Wednesday, June 3, 2009

Free Stock Market Analysis - Update 06/03/09 - SPY SPX QQQQ DIA GLD OIL

Here is the latest trading and free market analysis video on the S&P500 (SPX), SPY, QQQQ, DIA, GLD ETFs and more...

06/03/09 16:30 ET Dow -65.63 at 8675.24, Nasdaq -10.88 at 1825.92, S&P -12.98 at 931.76:
[BRIEFING.COM] Poised to take profits after watching stocks climb higher in each of the four previous sessions, participants drove broad-based losses. However, the major indices were able to limit their decline by attracting enough support to make a strong finish.

Commodities were unable to overcome considerable losses as the U.S. dollar recovered from a four session losing streak. The Dollar Index made its best percentage gain since January by climbing 1.3%, but that gave the CRB Commodity Index a 2.8% loss, which is its sharpest decline in one month. Gold, silver, natural gas, and crude oil prices all moved lower.

The sharp drop in commodity prices weighed heavily on materials and energy stocks, which led losses among stocks for nearly the entire session. Weakness in the energy sector was exacerbated by Valero Energy's (VLO 18.40, -3.98) disappointing forecast, which caused oil and gas refiners to dive 15.1% -- their worst single-session showing since October.

Losses among equities were broad-based for nearly the entire session, though health care showed resilience as biotech stocks (+2.7%) found favor. Still, a lowered earnings outlook from Aetna (AET 26.00, -1.27) weighed on managed care providers (-1.9%) and undercut the broader sector (-0.4%).

Economic data came without any significant surprises, so participants were neither dissuaded from selling nor compelled to intensify their push against stocks. The ISM Services Index for May came in at 44.0, and was essentially in-line with expectations, while factory orders for April increased 0.7%, a bit below the 0.9% increase that was widely forecast.

A precursor to Friday's nonfarm payrolls report, the ADP Employment Report showed 532,000 job losses for May. That was generally in step with the consensus forecast.

Though the pace of layoffs has slowed, job conditions remain difficult, which is expected to continue challenging consumer spending in coming months. With unemployment up and no fiscal stimulus checks in the mail, retailers are expected to face difficult same-store sales comparisons in coming months -- several retailers are scheduled to report May sales results Thursday. Shares of retailers slipped 0.9% this session.

Still, many hope that consumer spending will pick up with an economic rebound in the back half of this year. Accordingly, Fed Chairman Bernanke stated during his testimony before the House Budget Committee that overall economic activity is expected to turn up later this year.

Nasdaq -10.88 at 1825.92... S&P Midcap 400 -2.3... NYSE Adv/Dec 839/2178... Nasdaq Adv/Dec 1039/1614.

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