Both the S&P500 and NASDAQ achieved gains by day’s end, while the DJIA cut its losses to 31 points. The DJIA closed off 0.2% at 13,173. The S&P500 edged up 0.02%, virtually unchanged at 1413. The NASDAQ added 0.2% for a 3074 wrap as technology shares strengthened.
DJIA losses were spearheaded by Hewlett-Packard (NYSE:HPQ), which fell 3.7% after Dell’s (NASDAQELL) latest interims showed PC sale weakness had caused management to lower its full-year outlook, interims that cast a cloud on HP’s numbers, due out after Wednesday’s close. HP echoed Dell’s problems, posting a Q2 revenue miss, a disappointing full-year forecast, and increased job cut plans. Also lower, Caterpillar (NYSE:CAT) dropped 1.7%; Coca-Cola (NYSE:KO) 1.3%; Intel (NASDAQ:INTC) 1.5%. Leading the gainers, DuPont (NYSED) rose 0.8%; Alcoa (NYSE:AA) and Home Depot (NYSE:HD) both climbed 0.6%.
S&P500 ten industry sectors were evenly divided between gainers and losers. Gaining ground were: basic materials (+0.8%), consumer services (+0.3%), oil and gas (+0.2%), technology (+0.2%), and health care (+0.1%). Losing sectors included: industrials (-0.4%), telecommunications (-0.4%), consumer goods (-0.3%), utilities (-0.2%), and financials (-0.2%).
Housing shares added to their recent gains, with the PHLX Housing Sector up 2.0% on news that existing home sales had risen 2.3% in July, up from June’s 8-month low, printing at a 4.47 million pace, up from 4.37 million prior, although slightly off forecasts of 4.5 million. DR Horton (NYSEHI) rose 4.1%; Pulte Group (NYSEHM) was up 3.9%. Toll Brothers (NYSE:TOL) rose 3.8%, after posting FQ3 revenues the highest since 2008, a 46% surge in profits from a year earlier, and a 57% jump in new home orders. According to its CEO, “We are enjoying the most sustained demand we’ve experienced in over five years.”
There is more to come today on the health of housing. June’s FHFA Housing Price Index is set for 10:00 AM EDT release, along with July’s new home sales report. Home prices are expected to show a 0.5% gain on the heels of June’s 0.8% jump. New home sales are anticipated higher, reaching a 368K pace from 350K in June.
Also on today’s docket are weekly jobless claims (8:30 AM EDT), which are expected to show little change for the week ended August 18, printing at 365K versus 366K a week earlier. Continuing claims for the week ended August 11 may show a continuing decline, forecast at 3.298 million from 3.305 million previous.
This morning’s global macro prints, however, have painted a bleak landscape of global economic weakness, numbers that confirm Japan’s discouraging trade balance results, which showed a 25% tumble of eurozone-bound exports and a 5% decline in shipments to Asian markets.
China’s preliminary August manufacturing PMI hit a nine-month low of 47.8, down from July’s 49.3, below the neutral “50” level between expansion and contraction. The report raised expectations for additional easing measures from Beijing, confirmed by remarks from the PBOC governor Zhou Xiaochuan who remarked on the precipitous decline in the nation’s exports to developed economies.
The 17-member EU’s economic scorecard has grown increasingly dire, and according to Markit economists points to the region slipping into a “technical recession” in the first half, now anticipating a GDP decline of about 0.5%-0.6% for the second quarter. According to Markit’s preliminary composite PMI, economic activity in August contracted for the seventh straight month, coming in at 46.6 from July’s 46.5, only slightly improved. Forecasts called for no change in the numbers.
And so this morning’s ...the three major indices’ futures up 0.1%. Asian shares closed higher on hopes for Beijing easing measures, and most European exchanges are higher as well, despite delay tactics on any decision-making regarding Greece’s concession pleas until after a September visit by the EU Troika to determine how the nation might be doing with regard to its reform and austerity pledges.
To round up global action: the Hong Kong Hang Seng added 1.2%, while China’s Shanghai Composite added 0.3%. Japan’s Nikkei rose 0.5% as the US dollar climbed 0.1% against the yen to 0.050. South Korea’s Kospi added 0.4%; Australia’s S&P/ASX 200 climbed 0.2%.
European bourses are mostly higher as well, extending the positive tone of US markets and ongoing discussions of ECB moves to keep a lid on peripheral nations’ borrowing costs. The FTSE 100 is up 0.3%; the German DAX, French CAC and Italy’s FTSE MIB are 0.1% higher. The exception is Spain’s IBEX 35, down 0.7% as the divide between the nation’s need for a full-scale bailout and its willingness to accept EU conditions grows more apparent.
Commodity prices are mostly higher this morning, up on increased expectations for another round of Fed easing. The US dollar is down 0.1% to 81.399 on dollar-printing hopes, helping boost dollar-denominated commodities. Oil is up 0.5% in electronic trade at $97.71, also lifted by the government’s weekly stockpile report that showed a greater-then-forecast, 5.4 million barrel drawdown. Gold has jumped 1.2% to $1660.90 in this morning’s electronic trade, and silver is 2.3% higher at $30.24. Copper, lifted both from the dollar’s impact and China easing hopes, is up 0.9% at $3.45.
发表于 2012-8-23 13:17
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ELL) latest interims showed PC sale weakness had caused management to lower its full-year outlook, interims that cast a cloud on HP’s numbers, due out after Wednesday’s close. HP echoed Dell’s problems, posting a Q2 revenue miss, a disappointing full-year forecast, and increased job cut plans. Also lower, Caterpillar (NYSE:CAT) dropped 1.7%; Coca-Cola (NYSE:KO) 1.3%; Intel (NASDAQ:INTC) 1.5%. Leading the gainers, DuPont (NYSE
HM) was up 3.9%. Toll Brothers (NYSE:TOL) rose 3.8%, after posting FQ3 revenues the highest since 2008, a 46% surge in profits from a year earlier, and a 57% jump in new home orders. According to its CEO, “We are enjoying the most sustained demand we’ve experienced in over five years.”
