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12:00 ET
Financial Regulatory Bill Becomes Law
Dow -5.67 at 10224.29, Nasdaq -9.31 at 2213.39, S&P -1.88 at 1081.59
[BRIEFING.COM] The financial sector continues to trade with a fractional loss in the minutes that have followed President Obama's signing of the Dodd-Frank financial regulation Bill into law.Meanwhile, the broader market has begun to work its way up from its session lows. All three major indices are still in the red, though.Treasuries have had a relatively quiet session. For instance, the benchmark 10-year Note is only up a few ticks so that its yield remains above 2.9%.
11:30 ET
Financials Falter
Dow -19.90 at 10210.06, Nasdaq -15.54 at 2206.95, S&P -4.05 at 1079.43
[BRIEFING.COM] After an attempt to stabilize, selling pressure has picked back up to send the major indices to fresh session lows. Though overall losses are still relatively modest, the move has erased all of the financial sector's gain, such that the sector now trades with a fractional loss after it had been up as much as 1.5% in the early going. However, diversified banks (+2.5%) and investment banks and brokerages (+2.3%) continue to sport impressive gains.
11:00 ET
Industrial Plays Garner Support
Dow +2.39 at 10232.35, Nasdaq -8.90 at 2213.59, S&P -1.06 at 1082.42
[BRIEFING.COM] Stocks are chopping along the neutral line after steadying their opening slide. Financials (+0.6%) and materials stocks (+0.8%) continue to provide support. Industrial plays (+0.8%) have begun to play a supportive role, too.The industrial sector is led by Textron (TXT 19.35, +1.27), which was upgraded amid news that it not only beat the consensus earnings estimate for the latest quarter, but that it also issued upside guidance. Eaton (ETN 73.00, +3.94) has also been a leader following better-than-expected earnings and upside guidance of its own. Eaton also hiked its quarterly dividend by 16% to $0.58 per share.Though its gain hasn't been quite as impressive as that of ETN and TXT, industrial giant and Dow componentUnited Technologies (UTX 68.09, +0.55) has provided a steady source of support, too. The company posted this morning a better-than-expected bottom line and issued an in-line forecast.
10:30 ET
Oil Prices Pressured
Dow +9.84 at 10239.80, Nasdaq -6.97 at 2215.52, S&P +0.13 at 1083.61
[BRIEFING.COM] Oil prices have fallen to $77.35 per barrel, where they trade with a 0.4% loss, following news that oil inventories for the week ended July 16 had a build of 360,000 barrels, which contrasts with the draw of 1.2 million barrels that had been widely expected. The pullback in oil prices actually began before the data was released. Oil prices had been above $78.55 per barrel at their morning highs.Natural gas prices are also under pressure. The commodity was last quoted with a 0.9% loss at $4.55 per MMBtu.Metals are mixed as silver prices sport a 0.7% gain at $17.82 per barrel and gold prices trade just below the neutral line at $1191.40 per ounce.
10:00 ET
Large-Cap Tech Turns Lower
Dow -5.07 at 10224.89, Nasdaq -12.28 at 2210.21, S&P -1.67 at 1081.81
[BRIEFING.COM] Better-than-expected earnings from Apple (AAPL 259.29, +7.40) have been unable to keep the Nasdaq from falling to a marked loss. The tech-rich index's weakness stems largely from losses by Yahoo!(YHOO 13.85, -1.35), which was downgraded by analysts at Citigroup despite the company's upside earnings surprise, and selling against Microsoft (MSFT 25.17, -0.31) and Intel (INTC 21.32, -0.33).Advancing Sectors: Financials (+0.8%), Materials (+0.8%), Industrials (+0.4%), Telecom (+0.1%), Energy (+0.1%)Declining Sectors: Consumer Discretionary (-0.8%), Health Care (-0.7%), Tech (-0.7%), Consumer Staples (-0.1%), Utilities (-0.1%)
09:45 ET
Stocks Surrenender Opening Gain
Dow -3.33 at 10226.63, Nasdaq -6.37 at 2216.12, S&P +0.10 at 1083.58
[BRIEFING.COM] The major equity averages have surrendered opening gains to trade mixed in the first few minutes of the session.However, in similar fashion to the prior session, materials stocks are showing leadership. The sector is up 1.0% as steel stocks and diversified metals and miners build on their heady gains from Tuesday.Financials are also a key source of support in the early going. The sector is up 1.0% after Morgan Stanley (MS 27.31, +2.09), Wells Fargo (WFC 27.10, +1.19), and US Bancorp (USB 23.68, +0.53) each reported better-than-expected earnings.
09:15 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +18.00. Stocks look like they will build on the prior session’s advance as market participants show a more positive response to the latest round of earnings announcements than they had in recent sessions. Whether that means investor sentiment has taken a positive turn will only be seen in time, but for now, Apple (AAPL), up almost 5% in premarket trade,Morgan Stanley (MS), up almost 6% ahead of the open, and Wells Fargo (WFC), up nearly 6% in premarket action, are among the more widely-held names that have won considerable support following their reports. Despite an upside earnings surprise of its own, Yahoo! (YHOO) is among those that have fallen under renewed pressure as investors continue to look for strong service demand in the form of higher revenue. Shares of YHOO were also hit with a downgrade. Strength among stock futures comes in the face of a 0.5% decline by the euro against the greenback. That decline hasn’t stopped Europe’s major bourses from staging strong gains of their own. There isn’t any data due today, but Fed Chairman Bernanke will hold a conference at 2:00 PM ET.
09:05 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +17.80. Oil prices are up 1.1% to $78.45 per barrel in the first few minutes of pit trade. The advance comes ahead of the commodity's latest weekly inventory count, which is scheduled for release at 10:30 AM ET. The consensus estimate calls for a draw of 1.2 million barrels. In other action, gold prices are trading along just above the neutral line at $1194 per ounce and silver prices are up a sharp 0.9% to $17.85 per ounce.
08:35 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +16.50. Domestic stock futures continue to lead fair value and Europe’s major bourses, already half way through their session, are up sharply. Specifically, Germany’s DAX is up 1.3% amid broad-based buying. Despite such broad strength, the health care sector is down 0.4%. In France, the CAC has climbed to a 1.9% gain. Financials are out in front with a 3.2% gain. Meanwhile, Britain’s FTSE is up 1.7%. Basic materials stocks are the best performers, having advanced 3.0%. Health care stocks are lagging with a 0.3% loss. The strong gains come in the face of a weaker euro, which is currently down 0.5% against the U.S. dollar. Reports point to a weak debt auction in Portugal and a stopped auction in Germany, though this is the fourth consecutive time that the German government halted an auction of 30-year issues when it did not achieve the desired interest rate.In Asia, Japan’s Nikkei shed 0.2% amid relatively widespread weakness. With a 0.8% loss, financials were in the worst shape. Oil and gas plays provided an element of support by staging a 1.0% gain. In China, the Shanghai Composite closed 0.3% higher, even though the number of its advancers and declining issues were almost in perfect balance. SAIC Motor was a primary leader, but financial plays were weak. Hong Kong’s Hang Seng made its way 1.1% higher. It was led by basic materials, which moved 2.7% higher, collectively. Consumer goods fell 1.8%, though.
08:05 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +15.00. Momentum from the prior session’s advance has helped give a lift to stock futures. A deluge of better-than-expected earnings reports appear to have helped the move. Among those that have beaten expectations are Apple (AAPL), United Technologies (UTX), Coca Cola (KO), US Bancorp (USB), Wells Fargo (WFC), and Yahoo! (YHOO). Despite its upside surprise on the bottom line, shares of YHOO were actually downgraded by analysts at Citigroup. The euro is under pressure at the moment – down 0.5% against the greenback. Meanwhile, Europe’s major bourses are up with strong gains, though off of their highs. In Asia, Hong Kong’s Hang Seng climbed more than 1%, but the Shanghai Composite and the Nikkei were more mixed. There aren’t any major economic releases slated for today, but Fed Chairman Bernanke is scheduled to speak at 2:00 PM ET.
07:16 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +10.00.
07:16 ET
Market is Closed
[BRIEFING.COM] FTSE...5226.08...+87.00...+1.70%. DAX...6027.40...+60.90...+1.00%.
07:16 ET
Market is Closed
[BRIEFING.COM] Nikkei...9278.83...-21.60...-0.20%. Hang Seng...20487.23...+222.60...+1.10%.
16:30 ET
Stocks Swing to Gain
Dow +75.53 at 10229.96, Nasdaq +24.26 at 2222.49, S&P +12.23 at 1083.48
[BRIEFING.COM] The stock market turned a 1% loss into a 1% gain Tuesday. The swing wasn’t inspired by any particular piece of news, but came gradually as sellers slowed their efforts in the face of technical support, which eventually gave way to short covering.Stocks started the session under stiff pressure as another round of earnings results failed to inspire buyers.IBM (IBM 126.55, -3.24) was atop the list of disappointments as the company’s top line came in lighter than many had expected and the company made an underwhelming increase to its earnings outlook. Those offenses overshadowed a better-than-expected bottom line.In-line earnings left fellow tech outfit Texas Instruments (TXN 24.77, -0.78) without any support, though it issued upside guidance. A broadly improved tone among traders helped the rest of the semiconductor space finish flat after it had been down roughly 3% early on.Health care stocks made up the only sector that failed to find higher ground by the session’s end. Instead, the sector settled with a 0.2% loss. The group was dragged down after Dow component Johnson & Johnson (JNJ 58.58, -0.99) posted in-line earnings and issued a downside forecast.Goldman Sachs (GS 148.91, +3.23) was able to attract renewed support after a weak start that came in response to broader market weakness and a muddled quarterly report that featured a smaller-than-expected revenue figure.Materials stocks sprinted 2.9% higher to book the best gains. The sector was led by steel stocks and diversified metals and miners names, both of which advanced 5.6%. Such strength came after Moody's said that Japan's steel industry conditions are improving and analysts at UBS upgraded shares of Schnitzer Steel (SCHN 47.15, +4.79).The broader market’s climb spanned nearly the entire session. A base appeared to be made after the S&P 500 had retraced 50% of its move to recent highs and hit a key sloped support line.Once stocks pushed into positive territory, many bets against the market had to be covered. Such short covering acted as a catalyst for the stock market’s last leg higher.A pullback by the greenback also provided some support to the broader market. It had been up 0.5% before it pulled back to the neutral line. However, it never did dip into negative territory and settled with a 0.2% gain against a basket of competing currencies.The only data for the day featured a 5.0% month-over-month decline in housing starts for June. That took starts to an annualized rate of 549,000 units, which is below the annualized rate of 575,000 units that had been widely expected. In contrast, building permits for June increased 2.1% month-over-month to an annualized rate of 586,000, which is above the annualized rate of 572,000 units that had been widely expected.Advancing Sectors: Materials (+2.9%), Energy (+1.9%), Industrials (+1.6%), Consumer Discretionary (+1.5%), Consumer Staples (+1.5%), Financials (+1.2%), Utilities (+0.8%), Tech (+0.8%), Telecom (+0.3%)Advancing Sectors: Health Care (-0.2%)..Nasdaq 100 +1.2%. ..S&P Midcap 400 +1.5%. ..Russell 2000 +1.8%.
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