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Yahoo! Finance - Market Update 4:15 pm : Stocks staged a late session rally as strength in financials, energy, and materials propelled the major indices to minimal losses (Nasdaq -0.4%, S&P 500 -0.1%) after seeing heavy selling this morning on European debt fears, and growing tensions on the Korean Peninsula. Stocks moved off their session lows following the completion of the second Permanent Open Market Operation of the day. Today's operations allowed dealers to rid their books of $9 billion worth of Treasuries, and possibly put that money to work in equities.
The major European indices all closed down at least 2% after the $113 billion bailout of Ireland was announced. Bond yields in some of the more troubled European nations ticked higher as contagion fears continue to spread. After seeing a session low of 1.3064, the euro clawed its way back to the 1.3125 area.
Rising tensions on the Korean Peninsula did little to quell fears after South Korea said it was pushing forward on a joint naval exercise with the U.S., and told China it would not take place in six-party talks to diffuse the situation. The major Asian indices closed mixed.
Financials (+0.5%) were among the best performing stocks all session long as the regional banks helped the sector to a solid gain. Huntington Bancshares (HBAN 5.79, +0.24), Regions Financial (RF 5.38, +0.13), and Wells Fargo (WFC 27.20, +0.55) led the way for financials as 55 out of 81 stocks in the S&P 500 Financials Index closed in positive territory.
After being the worst performing sector at the start of trading, the materials sector ended the day as one of the top performers. Freeport-McMoran (FCX 101.25, +3.33), Vulcan Materials (VMC 39.45, +0.69), and US Steel (X 47.90, +0.56) all registered solid gains.
Retailers were in focus as the holiday shopping season kicked off over the weekend, and initial feedback was generally encouraging. Online retailers saw a mixed session with today marking Cyber Monday, the start of the online holiday shopping season. Amazon.com (AMZN 179.23, +2.03) saw strong gains, but eBay (EBAY 30.22, -0.93) closed lower.
Treasuries closed off their best levels of the session, but still saw a higher day. Buying in the complex pushed the 10-yr yield down 4 basis points to 2.826%. DJ30 -39.51 NASDAQ -9.34 SP500 -1.64 NASDAQ Adv/Vol 1453/1189 NYSE Adv/Vol/Dec 1248/923.5 mln /1711
3:30 pm : Commodities, for the most part, finished higher today. Precious metals (+1%), energy (+0.8%) and industrials (+0.5%) led the way higher. Live stock and soft commodities were the only decliners on the session.
Dec silver rallied for 1.8% to settle at $27.148 per ounce, while Dec gold finished up a pedestrian 0.2% to $1366.50 per ounce. Both metals spent most of the session bouncing off of their respective lows. A stronger dollar index did little to disrupt those bounces.
Jan crude oil gained 2.4% to end at $85.73 per barrel, closing near its best levels in around two weeks. Jan natural gas shed 4.2% to end at $4.21 per MMBtu. DJ30 -29.41 NASDAQ -6.38 SP500 -0.61 NASDAQ Adv/Vol/Dec 1208/1.4 bln/1402 NYSE Adv/Vol/Dec 1277/674.3 mln/1673
3:00 pm : The Dow is now approximately 100 points off its morning lows, at -58 on the day. The S&P 500 is now -4 points, while the Nasdaq Composite is -15. Financials (+0.4%) have shown relative strength all day, and a rebound in the energy (+0.3%) and materials (+0.1%) sectors is also helping. The dollar index is now +0.475 at 80.857, off the intraday high of 81.142.DJ30 -58.43 NASDAQ -15.09 SP500 -4.13 NASDAQ Adv/Vol/Dec 1045/1.24 bln/1573 NYSE Adv/Vol/Dec 1069/594.3 mln/1888
2:30 pm : Treasuries trade off their best levels of the session, but still have a solid bid as buyers look to the longer dated maturities. The 30-yr yield is down more than 6 basis points to 4.146% while the shorter dated 2-yr is unchanged at 0.5079%. The more aggressive buying of the long end has flattened the belly of the curve to 231.6, while the 10-30-yr spread is little changed at 133.9. Spot gold is up $2 to $1366 as spot silver trades higher by $0.42 to 27.13.DJ30 -112.51 NASDAQ -27.53 SP500 -10.15 NASDAQ Adv/Vol/Dec 818/1.13 bln/1786 NYSE Adv/Vol/Dec 770/542.8 mln/2174
2:00 pm : The major market indices are trading near their best levels since this morning's initial sell off with the Nasdaq down 1.2%, and the S&P 500 off 0.9%.
Consumer discretionary stocks are among the worst performing, as the S&P 500 Consumer Discretionary Index trades lower by 1.4%. Selling in the index has been broad based as 75 of the 81 stocks are trading to the downside. Weakness can be found across the complex with Goodyear Tire & Rubber Company (GT 9.58, -0.45), Nordstrom (JWN 42.38, -1.23), and RadioShack (RSH 18.19, -0.52) leading the sector lower despite the strong start to the holiday shopping season. DJ30 -113.41 NASDAQ -28.46 SP500 -10.42 NASDAQ Adv/Vol/Dec 777/1.05 bln/1811 NYSE Adv/Vol/Dec 732/505.9 mln/2213
1:40 pm : Stocks continue to hover within the mid-day range, although they've just recently pulled back from the upper end of that range. Intraday news flow has been relatively limited, with no economic data or earnings releases of interest today. Things pick up later this week with economic reports of interest including PMI data tomorrow, ISM and ADP Employment data on Wednesday and the monthly Employment Report due out on Friday.DJ30 -132.68 NASDAQ -32.59 SP500 -12.73 NASDAQ Adv/Vol/Dec 726/1.00 bln/1844 NYSE Adv/Vol/Dec 663/484.5 mln/2263
1:00 pm : Sellers have been in control throughout the session, but the major market averages are near their best levels since the opening sell off. Despite the $113 billion bailout of Ireland, stocks remain under pressure as investors fear Portugal, Spain, or another European counterpart will be the next to require aid. The major European indices closed lower, all seeing losses in excess of 2.0%.
A rise in tensions on the Korean Peninsula have done little to ease investor's nerves as South Korea has rejected China's calls for six-party talks, and has instead decided to move forward with a joint naval exercise with the U.S. Shares in Asia closed mixed with the Nikkei adding 0.9% while Shanghai sold off 0.2%.
Retailers are now down 1.3%, and are seeing weakness despite the generally better Black Friday sales compared to last year. Online retailers Amazon.com (AMZN 178.88, +1.68) and eBay (EBAY 30.40, -0.75) are seeing mixed results as Cyber Monday takes place today.
Materials stocks have moved off their worst levels of the session as the dollar eases from its highs. The sector has pared half of its losses, and now trades lower by 0.5%. CF Industries (CF 121.02, -1.79), Sigma-Aldrich (SIAL 63.20. -0.94), and MeadWestvaco (MWV 24.95, -0.49) continue to lead the S&P 500 materials index lower.
Financials briefly crossed into positive territory on the heels of strength in regional banks Regions Financial (RF 5.39, +0.14) and Huntington Bancshares (HBAN 5.69, +0.14). Also trading higher are Bank of America (BAC 11.26, +0.14) and Wells Fargo (WFC 26.93, +0.28).
Today's action in the dollar index has produced a level not seen since mid-September, as weakness in the euro has been responsible for a large part of the greenback's gains. The bailout of Ireland, and contagion fears have pushed the euro to a session low of 1.3064, a level not seen since September 21st. As the dollar continues to strengthen, the yen has weakened much to the relief of the Bank of Japan, and now trades 84.30.DJ30 -109.40 NASDAQ -27.87 SP500 -10.04 NASDAQ Adv/Vol/Dec 772/910.7 mln/1784 NYSE Adv/Vol/Dec 720/436.5 mln/2189
12:30 pm : The major market indices hover just off their session lows, having so far been unable to find a solid bid. Relative strength in the energy market comes despite a stronger dollar, as crude oil trades higher by $1.64 to $85.40.
The S&P 500 Energy Index is lower by 0.3%, and is one of the top performing sectors during today's sell off. Strength in the index can be found in Halliburton (HAL 37.45, +0.89), Murphy Oil (MUR 66.74, +1.00), and Occidental Petroleum (OXY 89.12, +1.47). DJ30 -112.73 NASDAQ -25.65 SP500 -9.62 NASDAQ Adv/Vol/Dec 761/834.4 mln/1777 NYSE Adv/Vol/Dec 718/398.8 mln/2163
11:55 am : As stocks move back towards their session lows, the dollar continues to rise, crossing 81.00 for the first time since mid-September as investors rush to the safety of the greenback. After the announcement of the $113 billion bailout of Ireland, the euro has been under relentless pressure, trading below 1.3100. The pound has also touched its lowest level since mid-September, but has pared a good portion of its losses, trading near 1.5560. Dollar strength has weakened the yen to 84.41, its lowest level since late-September. The only major currency to trade better versus the greenback is the Swiss franc, which is up fractionally to 1.0020.DJ30 -148.80 NASDAQ -34.80 SP500 -13.95 NASDAQ Adv/Vol/Dec 619/750.7 mln/1914 NYSE Adv/Vol/Dec 544/358.6 mln/2341
11:30 am : The major market indices continue to hover just above their lowest levels of the session. Losses of 1.1% in both the Dow and Nasdaq lead the way lower, while the S&P 500 is slightly better with a loss of 0.9%.
Online retailer Amazon.com (AMZN 179.48, +2.28) is among today's top performing stocks after several reports indicate online retailers saw an increase in sales on Black Friday versus last year. It is estimated that up to 33% of holiday sales will occur online. Success has not carried over to eBay (EBAY 30.60, -0.55), and the stock is trading lower by 1.8%. DJ30 -132.98 NASDAQ -29.61 SP500 -11.87 NASDAQ Adv/Vol/Dec 647/663.8/1847 NYSE Adv/Vol/Dec 581/306.5 mln/2267
11:00 am : Stocks have climbed off their lowest levels of the session, but still remain sharply lower. The Dow and Nasdaq are seeing losses of 1.1% each, while the S&P 500 is outperforming with a loss of 1.0%.
Materials stocks have lagged all session long as the S&P 500 Materials Index is lower by 1.3%. Sigma-Aldrich (SIAL 62.79, -1.35), CF Industries (CF 119.40, -3.41) MeadWestvaco (MWV 24.84, -0.60) are among the worst performing stocks in the space.
Vulcan Materials (VMC 39.08, +0.32) is the only stock in the S&P 500 Materials Index that is trading higher.DJ30 -127.15 NASDAQ -28.83 SP500 -11.47 NASDAQ Adv/Vol/Dec 635/524.8 mln/1829 NYSE Adv/Vol/Dec 582/249.6 mln/2224
10:35 am : Energy markets are holding up well given the strength in the dollar index this morning, which is 0.8% higher today and up 3% from a week ago. Grains were up overnight (Wheat +0.8%, Corn +0.5%, Soybeans +0.2%), while soft commodities are mixed.
January crude oil popped back into positive territory in recent trade after trending lower from overnight highs of $85.03 over the last seven hours. Crude is currently 0.7% higher at $84.38 per barrel.
January natural gas hit current session highs of $4.49 near the open of pit trading. From there, it fell sharply, falling into the red and new session lows. Minutes ago, natural gas hit fresh session lows of $4.34 per MMBtu and is sitting near that low at $4.36 per MMBtu, down 0.8%.
Precious metals are lower given the strength in the dollar index. December gold is $2 lower at $1360.4 per ounce, while December silver is barely in the red at $26.70 per ounce.DJ30 -145.47 NASDAQ -32.72 SP500 -13.33 NASDAQ Adv/Vol/Dec 496/429.9 mln/1937 NYSE Adv/Vol/Dec 446/208.1 mln/2332
10:00 am : Stocks have slid to their lowest levels of the morning as the broad based sell off has picked up steam. The Dow (-1.2%) is the weakest performing index, with the S&P (-1.1%), and Nasdaq (-1.1%) not far behind.
Financials (-0.5%) are seeing relative strength despite the continued worries over European debt. Strength in the space can be found among the regional banks, with Huntington Banc (HBAN 5.59, +0.04), Keycorp (KEY 7.58, +0.10), and Comerica (CMA 36.77, +0.28).DJ30 -136.27 NASDAQ -31.65 SP500 -13.75 NASDAQ Adv/Vol/Dec 503/250.2 mln/1847 NYSE Adv/Vol/Dec 471/129.3 mln/2209
09:40 am : Stocks are under broad based pressure, but the opening slide has steadied with the S&P 500 hovering near its session low of 1180.
Materials (-1.2%) are the weakest performing sector with health care (-0.9%) and industrials (-0.8%) also seeing heavy losses.
Although every sector is trading in negative territory, retailers (-0.2%) are outperforming the broader market as a strong start to the holiday season has investors looking at that space. DJ30 -84.96 NASDAQ -13.56 SP500 -8.34 NASDAQ Adv/Vol/Dec 622/118.3 mln/1638 NYSE Adv/Vol/Dec 532/74.2 mln/2070
09:13 am : S&P futures vs fair value: -9.20. Nasdaq futures vs fair value: -12.80. Stocks are headed for a lower open as European debt worries remain front and center. Contributing to the weakness is the uncertainty surrounding the situation on the Korean Peninsula as South Korea has pushed forward with joint naval exercises with the U.S. even as China calls for six-party talks to diffuse the tensions. Retailers are in focus as results from Black Friday begin to trickle in, and online retailers gear up for today's Cyber Monday. Amazon.com (AMZN) is higher in pre-market trading after a report indicated more consumers are doing their holiday shopping online.
08:59 am : S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -10.50. Treasuries have moved to their best levels of the session as European debt fears push traders into safer assets even after the announcement of Ireland's $113 billion bailout. Buying across the curve has pushed yields lower, as the 7- and 10-yr yields are down 3 and 4 basis points to 2.180% and 2.828% respectively. The more aggressive buying of longer dated maturities has flattened the belly of the curve, as the 2-10-yr spread now runs 231.8 from Friday's 235.6. The 10-30-yr spread is a little bit steeper at 135.9, with its 200-day moving average just above at 137.2. Spot gold is unchanged at $1364, and spot silver is higher by $0.19 to $26.90.
08:29 am : S&P futures vs fair value: -5.30. Nasdaq futures vs fair value: -9.30.
S&P 500 futures remain slightly lower. Weakness in Europe (FTSE -0.8%, CAC -1.1%, DAX -1.2%) continues despite a higher open, as the $113 billion bailout of Ireland has done little to calm the markets. Financial shares are lower across most of Europe as French bank BNP Paribas (-2.8%) and German bank Deutsche Bank (-2.0%) are under pressure. The session low of 1.3136 in the euro is its lowest since mid-September, but the single currency may see some support at these levels in the form of its 200-day moving average.
In Asia, the major indices closed mixed (Nikkei +0.9%, Hang Seng +1.3%, Shanghai -0.2%) as uneasiness on the Korean Peninsula continues. South Korea has rejected China's calls for six-party talks, and has decided to proceed with joint naval exercises with the U.S. The Nikkei closed at a 5-month high, aided by a weaker yen, while the Hang Seng surged as investors gobbled up shares of some of the most beaten down stocks during last week's slide. One Chinese stock to keep an eye on is spirit maker Kweichow Moutai which is up 17.8% over the past 5 sessions on the expectations of a possible 20% price increase.
07:59 am : S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.00. Stock futures have given up overnight gains,and are now in negative territory. The weakness follows the announcement of the $113 billion bailout of Ireland. The bailout continues to weigh on the euro, as the single currency trades near 1.3150, its lowest level since mid-September. European stocks also slid off their early highs,and are now firmly in negative territory. Tensions on the Korean Peninsula remain high after South Korea rejected China's proposal for six-party talks, and began naval exercises with the U.S. Retailers will remain in focus today as sales results from Black Friday start to trickle in, and online retailers gearing up for today's Cyber Monday sales. There is no data scheduled to be released. The Fed will conduct two rounds of Permanent Open Market Operations, first buying $1.5-$2.5 billion worth of 2021-2027 maturities, and then purchasing $6-$8 billion of 2013/2014 maturities.
06:24 am : S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -8.30.
06:24 am : Nikkei...10125.99...+86.40...+0.80%. Hang Seng...23166...+288.00...+1.30%.
06:24 am : FTSE...5644.7...-25.30...-0.40%. DAX...6793.7...-53.40...-0.80%.
Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries.
Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Only Trading (no indicators)
@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader Phone: +1.708.572.4885
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