MARKET SNAPSHOT
Weak start for shares
Buyers still sitting on the fence
By Julie Rannazzisi, CBS MarketWatch
Last Update: 9:51 AM ET May 22, 2000 Market Pulse
Bond Report
NEW YORK (CBS.MW) -- The equity markets lost ground across the board Monday with tech stocks yet again leading on the downside.
The Dow Industrials erased 74 points, or 0.7 percent, to 10,552 at 9:49 a.m.
The Nasdaq Composite declined for the fourth straight session, losing 73 points, or 2.2 percent, to 3,316 while the Nasdaq 100 index shed 75 points, or 2.3 percent, to 3,184.
The Standard & Poor's 500 Index lost 0.6 percent while the Russell 2000 Index of small-capitalization stocks fell 1.2 percent.
Volume came in at 59.2 million on the NYSE and at 110 billion on the Nasdaq Stock Market. Breadth was negative, with decliners outpacing advancers by 11 to 9 on the NYSE and by 18 to 10 on the Nasdaq.
In specific issues, OnDisplay (ONDS: news, msgs) put on 2 1/4 to 55 1/2. Vignette announced Monday that it'll buy OnDisplay for $69.22 a share in a deal valued at $1.7 billion. The purchase will allow Vignette to add XML -- or extensible markup language -- capabilities to its e-business platforms. Vignette (VIGN: news, msgs) fell 8 1/2 to 35 5/16. Read the story.
Active Software (ASWX: news, msgs) added 9/16 to 33 9/16. WebMethods is buying ActiveSoftware for about $45.85 per share in a stock deal valued at $1.3 billion in a bid to grow its reach in the business-to-business software category. WebMethods (WEBM: news, msgs) lost 11 3/4 to 75 1/4. See full story.
In other news, IBM (IBM: news, msgs) announced Monday new Web servers powered by the world's first production microchips made of silicon-on-insulator transistors and copper wiring. The silicon insulation can increase performance up to 30 percent. See full story. The Dow-component shed 5/8 to 105 13/16.
In the bond market, prices gained mild ground in thin dealings. The 10-year Treasury note gained 9/32 to yield 6.47 percent and the 30-year bond added 7/32 to yield 6.19 percent. See Bond Report.
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Long-dated issues have been under the gun in recent weeks due to the market's heightened inflation worries while the short end has been held hostage by the Fed's tightening actions.
There's no economic news on tap for Monday. The week will be an excruciatingly light one on the data front, with only the revised gross domestic product and personal income and consumption numbers on tap. See economic calendar and forecasts and historical economic data.
In currency markets, dollar/yen added 0.2 percent to 107.35 while euro/dollar edged up 0.2 percent to 0.8992.
In the commodity market, June crude fell 29 cents to $29.60 while the Bridge CRB index climbed 0.62 to 223.97. View latest commodity prices.
Julie Rannazzisi is markets editor for CBS MarketWatch.
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