S&P 500 finished the day with a loss of 1.37% at 931.76. There was a buying effort in the last 20 minutes of the trading. S&P was oversold earlier today. One might suggest that this was an effort to cover short positions and take profit.
All the eyes now turned to the chain store sales tomorrow. It will be released at noon. But before that, at 8.30am, comes the jobless claims. Market is very sensitive to this report lately. Jobless claims shows the number of individuals who filed for unemployment insurance for the very first time.
Also coming tomorrow is the 10-year note announcement at 11am.
Wednesday, June 3, 2009
All News
S&P today kept its strong sell rating for Williams& Sonoma (WSM). Even though company has plans to get more market share, still home furnishings sector is quite weak.
Gold futures are now down $5.70 to $977.50 an ounce.
S&P is testing the day lows at this hour in the stock exchange. Sellers mostly concentrated on the materials and energy stocks. It seems like S&P sees some support at 925.67. It is a shabby trading day. S&P is now oversold which is currently at 26.22%, below the critical value of 30.
Dollar made a strong rebound, up 1.25% to 79.46. Oil, on the other hand is under some selling pressure. It is now at $65.51 a barrel, down 4.4%. There are several speculations for this. One is that U.S. crude-oil inventories unexpectedly grew by 3 million barrels. The consensus was for a modest decline. Another reason is that the demand for oil slid, 7.7% lower than the same last year.
Factory orders, which was announced at 10am, was up, however, the service sector such as retailers and health care, slowed down which was reflected in today's sell-off.
The 10-year Note is up 19 ticks, yield down to 3.54%.
Gold futures are now down $5.70 to $977.50 an ounce.
S&P is testing the day lows at this hour in the stock exchange. Sellers mostly concentrated on the materials and energy stocks. It seems like S&P sees some support at 925.67. It is a shabby trading day. S&P is now oversold which is currently at 26.22%, below the critical value of 30.
Dollar made a strong rebound, up 1.25% to 79.46. Oil, on the other hand is under some selling pressure. It is now at $65.51 a barrel, down 4.4%. There are several speculations for this. One is that U.S. crude-oil inventories unexpectedly grew by 3 million barrels. The consensus was for a modest decline. Another reason is that the demand for oil slid, 7.7% lower than the same last year.
Factory orders, which was announced at 10am, was up, however, the service sector such as retailers and health care, slowed down which was reflected in today's sell-off.
The 10-year Note is up 19 ticks, yield down to 3.54%.
Before the Opening Bell
S&P futures vs fair value: -7.80. Stocks are hitting its fresh lows before the opening bell. Great Britain's FTSE is down almost 2%. Germany's DAX is also down 1.05%. The unemployment numbers were announced today for the European Union. The estimate is about 21 million people which, officially the largest number in the past 10 years.
Meanwhile, Mr. Geithner said yesterday that China agreed to use U.S. Dollar as their main reserve for their currency. At the meeting, Chinese officials also mentioned their concerned about the large deficit spending may cause inflation which may result in deterioration of China's U.S bond holdings.
U.S Dollar finally rises; putting pressure on oil prices. U.S Dollar has been under pressure for the last six months. It is up though, 0.8%. Oil, on the other hand, is pulling back from its year highs, last quoted at $67.75 a barrel.
The ADP National Employment Report, is a non farm private employment roughly about 24 million employees, announced today that the change of employment from March to April declined from 491,000 to 545,000, down 54,000.
It is almost time for the opening bell.
Meanwhile, Mr. Geithner said yesterday that China agreed to use U.S. Dollar as their main reserve for their currency. At the meeting, Chinese officials also mentioned their concerned about the large deficit spending may cause inflation which may result in deterioration of China's U.S bond holdings.
U.S Dollar finally rises; putting pressure on oil prices. U.S Dollar has been under pressure for the last six months. It is up though, 0.8%. Oil, on the other hand, is pulling back from its year highs, last quoted at $67.75 a barrel.
The ADP National Employment Report, is a non farm private employment roughly about 24 million employees, announced today that the change of employment from March to April declined from 491,000 to 545,000, down 54,000.
It is almost time for the opening bell.
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