2008-05-16 16:25 ET Dow -5.86 Dow Close 12986.80 Nasdaq -4.88 Nasdaq Close 2528.85 S&P +1.78 S&P Close 1425.35 Nasdaq100 +0 SandP_Midcap400 +0.3 Russell2000 -0.3 NYAdv 1612 NYDec 1491 NQAdv 1230 NQDec 1644
[BRIEFING.COM] The stock market closed just above the unchanged mark Friday, locking in a 2.6% gain for the week. Despite being an options expiration date, the session's tone was rather subdued.
Several popular retailers posted mixed results during Friday's trading. Nordstrom (JWN 38.44, +1.15), Kohl's (KSS 49.27, -1.22), and Abercrombie & Fitch (ANF 76.19, +0.11) each announced better-than-expected earnings results for the most recent quarter. Only Nordstrom traded noticeably higher, despite announcing worse-than-expected same-store sales results and a lowered outlook.
The S&P 500 Retailing Index ended the session 1.1% lower, off its session low.
The Dollar Index fell to its lowest point in more than one week, helping to inflate commodity prices. Notably, the CRB Commodity Index advanced more than 1.0%. Gold also had a strong showing -- closing $20.50 higher at just over $900 per ounce.
Crude hit a fresh all time record high of $127.82 per barrel before closing at $126.30 on the New York Mercantile Exchange. Oil is up almost 35% year-to-date.
Oil's rise lent support to the energy sector (+2.5%), where mega-cap Exxon Mobil (XOM 92.67, +1.37) provided leadership. Shares of ConocoPhillips (COP 91.98, +2.67) and Chevron (CVX 100.38, +1.89) also lent support to the sector.
The financial sector (-1.4%) lagged its counterparts for virtually the entire session. Citigroup (C 23.12, -0.61) weighed the most on the sector, though regional banks (-3.3%) were the sector's worst performing industry.
Encouraging economic data came in the form of new housing data. Seasonally adjusted annualized housing starts for April totaled 1,032,000, which is above the 939,000 that economists expected. Annualized starts for March were revised from 947,000 to 954,000. Meanwhile, building permits for April jumped 4.9% to 978,000.
Separately, the University of Michigan issued its preliminary consumer sentiment survey reading for May, which came in at 59.5. The reading dropped month-over-month from 62.6 and was below the reading of 62.0 economists expected.
2008-05-16 15:30 ET Dow -15.80 Dow Close 12976.66 Nasdaq -4.80 Nasdaq Close 2528.93 S&P +0.79 S&P Close 1424.36 NYAdv 1598 NYDec 1480 NQAdv 1196 NQDec 1635
[BRIEFING.COM] Stocks have made their way into positive ground after spending nearly the entire session in the red. The change in sentiment is broad-based as six of the major economic sectors are showing gains.
Treasuries have gone a bit out of favor. After spending the majority of the session ticking higher, the 10-year Treasury Note is now down 9 ticks. Its yield is now up to 3.85%.
2008-05-16 15:00 ET Dow -16.77 Dow Close 12975.89 Nasdaq -8.57 Nasdaq Close 2525.16 S&P -0.06 S&P Close 1423.51 NYAdv 1562 NYDec 1513 NQAdv 1104 NQDec 1709
[BRIEFING.COM] After a gradual ascent, the stock market has hit its best level since the early going. However, it has yet to break back into positive ground.
Crude ended its session on the New York Mercantile Exchange $2.18 higher at $126.30 per barrel.
Energy (+2.0%) continues to outperform the other economic sectors. Energy has climbed back to a session high.
2008-05-16 14:30 ET Dow -46.73 Dow Close 12945.93 Nasdaq -14.50 Nasdaq Close 2519.23 S&P -3.12 S&P Close 1420.45 NYAdv 1413 NYDec 1661 NQAdv 1002 NQDec 1816
[BRIEFING.COM] The S&P 500 continues to trend a bit below the neutral line. However, the stock market has advanced almost 2.3% this week. Month-to-date, the stock market is up almost 2.5%.
Only seven of the 30 Dow Jones components are trading with a gain. The Dow's two best performers this session are Exxon Mobil (XOM 92.22, +0.92) and Chevron (CVX 99.84, +1.35).
2008-05-16 14:00 ET Dow -42.50 Dow Close 12950.16 Nasdaq -16.29 Nasdaq Close 2517.44 S&P -2.81 S&P Close 1420.76 NYAdv 1374 NYDec 1684 NQAdv 977 NQDec 1820
[BRIEFING.COM] After easing off the afternoon's high, the stock market is attempting to push back toward the neutral line. General sentiment remains largely pessimistic.
Gold made a nice gain on Friday. The precious metal closed up $20.50 at just over $900 per ounce. Gold remains more than 12% off its 52-week high reached in mid-March. At that time, gold climbed to almost $1,034 per ounce.
The CRB Commodity Index is showing strength, up nearly 0.9% this session. Meanwhile, the dollar remains largely unchanged from earlier levels as the dollar index is down 0.7%.
2008-05-16 13:30 ET Dow -47.63 Dow Close 12943.32 Nasdaq -13.52 Nasdaq Close 2520.20 S&P -3.11 S&P Close 1420.44 NYAdv 1409 NYDec 1639 NQAdv 1028 NQDec 1743
[BRIEFING.COM] The the stock market is trying to climb to the unchanged level, but is stalling near its afternoon high. The recent push higher was broad-based, with the exception of energy (+1.4%), which has given up a portion of its earlier gains.
Market-moving news has slowed considerably, which typically happens on Friday afternoons.
2008-05-16 13:00 ET Dow -46.00 Dow Close 12946.66 Nasdaq -12.47 Nasdaq Close 2521.26 S&P -3.16 S&P Close 1420.41 NYAdv 1374 NYDec 1658 NQAdv 1011 NQDec 1752
[BRIEFING.COM] Stocks continue trending upward from their morning low. However, seven of the ten major economic sectors remain in negative territory.
Crude prices have come down a bit, but remain roughly 1.5% higher at $126 per barrel.
The international indices have shown some positive numbers. The Dow Jones World Index, excluding the U.S., is up 1.2%.
2008-05-16 12:30 ET Dow -55.45 Dow Close 12937.21 Nasdaq -16.12 Nasdaq Close 2517.61 S&P -4.36 S&P Close 1419.21 NYAdv 1292 NYDec 1716 NQAdv 965 NQDec 1772
[BRIEFING.COM] Stocks are making a gradual climb off their session low. Still, the S&P 500 continues to trade with a noticeable loss.
Though opening in modest fashion, the utilities sector (+0.6%) is sporting a decent gain. The Dow Jones Utility Average (+0.5%) is leading the other Dow Indices.
In an earlier statement, Treasury Secretary Paulson stated that the housing correction won't be resolved quickly, but the economy's pace should pick up by year's end. Paulson also said the markets are considerably calmer now than in March.
2008-05-16 12:00 ET Dow -81.09 Dow Close 12911.57 Nasdaq -19.14 Nasdaq Close 2514.59 S&P -6.29 S&P Close 1417.28 NYAdv 1235 NYDec 1751 NQAdv 924 NQDec 1792
[BRIEFING.COM] The stock market opened flat on Friday, but has gradually made its way into negative territory as participants have encountered little to motivate buying.
On the earnings front, retailers Nordstrom (JWN 37.75, +0.46), Kohl's (KSS 48.30, -2.19), and Abercrombie & Fitch (ANF 75.98, 0.10) all reported better-than-expected earnings results for the latest quarter. Their performance has been mixed this session.
Fellow retailer Macy's (M 24.76, -0.56) announced plans this morning to feature FAO Schwartz-operated toy shops in various Macy's locations, beginning this fall.
The retailing industry is struggling this session as the S&P 500 Retailing Index is down 1.8%.
In other deal news, Apple (AAPL 188.39, -1.34) announced it has signed a deal with French wireless carrier Orange to sell Apple's popular iPhone in the Middle-East, Africa, and select countries throughout Europe.
Also, UAL Corp (UAUA 13.77, -0.61) and Continental Airlines (CAL 17.98, -0.66) are in talks regarding a possible alliance, according to Reuters. Many analysts postulate the airline industry must consolidate to achieve operational efficiencies in the face of record high fuel prices.
Crude hit a fresh all time record high of $127.82 per barrel in Friday's early action. Oil is up almost 35% year-to-date.
The rise in oil is prompting buying in the energy sector (+1.6%). Energy has been the strongest performer this session. Dow Jones component Exxon Mobil (XOM 92.25, +0.95) is providing leadership to the sector.
While energy is trading higher, the financial sector (-1.7%) is showing weakness. Regional banks (-3.8%) are the financial sector's worst performing industry group.
In economic news, seasonally adjusted annualized housing starts for April totaled 1,032,000, which is above the 939,000 that economists expected. Starts during March were revised from 947,000 to 954,000. Meanwhile, building permits for April jumped 4.9% to 978,000.
The preliminary May consumer sentiment survey from the University of Michigan came in at 59.5, though economists were expecting a reading of 62.0. According to the survey, sentiment slipped month-over-month as the prior reading came in at 62.6.
While the dollar index is showing weakness this session, down 0.6%, gold is showing strength. The yellow metal is currently up more than 2.6% to over $903 per ounce.
2008-05-16 11:30 ET Dow -93.71 Dow Close 12898.95 Nasdaq -25.78 Nasdaq Close 2507.95 S&P -8.51 S&P Close 1415.06 NYAdv 1143 NYDec 1819 NQAdv 803 NQDec 1865
[BRIEFING.COM] Stocks have moved deeper into negative territory. The S&P 500's declining stocks outnumber the advancers by roughly 3-to-1.
The dollar is showing additional weakness this session as the dollar index is down 0.6%. A weaker dollar makes imports like oil more expensive.
Gold is showing strength. The yellow metal is currently up more than 2.7% to over $904 per ounce.
2008-05-16 11:00 ET Dow -68.88 Dow Close 12923.78 Nasdaq -24.03 Nasdaq Close 2509.70 S&P -7.09 S&P Close 1416.48 NYAdv 1197 NYDec 1734 NQAdv 840 NQDec 1765
[BRIEFING.COM] The stock market continues to trade in negative territory, recently moving to a new session low. The financial sector, which is the largest of the major economic sectors, is posting the most substantial decline. The sector is down 1.7%.
Some of the sector's worst performing industries include regional banks (-3.3%), diversified banks (-2.6%), and thrifts and mortgages (-2.8%).
Energy (+1.5%) remains the best performing economic sector, riding the heels of $127 oil.
2008-05-16 10:30 ET Dow -27.85 Dow Close 12964.81 Nasdaq -17.83 Nasdaq Close 2515.90 S&P -3.34 S&P Close 1420.23 NYAdv 1183 NYDec 1673 NQAdv 898 NQDec 1644
[BRIEFING.COM] The stock market has moved lower. Seven of the ten economic sectors are trading with losses.
The tech-rich Nasdaq is trading with the largest loss. Index component Apple (AAPL 187.91, -1.82) has taken a sharp downturn. The company announced earlier today it has signed a deal with French wireless carrier Orange to sell Apple's popular iPhone in the Middle-East, Africa, and select countries throughout Europe.
2008-05-16 10:00 ET Dow -16.69 Dow Close 12975.97 Nasdaq -9.65 Nasdaq Close 2524.08 S&P -1.36 S&P Close 1422.21 NYAdv 1241 NYDec 1534 NQAdv 966 NQDec 1459
[BRIEFING.COM] The stock market continues to trend along the unchanged mark. Nearly 60% of the S&P 500 components are trading lower.
The preliminary May consumer sentiment survey from the University of Michigan came in at 59.5. Economists were expecting a reading of 62.0. The prior reading came in at 62.6.
Despite positive earnings surprises from Nordstrom (JWN 37.92, +0.63), Kohl's (KSS 49.02, -1.47), and Abercrombie & Fitch (ANF 76.79, 0.71), the S&P 500 Retailing Index is trading noticeably lower. The index is currently down 1.6%.
2008-05-16 09:45 ET Dow -13.52 Dow Close 12979.14 Nasdaq -6.76 Nasdaq Close 2526.97 S&P -1.32 S&P Close 1422.25 NYAdv 1304 NYDec 1341 NQAdv 1010 NQDec 1249
[BRIEFING.COM] The major indices have opened the session flat. The Nasdaq, however, has made a more noticeable move lower, currently down 0.3%.
Oil prices have made a jump in early trading. Crude hit a fresh all time record high of $127.82 per barrel earlier. The rise in oil is prompting some buying interest in the energy sector (+1.9%).
The preliminary May consumer sentiment survey from the University of Michigan is due at the top of the hour.
2008-05-16 09:16 ET [BRIEFING.COM] S&P futures vs fair value: +2.4. Nasdaq futures vs fair value: +1.5. Stock futures continue to indicate the major indices will open in positive territory. According to Reuters, more merger-related news has surfaced from the airline industry as UAL Corp (UAUA) is holding talks with Continental Airlines (CAL).
2008-05-16 09:00 ET [BRIEFING.COM] S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +2.0. Stocks remain on track for a positive start to Friday's trading. A challenging retail environment took its toll on Kohl's (KSS) and Nordstrom (JWN). Yet both companies announced earnings results after yesterday's close that topped analysts' estimates for the most recent quarter.
2008-05-16 08:30 ET [BRIEFING.COM] S&P futures vs fair value: +2.5. Nasdaq futures vs fair value: +2.0. Stock futures remain up after the latest residential construction data hit the wires. Housing starts for April totaled 1,032,000, which is above the 939,000 that economists expected. Starts during March were revised from 947,000 to 954,000. Building permits for April totaled 978,000. The consensus forecast called for 915,000.
2008-05-16 08:00 ET [BRIEFING.COM] S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +2.0. Stock futures currently indicate the major indices will open slightly higher. Oil has passed the $127.00 mark in electronic trading.
2008-05-16 06:18 ET [BRIEFING.COM] S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: +3.8.
2008-05-16 06:18 ET [BRIEFING.COM] Nikkei...14219.48...-32.26...-0.2%. Hang Seng...25618.86...+105.15...+0.4%.
2008-05-16 06:18 ET [BRIEFING.COM] FTSE...6336.60...+84.80...+1.4%. DAX...7171.81...+90.76...+1.3%.
2008-05-15 16:20 ET Dow +94.28 Dow Close 12992.66 Nasdaq +37.03 Nasdaq Close 2533.73 S&P +14.91 S&P Close 1423.57 Nasdaq100 +1.7 SandP_Midcap400 +1.2 Russell2000 +1.0 NYAdv 2192 NYDec 911 NQAdv 1757 NQDec 1106
[BRIEFING.COM] Stocks spent Thursday morning trading in subdued fashion as traders found little to motivate their interests. However, concerted buying efforts surfaced early in the afternoon after crude prices took a dive. The stock market closed at its session high, up more than 1%.
Oil traded in volatile fashion Thursday. During the session, crude traded hands for more than $126 per barrel, near its all time intraday record high, before falling below $121 per barrel. Oil reclaimed its losses to finish largely unchanged near $124 per barrel.
The drop in oil prices rekindled buying interest in stocks. The tech sector (+2.1%) ended the session with the largest gain, led by large-cap tech players Intel (INTC 24.97, +1.13), Cisco (CSCO 26.50, +0.75), and Microsoft (MSFT 30.45, +0.52).
Yahoo! (YHOO 27.75, +0.61) also ended the day higher after billionaire activist investor Carl Icahn officially announced plans to take a proxy fight to the company. Icahn delivered a letter to Yahoo! with the biographies of 10 nominees he is recommending for the company's board of directors.
In merger and acquisition news, media company CBS Corp. (CBS 24.23, -0.59) announced it will acquire Internet news company CNET Networks (CNET 11.41, +3.46) for $1.8 billion, or $11.50 per share.
Dow Jones component and industrial conglomerate General Electric (GE 32.37, -0.14) announced it will be selling its appliance business. Investors reacted by pushing the stock marginally lower.
A batch of economic news prompted little reaction among stock traders in the early going. Leading the list were jobless claims data for the week ending May 10, which totaled 371,000. The claims were largely in-line with expectations. Most notably, the four-week claims average edged down a bit and continues to trend below recessionary levels.
Industrial production for April slipped 0.7%, which was a more substantial downturn than the 0.3% downturn that was expected. Capacity utilization for April totaled 79.7%, which is below the consensus utilization rate forecast of 80.1%. The prior month's capacity utilization reading was revised marginally lower to 80.4%.
The Empire State Manufacturing Index for May came in at -3.2, which is below the flat reading economists expected. Meanwhile, the Philadelphia Fed Survey, another regional manufacturing index, posted a reading of -15.6 for May. A reading of -19.0 was expected. Notably, the prior month's reading was unrevised at -24.9.
Treasuries attracted some buying interest. The 10-year Treasury Note climbed 24 ticks this session, reducing its yield to 3.82%.
