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CNBC:
February 10, 2010 -- 16:30 ET
Moving the Market:
Dollar extends gains against competing currencies as Bernanke's prepared statement suggests possible rate hikes before long. Speculation over loan guarantees for Greece persists. Financials outperform. Results from auction of 10-year Treasuries disappoint.
Sector Watch:
Strong:
consumer electronics; multiline insurers; diversified banks; diversified financial services; asset management and consulting; investment banks and brokerages; advertising; electronic manufacturing services
Weak:
broadcasting; wireless services; paper products; publishing and printing; managed care; health care facilities; specialty consumer services; automakers; brewers; steel
Market Events
02/10/2010 16:30 ET Dow -20.26 at 10038.38, Nasdaq -3.00 at 2147.87, S&P -2.39 at 1068.13:
[BRIEFING.COM] Continued speculation about loan guarantees for Greece and Fed Chairman Bernanke's hint at a rate hike kept the dollar in focus this session. Its advance took stocks lower, save financials.
The Dollar Index spent the entire session in positive territory as newswires were filled with conflicting reports about whether Germany will lead a bailout for Greece and other European countries currently in need. Its strength grew as Fed Chairman Bernanke's prepared remarks about how the Fed may opt to raise the discount rate before long made the rounds. The greenback had been up as much as 0.7% against competing currencies, but eased back a bit to settle with a 0.4% gain.
The midsession pullback by the greenback helped the stock market recover from a loss of more than 1%. Financials also provided support -- the sector steadily outperformed for the entire session, such that it finished with a 0.8% gain. It was the only major sector to finish in higher ground, though.
Strength in the financial sector was broad as multiline insurers (+2.2%), diversified banks (+1.5%), and diversified financial services players (+1.2%) all logged handsome gains.
Despite leadership from financials, the broader market couldn't push through the headwind that stemmed from a stronger dollar. In turn, the stock market failed to extend the previous session's 1.3% gain. However, stocks are still up 0.2% week-to-date. Though that's relatively unimpressive, stocks haven't booked a weekly gain since the first week of January.
Hardly 1 billion shares exchanged hands this session on the NYSE, making for rather light volume. Many participants may continue to wait on the sidelines until something of substance comes out of the Greece debt dilemma.
Despite broader market weakness, Treasuries failed to find support as the benchmark 10-year Note shed roughly 11 ticks. Its yield pushed above 3.7% at its session low. Disappointing results for an auction of 10-year Notes were the primary cause. They featured a yield of 3.69%, an indirect bid of 33%, and a bid-to-cover ratio of 2.67.
Looking ahead, participants will continue to focus on the dollar and any headlines regarding a bailout for Greece. Weekly jobless claims numbers, which are due tomorrow morning, also remain a point of interest for participants. Results for an auction of 30-year Bonds could also come into play.
Nasdaq -3.00 at 2147.87... S&P Midcap 400 -0.1... NYSE Adv/Dec 1500/1497... Nasdaq Adv/Dec 1281/1310.
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Weekly & Daily Stock Earnings Calendar:
Company Stock, Earnings Date/Time, Expected EPS
Hartford Financial HIG 2/8 4pm 1.34EPS
Electronic Arts ERTS 2/8 4pm .32EPS
Alpha Natural Resources ANR 2/9 8am .46EPS
Biogen BIIB 2/9 8am 1.07EPS
Energy Conversion Devices ENER 2/9 8am -.40EPS
NYSE Euronext NYX 2/9 8am .46EPS
Coke - Coca Cola KO 2/9 8am .68EPS
Disney DIS 2/9 4pm .40EPS
Baidu.com BIDU 2/9 4pm 1.76EPS
Level 3 Communications LVLT 2/10 8am -.11EPS
Spint S 2/10 8am -.18EPS
Panera Bread PNRA 2/11 4pm .98EPS
Chipotle Mexican Grill CMG 2/11 4pm .80EPS
Buffalo Wild Wings BWLD 2/11 4pm .52EPS
Ultra Petroleum UPL 2/12 8am .48EPS
Abercrombie ANF 2/16 4pm .88EPS
Barclays BCS 2/16 8am .30EPS
Merck MRK 2/16 8am .77EPS
Whole Foods WFMI 2/16 4pm .28EPS
Devon Energy DVN 2/17 8am 1.26EPS
Priceline.com PCLN 2/17 8am 1.70EPS
Career Education CECO 2/17 4pm .34EPS
Chesapeake Energy CHK 2/17 4pm .70EPS
Hewlett Packard HPQ 2/17 4pm 1.06EPS
Barrick Gold ABX 2/18 8am .60EPS
Wal Mart WMT 2/18 8am 1.13EPS
Bucyrus BUCY 2/18 8am .93EPS
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