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Stock Market UpdateUpdated: 30-Jul-10
12:30 ET
Semiconductor Stocks SlumpDow -9.09
at 10458.07,
Nasdaq +2.15
at 2253.84,
S&P -1.01
at 1100.52
[BRIEFING.COM] An earnings miss and reduced outlook from MEMC Electronic Materials (WFR 9.40, -1.86) has shares of the semiconductor outfit under sharp pressure, such that roughly one-sixth of the stock's market cap has vanished. Its weakness has imbued shares of other semiconductor and semiconductor equipment plays, which have dragged down the Philadelphia Semiconductor Index to a 1.0% loss. Such weakness continues to detract from the broader tech sector, which is down 0.4%. 12:00 ET
Retailers Rise as Broader Market StagnatesDow -0.84
at 10466.32,
Nasdaq +2.99
at 2254.68,
S&P -0.31
at 1101.22
[BRIEFING.COM] A lack of overall leadership has the stock market stuck at the neutral line. However, retailers have managed to put together a solid 0.5% gain. That space is currently led by Expedia (EXPE 22.52, +1.45), which posted better-than-expected earnings for its latest quarter. 11:30 ET
Broader Market Loses MomentumDow -8.78
at 10458.38,
Nasdaq -0.58
at 2251.11,
S&P -1.35
at 1100.18
11:00 ET
Stocks Go GreenDow -0.99
at 10466.17,
Nasdaq +0.51
at 2252.20,
S&P -0.13
at 1101.40
10:30 ET
Crude Down 1%, Precious Metals HigherDow -25.89
at 104412.70,
Nasdaq -6.92
at 2244.77,
S&P -1.78
at 1099.75
[BRIEFING.COM] September crude oil has traded in the red for most of today's session, largely on strength in the dollar index. Crude fell to its lowest point in today's session of $76.83 per barrel, right at the open of pit trade. In recent activity crude attempted to rally off of its morning low, but that were brief and crude is now 1.1% lower at $77.48 per barrel. 10:00 ET
Losses Lessen, but Weakness PersistsDow -51.92
at 10415.24,
Nasdaq -17.43
at 2234.26,
S&P -5.47
at 1096.06
09:45 ET
Stocks Attempt Early BounceDow -53.51
at 10396.09,
Nasdaq -22.25
at 2227.77,
S&P -7.02
at 1092.88
09:15 ET
Market is Closed[BRIEFING.COM] S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -17.50. The stock market heads into the final session of July with a month-to-date gain of almost 8%, but stock futures suggest that the move will wane. Premarket weakness stems largely from smaller-than-expected second quarter GDP growth. A sharp, upward revision to first quarter GDP hasn’t received much attention, however. A pullback by the euro has provided further fuel to sellers. The currency set a two-month high in the prior session, but it is presently down 0.5% against the greenback. The yen continues to climb, though. It is currently up 0.6% to a new eight-month high. Overseas trade is wrapped in widespread weakness, which has further undermined the mood of premarket participants. Though it would seem that generally better-than-expected earnings would provide a source of support, the reports continue to carry little sway with overall trade. 09:05 ET
Market is Closed[BRIEFING.COM] S&P futures vs fair value: -11.60. Nasdaq futures vs fair value: -17.50. Stock futures are near their morning lows and selling has accelerated overseas, where Germany’s DAX is now down 1.0%. Its weakness is broad based as only the consumer services space (+0.2%) sports a gain. Weakness is most pronounced among tech stocks and materials stocks – both sectors are down 1.4% at the moment. According to recent data, retail sales in the country fell a steeper-than-expected 0.9% month-over-month. In France, the CAC has fallen to a 1.2% loss. Tech stocks are actually up 1.7% and oil and gas stocks are up 0.4% following better-than-expected results from energy giant Total (TOT). However, a 1.8% loss among financials and a 1.6% loss among industrials have undermined broader market action. Britain’s FTSE has fallen to a 1.0% loss. Nearly 90% of its components are in the red. Utilities (+0.2%) have found some support, though. The euro has pulled back since it set a new two-month high against the greenback in the prior session; it is currently down 0.3%. The pullback comes amid news that eurozone unemployment was unchanged at 10.0% in June. In Asia, Japan’s Nikkei dropped 1.6%. With a 2.4% loss, oil and gas plays were among the weakest plays. In earnings news, Honda Motor (HMC) reported a sharp rise in its first quarter profit. Meanwhile, continued strength in the yen has the currency up 0.6% against the greenback. Mainland China’s Shanghai Composite slipped to a 0.4% loss. PetroChina (PTR) was a source of weakness, but China Petroleum (SNP) provided support. Banking issues proved to be a drag as Industrial & Commercial Bank of China and Bank of China both faltered. In Hong Kong, the Hang Seng slipped 0.3%. Banking issues and insurers weighed on financials (-0.5%), but consumer goods (-2.5%) saw some of the worst selling. 08:35 ET
Market is Closed[BRIEFING.COM] S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -18.00. Stock futures have recovered a bit from a recent flurry of selling that followed the latest data on economic growth. According to the Advance Report, second quarter GDP increased at an annualized rate of 2.4%, which is less than the 2.5% that had been expected, on average, by economists polled by Briefing.com. The softer-than-expected growth comes after the first quarter figure was revised upward to reflect annualized growth of 3.7%. Personal consumption for the second quarter increased 1.6% after a 1.9% increase in the first quarter and the GDP Price Index increased 1.1% after a 1.2% increase in the first quarter. Meanwhile, the second quarter Employment Cost Index increased 0.5% after it had increased 0.6% in the first quarter. 08:05 ET
Market is Closed[BRIEFING.COM] S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -9.50. Stock futures currently trail fair value by a modest margin as the euro eases off of its two-month high and Europe’s primary bourses extend their slide from the prior session amid cautious comments about Spain. Asia succumbed to selling amid weak unemployment numbers. Data remains in focus with the Advance Second Quarter GDP figure due at the bottom of the hour, along with the second quarter Employment Cost Index. The Chicago PMI for July follows at 9:45 AM ET, then comes the final Consumer Sentiment Survey for July from University of Michigan at 9:55 AM ET. Earnings continue to come in droves, but consistent with recent sessions none of the announcements have had an impact on the overall mood of the market. 06:45 ET
Market is Closed[BRIEFING.COM] S&P futures vs fair value: -9.40. Nasdaq futures vs fair value: -10.60. 06:45 ET
Market is Closed[BRIEFING.COM] FTSE...5282.5...-30.80...-0.60%. DAX...6088.9...-45.60...-0.70%. 06:45 ET
Market is Closed[BRIEFING.COM] Nikkei...9537.3...-158.70...-1.60%. Hang Seng...21029.8...-64.00...-0.30%. 16:35 ET
Resistance Keeps Stocks in the RedDow -30.72
at 10467.16,
Nasdaq -12.87
at 2251.69,
S&P -4.60
at 1101.53
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