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Briefing.com: Stock Market Update - 10:00 ET(Briefing.com)Nov 23, 2005 (Briefing.com via COMTEX) --Stock Market Update Updated: 23-Nov-05 The market at 10:00 ET Dow: +5.92... Nasdaq: +4.01... S&P: +0.56... NYSE Vol: 147.3 mln.. Adv: 1135.. Dec: 1359 Nasdaq Vol: 225.9 mln.. Adv: 1160.. Dec: 1141 Moving the Market Sector Watch 10-year 00/32 at 4.42% Initial claims rose 330K last week, above the 312K economists had expected. Strong: steel, computers & electronics, food distributors Weak: gold, oil & gas refiners, explorers, equipment, and drillers, auto manufacturer, human resources & employment services 10:00 ET Dow +5.92, Nasdaq +4.01, S&P +0.56 [BRIEFING.COM] Each of the market's major averages have cleared the flat line, mostly supported by the Technology sector's 0.5% advance. Intel's (INTC) relative strength is the Dow's early bright spot. Also trending positive are the Discretionary (+0.3%), Financials (+0.2%), and Utilities (+0.2%), and Consumer Staples (+0.1%) sectors. Catalyzed by the 0.7% drop in the price of crude, Energy (-0.8%) leads the laggards and is accompanied by Industrials (-0.2%), Healthcare (-0.2%), Telecommunications (-0.1%) and Materials (-0.1%) in the red. ..NASDAQ Adv/Dec 1160/1141. 09:35 ET Dow -15.68, Nasdaq -1.02, S&P -1.36 [BRIEFING.COM] As futures trade had foreshadowed, the equity market open modestly lower this morning. There is little news to drive trading today, with a quiet corporate front and slim earnings docket ahead of the Thanksgiving holiday. With 9%, 7%, and 6% respective rises in the Nasdaq, S&P, and Dow over the past month, traders may have reason to lock in some profits. The economic calendar features four items, one of which has already been released. Last week, initial jobless claims rose 330K, above the 312K economists had expected and the prior week's revised read of 305K. As this is data for the week following the week in which the November employment survey was taken, it will not have much impact on the stock market. Conversly, the Treasury market, which closes early today, has caught somewhat of a bid. The 10-year (01/32) currently yields 4.42%. 09:15 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -1.8. Nasdaq futures vs fair value: -2.0. 09:00 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -1.1. Nasdaq futures vs fair value: -1.0. The cash market is now headed for a slightly lower open. There are just three companies slated to announce quarterly earnings today - CDC Corp. (CHINA), Patterson Co. (PDCO), and Hormel Foods (HRL). The latter issue has already done so, and surpassed Wall Street's expectations by a penny. HRL is a member of the S&P 400 Midcap Index, which has gained 11.5% this year. 08:32 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: -0.5. Recently crossing the wires was the latest jobless data. Last week, initial claims rose 330K, above the 312K rise that economists had expected. Immediate responses to the report within both the stock and bond markets were muted; futures trade still indicates a subdued open for the indices, and the 10-year (-02/32) continues to yield 4.44%. Today's economic calendar features three more items: the revision to the University of Michigan's November consumer sentiment report (consensus 81.0); the October help-wanted index (consensus 39); and the EIA's latest energy inventory report. 07:57 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: -0.5. Versus fair value, futures trade suggests a flattish start for stocks. There's a dearth of news today, as many participants get an early start on the Thanksgiving holiday. There is some economic data scheduled for release today, though, beginning with last weeks intial claims data at 8:30 ET. Economists anticipate that claims rose 312K. 06:28 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -0.7. Nasdaq futures vs fair value: +0.5. 06:27 ET Market is Closed [BRIEFING.COM] FTSE...5522.90...+5.70...+0.1%. DAX...5186.11...+11.39...+0.2%. 06:27 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -0.7. Nasdaq futures vs fair value: +0.5. 06:27 ET Market is Closed [BRIEFING.COM] Nikkei...14708.32...+27.89...+0.2%. Hang Seng...15062.35...+176.70...+1.2%. 05:27 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -0.7. Nasdaq futures vs fair value: -0.5. 16:20 ET Dow +51.15 at 10871.43, Nasdaq +11.89 at 2253.56, S&P +6.38 at 1261.23 [BRIEFING.COM] Stocks, which traded in lackluster fashion throughout most of the day amid a dearth of market-moving news, found a late-day buying catalyst after the FOMC minutes suggested the Fed may be close to ending its tightening policy.At 2:00 ET, the minutes showed that FOMC members expressed worries for the first time that there are growing risks the central bank may go too far with its rate hikes, substantiating what we at Briefing.com have been saying all along - "raising rates three more times will provide little benefit in terms of reducing inflation but will, however, cost the economy dearly." Such Fed recognition that rates are [finally] reaching a level that is already near neutral allowed investors to pay less heed to a 2.0% surge in oil prices, embrace a rally in Treasuries, as the 10-yr note closed up 7 ticks to yield 4.43%, and close nine of ten sectors in positive territory.Energy paced the way higher, extending its 30.7% year-to-date gain as short-covering ahead of the long holiday weekend closed oil prices near session highs ($58.80/bbl +$1.10). Financial, the biggest beneficiary from the decline in borrowing costs, as particular buying interest resurfaced in the rate-sensitive bank group (+0.6%), was also an influential leader to the upside. Technology also provided much needed leadership to help justify four consecutive weeks of gains that have helped the major indices average a 2.6% gain so far for Q4. The sector, which helped the Nasdaq pace the day's gains among the majors, got a boost from broad-based gains in semiconductors, as a Merrill Lynch upgrade on Micron Technology (MU 14.67 +0.47) following news of its joint venture with Intel (INTC 26.15 +0.90) was a big source of support.Consumer Staples posted a modest gain, following strong Q2 earnings results from H.J. Heinz (HNZ 35.67 +0.61) and a 1.5% surge Altria (MO 73.10 +1.49), while Consumer Discretionary also finished on a high note, benefiting largely from turnarounds in homebuilding and retail. The latter group, once overall sentiment improved, was able to embrace some extra holiday cheer following reports that the National Retail Federation raised its holiday sales growth forecasts to 6% (from 5%). Industrials got a boost as shares of Caterpillar (CAT 58.61 +0.90) benefited from a pullback in the dollar and climbed in sympathy with Deere & Co. (DE 67.16 +4.16), which beat analysts' Q4 expectations. The currency-sensitive Materials sector also took advantage of the reversal in the greenback after Fed officials also acknowledged that the language will need to change concerning the "outlook for policy."Health Care, however, turned in the day's worst performance due to continued deterioration in the drug group. A German court decision to cap payments for Pfizer's (PFE 21.37 -0.36) drug Lipitor and Abbott Labs (ABT 39.37 -1.00) hitting a new 52-week low following an analyst downgrade weighed most heavily on the sector. ..NYSE Adv/Dec 1921/1362. ..NASDAQ Adv/Dec 1673/1372. Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants. 1-800-752-3013 or http://www.briefing.com |