12:00 ET Dow -43, Nasdaq -18, S&P -5.89: [BRIEFING.COM] Looks like today may qualify as a "consolidation day". That's a
euphemism for losing money. The major indices trade in negative territory though total volume traded is light on both the NYSE and the
Nasdaq. Buy interest is evident in primarily defensive sectors such as health care, tobacco and gold following the recent rally in technology.
Transports are experiencing sell pressure today on the back of a FedEx (FDX -2.8%) earnings warning. The company cited deteriorating
economic conditions and a rapid decline in the high-tech and other durable goods industries. FDX expects the economic softness to
continue into its fiscal 2002, which begins June 1... A technical note is also worth mention here. The Dow failed to break above 11,000 this
morning when it stalled just five points shy of this resistance level. The failure caused the index to sell off into negative ground though to this
point the sell pressure has not been severe. Investors now face the question of whether the indices need to consolidate recent gains to
acquire traction for another leg higher. From a technical perspective, the indices are overbought on a near-term basis. Yet it's not
uncommon at turning points in the market for overbought or oversold readings to persist longer than ordinary. The Nasdaq spent a long
period racking up all time oversold readings back in February and March without respite. It remains to be seen whether a pullback will be
necessary but this is among the issues facing investors today. DJTA -0.5%... DJUA -1.0%... SOX -0.9%... XOI -0.1%... BTK -0.3%...
Nasdaq 100 -0.7%... S&P Midcap 400 -0.4%... Russell 2000 -0.1%... NYSE Adv/Dec 1367/1407... Nasdaq Adv/Dec 1756/1661.
11:30 ET Dow -33, Nasdaq -5, S&P -4.99: [BRIEFING.COM] When the Nasdaq is posting a two-point intraday loss, that's a signal that
both volatility and conviction are lacking. Nonetheless, Nasdaq large caps continue to outperform at this point in the day: Cisco Systems
(CSCO +2.6%), Microsoft (MSFT +1.0%), Intel (INTC +0.5%) and Sun Microsystems (SUNW +0.8%) each trade in positive territory.
Technology bellwhether CSCO reports results for its third quarter after the bell tomorrow. Trading is heavy ahead of the results with 63
million shares traded by 11:30 ET. CSCO's cautious guidance has cast a shadow across technology and either a retraction or a reiteration
of this outlook is likely to impact the markets. For a complete list of what to expect on the earings front this week, please visit Briefing.com's
Earnings Calendar. DJTA -0.6%... DJUA -0.7%... SOX -0.3%... XOI +0.1%... BTK -0.1%... Nasdaq 100 -0.1%... S&P Midcap 400
-0.3%... Russell 2000 -0.1%... NYSE Adv/Dec 1362/1364... Nasdaq Adv/Dec 1745/1603.
11:00 ET Dow -30, Nasdaq -5, S&P -5.67: [BRIEFING.COM] The markets have turned around and now carry a mildly negative bias.
A failure of the Dow to clear 11,000 has caused the index to sell off and trend into negative territory. Transports are on the defensive today
due in part to an earnings warning out of FedEx (FDX -2.2%). The shipping company lowered its outlook for the fourth quarter and sees
the weakness continuing into its fiscal year 2002 which begins June 1. Separately, homebuilders are demonstrating notable strength in
today's session. The group is sensitive to interest rates and Friday's weak employment data have improved the chances for more aggressive
easing out of the Fed. Total volume traded is on the light side for both the NYSE and the Nasdaq. Market internals on the Nasdaq continue
to read moderately bullish while NYSE internals do not carry a particular bias. DJTA -0.7%... DJUA -0.8%... SOX -0.2%... XOI
+0.3%... BTK -0.1%... Nasdaq 100 -0.8%... S&P Midcap 400 -0.1%... Russell 2000 -0.1%... NYSE Adv/Dec 1302/1323... Nasdaq
Adv/Dec 1716/1500. |
