way even higher so that it is now above the best levels that were registered in the prior session. The advance remains broadly positive as seven of the 10 major sectors in the S&P 500 sport gains in excess of 1% (telecom -0.8%, health care +0.6%, and consumer staples +0.9% are relative laggards).Trading volume is a bit weak this morning. That is often considered a sign that there isn't much participation and, consequently, that there is less conviction to the market's moves. What's more, light volume can also exacerbate those moves since individual trades carry a greater relative weight than they would on days with heavier share volume. So far, fewer than 300 million shares have exchanged on the NYSE.
10:35 ET
Crude 2% Higher, Nat Gas Down 2%
Dow +72.28 at 9823.70, Nasdaq +17.52 at 2112.62, S&P +9.80 at 1038.00
[BRIEFING.COM] A sharp pullback in the US Dollar Index over the last two hours has provided strength in select commodities. The weakness drove crude to new session highs and pushed precious metals back near the unchanged line. However, natural gas has been on a downtrend in recent trade.August crude oil chopped around the unchanged line overnight before hitting session lows of $71.44 per barrel. From there, crude began trending higher and rallied in recent trade due to the dollar index's pullback. Crude is currently near session highs at $73.48 per barrel, up 2.1%.August natural gas was trading along with crude this morning and hit session highs of $4.78 per MMBtu. However, natural gas reversed sharply just after 8:00am ET, falling into negative territory and to fresh mornings lows of $4.57 per MMBtu. Currently, natural gas is 2.0% lower at $4.59 per MMBtu.Precious metals have spent most of today's session in the red. Weakness in the dollar index provided price support, pushing both August gold and September silver back near the unchanged line. However, both precious metals remain in negative territory with gold down $1.00 at $1194.1 per ounce and silver down 0.2% at $17.82 per ounce.
10:00 ET
Early Advance Extends
Dow +55.55 at 9799.17, Nasdaq +18.52 at 2112.40, S&P +8.38 at 1036.40
[BRIEFING.COM] The stock market has extended its early advance to a much more healthy gain. Stocks are sill well short of the highs that were set during the prior session.Financials continue to sport the best overall gains -- the sector is now up 1.3%. However, materials stocks (+1.2%), energy stocks (+1.1%), and tech stocks (+1.1%) have rallied to strong gains of their own.The early advance has caused the Volatility Index to fall 3% in its fourth straight decline.
09:45 ET
Financials Show Early Leadership
Dow +13.63 at 9757.25, Nasdaq +9.34 at 2103.22, S&P +3.39 at 1031.45
[BRIEFING.COM] The stock market is up with a solid gain in the first few minutes of trade. Gains are strongest among financial plays, which are up an enviable 1.1%. Such a gain is more than triple that of the broader market.In contrast, telecom is under sharp pressure. The sector has already shed 1.4%.
09:15 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: -1.00. News flow remains slow, so market participants are still without any major trading catalysts. Despite that, stock futures have worked their way up to the flat line and the major bourses of Europe have trimmed their losses. Without any announcements from major firms or any economic data, many may hone in on the euro, which is currently down 0.3% against the dollar amid choppy trade. However, the overall lack of headlines could leave many participants on the sidelines this session. An unwillingness to commit to stocks could also stem from a lack of confidence in the broader market after it struggled to book its first gain in a week during the prior session.
09:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: -0.80. Stock futures are flat, but oil prices have found support at the open of pit trade to climb 0.9% to $72.65 per barrel. Ordinarily, weekly oil inventory data would be scheduled for release this morning, but since markets were closed Monday in observance of Independence Day the data will be unveiled tomorrow. As for gold prices, the precious metal is currently priced at $1192.20 per ounce, down 0.2% to trade near new one-month lows.
08:30 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: flat. Futures for the S&P 500 have trimmed their losses, but they remain under moderate pressure and Europe’s major bourses continue to give back a chunk of the hefty gains that were registered in the prior session. Coming off of a 2.1% gain on Tuesday, Germany’s DAX is down 0.9%. The move lower has been led by the likes of Thyssenkrupp and BASF. BMW and Commerzbank are a couple of strong performers, though. In France, the CAC is down 1.2% after a 2.7% spike in the prior session. The downturn has been broad based, but energy giant Total (TOT) is among the primary sources of weakness. Societe Generale remains strong, however. Britain’s FTSE has fallen 1.0% after a 2.9% surge yesterday. HSBC (HBC), Rio Tinto (RTP), and Royal Dutch Shell (RDS) are at the heart of the slide, but BP Plc (BP) has displayed leadership for the third straight session. Action was more mixed in Asia, where the Shanghai Composite climbed 0.5% to extend the 1.9% advance that was recorded in the prior session. China Shanhua and China Pacific led advancing issues, which outnumbered decliners by nearly 5-to-1. Industrial & Commercial Bank and PetroChina (PTR) were among the more notable laggards. In Hong Kong, the Hang Seng gave up 1.1%, or nearly all of the 1.2% gain that had been recorded in Tuesday’s trade. Of its 43 members, only Tencent Holdings was able to stage a gain. Energy play CNOOC (CEO) and PetroChina were primary sources of weakness. Declining issues outnumbered advancers by a little more than 3-to-1 in Japan’s Nikkei, which fell to a 0.6% loss after a 0.8% gain in the previous session. OKI Electronic was the worst performer by percent lost (it fell 5.1%), but Fanuc LTD had the worst overall effect on trade. In contrast, Daikin Industries was not only one of the best performers by percent gained (+2.2%), but it was also a primary source of support for the broader market.
08:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -2.50. In the prior session the stock market surrendered a near 2% gain, but a late bid made for a positive finish. However, support has waned overnight and into premarket trade so that stock futures trail fair value by a modest margin. Overseas markets are generally weak, too, although the Shanghai Composite managed to make a gain. There are no major headlines to act as catalysts for morning trade and the economic calendar is empty. Weekly oil inventory data will be reported tomorrow as a result of the shortened week.
06:37 ETMarket is Closed
[BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -8.30.
06:37 ET
Market is Closed
[BRIEFING.COM] FTSE...4910.87...-54.10...-1.10%. DAX...5873.40...-67.60...-1.10%.
06:37 ET
Market is Closed
[BRIEFING.COM] Nikkei...9279.65...-58.40...-0.60%. Hang Seng...19857.07...-227.10...-1.10%.
16:30 ET
Late Bid Snaps Losing Streak
Dow +57.14 at 9743.62, Nasdaq +2.09 at 2093.88, S&P +5.48 at 1028.06
[BRIEFING.COM] The S&P 500 gave up a near 2% gain to dip into the red before a late lift helped the broad market measure book its first gain in one week.Stocks had entered the holiday weekend with five straight losses, or a weekly decline of 5%, so bargain hunters stood ready at this session's open to bid stocks sharply higher. Their motivation was also helped by the euro's move to a one-month high and strong gains among both Europe and Asia's major market averages, which rallied after muddled action in the absence of U.S. traders on Monday.News flow was largely limited on Tuesday. An early headline noted that Australia's Reserve Bank still expects economic growth in the country, but its benchmark interest rate will remain unchanged. The announcement may have been an expression of confidence in the face of renewed concerns about the pace of a global recovery, but it contrasts recent decisions by Australia's Reserve Bank to actually increase its key interest rate.As for domestic economic news, the ISM Service Index for June came in at 53.8, which is both shy of the 55.0 that had been widely expected and below the 55.4 that was recorded for May. That report had little sway with the stock market.Despite an auspicious start, stocks gradually gave up their gains throughout afternoon trade, so much that the S&P 500 actually fell into the red for a time. It was able to recover to a modest gain with help from a late bid, though.In contrast, small-cap stocks couldn't recover. Specifically, the Russell 2000 fell from a 2.4% gain to a 1.5% loss.The defensive-oriented utilities sector ended up the best performing sector in the broader market. It netted a 1.2% gain.Energy stocks weren't far behind. They advanced 1.1% with BP Plc (BP 31.91, +2.56) a primary leader after analysts at RBS upgraded the stock in the face of disclosure that said the oil spill cost to date now exceeds $3 billion.Consumer discretionary stocks finished with a fractional loss as the only major sector that failed to stage a gain. The sector's weakness was rooted in shares of retailers, which fell to a collective loss of 0.6%.Advancing Sectors: Utilities (+1.2%), Energy (+1.1%), Tech (+0.8%), Financials (+0.6%), Consumer Staples (+0.5%), Health Care (+0.5%), Telecom (+0.2%), Industrials (+0.1%), Materials (+0.1%)Declining Sectors: (None)Unchanged: Consumer Discretionary..Nasdaq 100 +0.4%. ..S&P Midcap 400 -0.3%. ..Russell 2000 -1.5%.
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