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billywows
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22-Jan-2007 23:28
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MARKET SNAPSHOT A speech by Federal Reserve member Janet Yellen on the U.S. economy, due later in the session, may influence trading.
The Dow Jones Industrial Average was last down 71 points at 12,493, with 24 of its 30 components in negative territory.
"People are looking ahead and feeling a little cautious about upcoming tech earnings later this week," said Stephen Sachs, head of trading at Rydex Investments, citing upcoming results from chip-maker Texas Instruments Inc..
"The Nasdaq underperformed all of last week, so until we get some positive action from that sector, the selling trend will remain in place," he said.
The tech-heavy Nasdaq Composite is down 21 points, or 0.9%, to 2,429.
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iPunter
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22-Jan-2007 23:26
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The Dow was diving right from the opening bell... in spite of the respectable market analyst's report seen only minutes before opening that it is "set to rise". |
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elfinchilde
Elite |
22-Jan-2007 23:25
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oh, uncle sam's bleeding.
billywows, your reason for the dip is given by giantlow's post. Crude is rising. iPunter has a point too. The funds flowing out of the US have to go somewhere. the qn is, where. STI's gonna be torn two ways tmrw then. |
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maxsyn
Veteran |
22-Jan-2007 23:18
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STI may be over drive today. DOW if bleed too much tonite could be used as an excuse to do some correction. |
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billywows
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22-Jan-2007 23:18
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Dow down 75 points and Nasdaq down 21 points now ..... What's happening? Can't find any news for these huge dips leh. | ||||||||||||
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iPunter
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22-Jan-2007 23:13
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By the same token, I can also say that the STI is set to rise... |
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billywows
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22-Jan-2007 23:12
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Dow down 53 points and Nasdaq down 20 points now ..... STI in trouble 2molo!! |
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iPunter
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22-Jan-2007 23:12
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This kind of prediction is out of whack with reality!!!...
[ "MARKET SNAPSHOT NEW YORK (MarketWatch) -- U.S. stocks were set to rise out of the gate, as hopes for a rebound in the technology sector and some merger-and-acquisition activity provided a positive backdrop. ]
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billywows
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22-Jan-2007 23:08
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Dow down 43 points and Nasdaq down 15 points now ..... Hey!! | ||||||||||||
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billywows
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22-Jan-2007 23:02
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Yalor, Maxsyn .... Hope the speech by Federal Reserve member Janet Yellen on the U.S. economy may influence today's trading. I think she'll be an angel tonite. Heehee!!! Dow down 30 points and Nasdaq down 6 points now. The latter still fighting to stay green. |
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maxsyn
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22-Jan-2007 22:57
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All red................DOW red, S&P red, NASDAQ red, bond red, transportation red, only utilities green.... another pancake from DOW for tomorrow breakfast? |
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giantlow
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22-Jan-2007 22:45
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woohoo! crude oil prices are up! | ||||||||||||
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billywows
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22-Jan-2007 22:39
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US market opened RED ..... Dow down 22 points and Nasdaq down 4 points. Tot a recovery for Nasdaq after last week tech sell-off? MSFT reporting its earning this week! Leading indicators economic data susposed to be out tonite, but is postponed to tomorrow at 2300hrs. |
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billywows
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22-Jan-2007 22:24
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MARKET SNAPSHOT
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iPunter
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22-Jan-2007 20:22
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Awaiting the welcome arrival of our harbinger of matters Dowy... shiok!!! |
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elfinchilde
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20-Jan-2007 09:48
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partly accurate, billywows...
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billywows
Elite |
19-Jan-2007 23:59
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Time for US market to close GREEN tonite after past few days of RED ..... Dow up 10 points and Nasdaq up 6 points now. Shiok! |
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billywows
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19-Jan-2007 23:45
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US market playing Ding-Dong tonite. Dow up 2 points and Nasdaq up 3 points now .... -------------------- Meanwhile, news that consumer confidence, as measured by the University of Michigan, jumped to a three year high, failed to provide immediate support for stocks.
Stronger-than-expected economic data in recent weeks has deflated market hopes that the Federal Reserve will soon cut interest rates, leaving investors more pre-occupied with earnings outlooks for this year.
The Dow Jones Industrial Average was down 22 points at 12,545, as 13 of its 30 component stocks dropped.
Citigroup Inc. failed to provide support for blue chips, losing 0.6%, even after its earnings topped forecasts.
Likewise, General Electric Co. fell 2% after its earnings met estimates but the company said it may cut $343 million from past earnings due to interest-rate swap accounting.
Meanwhile, the S&P 500 index was up 1.60 points at 1,427, as signs of stabilization in crude oil prices - which have plunged over 15% since the start of the year -- helped boost energy shares. In recent action, crude oil was gaining 60 cents, or 1.2%, to $51.08, lifting Exxon Mobil Corp., a Dow component.
Schlumberger Ltd. especially benefited, rising 3.6% after the oil services group reported a better-than-forecast 71% profit rise.
But in a now-familiar theme, the tech sector was posting losses, with the Nasdaq Composite falling 4 points to 2,439.
IBM shares slumped 4.2%. Though the company's profit rose 11% on 7.5% revenue growth, some investors had looked for more. It's goal of 10% earnings per share growth in 2007 is at the lower end of its long-term 10% to 12% target.
"Seasonals are at work," said Art Hogan, market strategist at Jefferies. "Through December, there's a lot of excitement about techs but then January is not a great time for sales."
Still, Motorola Inc. the No. 2 mobile phone-maker, gained 1.5% after posting a 48% drop in quarterly profit, as margins in its handset business collapsed.Motorola had warned about its results two weeks ago.
On the broad market for equities, trading volume was 395 million on the New York Stock Exchange and 477 million on the Nasdaq stock exchange. Rising issues outpaced decliners by 15 to 13 on the NYSE but falling issues led on the Nasdaq by a margin of 3 to 2.
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billywows
Elite |
19-Jan-2007 23:28
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Yup, Chipchip66 .... Looking forward to the 31st Jan's FOMC for more clues of rate pause or cut! But it seems that economic data, weak USD and lower oil price are not affecting US market now - Just corporate earnings for now. Dow down 14 points and Nasdaq down 2 points now .... *Yucks! |
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chipchip66
Master |
19-Jan-2007 23:21
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Should be good news as consumers are people who create the multiplier effect on the economy. But rate cut will be unlikely as inflation will creep up with all the spending. |
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