12:30 ET Dow -29, Nasdaq -2, S&P -3.32: [BRIEFING.COM] If you don't care for market volatility, today is your day. The major averages continue to trade modestly lower with very little conviction to this point in trading. Notably, the June contract on crude oil is edging it's way towards $30 per barrel. Currently, the per barrel price is $29.48 which is higher by 57 cents (2.0%) for the session. Contributing to today's rise in price is indecision regarding a production cut at a European refiner. Specifically, Netherlands-based refining company Petroplus may cut production runs at its 60,000 barrel-per-day refinery in Switzerland citing a drop in refining margins. The company is in the process of determining whether to go through with the cut and will make a decision this weekend. DJTA +0.6%... DJUA +0.3%... SOX -0.7%... XOI +1.7%... BTK -1.5%... Nasdaq 100 -0.5%... S&P Midcap 400 -0.4%... Russell 2000 +0.1%... NYSE Adv/Dec 1430/1429... Nasdaq Adv/Dec 1657/1789.
12:00 ET Dow -34, Nasdaq -5, S&P -3.14: [BRIEFING.COM] It's been a lackluster day of trading to this point with the major averages favoring slightly negative territory. This is not entirely surprising given investors are trading on primarily negative news. Specifically, a few key names in the technology sector warned for their current quarters which has kept a lid on aggressive buy interest. The biggest disappointment was issued by wireless device maker Palm Inc. (PALM -29%) which sharply reduced guidance for its upcoming quarter. In light of this development, the entire group has experienced sell pressure today. Separately but perhaps more importantly, PC maker Dell Computer (DELL -4.8%) reported results in line with the consensus but guided current quarter estimates lower... Yet technology wasn't the only group signaling weakness. Apparel retailer Gap Incorporated (GPS -3.0%) is cautious on its upcoming quarter, forecasting unfavorable comparisons in the "negative mid-single digit range." This guidance is contributing to sell pressure in today's session on the entire retail sector... In light of all the negative guidance, it's fair to say the markets have held up relatively well. Market internals are slightly favorable mid-day when volume is crossed against market breadth. Also worth noting, the alternative energy sector has experienced notable buy interest today which appears to be follow through on the President's comments regarding fuel cell technology yesterday DJTA +0.9%... DJUA +0.5%... SOX -0.6%... XOI +1.7%... BTK -1.7%... Nasdaq 100 -0.6%... S&P Midcap 400 -0.4%... Russell 2000 +0.3%... NYSE Adv/Dec 1413/1399... Nasdaq Adv/Dec 1593/1759.
11:35 ET Dow -23, Nasdaq +1, S&P -1.44: [BRIEFING.COM] Still not much in the way of market movement. As Briefing.com noted in its last comment, today is an options expiration day which tends to add volatility to trading. The expiration forces the rotation of capital from the May contracts which cease to exist after today (technically tomorrow), to alternative investments. Nonetheless, today is bucking the trend as volatility has not been the order of the day. The trading range on the Nasdaq has narrowed throughout the session with the index favoring the flatline. At the current moment, the tech-heavy index has powered to a one point intraday gain. DJTA +0.4%... DJUA +0.7%... SOX -0.3%... XOI +1.5%... BTK -1.3%... Nasdaq 100 -0.1%... S&P Midcap 400 -0.3%... Russell 2000 +0.1%... NYSE Adv/Dec 1385/1374... Nasdaq Adv/Dec 1581/1694. |
