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July 31, 2009 -- 16:30 ET Dow +17.15 at 9171.61, Nasdaq -5.80 at 1978.50, S&P +0.73 at 987.48:
Moving the Market:
Q2 GDP falls less-than-expected at annualized rate of 1.0% (consensus -1.5%); but personal consumption falls at worse-than-expected annualized rate of 1.2% (consensus -0.5%)
Sector Watch:
Strong:
Auto mfg; auto components; real estate devp; building products; metals & mining; div financial services; household durables; industrial conglomerates; airlines; healthcare tech
Weak:
professional services; biotech; office electronics; media; life sciences; multi-utilities; gas utilities; electric equip
Market Events
07/31/09 16:30 ET Dow +17.15 at 9171.61, Nasdaq -5.80 at 1978.50, S&P +0.73 at 987.48:
[BRIEFING.COM] Most of the excitement in Friday's trade occurred before the open as market participants awaited and reacted to a mixed Q2 GDP reading, as the major indices stuck to a slight trading range throughout the session and settled near the unchanged mark.
The advance Q2 GDP report showed the economy contracted at an annualized rate of -1.0%, marking the fourth consecutive quarter of decline. That was much improved from a downwardly revised -6.4% (from -5.5%) in the first quarter and it was also better than the expected -1.5% decline.
Personal consumption expenditures, which are the main driver of the economy, fell at an annualized rate of -1.2%. This was worse than the expected decline of 0.5%.
The market's reaction to the report in premarket trading was negative, with S&P 500 futures losing around 10 points. But the market managed to open nearly unchanged, and traded in a range-bound fashion throughout the session.
In the end, five of the ten sectors advanced, led by materials (+0.9%) as commodity prices rose. The utilities sector underperformed with a loss of 1.1%.
In corporate news, Ford (F 8.00, +0.61 ) got a lift on early reports that on word that the "cash-for-clunkers" programs could get $2 billion in additional funding through Sept. 2010, which the House of Representatives passed later in the afternoon. The move comes after the original program's budget of $1 billion may have been used in less than a month.
Walt Disney (DIS 25.12, -1.10) fell 4.2%. The company reported nearly in-line EPS, but its revenue dropped by a larger-than-expected 6.9% year-over-year.
Chevron (CVX 69.47, +1.77) this morning reported Q2 EPS of $0.87, which missed the consensus of $0.95. Net income dropped 71% year-over-year due to the sharp decline in oil and natural gas prices.
In commodity trading, oil and precious metals closed significantly higher, benefiting from a 1.2% decline in the Dollar Index. Gold futures rose 2.0% to $954.00 per ounce and oil futures climbed up 3.3% to $69.15 per barrel.
The dollar's decline comes despite strength in the long end of the Treasury curve, with the 10-year note advancing a point and the 30-year bond up nearly two points.
The S&P 500 surged 7.4% in July, marking the fifth consecutive monthly gain.
Nasdaq -5.80 at 1978.50... NYSE Adv/Dec 1879/1137... Nasdaq Adv/Dec 1282/1356.
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Weekly & Daily Stock Earnings Calendar:
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
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