13:30 ET
Oil Prices Oscillate
Dow +56.68 at 10074.96, Nasdaq +0.80 at 2160.27,S&P +3.10 at 1063.37
[BRIEFING.COM] The stock market has worked its way up from near the neutral line, but overall gains remain moderate.Oil prices have also retraced part of their advance, though the commodity now trades with a much more impressive gain than that of the broader market -- oil prices are up 1.5% to $75.20 per barrel. The increase in oil prices has helped prop up the energy sector, which is currently up 0.6%.
13:05 ET
Stocks Struggle to Extend Gains
Dow +43.36 at 10061.64, Nasdaq -2.19 at 2157.48, S&P +2.20 at 1062.47
[BRIEFING.COM] The stock market surged in the prior session without any clear catalyst, but stocks have since struggled to extend the move despite some encouraging data.The International Monetary Fund increased its 2010 world GDP projection to 4.6% from 4.2%. Its overall growth forecast for 2011 was kept at 4.2% as expectations for stronger U.S. growth was offset by expectations for softer growth in the euro area.Despite the IMF’s 2011 call for softer growth in Europe, the continent’s primary bourses booked rich gains – Britain’s FTSE finished 1.8% higher and France’s CAC closed with a 1.6% gain. News that the Bank of England kept its benchmark interest rate at 0.50% and left its asset repurchase program at 200 billion pounds had little impact on action. The European Central Bank’s decision to keep its benchmark rate at 1.00%, as expected, also had little influence on trade.Initial jobless claims for the week ended July 3 were also released prior to the open of U.S. trade. At 454,000, initial claims were down from the prior week and slightly lower than what had been expected. More impressive was that continuing claims fell to a near 20-month low of 4.41 million, but the number should be treated with caution since it likely reflects an abundance of expired benefits.Corporate news flow was generally limited to the latest in same-store sales figures. Overall, results were mixed as Limited (LTD 23.82, +0.14), Macy's (M 18.13, +0.22), JC Penney (JCP 23.05, +1.27), and Nordstrom (JWN 32.74, -1.02) reported better-than-expected numbers, but Kohl's (KSS 46.85, -1.68), Gap (GPS 18.14, -1.59), andTarget (TGT 49.57, -0.86) came short of what had been anticipated. Retailers currently trade with a collective loss of 1.0%... Retailers aren’t the only ones in the red, though. Financials, which were leaders in the prior session, have lagged for most of this session. The sector is currently down 0.3%... The absence of leadership has made it difficult for stocks to extend build on the gains that they logged in the prior session. The S&P 500 had been up markedly in the early going, but now it is chopping along just above the neutral line. Dow +0.4%, Nasdaq -0.1%, S&P 500 +0.2%
12:30 ET
Stocks Work Way Back into Green
Dow +51.46 at 10069.74, Nasdaq +1.32 at 2160.79, S&P +2.80 at 1063.07
[BRIEFING.COM] The stock market has rebounded from its recent dip so that it now sports a modest gain. The move has been broad based, but two of the stock market's sectors -- utilities and tech -- are still in negative territory with a 0.1% loss.
12:00 ET
Commodities and Stocks Tick Lower
Dow +18.77 at 10037.05, Nasdaq -5.55 at 2153.92, S&P -0.25 at 1060.02
[BRIEFING.COM] Both the Nasdaq and S&P 500 have poked into negative territory amid increased selling pressure. Pressure has also intensified against commodities, such that the CRB Commodity Index is now down 0.1% after it had been up almost 1% in morning trade.Natural gas prices are under some of the most pressure -- the commodity was last priced 3.5% lower at $4.40 per MMBtu as it extends its selloff in the wake of larger-than-expected build in weekly inventory data.Oil prices are now at $74.60 per barrel with a 0.7% gain after the commodity was up more than 2% in early pit trade. Inventory reports for the week ended July 2 showed a draw of 4.96 million, which is more than the 2.00 million barrel draw that had been expected.
11:30 ET
Dow Leads Major Indices
Dow +39.96 at 10058.24, Nasdaq +1.83 at 2161.30, S&P +2.23 at 1062.50
[BRIEFING.COM] The S&P 500 is chopping along near its session low, but it has yet to slip into negative territory. Meanwhile, the Nasdaq was recently taken to the neutral line as sellers pressed their efforts. In contrast, the Dow continues to sport a healthy lead over its counterparts -- the blue chip index is currently led by Boeing (BA 64.59, +1.29), McDonalds (MCD 68.33, +1.02), and American Express (AXP 41.79, +0.64).
11:00 ET
Financials Falter
Dow +35.12 at 10053.40, Nasdaq +4.55 at 2164.02, S&P +1.70 at 1061.97
[BRIEFING.COM] Choppy trade has taken the S&P 500 to its lowest level of the session. It is still in higher ground, though.Financial issues have fallen under a marked fit of weakness in recent action. The sector is now down 0.2% as the likes of JPMorgan Chase (JPM 37.77, -0.38) and Goldman Sachs (GS 134.95, -0.88) cause a drag. The sector's relative weakness this session contrasts its leadership in the prior session, when financials surged more than 4%, collectively.
10:35 ET
Natural Gas Falls Sharply Following Inventory Data
Dow +72.65 at 10090.93, Nasdaq +14.64 at 2174.11, S&P +6.68 at 1066.95
[BRIEFING.COM] The US Dollar Index pushed off of session lows of 83.703 and moved back into positive territory, creating selling pressure in gold and silver.
August natural gas was trading in positive territory overnight, but fell sharply around the open of pit trading into the red and to new session lows of $4.54 per MMBtu. Natural gas quickly recovered most of those losses, but was sitting near the flat line at $7.57 per MMBtu ahead of inventory data. Following the data, which showed a build of 78 bcf versus consensus of a build of 70 bcf, natural gas fell sharply to fresh session lows of $4.42 per MMBtu and is now trading right at that level.August crude oil traded modestly higher for the overnight and morning session before rallying around 8:00am ET to new session highs of $75.88 per barrel. In recent trade, crude pulled back very modestly due to the recent strength in the dollar index, but quickly reversed to new session highs of $75.89 per barrel. in current activity, crude is trading near those highs at $75.72 per barrel, up 2.2%.
August gold and September silver moved into negative territory and falling to fresh session lows, due to recent strength in the dollar index, with gold hitting $1190.20 per ounce and silver hitting
10:00 ETStocks Slip from Initial Highs
Dow +65.39 at 10083.67, Nasdaq +9.62 at 2169.09, S&P +5.72 at 1065.99
[BRIEFING.COM] Stocks have surrendered a chunk of their opening gains, but the major equity averages remain in positive territory amid broad-based support.All 10 major sectors are still in higher ground. Consumer discretionary stocks are in the weakest shape, though. The sector is up just 0.2% as shares of retailers (-0.5%) weigh on the sector following some rather underwhelming same-store sales reports.Advancing Sectors: Industrials (+1.2%), Energy (+0.7%), Tech (+0.6%), Consumer Staples (+0.6%), Health Care (+0.6%), Financials (+0.6%), Utilities (+0.5%), Materials (+0.4%), Telecom (+0.2%), Consumer Discretionary (+0.2%)Declining Sectors: (None)
09:45 ET
Stocks Stage Strong Start
Dow +86.50 at 10104.78, Nasdaq +17.65 at 2177.12, S&P +8.33 at 1068.60
[BRIEFING.COM] The stock market has put together a strong open amid broad-based buying. The early advance has stocks on track for their best back-to-back performance in more than one month.Commodities are also strong in the early going, such that the CRB Commodity Index is up 0.8%. Higher oil prices are the primary reason for the CRB's gain -- futures contracts currently price crude oil 2.2% higher at $75.70 per barrel ahead of its weekly inventory data at 11:00 AM ET.The generally positive tone to trade has caused traders to turn against Treasuries. That has sent the benchmark 10-year Note markedly lower, such that its yield is now back above 3.0%.
09:15 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +8.00. Momentum from the prior session’s surge had stalled overnight, though most foreign markets followed Wall Street’s lead overnight, but stock futures now suggest that an opening gain is in order. The improved tone to premarket trade came on the back of a weekly jobless claims report that featured a slightly lower-than-expected initial claims count and a drastic drop in continuing claims to the lowest level in almost 20 months. The IMF’s increased forecast for 2010 global GDP growth has also been a positive influence. Corporate news flow has been largely limited to the latest lot of monthly same-store sales results, which have been generally mixed. Still to come this morning are the latest weekly inventory figures for natural gas and crude oil (10:30 AM ET and 11:00 AM ET, respectively). Consumer credit data for May is due in the afternoon (3:00 PM ET).
09:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +7.00. Futures for the S&P 500 suggest that a strong start is in order for the domestic market. Meanwhile, Europe’s major bourses have already put together impressive gains of their own. In particular, Germany’s DAX is up 1.0%. It is currently led byDeutsche Bank (DB). In France, the CAC has climbed 1.8%, which follows a 1.8% spike on Wednesday and a 2.7% surge on Tuesday. The French index is now up more nearly 6% week-to-date. In its latest round of trade, Danone and EDF are the only two components in the 40-member index that have failed to stage a gain. Britain’s FTSE has made its way up 2.1% so that it now sports a week-to-date gain of more than 5%. Though the latest advance has been broad based, banks and energy plays primary leaders. In economic news, the Bank of England kept its benchmark interest rate at 0.50% and left its asset repurchase program at 200 billion pounds. Both decisions had been expected. The European Central Bank also issued its latest rate decision, which was to keep its benchmark rate at 1.00%, as expected. The International Monetary Fund made headlines with an increase to its 2010 world GDP projection to 4.6% from 4.2%. Its overall forecast for 2011 was kept steady at 4.2%, but it lowered its 2011 forecast for the euro area. In Asia, Japan’s Nikkei surged 2.8% in its latest round of trade. Of its 225 members, only Fast Retailing, Shionogi & Co., and Yahoo Japan Corp. logged losses. Hong Kong’s Hang Seng gained 1.0% overnight. It was led by HSBC (HBC). Mainland China’s Shanghai Composite went a separate way by losing 0.3%. Its declining issues outnumbered its advancers by 2-to-1. China Life Insurance, China Pacific, and China Construction Bank were primary sources of weakness. PetroChina (PTR) was also weak, but China Petroleum (SNP) traded with strength.
08:35 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +5.30. Stock futures have moved up to their best levels of the morning following the latest weekly jobless claims figures. Specifically, initial jobless claims for the week ended July 3 totaled 454,000, which is on par with the 460,000 initial claims that had been expected, on average, by a sample of economists polled by Briefing.com. The latest initial claims count was down 21,000 week-over-week. Meanwhile, continuing claims fell 224,000 week-over-week to 4.41 million, which is the lowest continuing claims count in almost 20 months.
08:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: -2.00. The stock market surged more than 3% in its best performance of the past month during the prior session. That set the stage for overnight buying by many overseas markets, which have also digested news that the International Monetary Fund raised its 2010 estimate for world growth to 4.6% from 4.2%, but left its forecast for 2011 unchanged. However, domestic stock futures suggest that momentum has slowed at home, where premarket participants are assessing the latest lot of same-store sales figures. Results from retailers have been a bit mixed, so far. Also on the radar is the latest tally of weekly jobless claims, scheduled for the bottom of the hour. The latest in natural gas and crude oil inventories will be released at 10:30 AM ET and 11:00 AM ET, respectively. Consumer credit figures for May come shortly before the close of trade (3:00 PM ET).
06:38 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: -3.30.
06:38 ET
Market is Closed
[BRIEFING.COM] FTSE...5070.44...+55.60...+1.10%. DAX...6010.32...+17.50...+0.30%.
06:38 ET
Market is Closed
[BRIEFING.COM] Nikkei...9535.74...+256.10...+2.80%. Hang Seng...20050.56...+193.50...+1.00%.
16:30 ETStocks Swing to Best Gain in One Month
Dow +274.66 at 10018.28, Nasdaq +65.59 at 2159.47, S&P +32.21 at 1060.27
[BRIEFING.COM] Steady buying gave the S&P 500 a gain of more than 3%, its best single-session percentage advance in more than a month, and put the Dow back above 10,000. The climb came without any clear catalyst.A positive mood permeated trade for the entire session, even though there weren't any major company announcements or economic releases to drive buyers to action. The lack of headlines initially kept a cap on trading volume, but the stock market's upward momentum only made momentary pauses during its ascent, such that stocks finished at session highs.The advance made for the stock market's second straight gain -- stocks haven't booked back-to-back gains in over two weeks. More than 95% of the names in the S&P 500 finished the latest round of trade in higher ground. Of the stock market's major sectors, financials made the most impressive move with a 4.4% surge.Airline stocks ascended to a 5.7 gain, as measured by the Amex Airline Index. US Airways (LCC 9.32, +1.24) was a top performer. The company's only announcement was that its load factor for June hit 86.9%, which is in step with the 86.8% June load factor that was reported by AMR Corp (AMR 6.74, +0.34).The Volatility Index (VIX) fell for its fourth straight session. A 9% drop today has it down approximately 22% over the past four sessions.Trading volume was underwhelming in the early going, but it picked up as the session wore on. In the end, volume on the NYSE totaled just about 1.34 billion shares, which is between its 50-day moving average of 1.51 billion and its 200-day moving average of 1.24 billion.Advancing Sectors: Financials (+4.4%), Materials (+3.9%), Tech (+3.7%), Industrials (+3.6%), Energy (+3.2%), Utilities (+3.1%), Consumer Discretionary (+2.8%), Consumer Staples (+2.0%), Health Care (+2.0%), Telecom (+0.4%)Declining Sectors: (None)..Nasdaq 100 +3.2%. ..S&P Midcap 400 +3.5%. ..Russell 2000 +3.7%.
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