Posts Tagged Nasdaq composite
Bounce Or New Beginning?
Posted by Oksana Grebenjuk in Fund Markets on Август 31st, 2010
Although it was one of the last summer Friday’s, trading was surprisingly volatile. Despite the fact that most traders were likely working on their short game or vacationing with the family, there was a serious dose of data input to the game on Friday ranging from economic results, corporate guidance, and of course, some very important Fedspeak. The end result was an impressive move up in the indices, which may or may not represent a new beginning for the bull camp.
While the bears could be heard making remarks about short-covering and discussing the height to which a dead cat could actually bounce, the bulls talked about a second successful test of 1040 and a move «into the gap» that was created by Tuesday’s opening dive lower. And while no one knows for sure how much farther the bulls can run, it does appear that our heroes in horns were able to wrestle the ball away from their opponents on Friday.
There were three key inputs to the session. First, we had the first revision to the second quarter GDP in the U.S. While down significantly from the initial estimate made earlier in the month (remember, the government’s first estimate didn’t even include all the data from the final month of the quarter), the growth rate of 1.6% was actually better than the consensus for a rate of 1.3% and the whisper numbers containing a zero-handle. The takeaway from the report was that although the growth has indeed slowed, the economy does continue to grow. And in short, this is what «slowdowns» look and feel like.
The next bit of data was less upbeat as Intel (INTC) revised its revenue guidance for the third quarter — and not in a good way. Although analysts following the chipmaker suggested that the move wasn’t exactly a surprise, the computers that look for key words were able to put «Intel» and «reduced guidance» together in order to create a swift downdraft. It is also interesting to note that the Intel news was released within a couple minutes of the University of Michigan’s Confidence index, which, while not a bad report by any stretch, also came in «below consensus.» As such, the computers clearly got busy for a period of about 10 minutes Friday morning. Read the rest of this entry »
US Stocks Slide As US-China Trade Relations Hit A Rough Patch
Posted by Oksana Grebenjuk in Fund Markets on Сентябрь 14th, 2009
U.S. stocks fell as trade relations between the U.S. and China turned rockier, with the energy and financial sectors under pressure.
Shortly after the opening bell, the Dow Jones Industrial Average was lower by about 62 points. The S&P 500 was down about 0.6%. The Nasdaq Composite Index slipped 0.4%.
Escalating trade tensions between the U.S. and China rattled overseas markets. The U.S. over the weekend imposed tariffs on Chinese-made tires, while China said it planned an antidumping investigation into U.S. sales of chicken and auto products.
In Asia, most markets lost ground. The Nikkei tumbled 2.3% on concerns that the strengthened yen could put a dent in exporters’ earnings. Hong Kong’s Hang Seng ended 1.1% lower at 20932.20, while Australia’s S&P/ASX 200 fell 1.4% and South Korea’s Kospi dropped 1%. Major benchmarks in Europe also fell. Read the rest of this entry »
U.S. Stocks Drop as Microsoft, American Express, Amazon Retreat
Posted by Oksana Grebenjuk in Favourites, Fund Markets on Июль 24th, 2009
U.S. stocks retreated from the highest levels of the year as Microsoft Corp., American Express Co. and Amazon.com Inc. posted disappointing quarterly results, overshadowing reports showing Europe’s economy improved.
Microsoft fell 10 percent, the most since January, on lower profit and sales than analysts estimated. American Express slipped 3.7 percent after saying earnings decreased as the recession made it harder for cardholders to keep up with payments Amazon.com slumped 8.2 percent following price cuts that caused the online retailer’s revenue to miss projections.
The Standard & Poor’s 500 Index dropped 0.8 percent to 968.22 at 9:58 a.m. in New York after futures on the measure rose as much as 0.5 percent earlier. Dow Jones Industrial Average futures fell 47.24 points, or 0.5 percent, to 9,022.05. U.S. stocks surged yesterday, sending the Dow above 9,000 for the first time since January.
“At these levels in the market, there’s not a lot of room for error,” said Mark Freeman, who helps manage $7.5 billion at Westwood Management Corp. in Dallas. “Anything that deviates brings about a reevaluation by the market.”
Futures advanced earlier as Europe’s economy moved closer to recovery as the manufacturing and service industries contracted at the slowest rate since August and German business confidence climbed to a nine-month high. Later, the Reuters/University of Michigan index of U.S. consumer confidence was better than economists forecast. Read the rest of this entry »
Stocks tumble at end of tough week
Posted by Oksana Grebenjuk in Favourites, Fund Markets on Май 15th, 2009
Stocks fell Friday at the end of a down week on Wall Street, the first weekly decline in all three major indexes in 10 weeks, as investors reacted to economic news and word of General Motors’ dealership closings.
The Dow Jones industrial average (INDU) lost 63 points, or 0.8%. The S&P 500 (SPX) index lost 10 points, or 1.1%. The Nasdaq composite (COMP) lost 9 points or 0.5%.
«I think we needed a technical correction after the previous nine weeks,» said Tom Schrader, managing director at Stifel Nicolaus.
«We came pretty far pretty fast and this week has been about taking a breather,» he said. «We may see a few more weeks of this, especially now that earnings are over, as we wait for the next catalyst.»
Since hitting what many see as a bottom on March 9, stocks have been on a tear. The Dow and S&P 500 rose for eight of the nine previous weeks and the Nasdaq advanced for nine in a row. Read the rest of this entry »
Recession is Starting to Ease
Posted by Oksana Grebenjuk in Favourites, Fund Markets on Апрель 30th, 2009
The Fed confirmed what Wall Street has already concluded: The recession is starting to ease.
Federal Reserve policymakers said at the end of a two-day meeting that while the economy is still receding, the pace of decline «appears to be somewhat slower» than the last time they met in mid-March.
That was confirmation enough for the stock market. Major indexes, which had already been up sharply ahead of the announcement, posted gains of more than 2 percent. The Dow Jones industrial average jumped 169 points to its highest close since Feb. 9.
«It’s all part of a picture of improving confidence,»said Richard E. Cripps, chief market strategist for Stifel Nicolaus.
Stocks began the day higher as investors responded to bright spots within a weaker-than-expected report on the nation’s economic output for the first three months of the year. Read the rest of this entry »
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