YAHOO [BRIEFING.COM]:
The major averages finished today's session on a mixed note. The Dow registered
a slightly higher close while the S&P 500 and Nasdaq ended in the red. With
today's lower close, the S&P 500 has snapped its streak of seven
consecutive winning sessions.
After starting the day on a lower note, the key indices attempted to reclaim
their losses. However, selling pressure manifested itself shortly thereafter,
and drove equities to session lows.
The morning weakness occurred as sellers targeted cyclical stocks. Financials,
industrials, and technology led the decline with financials ending as the
weakest group.
The financial sector underperformed amid weakness in major bank names. Morgan Stanley (MS 22.67, -0.43) lost 1.9%
while the broader SPDR Financial Select Sector ETF (XLF 18.28, -0.10) slipped 0.5%.
Notably, the sector led the morning decline after being one of the top
performers year-to-date.
The Dow Jones Transportation Average has also acted as one of the leaders of
this year's market rally. Since the start of 2013, the bellwether complex has
added more than 15.0%. However, the space trailed behind the broader market
today, and settled lower by 0.3%.
Transportation-related stocks also weighed on the industrial sector, which
ended as one of the weakest performers. The SPDR
Industrial Select Sector ETF (XLI 41.72, -0.24) shed 0.6%.
Elsewhere, the technology sector was pressured by some of its largest
components. Apple (AAPL 428.43, -9.44), Google (GOOG 827.61, -7.21), and Oracle (ORCL 35.43, -0.45) all lost
between 0.9% and 2.2%.
While large cap tech names lagged, there were some areas of strength.
Chipmakers fared relatively well and the PHLX Semiconductor Index rose 0.4%.
With the fourth quarter earnings season drawing to a close, only several
notable names have yet to report their results. This morning, Costco (COST 103.75, +1.31) beat on
earnings and reported revenue in-line with its March 7 pre-announcement. The
relative strength of the retailer contributed to the outperformance of the
consumer staples sector.
The defensive trade appeared to be favored today as health care and telecoms
finished among the day's leaders. In the health care space, Merck (MRK 45.04, +1.38) added 3.2%
after a regulatory body voiced its support for Merck to continue one of its
clinical trials.
With equities spending the day in the red, the 10-yr note saw steady buying
interest in overnight trade with the bid spilling over into the day session. As
a result, 10-yr yield slipped four basis points to 2.02%.
After ending yesterday at its lowest level since early 2007, the CBOE
Volatility Index (VIX 12.28, +0.72) jumped over 6.0%.
Trading volume was below average as 622 million shares changed hands on the
floor of the New York Stock Exchange.
Looking at tomorrow's economic data, the weekly MBA Mortgage Index will be
reported at 7:00 ET. February retail sales, retail sales ex-auto, export prices
ex-agriculture, and import prices ex-oil will all be announced at 8:30 ET.
Finally, January business inventories will be reported at 10:00 ET and the U.S.
Treasury will report its February budget at 14:00 ET.
The U.S. Treasury will also reopen $21 billion in 10-yr notes.DJ30 +2.77 NASDAQ
-10.55 SP500 -3.74 NASDAQ Adv/Vol/Dec 1011/1.60 bln/1444 NYSE Adv/Vol/Dec
1244/622.4 mln/1777
3:35 pm : Commodities
mostly ended today's session higher with precious metals, copper, natural
gas and crude oil ending the day in positive territory. Commodities
including heating oil, RBOB gasoline, soybeans and ethanol finished the day in
the red.
Apr crude oil rose as high as $93.43/barrel, which was hit one hour after pit
trading began, and ended the day up $0.63 at $92.51/barrel. Apr natural gas
futures only rose $0.01 to $3.64/Mopped.
Precious metals consolidated in afternoon trade and finished near session
highs. Apr gold rose $16.80 to $1591.90/oz and May silver gained $0.20 to
$29.17/oz. Mar copper rose $0.05 to $3.55/lb.