Despite encouraging payroll data and yesterday's impressive
gains, Wall Street is hesitant ahead of today's afternoon release
of minutes from the last FOMC meeting as well as the December job
report on Friday. The Dow Industrials Average opened just two
points under Tuesday's close following a better-than-expected
increase in the ADP private payrolls report but soon reversed
course as investors positioned for the 2 p.m. release of details
from the Fed's decision last month to begin scaling back its
bond-buying stimulus program.
The tech-heavy Nasdaq Composite index is outperforming again
today, clinging to positive levels thanks to gains for Apple (
) and Micron Technology (
) as well as another record high for Google (
Payroll processor ADP reported a 238,000 increase in private
payrolls during December for the largest rise in more than a year
and beating estimates for a 205,000 gain. November payrolls also
were revised higher to 229,000, lifting the total for 2013 to 2.16
million new hires, up 10% from 2012.
European markets all drifted into negative territory as well in
spite of friendly economic data from the EU including much stronger
than expected German factory orders and EU retail sales. With the
U.S. softer and UK retailers dragging the markets lower, the FTSE
shed more than half a percentage point today taking the other major
indices lower as well.
Crude oil was down 0.70% to $92.97 per barrel. Natural gas is
unchanged at $4.27 per 1 million BTU. Gold (CNS: GCQ2) is up/down
XXX to XXX an ounce, while silver was down $0.40 to $19.39 an
ounce. Copper is down $0.01 to $3.35 per pound.
Among energy ETFs, the United States Oil Fund was down 0.66% to
$33.36 with the United States Natural Gas Fund was down 0.90% to
$20.85. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was down 1.36% to 21.64 while SPDR Gold Shares were down
1.01 to $117.81. The iShares Silver Trust was down 2.38% to
Here's where the markets stand at mid-day:
NYSE Composite Index down 0.77 (-0.01%) to 10326.56
Dow Jones Industrial Average down 70.36 (-0.43%) to 16460.58
S&P 500 down 0.20 (-0.01%) to 1837.68
Nasdaq Composite Index up 14.17 (+0.34%) to 4167.35
Nikkei 225 Index up 1.94%
Hang Seng Index up 1.25%
Shanghai China Composite Index down 0.15%
FTSE 100 Index down 0.50%
CAC 40 down 0.04%
DAX down 0.09%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 0.64%
NYSE Financial Sector Index up 0.38%
NYSE Healthcare Sector Index up 0.47%
(+) MNGA (+33.13%) Said its Italian distributor has signed a
contract with the Italian equivalent of the National Alternative
Energy Laboratory to perform various tests on its MagneGas
(+) APOL (+14.0%) Late yesterday reports Q1 earnings of $1.04
per share, beating analyst expectations by $0.14.
(+) RVBD (+12.1%) Elliot Management Corp offers to buy all of
the company's outstanding shares for $19.00 each in cash.
(-) AZZ (-9.5%) Q3 revenue miss Street view; also sets FY14
guidance trailing analyst consensus.
(-) SPRT (-17.3%) Northland Capital Markets downgrades the
cloud-based business services company to Market Perform from
Outperform after issuing disappointing Q1 guidance.
(-) SEED (-17.7%) FY13 earnings rise but sales drop amid
increased competition and bad weather.
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