Stock Market Update – 09:00 ET
Stock Market Update
Updated: 10-Nov-09
The market at 09:00 ET
Dow: …
Nasdaq: … S&P: …
NYSE Vol: .. Adv: .. Dec:
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Moving the Market
Sector Watch
U.S. dollar attempts to reclaim part of prior session’s losses No economic releases slated for Tuesday and only a handful of companies have released earnings results
Strong: (action remains restricted to premarket trade)
Weak: (action remains restricted to premarket trade)
09:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -2.00. Though the U.S. dollar is up slightly in early trade, commodities are holding steady. As such, oil prices are generally flat at $79.45 per barrel. Gold prices are up a solid 0.2% to $1103 per ounce, though. The broader CRB Commodity Index is essentially unchanged.
08:30 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -2.00. U.S. stock futures continue to trade just a few points below fair value, while action in Europe is a bit subdued as Germany’s DAX trades flat with its declining issues and advancing issures in near balance. Daimler (DAI) is a primary leader, but Volkswagen is among the laggards. In France, the CAC is down 0.2%. Energy giant Total (TOT) is a primary drag after providing leadership in the previous session. Britain’s FTSE is generally flat as global banking outfit HSBC (HBC) provides leadership amid news that it plans to cut 5,000 jobs to help eliminate overlap from its acquisition of HBOS earlier this year. In other news, analysts at Fitch said Britain is most at risk among the big economies to lose its top-notch credit rating. That has caused the British pound to pull back against the U.S. dollar. In Asia, Japan’s Nikkei gained 0.6%. Bank shares climbed after Japan’s banking minister suggested less strict enforcement of capital requirements. In Hong Kong, the Hang Seng tacked on 0.3%. SINOPEC (SNP), Asia’s top oil refiner, fell despite the decision from the mainland to fuel prices. PetroChina (PTR) gained, though. In mainland China, the Shanghai Composite eked out a 0.1% gain and the MSCI Asia Pacific Index closed 0.4% higher.
08:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -2.50. After dropping sharply in the previous session, the U.S. dollar is attempting a modest recovery in early action. That has the Dollar Index up 0.2%, which has weighed a bit on stock futures. Overall news flow is a bit slow this morning, but Bloomberg.com reported that Moody’s said AIG (AIG) will be able to repay its Federal Reserve credit line and much or all of the Treasury’s investment if financial markets stabilize. That has shares of AIG up nearly 8% to $39.00 per share ahead of the opening bell. Shares of industrial outfit Fluor (FLR) are down almost 6% to $45.25 per share after posting an earnings miss for the latest quarter and trimming its outlook for fiscal 2009. The company did issue an in-line forecast for fiscal 2010, though. Meanwhile, Tyco International (TYC) reported a positive earnings surprise, which has helped lift its shares up 2.8% to $36.39 per share in premarket trade.
06:46 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -1.80.
06:45 ET
Market is Closed
[BRIEFING.COM] FTSE…5244.28…+9.10…+0.20%. DAX…5631.68…+11.80…+0.20%.
06:45 ET
Market is Closed
[BRIEFING.COM] Nikkei…9870.73…+61.70…+0.60%. Hang Seng…22268.16…+60.60…+0.30%.
16:20 ET
Dow +203.52 at 10226.94, Nasdaq +41.62 at 2154.06, S&P +23.78 at 1093.08
[BRIEFING.COM] Market participants responded to a sharp drop by the U.S. dollar with a broad-based buying effort that helped stocks make heady gains and finish at session highs. In fact, the Dow Jones Industrial Average logged its best closing level in 52 weeks.
News that members of the G-20 and Treasury Secretary Geithner maintain the view that economic stimulus should not yet be withdrawn led to heavy selling against the U.S. dollar and drove the Dollar Index back to 2009 lows. It spent the entire session trading with a loss of roughly 1.0%.
Weakness in the greenback was greeted with a concerted buying effort that gave stocks broad-based gains. Within the S&P 500, 95% of its components logged a gain and gave the broad market index its sixth straight gain. Meanwhile, Kraft (KFT 26.53, -0.25) was the only listing in the 30-member Dow that failed to put together a gain. Its shares were sent lower after the food giant failed to take over Cadbury Schweppes (CBY 50.71, +0.21) with a cash and stock offer that valued the confectioner at some 9.8 billion British pounds.
Strength among diversified banks (+4.3%) and life and health insurers (+4.7%) helped the financial sector finish the session 3.6% higher and overtake materials as the session’s best performing sector.
Materials stocks had sported the best gains for most of the session. The sector was helped along by broader market support and interest in basic materials and commodities amid the dollar’s decline. The sector finished with a 3.2% gain as buyers showed favor for steel stocks (4.5%) and diversified metals and mining stocks (4.6%).
As for individual commodities, gold prices hit a new all time high of $1111.70 per ounce before pulling back a bit to settle pit trade with a 0.5% gain at $1101.40 per ounce. Meanwhile, buying in crude futures drove oil prices above $80 per barrel, but some momentum was lost so that contracts closed with oil priced at $79.43 per barrel, up 2.6%.
Amid a lack of major earnings announcements and a vacant economic calendar, recaps of the G-20′s weekend meeting made up most of the headlines this session. However, health care reform has come back into sharper focus since the House of Representatives passed new health care legislation during the weekend. That turns the focus of industry watchers to the Senate.
Though market participants showed an increased interest in risk by chasing stocks, Treasuries had a reasonably solid session. As such, the benchmark 10-year Note climbed some six ticks. Its gain was solidified after results from a $40 billion auction of 3-year Notes produced a yield of 1.40% and a bid-to-cover ratio of 3.3.
Advancing Sectors: Financials (+3.6%), Materials (+3.2%), Industrials (+2.5%), Telecom (+2.3%), Consumer Discretionary (+2.2%), Tech (+2.2%), Utilities (+1.7%), Health Care (+1.7%), Energy (+1.5%), Consumer Staples (+1.5%)
Declining Sectors: (None)
