09:15 ET: [BRIEFING.COM] Still a mixed market with futures favoring the flatline. S&P futures trade at 1294 which is two points below fair value, while the Nasdaq 100 pre-market indicator trades down 2.6 points. Hardline retailer Lowe's Companies (LOW 71.76) has declared a 2-for-1 stock split this morning, payable June 29. The company also announced an increase in its quarterly cash dividend to 4 cents per share pre-split. Separately, Prudential has upgraded integrated oils to Strong Buy from Hold. Companies receiving upgrades include Chevron (CHV) and Texaco (TX). A couple of disappointments in the telecomm equipment sector last night could weigh on the group this morning. Specifically, ADC Telecomm (ADCT) and Ditech Communications (DITC) both missed numbers in reports that signaled continued weakness for the industry.
08:45 ET: [BRIEFING.COM] Pre-market trading is now mixed. S&P futures at 1294 trade two points under fair value while the Nasdaq 100 pre-market indicator is +5 points. Revised GDP was released at 8:30 ET and came in slightly weaker than consensus estimates. First quarter growth was revised down to 1.3% from an initial release which had suggested 2.0% growth. Consensus expectations had been for the revised number to come in at 1.4%. While the number did miss expectations, it also avoided the disasterous downward revision some had projected. Investors will now turn their attention towards a few economic releases scheduled for 10:00 ET. Specifically, Revised Michigan Sentiment, Existing Home Sales, and Durable Goods will be released. Separately, Prudential has upgraded the semiconductor equipment sector this morning. This could be important for the Nasdaq as the SOX made a nice recovery off important support yesterday yet still closed slightly lower in yesterday's trading.
08:35 ET: [BRIEFING.COM] S&P futures at 1293 trade three points under fair value while the Nasdaq 100 pre-market indicator trades down 2.6 points. A mildly negative bias behind a downward revision to first quarter GDP.
08:05 ET: [BRIEFING.COM] S&P futures at 1293 trade three points under fair value while Nasdaq 100 futures at 2014 trade five points above fair value. Markets mixed following Greenspan comments on additional monetary easing.
07:25 ET: [BRIEFING.COM] This morning's fair value figures -- S&P 500 fair value: 1296; closed 1 pt below fair value. Nasdaq 100 fair value: 2009; closed 3 pts below fair value. Current indications: S&P 500 futures are -1.5, or 2.5 pts below fair value. Nasdaq 100 is -3, or 6 pts below fair value... Market quite going into holiday weekend, except for a spike in the Nasdaq futures about 10 min ago on news of Prudential upgrades in the semiconductor equipment sector; contract has quickly given back gains.
06:17 ET: [BRIEFING.COM] S&P futures trading at 1293, 3.0 points below fair value, Nasdaq 100 futures trading at 2008, 1.0 points below fair value. The 30-year bond is up 10 ticks at 5.820% as Fed Chairman Greenspan hinted of more easing to come. The dollar is outperforming both the yen and the euro.
06:16 ET: FTSE -0.34%, DAX -0.33%: [BRIEFING.COM] European stocks lower. Growth concerns weigh a bit following comments from Fed Chairman Greenspan who said that the US economy remained at risk of slowing more substantially. Cyclicals such as Lafarge and ICI underperforming. Technology also under pressure with Alcatel hit by investor concern surrounding the benefits of a takeover of Lucent. Energy outperforming once again despite yesterday’s plunge in oil.
06:16 ET Nikkei -0.93%, Hang Seng -0.41%: [BRIEFING.COM] Asian stocks lower with Japan down for the fourth straight session. Nikkei hit by concerns over the banking sector’s ability to get rid of bad loans. Technology also under pressure on the back of a report which revealed that chipmaking equipment sales fell for the first time in 21 months in April. Hong Kong’s Hang Seng also closed lower, with property shares dragged by growth concerns. Growth concerns also weighed on Taiwan, amid expectations that Q1 GDP released after the close would hit 25 year lows (it did). Korea bucked the regional trend on reports of program buying. |
