Market News

[weatherweenie]

9:02am ET
[BRIEFING.COM] S&P futures vs fair value: +7.6. Nasdaq futures vs fair value: +6.0. A disappointing earnings report from Morgan Stanley and a drop in housing starts of 2.6% to the lowest level in 12 years would have riled the markets a few days ago, but financials and housing are both expected to benefit in the future from the rate cut. Futures therefore continue to firm.

 

[weatherweenie]

9:02am ET
[BRIEFING.COM] S&P futures vs fair value: -2.0. Nasdaq futures vs fair value: -7.5. S&P futures hold near best levels of the day. FedEx warned that poor economic conditions would lead to lower than expected profits for the year

 

[weatherweenie]

NEW YORK (AP) -- For the first time since Gerald Ford was president, the loonie can buy as much as the greenback.

http://biz.yahoo.com/ap/070920/dollar.html?.v=22

 

[weatherweenie]

08:02 am : S&P futures vs fair value: -3.8. Nasdaq futures vs fair value: -8.2. Futures indicate a lower open largely as a result of earnings warnings from Lowe's and a downward September same store sales guidance from Target. Oil is down $0.95 to $80.00 a barrel.

 

[weatherweenie]

[BRIEFING.COM] S&P futures vs fair value: +1.9. Nasdaq futures vs fair value: +6.0. Futures react little to modest revision in second quarter real GDP annual growth to 3.8% from previously reported 3.9% and surprising drop in new claims to very low level of 298,000 for week ended September 22.

 

[weatherweenie]

Personal Income Rose 0.3% in August, While Personal Spending Climbed 0.6%. Inflation Measure Eased 0.1%.

 

[weatherweenie]

08:37 am : S&P futures vs fair value: -2.5. Nasdaq futures vs fair value: -3.5. Futures get a slight boost from good economic data. August personal consumption expenditures were up a stronger than expected 0.6%. That will support third quarter GDP. The core PCE deflator was up just 0.1%, in line with expectations. The year-over-year increase stands at just 1.8%.

 

[weatherweenie]

3:30 pm : The stock market reached new intra-day lows in the last half hour following the comment from St. Louis Fed President Poole that it would be a mistake for the market to bet on more rate cuts.
Poole's remark should hardly be seen, though, as a real source of upset. Do you think a Fed official is really going to come out and say, "Yes, it would be a good idea for the market to bet on rate cuts?" All Poole's remark did was provide an added excuse to do some added profit taking ahead of the weekend.

 

[weatherweenie]

AP
Citigroup Warns of 60 Pct. Earnings Drop
Monday October 1, 7:58 am ET Citigroup Warns Its 3rd-Quarter Earnings Could Fall 60 Percent on Mortgage and Loan Losses
NEW YORK (AP) -- Citigroup Inc., the nation's largest financial institution, warned Monday its third-quarter earnings are likely to decline 60 percent, as it takes more than $3 billion in writedowns for securities backed by underperforming mortgages and loans tied to corporate buyouts.

http://biz.yahoo.com/ap/071001/citigroup_outlook.html?.v=2

 

[weatherweenie]

8:31am ET
[BRIEFING.COM] S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +2.8. Futures are higher on momentum from yesterday. It is an extremely quiet news day so far with no major corporate news. September auto sales will come out later this afternoon.

 

[weatherweenie]

9:01am ET
[BRIEFING.COM] S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: -0.5. Futures get support from news Toronto-Dominion Bank will acquire Commerce Bank for $8.5 billion. Oil is down $0.84 to $79.40 a barrel.

 

[weatherweenie]

Pending Home Sales Index Hits Record Low
Tuesday October 2, 10:18 am ET
By Alan Zibel, AP Business Writer Index That Forecasts Near-Term Home Sales Fell in August to a Low Amid Mortgage Market Woes

WASHINGTON (AP) -- An index that forecasts near-term home sales fell in August to a record low as would-be homebuyers had difficulty getting mortgages. The National Association of Realtors said Tuesday its seasonally adjusted index of pending sales for existing homes fell 6.5 percent from July and 21.5 percent from a year ago.

http://biz.yahoo.com/ap/071002/pending_home_sales.html?.v=4

 

[weatherweenie]

Briefing.com
08:00 am : S&P futures vs fair value: -8.7. Nasdaq futures vs fair value: -13.0. There is no specific news to account for futures sell-off this morning. There is no major corporate news. The only economic release is the relatively stable ISM services index due at 10:00 ET.

 

[weatherweenie]

Briefing.com
08:34 am : S&P futures vs fair value: -8.0. Nasdaq futures vs fair value: -13.0. ADP reports that employment rose 58,000 in September. That supports expectations of a 100,000 September nonfarm payroll gain to be reported Friday. ADP does not include government employment, which fell 28,000 in the August nonfarm data and could easily reverse in September.

 

[wv-girl]

Briefing.com
08:34 am : S&P futures vs fair value: -8.0. Nasdaq futures vs fair value: -13.0. ADP reports that employment rose 58,000 in September. That supports expectations of a 100,000 September nonfarm payroll gain to be reported Friday. ADP does not include government employment, which fell 28,000 in the August nonfarm data and could easily reverse in September.

So will the market not like this because it doesn't support more cuts in interest rates?

 

[weatherweenie]

So will the market not like this because it doesn't support more cuts in interest rates?

Lord only knows.

Hopefully this will be a case where the futures indicating a negative open will result in a positive close.

 

[weatherweenie]

U.S. Service Economy Grew at Slower Pace in September Than in August NEW YORK (AP) -- The U.S. service economy, feeling the drag of the slumping housing market, expanded at a slower pace in September than in August, a trade group said Wednesday.The Institute for Supply Management's index gauging the health of non-manufacturing industries registered at 54.8 in September, down from 55.8 in August and below the 12-month high of 60.7 reached in June.



http://biz.yahoo.com/ap/071003/economy.html?.v=4

 

[weatherweenie]

Briefing.com
2:00 pm : The stock market has continued its drift lower on afternoon profit-taking. The positive market sentiment that has kept the major averages near Monday's highs over the last day and a half appears to be dissipating.
Of the major averages, the Dow has now set a new daily low of 13,961.55 and is sitting just above that level. The Nasdaq (2727.97 is the low) and S&P (1536.91 is the low) are both near the bottom of their respective trading ranges, with the latter having already broken through support at 1,540.
Note the Bond market has come off its lows with the sell-off in equities. The 10-year yield is now 4.539% after hitting a high of $4.569% earlier.DJ30 -79 NASDAQ -15.5 SP500 -7 NASDAQ Dec/Adv/Vol 1666/1179/1.16 bln NYSE Dec/Adv/Vol 1912/1294/710 mln

 

[weatherweenie]

Briefing.com
08:36 am : S&P futures vs fair value: +2.4. Nasdaq futures vs fair value: -3.0. Futures hold steady after release of new claims. The data is for a time period after the period in which the September nonfarm payroll survey was taken. A rise in claims to 317,000 for the week of September 29 from 301,000 the week before still leaves claims at historically low levels. Claims jumped to about 450,000 per week when the recession started in 2000.

 

[weatherweenie]

ECB leaves key rate unchanged at 4.0%