"The S&P 500 is still in a battle around 1,400, and after
four straight up days the market finally gave back some of its
gains," said Senior Equity Analyst Joe Bell. "Data confirming
Spain's recession, and the slightly worse-than-expected U.S. income
and spending figures, weighed on the market." Despite this negative
news, the Dow Jones Industrial Average (DJI) narrowly avoided what
would have been its first monthly loss since September.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Bulls and bears are
ready to battle
during this week's busy economic calendar.
Barnes & Noble (
skyrocketed on a deal with Microsoft (
- Plus, Senior Options Strategist Tony Venosa explored a
considerably weak duo in
the downtrodden coal sector
Dow Jones Industrial Average (DJI - 13,213.63)
notched its first loss in five days, falling 14.7 points, or 0.1%.
Of the Dow's 30 components, 15 closed with wins, as Merck's (
) 2% jump paced the outperformers. On the other hand, Caterpillar (
) and Bank of America (
) led the 14 laggards with losses of 1.7% each, while 3M (MMM)
finished unchanged. The blue-chip barometer eked out a 0.01% gain
for the month.
S&P 500 Index (SPX - 1,397.91)
slipped back below 1,400, suffering a 5.5-point, or 0.4%, drop.
Nasdaq Composite (COMP - 3,046.36)
turned in the worst performance of its fellow benchmarks, and
decreased 22.8 points, or 0.7%, on the day. The SPX ended April
down 0.8%, while the COMP burned off 1.5%.
CBOE Market Volatility Index (VIX - 17.15)
climbed roughly 5.1%, closing just under its session high of 17.41.
This marked the VIX's first daily finish atop its 40-day moving
average since April 24. The market's fear gauge surged by 10.8%
Chicago purchasing managers index (PMI)
fell to 56.2 in April, down significantly from the March reading of
62.2. The report was softer than expected, as economists were
looking for a decline to 60.9.
edged up 0.3% in March, said the
, while incomes rose by 0.4%. The report was mixed, with consensus
estimates calling for spending to rise 0.4%, and incomes to climb
: "The S&P 500 held above the 1,390 level, which acted as
previous resistance during the April trading range," noted Bell.
"Similarly, the Russell 2000 Index (RUT) is still perched above its
previous resistance near the 815 area."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures ended their four-session winning streak today, as
weak domestic data and economic concerns out of the euro zone
weighed on riskier assets, including equities. While the U.S.
dollar strengthened, crude for June delivery inched lower by 6
cents, or 0.06%, to settle at $104.87 a barrel. However, black gold
added 1.8% for the month.
Likewise, the rising dollar pushed gold futures into negative
territory for the day. Gold for June delivery dipped 60 cents, or
0.04%, to close at $1,664.20 an ounce. The malleable metal turned
in a 0.5% loss in April.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 13,213.63) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,397.91) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 3,046.36) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
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