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Time to go full-steam ahead with solar energy.
Sigh, looks like subprime is not really the main concern anymore, most of the big banks have provisioned for writedowns from CDOs, SIVs and other mortgage-related instruments. Looks like global inflation is going to be the next big killer.
Dow drops due to high oil prices and poor results from Exxon.
Tomorrow shopping day again. Time to buy my favorites if its on discount. : ) Be there early to get a good discount.
DOW down by 200points...
Fed cut loses some luster
Futures point to weak open as oil prices soar above $96 a barrel to a new record; slew of economic releases on tap.
U.S. stocks were poised for a tough open Thursday as surging oil prices took some of the luster off the Federal Reserve's decision to cut rates and investors eyed a heavy economic calendar.
At 5:02 a.m. ET, futures were lower, with a comparison to fair value suggesting a weak start for Wall Street.
Crude prices set another record in Asia, rising as high as $96.24 a barrel in electronic trading before pulling back slightly to $96.05 a barrel.
The surge in oil prices could stem the rally stocks mounted Wednesday after the Fed cut short-term interest rates by a quarter of a percentage point to 4.5 percent.
Investors had widely anticipated the Fed's move and stocks rose as the market breathed a sigh of relief. But the upbeat mood could fade as investors focus their attention on the economic outlook.
There is no shortage of reports for investors to sift through on Thursday. A report on personal income and spending, which includes a key inflation measure, is due at 8:30 a.m. ET. Pending home sales and the ISM index, a gauge of nationwide manufacturing activity, also are slated for release.
Among stocks to watch, Exxon Mobil (Charts, Fortune 500) is due to report earnings before the market open.
In global trade, Asian stocks finished higher while European stocks slipped in morning trading.
Tonight may not be kind to us too.
The future index are all down.
| S&P 500 |
-6.80 |
1548.10 |
11/1 5:11am |
 |
| Fair Value |
|
1552.62 |
10/31 7:01pm |
| Difference* |
|
-4.52 |
|
 |
| NASDAQ |
-9.00 |
2243.50 |
11/1 5:07am |
 |
| Fair Value |
|
2252.51 |
10/31 7:01pm |
| Difference* |
|
-9.01 |
|
|
| Dow Jones |
-48.00 |
13888.00 |
11/1 5:06am |
 |
Market Overview
| Market Diaries |
 |
| Issues: |
NYSE |
Nasdaq |
|
|
| Advancing |
2,392 |
1,999 |
|
|
| Declining |
869 |
1,011 |
|
|
| Unchanged |
89 |
102 |
|
|
| Total: |
3,350 |
3,112 |
|
|
| Issues at: |
|
|
| 52-Week High |
187 |
89 |
|
|
| 52-Week Low |
22 |
63 |
|
|
| Volume: |
|
|
| Advancing |
1,227,516,000 |
1,872,694,000 |
|
|
| Declining |
327,599,000 |
640,085,000 |
|
|
| Unchanged |
10,076,000 |
-2,490,761,000 |
|
|
| Total: |
1,565,191,000 |
22,018,000 |
|
|
10/31/2007 8:00:00 PM |
|
|
|
|
Stock market bulls did their thing again on Wednesday, driving the indices higher on encouraging economic news, a batch of reassuring earnings results, and a decision by the Federal Open Market Committee to cut the fed funds and discount rates by 25 basis points each to 4.50 percent and 5.00 percent, respectively.
The FOMC decision wasn't heard until 2:15 pm ET. Prior to that, the market traded with a bullish bias, supported by the government's advanced report that third quarter GDP grew at an annualized rate of 3.9 percent.
The third quarter growth was remarkable when taking into account the subprime fallout, the housing industry downturn, and credit market crisis that highlighted the July to September period. Residential construction, in fact, took a full 1.1 percent off GDP growth. Offsetting gains, though, in consumer spending, business investment, government spending, inventories, net exports and nonresidential construction kept the U.S. economy on a noteworthy growth trajectory.
While fourth quarter GDP is expected by Briefing.com to slow to a pace closer to 1.5 percent to 2.0 percent, the market still walked away from the third quarter GDP report with a sense of comfort that consumer spending and business investment are solid enough to keep the economy out of recession.
The latter consideration, combined with reassuring earnings results and/or guidance from the likes of Mastercard (MA 189.91, +32.76), Transocean (RIG 119.37, +4.50), Clorox (CLX 62.57, +1.57), Kraft (KFT 33.41, +0.81) and Weyerhauser (WY 75.91, +1.60), put the market on a bullish course to begin the session.
Once again, stocks traded higher in the face of a spike in oil prices that followed another government report that showed a surprising 3.89 million barrel decline in crude stockpiles versus the market's expectation for a build of 400,000 barrels. Crude for December delivery, which dropped 3.4 percent on Tuesday after Goldman Sachs said to take profits, surged 4.6 percent to $94.53 per barrel on supply concerns entering the winter heating season.
The boost in crude prices gave a hefty lift to the energy sector (+1.8 percent) which was one of Wednesday's best-performing areas. It was the materials sector (+2.5 percent) that led all comers as strong earnings results from companies like Weyerhauser and Newmont Mining (NEM 50.90, +4.46), and a weak dollar, drove buying interest in the stocks of companies that stand to benefit from rising commodity prices.
The dollar index slipped 0.4 percent to 76.479 in the wake of the Fed's decision to cut interest rates.
In typical fashion, the FOMC decision led to some volatile trading shortly after the decision crossed the wires at 2:15 pm ET. Just prior to the release, the Dow, Nasdaq and S&P were up 53, 16 and 8 points, respectively. Within minutes of the FOMC's announcement, though, they were all showing slight losses.
The knee-jerk selling interest occurred in response to a directive from the FOMC that implied the rate-setting committee is reluctant to cut rates again. That understanding was driven by three items in particular: (1) the committee judging the upside risks to inflation roughly balance the downside risks to growth (2) the acknowledgment that recent increases in energy and commodity prices may put renewed upward pressure on inflation and (3) the indication that Kansas City Fed President Hoenig voted against a rate cut, saying he preferred no change in the fed funds rate.
With added time to examine the statement, the stock market got back into rally-mode driven by the takeaway that the FOMC might be reluctant to cut rates right now, but that it would ultimately do so if need be.
Fittingly, the financial sector (+0.8 percent) played an influential part in driving the late-afternoon rally effort, yet it still underperformed the broader market in Wednesday's trading.
All ten economic sectors closed with a gain. The technology sector (+1.7 percent), paced by ongoing strength in big-cap leaders like Google (GOOG 707.00, +12.23) and Microsoft (MSFT 36.81, +1.24), maintained its leadership role.
The Treasury market, meanwhile, was knocked on its heels by the stock market rally and the Fed's talk about the potential for renewed upward pressures on inflation. The 10-year note slipped 21 ticks, bringing its yield up to 4.46 percent.
U.S. stocks rose buoyed by both the Federal Reserve's interest-rate cut and its view that credit market strains have eased somewhat and by reports showing surprising strength in economic growth and employment.
A surge in gold and oil prices lifted shares of miners and energy companies, while the Nasdaq rose to its highest in nearly seven years on the strength of technology stocks
The Dow Jones industrial average shot up 137.54 points, or 1.00 percent, to end at 13,930.01. The Standard & Poor's 500 Index climbed 18.36 points, or 1.20 percent, to 1,549.38. The Nasdaq Composite Index surged 42.41 points, or 1.51 percent, to 2,859.12. Earlier, the Nasdaq reached an intraday high at 2,861.51 -- it?s highest in almost seven years.
Energy stocks climbed after weekly government data showed a surprising decline in crude inventories, sending U.S. crude futures up $4.15, or 4.6 percent, to settle at a record $94.53 a barrel. During the session, oil hit a NYMEX lifetime record at $94.74. December gold was up $7.50, or 1 percent, at $795.30 an ounce, after earlier touched $800.80 an ounce.
US STOCKS-Wall St jumps after Fed's Halloween treat and data
U.S. stocks rose on Wednesday, buoyed by both the Federal Reserve's interest-rate cut and its view that credit market strains have eased somewhat and by reports showing surprising strength in economic growth and employment.
A surge in gold and oil prices lifted shares of miners and energy companies, while the Nasdaq rose to its highest in nearly seven years on the strength of technology stocks like Google Inc.(GOOG.O:
Quote,
Profile,
Research). The Web search engine's shares topped the $700 mark for the first time after reports it may soon break into the phone market.
Stocks initially declined, then rose after the Fed lowered its benchmark lending rate by a 1/4 percentage point to 4.50 percent, as expected. Even though the central bank signalled more rate cuts are no sure thing, investors warmed to the view that the economy for now was still on a growth track.
"I think the bottom line is the economy is relatively strong," and the data on gross domestic product supports that view, said Giri Cherukuri, head trader at OakBrook Investments LLC, in Lisle, Illinois.
The Dow Jones industrial average (.DJI:
Quote,
Profile,
Research) shot up 137.54 points, or 1.00 percent, to end at 13,930.01. The Standard & Poor's 500 Index (.SPX:
Quote,
Profile,
Research) climbed 18.36 points, or 1.20 percent, to 1,549.38. The Nasdaq Composite Index (.IXIC:
Quote,
Profile,
Research) surged 42.41 points, or 1.51 percent, to 2,859.12. Earlier, the Nasdaq reached an intraday high at 2,861.51 -- its highest in almost seven years.
"It looks like this might be the last rate cut for a while, which isn't good for stocks. But on the other hand, if the economy is going well, that means corporate profits should do well," Cherukuri said.
For the month of October, the Nasdaq rose 5.8 percent, its best monthly percentage gain in about two years. The S&P 500 advanced 1.5 percent for the month, while the Dow edged up 0.3 percent in October.
During Wednesday's session, Google's stock jumped 1.8 percent to close at $707.00 -- a lifetime high -- on the Nasdaq.
Ahead of the Fed's decision, government data showed the economy expanded in the third quarter at its fastest rate since the beginning of 2006, while another report showed private employers added workers this month at the greatest rate since June.
Rate-sensitive shares of financial companies at first fell after the Fed news, but ended higher, with the S&P financial index (.GSPF:
Quote,
Profile,
Research) up 0.8 percent. Shares of JPMorgan Chase & Co. (JPM.N:
Quote,
Profile,
Research) rose 1 percent to $47 on the New York Stock Exchange.
Energy stocks climbed after weekly government data showed a surprising decline in crude inventories, sending U.S. crude futures (CLc1:
Quote,
Profile,
Research) up $4.15, or 4.6 percent, to settle at a record $94.53 a barrel. During the session, oil hit a NYMEX lifetime record at $94.74. December gold (GCZ7:
Quote,
Profile,
Research) was up $7.50, or 1 percent, at $795.30 an ounce, after earlier touched $800.80 an ounce.
Newmont Mining Corp. (NEM.N:
Quote,
Profile,
Research) shares rose 9.5 percent to $50.86. Shares of ConocoPhillips (COP.N:
Quote,
Profile,
Research) gained 2.7 percent to $84.96 and Chevron (CVX.N:
Quote,
Profile,
Research) stock added 1.6 percent to $91.51.
Trading was below average on the New York Stock Exchange, with about 1.57 billion shares changing hands, below last year's estimated daily average of 1.84 billion. On Nasdaq, about 2.57 billion shares traded, ahead of last year's daily average of 2.02 billion.
Advancing stocks outnumbered declining ones by a ratio of about 3 to 1 on the NYSE and by 2 to 1 on Nasdaq.
DOW moved up by 137.54! STI should move up as well.
WASHINGTON (AP) -- The Federal Reserve, confronted with surging oil prices and a slumping housing market, cut a key interest rate by a quarter-point on Wednesday, the second rate reduction this year.
Now DOW @ 13932.78 +140.31 or +1.02%
Nasdaq @ 2857.24 +40.53 or +1.44%
http://www.nasdaq.com/?selected=DJIA
Potential big move in 5 mins. Either +100 or -100 pts on DJIA, maybe up to +/-200.
US STOCKS-Wall St. rises on rate cut view, economy
U.S. stocks rose on Wednesday, a few hours before the Federal Reserve was expected to cut interest rates and after a report showed the economy grew more than expected in the third quarter.
Rate-sensitive shares of financial companies, including JPMorgan Chase (JPM.N:
Quote,
Profile,
Research) and Goldman Sachs (GS.N:
Quote,
Profile,
Research), advanced. The S&P financial index (.GSPF:
Quote,
Profile,
Research) rose 0.8 percent.
Shares of MasterCard (MA.N:
Quote,
Profile,
Research) surged after the credit card company reported a rise in profit that topped Wall Street expectations.
"What's moving the market is a combination of things. Obviously, the consensus is that (the Fed) will lower rates by 25 basis points," said Hugh Johnson, chief investment officer of Johnson Illington Advisors.
The Fed's Open Market Committee is expected to issue its decision at 2:15 p.m. (1815 GMT).
Government data showed gross domestic product expanded at its fastest rate during the third quarter since the beginning of 2006.
"Both earnings and the report on GDP seem to say there has not been a significant impact on economic and earnings growth from the deterioration in housing and changing credit market conditions," Johnson said.
The Dow Jones industrial average (.DJI:
Quote,
Profile,
Research) was up 42.19 points, or 0.31 percent, at 13,834.66. The Standard & Poor's 500 Index (.SPX:
Quote,
Profile,
Research) was up 8.73 points, or 0.57 percent, at 1,539.75. The Nasdaq Composite Index (.IXIC:
Quote,
Profile,
Research) was up 13.44 points, or 0.48 percent, at 2,830.15.
JPMorgan shares were up 1 percent to $47.02. Goldman shares climbed 1.6 percent to $244.05. MasterCard stock climbed 13.9 percent to $179.
Stocks briefly wobbled after the National Association of Purchasing Management-Chicago survey showed a weaker-than-expected reading for October.
Shares of Web search company Google Inc (GOOG.O:
Quote,
Profile,
Research) climbed to a record $704.79 before trading at $698.85, up 0.6 percent.
Shares of pharmaceutical wholesaler McKesson Corp (MCK.N:
Quote,
Profile,
Research) jumped 11 percent to $64.99 after it reported higher quarterly profit late on Tuesday . For details, see [ID:nWNAS9173]
Energy stocks climbed after weekly government data showed a surprise decline in crude inventories, sending U.S. crude futures (CLc1:
Quote,
Profile,
Research) up $2.62 to $93.04 a barrel.
Shares of ConocoPhillips (COP.N:
Quote,
Profile,
Research) gained 2.3 percent to $84.61 and Chevron (CVX.N:
Quote,
Profile,
Research) stock added 1.9 percent to $91.80.
US STOCKS-Wall St rises on optimism about growth
U.S. stocks opened higher on Wednesday as a report pointing to strength in the economy boosted investor optimism ahead of the Federal Reserve's decision on interest rates.
The Dow Jones industrial average (.DJI:
Quote,
Profile,
Research) was up 53.81 points, or 0.39 percent, at 13,846.28. The Standard & Poor's 500 Index (.SPX:
Quote,
Profile,
Research) was up 7.22 points, or 0.47 percent, at 1,538.24. The Nasdaq Composite Index (.IXIC:
Quote,
Profile,
Research) was up 11.26 points, or 0.40 percent, at 2,827.97.
DJ is up. Awaiting for the news in afternoon US time.
| US&Canada Market Indices |
Current |
Change |
% Change |
Date |
|
| DJ INDU AVERAGE |
13,831.41 |
+38.94 |
+0.28% |
31-10-2007 |
 |
| NAS/NMS COMPSITE |
2,829.47 |
+12.76 |
+0.45% |
31-10-2007 |
|
| AMEX COMPOSITE * |
2,504.48 |
+15.70 |
+0.63% |
31-10-2007 |
 |
| NASDAQ 100 |
2,216.66 |
+9.05 |
+0.41% |
31-10-2007 |
|
| S&P/TSX COMP IDX |
14,425.62 |
+113.54 |
+0.79% |
31-10-2007 |
|
* denotes Primary Index.
|
DJIA delayed at least 15 min.
|
Wall Street set to start higher on Fed
NEW YORK (Reuters) - Stock index futures pointed to a higher market open on Wednesday as investors bet the Federal Reserve would cut interest rates.
Shares of several big U.S. banks, including Citigroup (C.N:
Quote,
Profile,
Research) and Bank of America (BAC.N:
Quote,
Profile,
Research), rose in European trading.
"The anticipation of a rate cut is putting in a floor under the financial stocks and moving many of them higher in Europe as rate cuts generally help the financial sector of the market," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
Fed funds futures are pricing in a quarter point cut in the benchmark rate to 4.5 percent. Markets were rattled on Tuesday, however, after the Wall Street Journal's Fed watcher wrote a cut was not a "sure thing."
"Any surprises could quickly move things off center," Mendelsohn said. "No rate cut would clearly bring pressure down on the market, and a larger-than-expected rate cut would push us substantially higher."
The Fed's Open Market Committee is scheduled to issue its decision at 2:15 p.m.
A wave of major economic indicators are due before the Fed decision, beginning with the ADP October employment report at 8:15 a.m., seen as a preview to Friday's monthly non-farm payrolls report from the Labor Department.
The government's initial estimate on third-quarter gross domestic product and employment costs are set for 8:30 a.m. The New York NAPM index of regional business activity for October is due at 9 a.m., the Chicago NAPM October index of manufacturing activity at 9:45 a.m. and September construction spending at 2 p.m.
S&P 500 futures were up 6 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures rose 39 points, and Nasdaq 100 futures gained 7.25 points.
Shares of Web search company Google Inc (GOOG.O:
Quote,
Profile,
Research) climbed to a record before the bell, rising 1.2 percent to $702.99 before the bell.
Kraft Foods (KFT.N:
Quote,
Profile,
Research) reported lower quarterly profit, blaming soaring dairy prices. Household and consumer goods maker Clorox Co (CLX.N:
Quote,
Profile,
Research) also posted a decline in earnings as higher costs offset sales growth in its higher-margin businesses.
In deal action, navigation device maker Garmin (GRMN.O:
Quote,
Profile,
Research) made an unsolicited 2.3 billion euro ($3.3 billion) offer for Dutch digital map provider Tele Atlas (TA.AS:
Quote,
Profile,
Research) on Wednesday, exceeding a bid already accepted from TomTom (TOM2.AS:
Quote,
Profile,
Research).
Garmin stock fell 5.4 percent to $114 in trading before the opening bell.
Wall St. in pre-Fed holding pattern
Investors await central bank's decision on interest rates; batch of economic reports due before release of Fed policy statement.
October 31 2007: 6:54 AM EDT
NEW
YORK (CNNMoney.com) -- U.S. stock futures drifted slightly higher early
Wednesday ahead of the Federal Reserve's decision on interest rates.
Investors
are widely expecting the Fed to cut rates for a second straight time
when it releases its policy statement at 2:15 p.m. ET. Some are
anticipating the central bank to slash rates by as much as a
half-percentage point.
Future index is up. In anticipation for Fed rate cut.
| S&P 500 |
+2.00 |
1538.00 |
10/31 4:51am |
|
| Fair Value |
|
NA |
10/31 3:50am |
| Difference* |
|
N/A |
|
|
| NASDAQ |
+3.25 |
2221.00 |
10/31 4:42am |
|
| Fair Value |
|
NA |
10/31 3:50am |
| Difference* |
|
N/A |
|
|
| Dow Jones |
+21.00 |
13843.00 |
10/31 4:35am |
The U.S. Federal Reserve is expected to lower benchmark borrowing costs modestly on Wednesday as an additional bulwark against the risk a housing slump and tighter credit drag down the rest of the economy.
Fed officials, who will announce their decision around 2:15 p.m., have offered few clues on their likely course of action. But financial markets are betting that a spate of weak economic data will lead policy-makers to cut overnight interest rates by a quarter-percentage point, to 4.5 percent.
That would follow last month's surprisingly large half-point reduction -- a move Fed officials had hoped would put them out in front of any potential economic weakness.
"In an economic expansion that had already slowed, leading sectors continue to display surprising softness and further cautious policy action can help to contain a widening out of the damage," Citigroup economist Robert DiClemente wrote in a recent analysis.
But that view is not universally held. Some analysts think the Fed may determine housing woes are not crimping consumer or business spending and may decide the best course is to hold rates steady out of concern a misstep might ignite inflation.
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