Here's the whole thing -->
10:30 ET Dow +62, Nasdaq +26, S&P +11.37: [BRIEFING.COM] Indices are sitting near their highs for the session, helped by a buy program that hit shortly after Briefing.com's last update... Technology and oil-- both influential groups in the broader market-- are the key drivers of today's advance; however, investor interest has been fairly broad-based with gains in the brokerage, apparel and transport components providing some influential support as well... Market internals at the NYSE and Nasdaq denote the bullish bias as advancers hold a comfortable lead over decliners, up volume is well ahead of down volume, and the number of stocks hitting new highs is outpacing the number of stocks hitting new lows by a wide margin... DJTA +1.7%... DJUA +1.3%... Nasdaq 100 +1.2%... S&P Midcap 400 +1.4%... Russell 2000 +1.2%... NYSE Adv/Dec 1742/837... Nasdaq Adv/Dec 1910/1123.
10:00 ET Dow +36, Nasdaq +23, S&P +8.43: [BRIEFING.COM] Modest gains for the major indices that are being led by strength in the software and oil sectors-- two areas that have checked in recently with some encouraging earnings news... Other standouts include the railroad, apparel, and brokerage shares... Although there have been some challenges from sellers in the early-going, the market has shown some good resilience as the dips have been met with buying... Lending support is a sense of optimism that the Fed will continue to lower rates, a belief that an earnings trough is near for corporate America, and an underlying fear of missing out on the next big move higher... Early laggards include the hospital management, tobacco and alcohol issues... NYSE Adv/Dec 1493/876... Nasdaq Adv/Dec 1650/1113.
09:40 ET Dow +18, Nasdaq +24, S&P +6.40: [BRIEFING.COM] Bullish bias persists, but the initial buying enthusiasm has been held in check... By and large, open for the cash market pretty much in line with expectations provided by the futures trade... Preference being shown for technology stocks following better than expected earnings from software companies, PeopleSoft (PSFT +7.03) and Symantec (SYMC +5.53), and a reassuring report from telecom company, Worldcom (WCOM +0.50)... Not all is roses in techland, though, as Qualcomm (QCOM -5.36) is feeling the pinch after lowering EPS expectations for its fiscal Q3... NYSE Adv/Dec 1230/862... Nasdaq Adv/Dec 1407/845.
09:20 ET: [BRIEFING.COM] Little change in the futures trade in the past half hour so expectations for a mixed to slightly positive start remain intact... S&P futures, +3.40, are about 1 1/2 points above fair value while the Nasdaq 100 futures, +20, are 18 points above fair value... Earnings news remains a key driver of market action... For a more complete rundown of earnings results, be sure to visit Briefing.com's Earnings Calendar and Short Stories pages... PeopleSoft's (PSFT 29.93) better than expected results have contributed to the bullish bias as PSFT is indicated more than 5 points higher... Morgan Stanley Dean Witter, Goldman Sachs, and CS First Boston have each upgraded PSFT... In other research news, Salomon Smith Barney has upgraded Gap (GPS 25.25), Morgan Stanley Dean Witter has downgraded Avon (AVP 37.79), Goldman Sachs has lowered its rating on Royal Caribbean (RCL 20.10), and Morgan Stanley Dean Witter has initiated coverage of Corning (GLW)--scheduled to release its results after the close of trading-- with a Neutral recommendation..
08:40 ET: [BRIEFING.COM] Futures market showing some improvement since the last update as expectations have shifted to a mixed to slightly positive start for the cash market... The S&P futures, +2.00, are in line with fair value while the Nasdaq 100 futures, +28, are 26 points above fair value... While there has been a sense of disappointment over the fact that the ECB left interest rates unchanged, it has been mitigated by yesterday's reassuring performance and brewing optimism that the earnings trough for corporate America is near... WorldCom (WCOM 19.39) among the companies fueling that belief as it met estimates this morning and maintained its growth guidance... Market also optimistic the Fed will continue to be aggressive and today's economic releases haven't done anything to alter that view... ECI was +1.1%, right in line with expectations, but jobless claims rose 18K to 408K (consensus 390K), moving the 4-wk average near the 400K level and indicative of a weakening economy that warrants more stimulation from the Fed.
08:25 ET: [BRIEFING.COM] S&P futures +3.5, or 1.5 pts above fair value; Nasdaq 100 pre-market indicator +21. Market turns positive in the last half hour, as yesterday's gains carry some momentum; QCOM negative offset by big jump in PSFT; also seeing gains in telecom equipment sector, which might be a function of XOXO receiving financing and WCOM reaffirming guidance, rare bright spots on the telecom carrier front.
07:50 ET: [BRIEFING.COM] S&P futures -2, or 4 pts below fair value; Nasdaq 100 futures -8, or 10 pts below fair value. Still a relatively quiet morning, with the negative tone having been set yesterday afternoon by QCOM; European Central Bank's decision to keep interest rates unchanged, while expected, is still a mild disappointment.
07:20 ET: [BRIEFING.COM] This morning's fair value figures -- S&P 500 fair value: 1234; closed 2 pts below fair value on Wednesday. Nasdaq 100 fair value: 1826; closed 2 pts below fair value on Wednesday. Current indications: S&P 500 futures are -3.5, or 5.5 pts below fair value. Nasdaq 100 is -14, or 16 pts below fair value. QCOM's downward guidance and subsequent 8 pt slide after hours has been the key factor pointing to a lower open.
06:15 ET: [BRIEFING.COM] S&P futures trading at 1228.30, 5.7 points below fair value, Nasdaq 100 futures trading at 1815, 11.0 points below fair value. The 30-year bond is up 5 ticks at 5.760%. The dollar is firmer against both the euro and the yen.
06:14 ET: FTSE -0.51%, DAX -0.57%: [BRIEFING.COM] European stocks mostly lower, but as we type away, the big story seems to be the evacuation of the Frankfurt Stock Exchange due to a bomb threat. However, evacuation unlikely to have a major effect on trading. In other news, British Telecom has been hit hard on the back of the decision to replace Chairman Iain Vallance. Move not seen as bold enough, disappointment over new chairman (Christopher Bland), while unpopular CEO still in place. Earnings concerns also remain an influential driver as Siemens has slipped almost 5% after Q2 earnings at its mobile phone and telecom network units plunged 98% and 73% respectively. French chemical maker Rhodia also beat down by larger than expected first quarter profit plunge.
06:13 ET Nikkei +1.05%, Hang Seng +0.33%: [BRIEFING.COM] Asian stocks mostly higher with Japan outperforming on the back of post-election excitement. Nikkei internals extremely positive, with only defensive shares seeing any significant selling. Index briefly spent time above the 14K level. Korea's Kospi fell 0.8% with talk that Korea Telecom may begin unloading a 4% stake in SK Telecom as early as tomorrow. IMF also lowers its 2001 growth forecast for Korea to 3.5% from 6.5%. Hong Kong up 0.3% on another round of solid gains in Legend, the country's biggest computer maker, following its recent announcement surrounding a special interim dividend. |
