Stock Market Today

Nov 10, 2009 (Briefing.com via COMTEX) –

Stock Market Update

Updated: 10-Nov-09

The market at 14:30 ET

Dow: +8.09…

Nasdaq: -4.95… S&P: -0.92…

NYSE Vol: 667 mln.. Adv: 1161.. Dec: 1824

Nasdaq Vol: 1.42 bln.. Adv: 796.. Dec: 1853

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: health care facilities; internet retailers; tobacco; agricultural products

Weak: home entertainment software; construction and engineering; construction materials; homebuilding; office electronics; oil and gas drilling; steel; regional banks; retail REITs

14:30 ET

Dow +8.09 at 10235.03, Nasdaq -4.95 at 2149.50, S&P -0.92 at 1092.40

[BRIEFING.COM] The Dollar Index continues to oscillate as the greenback struggles to hold earlier gains against a basket of major foreign currencies. The Dollar Index is now trading with a fractional gain after being up as much as 0.3%.

The pullback in the greenback has helped the CRB Commodities Index halve its losses si that it is now down 0.5%.

Stocks have also garnered support, which has put the Dow back in positive territory. The S&P 500 hasn’t been back in higher ground since late this morning.

14:00 ET

Dow -9.82 at 10217.34, Nasdaq -8.17 at 2145.84, S&P -3.12 at 1090.02

[BRIEFING.COM] The benchmark 10-year Note has made its way back to a slight gain since coming under pressure and falling into negative territory in the wake of results from a $25 billion auction of 10-year Notes at 1:00 PM ET. The auction attracted a bid-to-cover ratio of 2.8, which is above the recent average of 2.6, but below the last auction’s bid-to-cover of 3.0. The acution also produced a yield of 3.47%, which is a few basis points below what had been expected.

As for equities, the major indices continue to chop along in negative terriotry with modest losses. Action among equities has been largely listless since the start of trade.

13:30 ET

Dow -13.45 at 10213.49, Nasdaq -8.50 at 2145.56, S&P -3.55 at 1089.53

[BRIEFING.COM] The stock market’s recent upturn has run into resistance, which has left stocks to remain in negative territory.

This session’s losses are especially steep among small-caps. Their weakness has taken the Russell 2000 to a 1.3% loss. Decliners outnumber advancing issues in the Russell 2000 by nearly 4-to-1. For comparison, declining issues outnumber advancers by little more than 3-to-1 in the broad-based S&P 500, while decliners and advancers are in near perfect balance in the Dow Jones Industrial Average.

13:00 ET

Dow -5.67 at 10221.27, Nasdaq -6.52 at 2147.54, S&P -2.20 at 1090.88

[BRIEFING.COM] Stocks are trying to trim their losses after surrendering an early gain that took the Dow fractionally higher to a new 2009 high and put the broader S&P 500 just a few points away from its best level of the year. The recent upturn has lifted stocks from session lows and helped keep losses modest.

The market’s move lower has been accompanied by a rebound in the U.S. dollar. The dollar had shown signs of surrendering its gains earlier this session, but it has since rebounded so that the Dollar Index trades with a 0.2% gain. The greenback’s upturn from its steep slide in the previous session has been helped by a weaker British pound, which came under pressure when credit analysts at Fitch said Britain is the most likely of the major economies to lose its AAA credit rating. Representatives from the United Kingdom have since stepped out to say that the credit rating is safe, though.

Still, the stronger dollar has been particularly burdensome for materials stocks, which have been among this session’s worst performers. The sector is currently down 1.0% as commodities come under pressure — the CRB Commodity Index is down 1.1%. Monsanto (MON 69.26, +0.74) did little for the sector by affirming its outlook for fiscal 2010.

Financials have also lagged this session. Pressure against the sector recently picked up so that it also now trades with a 0.8% loss. Bond insurer MBIA (MBI 3.82, -0.98) has been a drag on the sector after posting a steep loss for the latest quarter. AIG (AIG 37.84, +1.66) has offered some support, though. The stock has benefited from a Bloomberg.com report that indicated Moody’s said AIG will be able to repay its Federal Reserve credit line and much or all of the Treasury’s investment if financial markets stabilize.

Defensive-oriented holdings have generally been among the better overall performers this session. As such, utilities (+0.2%), health care (+0.4%), and consumer staples (+0.2%) are the only three major sectors currently trading in positive territory.

There haven’t been any major economic releases or outstanding commentary from Fed or Treasury officials out today, but market participants await the results from a $25 billion auction of 10-year Notes (1:00 PM ET). The benchmark Note is currently up several ticks ahead of the announcement.

12:30 ET

Dow -25.54 at 10201.40, Nasdaq -9.73 at 2144.33, S&P -4.65 at 1088.34

[BRIEFING.COM] All three major indices have fallen to fresh session lows as losses are become increasingly broad based. As such, declining issues now outnumber advancers by more than 2-to-1 on the NYSE. Still, overall declines remain rather modest.

Fluor (FLR 44.53, -3.48) and MBIA (MBI 3.82, -0.98) are primary laggards in the broader market. Fluor came up short of earnings expectations and even trimmed its forecast for fiscal 2009, while MBIA posted a steep loss for its latest quarter.

12:00 ET

Dow -8.16 at 10218.78, Nasdaq -9.14 at 2144.92, S&P -2.58 at 1090.50

[BRIEFING.COM] The Dow recently made its way back into positive ground, but has since faltered. Meanwhile, the S&P 500 has failed to make it out of negative ground since falling to a loss little more than one hour ago. ..NYSE Adv/Dec 1016/1889. ..NASDAQ Adv/Dec 793/1775.

11:30 ET

Dow -5.74 at 10221.20, Nasdaq -6.80 at 2147.26, S&P -3.15 at 1089.63

[BRIEFING.COM] Stocks continue to trade in the red, but losses remain moderate. Amid the slide, defensive-oriented holdings have found favor. That has helped give the utilities sector, health care sector, and consumer staples sector each a gain of 0.3%; they are the only three major sectors currently trading in positive territory.

Preference for less risky holdings has also helped Treasuries. In turn, the benchmark 10-year Note is up a solid 10 ticks. That has its yield down to 3.45%. Action in the 10-year Note could see some volatility later this session when the results of an auction of 10-year Notes are announced at 1:00 PM ET.

11:00 ET

Dow -2.19 at 1022.54, Nasdaq -5.47 at 2148.59, S&P -1.54 at 1091.54

[BRIEFING.COM] Early buying took the Dow to a fresh 52-week high and had the broader S&P 500 within striking distance of the same feat, but pressure has since mounted and taken all three major indices into negative territory.

Selling has been particularly strong among materials stocks, which are now contending with a 1.1% loss. The sector’s move lower comes as commodity prices and the CRB Commodity Index oscillate. The CRB is now down 0.3% after recently trading with a gain of 0.2%.

10:30 ET

Dow +28.04 at 10254.98, Nasdaq +4.19 at 2158.25, S&P +2.23 at 1095.31

[BRIEFING.COM] The stock market pushed to new highs in recent trade as the US Dollar Index slid into negative territory minutes ago.

December crude oil was trading lower overnight and recently moved into positive territory, pushing to fresh highs of $80.34 per barrel of weakness in the dollar. Currently, crude is 1.9% higher at $80.37 per barrel.

December natural gas trended lower overnight before falling quickly at the open of pit trading, hitting new lows recently of $4.448 per MMBtu. Natural gas is trading just above session lows at $4.498 per MMBtu, down 3.7%.

Precious metals remained trading near the unchanged line as the dollar is modestly lower. December gold recently pushed back into positive territory, up 0.6% at $1107.50 per ounce, while December silver is trying to rally back in the black, but is currently 0.3% lower at $17.515 per ounce.

10:00 ET

Dow +7.03 at 1234.57, Nasdaq +3.16 at 2157.09, S&P +0.13 at 1093.21

[BRIEFING.COM] The stock market’s early trip to higher ground is coming under a bit of pressure. In turn, the major indices are handing back a portion of their early gains.

The Dollar Index has also handed back some of its early gains. It is now up just fractionally after having been up 0.2% less than an hour ago. The pullback in the greenback has helped send the CRB Commodity Index up to a 0.2% gain.

Advancing Sectors: Consumer Discretionary (+0.3%), Consumer Staples (+0.2%), Health Care (+0.2%), Tech (+0.2%), Telecom (+0.2%), Utilities (+0.1%)

Declining Sectors: Financials (-0.5%), Materials (-0.4%), Industrials (-0.2%), Energy (-0.1%)

Early Movers: Trading up — FLL +14.9%, CYD +12.4%, PCLN +11.6%, AVNR +11.3%, BZH +9.4%, JASO +8.7%, GEOY +8.7%, HRBN +6.8%, HMIN +6.2%, FOSL +6.2%, AIG +6%; Trading down — OPXT -24%, PIKE -17.5%, TSYS -13%, MBI -12.3%, SDTH -11.3%, AGM -10.8%, CRI -10.6%, SOLR -9.9%, URI -8.8%, TIV -8.1%, ASBC -7.9%, FEED -6.7%, PLX -6.5%, ERTS -6.3%

09:45 ET

Dow +6.80 at 10233.74, Nasdaq +2.16 at 2156.22, S&P +0.59 at 1093.67

[BRIEFING.COM] The major indices had been flat in the first few minutes of action, but they have since made an upward push. Gains are modest, though.

Financials are showing early signs of weakness, however. The sector is currently down 0.4%, while many of the others put together advances. Though the financial sector is lagging with a modest loss, the decline has only cut into a portion of its 3.6% advance in the previous session.

09:15 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -3.50. Stock futures point to a modestly lower start for the major indices as the U.S. dollar attempts to reclaim a small part of the losses that it incurred during the previous session. The uptick by the greenback has been helped by a slide in the British pound, which was pressured by news that credit analysts at Fitch said Britain is the most likely of the major economies to lose its AAA credit rating. Representatives from the United Kingdom have since stepped out to say that the credit rating is safe, which has helped the British pound trim some of its losses. There hasn’t been much else for market participants to digest this morning, given that the economic calendar is vacant and that the latest batch of earnings results was small and rather mixed. However, market watchers await the results of an auction of $25 billion in 10-year Notes at 1:00 PM ET. The results will be used to assess the market’s appetite for the benchmark security.

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)