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07/27/09 16:30 ET Dow +15.27 at 9108.51, Nasdaq +1.93 at 1967.89, S&P +2.92 at 982.18:
[BRIEFING.COM] Thanks to underlying support in the broader market and leadership from bank stocks, the major indices were able to shake off a mild fit of profit taking and close modestly higher.
Stocks started the session with moderate losses as participants pushed back after watching stocks climb more than 10% during the course of the past two weeks. The major averages made a respectable move higher when news surfaced that new home sales during June spiked 11% to hit a better-than-expected annualized rate of 384,000. With new home sales coming in at their highest rate since November, the supply of unsold homes moved lower to 8.8 months from 10.2 months in May.
Enthusiasm over the new home sales report didn't last very long, but a supportive bid for the broader market helped contain weakness. The stock market was also supported by strength among bank stocks, which underpinned a 1.5% gain by the financial sector.
Bank stocks showed strength for the entire session and helped the KBW Banking Index log a 3.1% gain. With many major banks having already reported their quarterly results, there weren't any particular news items to account for the strength behind banking issues. However, news from The Wall Street Journal that second quarter lending was down nearly 3% among 15 large U.S. banks suggested that many banks remain cautious about putting their money to work. Reports indicate that lending also slowed in the euro-zone.
In-line earnings from Dow component Verizon (VZ 31.00, -0.50) and Honeywell (HON 34.24, +0.25) were underwhelming. Honeywell's cautious outlook did little to inspire. Such was the same for Aetna (AET 25.72, -0.72), which also fell short of earnings expectations.
A prerecorded interview with Fed Chairman Bernanke will air on PBS tonight. According to Reuters, Bernanke responded to questions about the Fed's actions during the past year by saying that he would not be the one who presided over the second Great Depression. Bernanke also stated that the jobless rate will remain high even after the U.S. exits recession.
Nasdaq +1.93 at 1967.89... NYSE Adv/Dec 1939/1061... Nasdaq Adv/Dec 1497/1144.
July 24, 2009 -- 16:30 ET Dow +23.95 at 9093.24, Nasdaq -7.64 at 1965.96, S&P +2.97 at 979.26:
Moving the Market:
Sector Watch
Industry majors Microsoft and Amazon.com post in-line earnings. Overall, companies continue to top earnings estimates despite lower revenue. Nasdaq's thirteenth straight gain in jeopardy.
Sector Watch:
Strong:
trucking; consumer finance; independent power producers; building products; industrial REITs; health care facilities; household appliances
Weak:
internet retailers; systems software; health care tech; automakers; advertising; semiconductor equipment; asset managers and consultants; thrifts and mortgage companies
Market Events:
07/24/09 16:30 ET Dow +23.95 at 9093.24, Nasdaq -7.64 at 1965.96, S&P +2.97 at 979.26:
[BRIEFING.COM] Tech stocks were under pressure for the entire session and caused the Nasdaq to log its first loss in more than two weeks, but a supportive bid in the broader market emerged to help the Dow and S&P 500 reverse early losses and finish with a modest gain.
Microsoft (MSFT 23.45, -2.11) weighed on the Nasdaq for the entire session. Though the company generated in-line earnings, a double-digit percentage decline in revenue caused its top line to come short of expectations. Microsoft's report showcased just how weak demand remains.
Semiconductor stocks (-1.3%) were pressured even though Broadcom (BRCM 27.20, -1.98) topped earnings expectations, saw revenue rise at a double-digit annual clip, and provided upside revenue guidance for the third quarter. Some believe the results from semiconductor companies are an inaccurate barometer for the tech sector's health since they feed the tech supply chain rather than consumers directly.
In-line earnings and an in-line outlook from online retailer Amazon.com (AMZN 86.49, -7.38) failed to rebuff profit takers from locking in gains from the stock's 24% surge between July 7 and July 23. That also weighed on the Nasdaq.
Weakness in the Nasdaq caused it to lag the other headline indices for the entire session. It was down nearly 2% at its session low, but was able to reclaim most of its losses as the session progressed. Still, its decline put an end to its 12-session streak of gains.
The S&P 500, a broader market benchmark, was able to close with a modest gain at session highs. Health care provided leadership with a 1.6% advance amid news from Reuters that a leader of House fiscal conservatives said health care reform talks fell apart and that he sees no possibility of a deal.
Financial stocks tried to provide support to the broader market, but they never made their way into positive territory. Instead, they finished with a 0.3% loss. Capital One (COF 30.07, +2.24) saw strong gains, though. The consumer finance outfit reported a second quarter loss that wasn't as deep as what had been expected. Participants also reacted positively to the company's quarterly metrics.
Dow component American Express (AXP 29.51, +0.06) was able to eke out a gain after narrowly topping the consensus earnings estimate. Its loss provisions were down from the year-ago period, but they were offset by higher write-offs and past due loans.
Market participants return Monday to another batch of quarterly announcements. New home sales data for June are also due.
Nasdaq -7.64 at 1965.96... S&P Midcap 400 +0.6... NYSE Adv/Dec 1909/1089... Nasdaq Adv/Dec 1446/1160.
Reuters News:
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