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16:30 ET
Stocks Finish Flat
Dow +23.31 at 12400.03, Nasdaq -0.41 at 2789.19, S&P +0.46 at 1332.87
[BRIEFING.COM] Stocks spent most of the session plodding along the neutral line amid an absence of catalysts.Stocks concluded the prior on a strong note as participants responded positively to gains abroad and a better-than-expected jobs report. However, there was neither strong buying abroad nor any key piece of data to provide cues for participants this morning. That kept many traders on the sidelines and left stocks to spend the session stuck in a sideways slog along the flat line.Materials stocks managed to attract buyers, but the sector's leadership was limited by its lack of market weight. Nonetheless, the materials sector scored a 0.7% gain for the session.Tech stocks traded with relative weakness all session long. The sector settled with a 0.5% gain as several large-cap tech plays encountered selling pressure. Semiconductors were among the sector's hardest hit issues, but only minutes after the close it was announced that Texas Instruments (TXN 34.11, -0.12) has offered to acquire National Semiconductor (NSM 14.07, -0.16) for $6.5 billion.In other transaction-related news, Pfizer (PFE 20.54, +0.16) sold its Capsugel business to investment firm KKR (KKR 17.14, +0.23), prompting the pharmaceutical giant to pare its forecast.Vivendi announced that it will acquire from Vodafone (VOD 29.07, -0.01) a 44% stake in French telecom play SFR for about $11.3 billion.Outside of equities, oil prices extended their climb to a new two-year high of $108.78 per barrel in overnight trade. The commodity pulled back during pit trade, but made a late push so that it secured its best settling price, $108.47 per barrel, in more than two years.Advancing Sectors: Materials (+0.7%), Health Care (+0.6%), Consumer Staples (+0.2%), Telecom (+0.2%), Industrials (+0.1%), Consumer Discretionary (+0.1%)..Nasdaq 100 -0.4%. ..S&P Midcap 400 +0.1%. ..Russell 2000 +0.3%.
Unchanged: Energy
Declining Sectors: Tech (-0.5%), Financials (-0.1%), Utilities (-0.1%)
15:30 ET
Grains Lead All Gainers; Crude Trades To Best Levels In 30 Months
Dow +20.21 at 12396.93, Nasdaq -3.80 at 2785.80, S&P -0.49 at 1331.92
[BRIEFING.COM] Commodities, save for industrials (-0.7%), finished higher today, led once again by a rally in grains (+2.2%). July wheat gained 4% to finish at $7.99 per bushel.Precious metals added 1.2%, led by a rally in May silver, which finished higher by 2.1% to $38.49 per ounce. Earlier in the session silver traded to a fresh ~31 yr high at $38.62 er ounce. June gold finished a modest 0.3% higher to $1433.00 per ounce. Unlike silver, gold pulled back from its highs through the afternoon to give back some of its gains.It was an uneventful session for May crude oil, which settled higher by 0.6% to $108.47 per barrel, its highest settling price since Sept of 2008. It spent most of the session chopping around the flat line, before spiking ~40 cents with minutes left in pit trade. May natural gas shed 1.6% to finish at $4.29 per MMBtu.
15:00 ET
Slog Continues
Dow +10.37 at 12387.09, Nasdaq -6.85 at 2782.75, S&P -1.62 at 1330.79
[BRIEFING.COM] The final hour of trade has arrived, but stocks continue to drift sideways. The lackluster action comes as participants use today's lack of catalysts as an excuse for taking a breather following last week's strong performance.There hasn't been any domestic data posted today, but Fed Chairman Bernanke is scheduled to speak at 7:15 PM ET tonight. His comments precede the minutes from the most recent FOMC meeting -- due tomorrow afternoon.
14:30 ET
Oil Prices Spike into Pit Trade's Close
Dow +9.46 at 12386.18, Nasdaq -6.56 at 2783.04, S&P -1.62 at 1330.79
[BRIEFING.COM] Stocks have recovered from their recent slip, but action remains listless.Oil prices have also pushed higher with the arrival of pit trade's close. The commodity had been near the unchanged mark for most of the afternoon, but a spike has oil futures priced at $108.45 per barrel, which is near the two-year high that it set earlier today.Despite oil's price spike, energy stocks are stuck at the flat line, which is where they have spent the past few hours.
14:00 ET
Dow Fights to Remain Out of Red
Dow -4.23 at 12373.61, Nasdaq -9.45 at 2780.15, S&P -2.88 at 1329.53
[BRIEFING.COM] Stocks have dropped another leg lower so that the S&P 500 and Nasdaq are at new session lows and the Dow is barely below the neutral line. Bank of America (BAC 13.44, +0.07) and General Electric (GE 20.48, +0.14) have been a couple of key sources of support for the Dow.
13:30 ET
Testing Session Lows
Dow +10.98 at 12387.70, Nasdaq -4.47 at 2785.13, S&P -1.13 at 1331.28
[BRIEFING.COM] Both the Nasdaq Composite and the S&P 500 are flirting with fresh session lows. Their slip comes as the tech sector drifts deeper into the red -- tech stocks are now down with a collective loss of 0.8%.Although stocks have come under increased pressure in recent trade, Treasuries haven't been able to break out of their recent trading range. In turn, the yield on the benchmark 10-year Note is still just above 3.40%.
13:00 ET
Plodding Along
Dow +15.93 at 12391.25, Nasdaq -1.37 at 2788.15, S&P -0.07 at 1332.15
[BRIEFING.COM] An absence of catalysts has left stocks to trade listlessly for the entire session. That has kept the major equity averages mired near the neutral line.Stocks started the session with slight gains, but overseas markets failed to provide any kind of additional spark as participants in Europe showed restraint after producer prices climbed ahead of a couple of the continent's key central bank meetings. In turn, the broad market failed to find any follow through buying interest.Renewed weakness among tech stocks, which collectively represent the largest sector by market weight, has hampered action. The tech sector is down 0.6% as semiconductor issues slide to a loss of about 1%.Meanwhile, materials stocks have managed to put together an enviable 0.7% gain, but the sector's lack of weight has undermined its leadership.Although not quite as strong, health care stocks have also caught a bid. The sector's 0.6% gain comes amid news that Pfizer (PFE 20.50, +0.12) cut its forecast after it sold its Capsugel buisness to investment outfit KKR (KKR 17.10, +0.19). Elsewhere in the health care sector, Sanofi-Aventis (SNY 35.61, -0.07) successfully completed its exchange offer for Genzyme (GENZ 76.33, +0.32).
12:30 ET
Nasdaq Remains Mired Near Neutral Line
Dow +21.70 at 12398.41, Nasdaq +2.81 at 2792.41, S&P +0.85 at 1333.26
[BRIEFING.COM] The Nasdaq is holding steady just above the neutral line. Underlying action has shares of Baidu.com (BIDU 142.35, +3.50), Amgen (AMGN 54.19, +1.11), Sandisk (SNDK 46.69, +1.18), and Express Scripts (ESRX 57.20, +1.03) trading as the four top performers. Meanwhile, NetApp (NTAP 46.22, -1.98), NVIDIA (NVDA 17.57, -0.63), Apollo (APOL 40.46, -0.95), and Qualcomm (QCOM 53.32, -1.15) represent four of the worst performers.
12:00 ET
Greenback Garners Support
Dow +19.83 at 12397.84, Nasdaq +2.63 at 2792.32, S&P +0.91 at 1333.48
[BRIEFING.COM] The dollar is gaining ground against competing currencies so that the Dollar Index is now at its session high with a 0.2% gain. Most of the greenback's gain today has come against the euro, which was recently quoted at $1.422.The dollar's advance has cut into precious metals prices in recent trade. Gold is now up just $3.60 to $1432.50 per ounce while silver was last quoted with a $0.61 gain at $38.34 per ounce.As for stocks, trade remains largely listless, but the Nasdaq has managed to move back into positive territory so that it trades with a slight gain.
11:30 ET
Examining Movers
Dow +18.88 at 12395.78, Nasdaq +2.23 at 2791.76, S&P +1.08 at 1333.49
[BRIEFING.COM] Although stocks are stuck in a lackluster fit of trade, shares of Ford Motor (F 15.66, +0.50) have made an impressive push higher, which has made it this session's top performer. Strength in shares of F is partly owed to an upgrade by analysts at Credit Suisse.Southwest Airlines (LUV12.29, -0.39) shares are down about 3% after paring some of their losses. Still, the stock is among this session's worst performing issues. Its weakness comes after a tear in the roof of a plane prompted the company to cancel hundreds of flights over the weekend.
11:00 ET
Metals Plays Lead Materials
Dow +9.92 at 12387.01, Nasdaq -0.62 at 2789.41, S&P +0.16 at 1332.47
[BRIEFING.COM] The stock market is mired near the neutral line after it made a narrow advance in the first few minutes of trade. The dip comes as tech stocks, which collectively represent the largest sector by market weight, come under pressure. Tech stocks are currently near session lows with a 0.6% loss.In contrast, materials stocks continue to push higher, but their lack of weight has undermined their leadership. Nonetheless, the sector is up 0.6% as metals and steel plays push higher. Newmont Mining (NEM 55.32, +0.95) and AK Steel (AKS 16.15, +0.27) are currently the top two performers by percent gained. Both stocks are up 1.8%.
10:30 ET
Crude Modestly Higher, Silver Up 2.2%
Dow +11.62 at 12388.26, Nasdaq -1.60 at 2878.93, S&P +0.55 at 1332.96
[BRIEFING.COM] The dollar index moved into positive territory in recent trade, adding selling pressure on most commodities.
May crude oil sold off from overnight highs of $108.78, falling into negative territory and to new session lows of $107.58 per barrel. It's erased almost half of its losses and is currently at $108.06/barrel, up 0.1%.
May natural gas has been in negative territory all session. It traded just modestly lower overnight, but sold-off earlier this morning to new session lows of $4.23/MMBtu. It's recovered approx. half of its losses and is now at $4.30/MMBtu, down 1.5%.
Precious metals have been higher all morning, while silver futures is the best performing commodity in the CRB Index. May silver is currently 2.2% higher at $38.56/ounce, while June gold is up 0.7% at $1439.10/ounce.
Grains extended gains from last week as wheat rose 1.7% overnight, corn rose 1.6% and soybeans gained 0.3%
10:00 ET
Tech Trades Lower
Dow +10.37 at 12387.09, Nasdaq +0.08 at 2789.68, S&P +1.08 at 1333.49
[BRIEFING.COM] Tech stocks have come under increased pressure in recent trade. The sector had traded with only a fractional loss in the first few minutes of trade, but it has since fallen to a 0.5% loss.Weakness among tech stocks is relatively broad, but heavyweight Apple (AAPL 342.00, -2.51) is having one of the most adverse impacts on the space. Semiconductor stocks are also contributing to the sector's slide; they are collectively down 0.7%.Advancing Sectors: Materials (+0.5%), Health Care (+0.3%), Energy (+0.3%), Telecom (+0.1%), Financials (+0.1%)
Unchanged: Consumer Staples
Declining Sectors: Tech (-0.5%), Industrials (-0.2%), Utilities (-0.1%), Consumer Discretionary (-0.1%)
09:45 ET
Solid Start
Dow +20.36 at 12397.61, Nasdaq +3.82 at 2793.42, S&P +2.58 at 1334.99
[BRIEFING.COM] The broad market is up with a slight gain in the first few minutes of trade. Early support is broad, but materials stocks currently boast the best gains. The sector is up an enviable 0.6%. Tech stocks have actually fallen to a slight loss, though. The weakness comes after tech stocks had already lagged this past Friday.
09:15 ET
Maintaining a Positive Tone
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +5.90. Stock futures point to a slightly higher start to the week. The modest bid comes as participants continue to display a preference for risk, even in the absence of any catalysts like data or corporate news. Oil prices also attracted renewed buying interest earlier this morning, such that the energy component climbed to a new two-year high of $108.48 per barrel, but it has since pulled back to trade flat near $108 per barrel. Although they are mostly modestly higher, major overseas markets have also given little direction to early morning traders. The generally tepid tone there precedes some key central bank meetings in Europe later this week.
09:05 ET
Precious Metals Outperform
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +6.40. Oil prices had pushed up to a new two-year high of about $108.48 per barrel earlier this morning, but the energy component recently pulled back with the approach of pit trade. It was most recently quoted with a fractional gain at $108.10 per barrel. Gold prices are up with a more impressive gain of about 0.7% at $1438 per ounce. Silver is even stronger as it sports a 1.8% gain at $38.42 per ounce.
08:35 ET
Mostly Positive Tone Overseas
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +7.20. Germany's DAX is up 0.2% at the moment, but France's CAC is currently flat. Vivendi shares are among the top performing stocks in France following news that the firm has acquired from Vodafone (VOD) a 44% stake in French telecom play SFR in a transaction valued at about $11.3 billion. The deal has also helped support shares of VOD on Britain's FTSE, which is up 0.4%. The generally muted tone of trade across the continent's major bourses comes ahead of the Thursday meetings of the European Central Bank and the Bank of England. This morning it was learned that eurozone producer prices climbed 0.8% in February after they had climbed 1.3% in the prior month. Meanwhile, Britain's PMI Construction reading for March came in at 56.4, which is only slightly lower than the 56.5 that had been recorded for February.Overnight action in Asia left Japan's Nikkei to eke out a 0.1% gain. Tokio Marine was a primary leader, as was Fast Retailing, but their strength was largely offset by losses in Mizuho Financial (MFG) and Sumitomo Realty. Broad-based buying took Hong Kong's Hang Seng to a 1.5% gain. The move took the Hang Seng to a new two-month high. China's Shanghai Composite was closed for holiday observance, but data out of the country featured a PMI Services reading of 60.2, which is up sharply from the 44.1 that was posted for February.
08:05 ET
Slight Bid Ahead of Open
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.40. An empty economic calendar and few corporate announcements have made for a relatively quiet morning, but stock futures are still up a bit relative to fair value. The bid comes amid modest gains by Europe's major bourses, yet follows a heady move by Hong Kong's Hang Seng, which climbed 1.5% overnight. Oil prices continue to push higher. In fact, the energy component set a new two-year high well above $108 per barrel earlier this morning.
06:42 ET
Early Morning Levels
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +6.20.
06:42 ET
European Market Data
Market is Closed
[BRIEFING.COM] FTSE...6027.58...+17.70...+0.30%. DAX...7168.77...+7.00...+0.10%.
06:42 ET
Asian Market Data
Market is Closed
[BRIEFING.COM] Nikkei...9718.89...+10.50...+0.10%. Hang Seng...24150.58...+348.70...+1.50%.
16:30 ET
Encouraging Jobs Report Helps Stocks Extend Gains
Dow +56.99 at 12376.72, Nasdaq +8.53 at 2789.60, S&P +6.58 at 1332.41
[BRIEFING.COM] Stocks started the second quarter on a strong note as the Dow set a new bull market high on the back of a better-than-expected jobs report. Some late selling interest ate into gains, though.Uncertainty ahead of the monthly payrolls report kept stocks stuck in a narrow trading range during the prior session, but the mood among traders improved markedly today. Initial buying interest was underpinned by strong gains among many of the major equity averages abroad, but the positive tone was further solidified by an encouraging payrolls report.According to the latest data, nonfarm payrolls increased by 216,000 in March. Private payrolls increased by 230,000. The consensus call among economists polled by Briefing.com had called for respective increases of 185,000 and 203,000. The greater-than-expected increases helped the headline unemployment rate improve to 8.8% from 8.9% in the face of calls for it to remain unchanged.The jobs report overshadowed the rest of today's data, which featured a March ISM Index reading of 61.2 and a 1.4% drop in construction spending for February. The ISM was in step with the 61.4 that had been broadly expected, but construction spending was widely anticipated to fall only 0.7%.Participants responded to the jobs report with a steady, broad-based bid that took the S&P 500 to within a few points of its 52-week high. Meanwhile, the Dow climbed to its best level since June 2008.However, stocks struggled to hold those levels in the face of a late flurry selling, which actually took the Nasdaq to the neutral line. The Nasdaq's late slip came as participants pressured semiconductor issues. Although renewed interest among buyers helped the tech-rich Nasdaq reclaim some of its gain, semiconductor stocks still settled with a 1.0% loss.Financials offered leadership after they had lagged during the first part of the week. The sector's 0.8% gain was led by NYSE Euronext (NYX 39.60, +4.43) following news that Nasdaq OMX (NDAQ 28.23, +2.39) and IntercontinentalExchange (ICE 119.75, -3.79) offered to pay $42.50 per share in cash and stock to acquire the company. Deutsche Boerse already made a bid for the company, but the rival offer represents a premium of about 19% over the initial tender.The financial sector's strength comes after it ended the first quarter with a gain of little more than 3%. That pales considerable to the 16% first quarter gain scored by the energy sector, which advanced a less impressive 0.4% this session. Energy's first quarter run was mostly helped by the rapid rise in oil prices, which actually extended their climb today by setting a new two-year high above $108 per barrel.Advancing Sectors: Industrials (+0.9%), Financials (+0.8%), Consumer Discretionary (+0.7%), Utilities (+0.7%), Health Care (+0.6%), Consumer Staples (+0.6%), Energy (+0.4%), Materials (+0.3%)..Nasdaq 100 +0.2%. ..S&P Midcap 400 +0.8%. ..Russell 2000 +0.4%.
Declining Sectors: Tech (-0.1%), Telecom (-0.1%)
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