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August 17, 2009 -- 16:25 ET
Moving the Market:
Global indices weighed down by disappointment following smaller-than-expected growth from Japan's economy. NY Manufacturing Index shows first positive reading since April 2008 and strongest reading since November 2007. Fed and Treasury extend TALF.
managed health care; health care tech
Home improvement retailers; automakers; aluminum; diversified metals and miners; broadcasting; steel; multisector holdings; coal and consumable fuel; industrial REITs
08/17/09 16:25 ET Dow -186.06 at 9135.34, Nasdaq -54.68 at 1930.84, S&P -24.36 at 979.73:
[BRIEFING.COM] Profit taking in the wake of slower-than-expected economic growth in Japan triggered a global sell-off that sent stocks below their recent trading ranges and handed the major U.S. indices their worst single-session percentage loss in six weeks.
With stocks looking overextended in the near term, overseas participants moved against stocks upon learning that Japan's economy expanded at a slower-than-expected rate of 0.9% in the second quarter. In turn, Japan's Nikkei shed 3.1%, while several other major Asian averages also finished with losses exceeding 3%. Stocks in Europe followed suit, but their decline wasn't quite as sharp. Overall weakness among the major global indices sent the Dow Jones World Index to a 2.9% loss, which is its worst since April. The steep decline comes just one session after the global index registered a high for 2009.
Emboldened sellers pushed the S&P 500 to a considerably lower start, but that was the extent of the session's excitement -- the benchmark index spent the rest of the session trading sideways in an extremely narrow range. One interesting point, though, was that the stock market's pullback didn't bring out any buyers looking to buy the dip as has been the case in recent weeks. The absence of that support left the stock market to fall to its lowest level since July.
All 10 major sectors in the S&P 500 finished lower. Financials suffered the most by dropping 4.3%. Banks were sharply out of favor as diversified banks fell 5.1% and regional banks dropped 5.8%.
Consumer discretionary stocks (-3.2%) also suffered. Broader market weakness, along with an earnings miss and a disappointing forecast from Lowe's (LOW 20.47, -2.36) weighed on the group.
Health care stocks held up rather well, however. The sector actually spent most of the session in the green, but faltered into the close and settled with a fractional loss. Managed health care providers (+2.7%) underpinned the sector's relative strength, thanks to news that President Obama is willing to accept insurance cooperatives instead of a government-run insurance plan.
Even though health care is the third largest sector by market weight in the S&P 500, its relative strength wasn't enough for the broader market, which saw more than 90% of its holdings finish in the red.
The broader market was also unimpressed by news that the Empire State Manufacturing Index posted its first positive reading since April 2008 by coming in at a better-than-expected 12.08. It was also the best reading since November 2007.
Participants were also largely unsurprised by news that the Fed and Treasury opted to extend the Term Asset-backed Securities Lending Facility (TALF) in order to help keep credit and liquidity conditions greased. The announcement, along with broader market weakness, did bolster buying among Treasuries, though. That helped the benchmark 10-year Note climb a robust 28 ticks, which pushed its yield below 3.5% for the first time since July.
Nasdaq -54.68 at 1930.84... S&P Midcap 400 -2.8... NYSE Adv/Dec 336/2728... Nasdaq Adv/Dec 469/2184.
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Weekly & Daily Stock Earnings Calendar:
Blockbuster BBI 8/13 4pm
Cardica CRDC 8/13 4pm
Abercrombie & Fitich ANF 8/14 8am
Trina Solar TSL 8/17 4pm
Home Depot HD 8/18 8am
Solarfun Power SOLF 8/18 8am
Target TGT 8/18 8am
Hewlett Packard HPQ 8/18 4pm
Deere DE 8/19 8am
Yingli Green Energy YGE 8/19 8am
August 14, 2009 -- 16:20 ET
Moving the Market:
July CPI meets expectations. Industrial production increases for the first time this year in July -- the advance was slightly more than expected. Corporate announcements have generally been inconsequential thus far.
health care facilities; home entertainment software; distillers and vintners
building products; airlines; residential REITs; industrial REITs; office REITs; diversified metals and miners; fertilizer and agricultural chemicals; homebuilding
08/14/09 16:20 ET Dow -76.79 at 9321.40, Nasdaq -23.83 at 1985.52, S&P -8.64 at 1004.09:
[BRIEFING.COM] A broad-based decline following the latest dose of data resulted in the S&P 500's first weekly decline in five weeks.
There was some modest buying into the close that helped the stock market break out of its narrow afternoon trading range, which spanned just five points, and close above 1000. Still, the extended sideways drift made for an extremely subdued session. Participants showed their lack of interest by trading just over 1 billion shares on the NYSE.
Stocks went on their slide immediately after the University of Michigan's preliminary consumer sentiment survey for August hit news wires just before 10:00 AM ET. The survey's reading retreated to its lowest level since March by coming in at 63.2, which was well below the 69.0 that was widely expected.
July CPI and core CPI were released ahead of the opening bell. They caused little reaction since they were spot on with expectations, which called for a flat reading and a 0.1% monthly increase, respectively.
Industrial production data for July was also released before the session's start. The data showed a slightly stronger-than-expected 0.5% increase, thanks to inventory rebuilding and the reopening of auto plants.
Though losses were broad-based, materials stocks caught the brunt of the selling effort. Their 2.7% loss was the worst of any major sector and it negated the previous session's 2.1% gain.
Retailers also had a weak session. They shed 1.7% following downside guidance from JC Penney (JCP 31.23, -2.11). The dour outlook overshadowed the company's better-than-expected second quarter earnings results. Nordstrom (JWN 27.88, -1.88) shared in the weakness, despite reporting in-line earnings and raising its outlook.
Defensive-oriented stocks outperformed on a relative basis. Health care and telecom both fell just 0.3%, while consumer staples stocks slipped 0.1% and utilities finished just below the unchanged mark.
Financials helped the broader market pare its losses into the close. The financial sector had been down more than 2% at its session low, but finished with a much more modest 0.5% loss. Regional banks (+1.6%) and diversified financial services firms (+0.4%) provided the sector with support.
Despite paring losses in late trade, more than 85% of the components in the S&P 500 finished in the red Friday. That underpinned the stock market's first weekly decline in five weeks, even if it was a relatively tame 0.6%.
Nasdaq -23.83 at 1985.52... S&P Midcap 400 -1.4... NYSE Adv/Dec 859/2159... Nasdaq Adv/Dec 585/2084.