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July 28, 2009 -- 16:15 ET Dow -11.79 at 9096.72, Nasdaq +7.62 at 1975.51, S&P -2.56 at 979.62:
Moving the Market:
Participants look to consolidate recent gains, but an underlying, supportive bid limits losses. Earnings remain in focus, though many major companies have already reported in recent weeks. Consumer Confidence Index for July drops more than expected, marking second straight decline.
building products; health care facilities; managed care; computers and electronics; construction materials; biotech; office electronics; home entertainment software; electronic components
construction and engineering; industrial REITs; advertising; agricultural products; specialty stores; independent power producers and traders; gold; oil and gas equipment; multiline insurers
07/28/09 16:15 ET Dow -11.79 at 9096.72, Nasdaq +7.62 at 1975.51, S&P -2.56 at 979.62:
[BRIEFING.COM] Stocks spent almost all of the session in negative territory, but losses were contained by a supportive bid in the broader market. That helped keep the S&P 500 within a narrow 10 point trading range for most of the session and gave the Nasdaq its fourteenth gain in 15 sessions.
In the early going participants attempted to pare opening losses, but worse-than-expected July consumer confidence data stirred sellers. By coming in at 46.6, the Consumer Confidence Index made its second straight decline. That overshadowed news that the pace of falling home prices moderated in May for the first time since 2006, according to the S&P/CaseShiller Composite Index.
Though consumer confidence data disappointed, stocks still were generally able to garner support and limit losses. In fact, retailers performed well in spite of the data. They advanced 0.6% as a group, though Under Armor (UA 25.43, -0.19) was unable to hold gains after it posted an upside earnings surprise and issued upside guidance. Coach (COH 28.05, -0.38) pared its losses after it reported in-line earnings.
Health care stocks (+0.2%) outperformed the broader market for the entire session. Their strength came on the heels of better-than-expected earnings and an upside forecast from Amgen (AMGN 62.42, +1.65) and upbeat earnings and an in-line outlook from Teva Pharmaceutical (TEVA 53.25, +2.15). The pair were leaders in the Nasdaq and helped biotechs advance 2.2%.
Energy stocks and materials stocks didn't fare so well; they finished with losses of 1.5% and 0.8%, respectively. Their weakness stemmed primarily from lower commodities prices, which left crude oil prices down 1.7% at $67.23 per barrel, gold prices down 1.5% at $939.10 per ounce, and silver prices down 1.8% at $13.74 per ounce. In turn, the CRB Commodity Index shed 0.9%.
Treasuries had a decent day, but saw gains cut in the wake of a record $42 billion auction of 2-year Notes. The high yield for the auction was a reasonable 1.08% and the bid-to-cover was a solid 2.75, but at 33% the indirect bidding was lower than we would have liked to see. The 2-year Note fell two ticks, but the benchmark 10 year Note added nine ticks. That left the pair trading with a spread just above 260 basis points.
Treasuries are back in focus tomorrow with a $39 billion auction of 5-year Notes (1:00 PM ET). Durable goods orders data for June (8:30 AM ET) and weekly oil inventory data (10:30 AM ET) are also due Wednesday. The Fed releases its latest Beige Book as well (2:00 PM ET).
Nasdaq +7.62 at 1975.51... S&P Midcap 400 -0.2... NYSE Adv/Dec 1441/1555... Nasdaq Adv/Dec 1436/1197.
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Weekly & Daily Stock Earnings Calendar:
Amgen AMGN 7/27 4pm
United Steel X 7/28 8am
Under Armour UA 7/28 8am
Massey Energy MEE 7/28 4pm
Norfolk Southern NSC 7/28 4pm
Panera Bread PNRA 7/28 4pm
Aetna AET 7/29 8am
ConocoPhillips COP 7/29 8am
Sprint S 7/29 8am
Akamai Tech AKAM 7/29 4pm
Nutrisystem NTRI 7/29 4pm
Visa V 7/29 4pm
Expedia EXPE 7/30 8am
ExxonMobil XOM 7/30 8am
International Paper IP 7/30 8am
Level 3 Communications LVLT 7/30 8am
Mastercard MA 7/30 8am
Motorola MOT 7/30 8am
Walt Disney DIS 7/30 4pm
First Solar FSLR 7/30 4pm
Evergreen Solar ESLR 7/30 4pm
Chevron CVX 7/31 8am
Dryships DRYS 7/31 8am
Chesapeake Energy CHK 8/03 4pm
UBS UBS 8/04 8am
Electronic Arts ERTS 8/04 4pm
Devon Energy DVN 8/05 8am
Cisco Systems CSCO 8/05 4pm
Sirius XM Radio SIRI 8/06 8am