MIDNIGHT TRADER 4:20 PM, Jun 7, 2010 --

• DJIA down 115.5 (1.2%) to 9,816
• S&P 500 down 14.4 (1.4%) to 1,050
• Nasdaq down 45 (2%) to 2,174

GLOBAL SENTIMENT

• Nikkei down 3.8%
• Hang Seng down 2%
• FTSE 100 down 0.1%

UPSIDE MOVERS

(+) BMY gets upgraded, reports positive study results.

(+) MMC selling Kroll to Altegrity for $1.3 Bln cash.

(+) VVUS says Avanfil meets all three primary endpoints in study.

(+) ACOM gets favorable Barron's coverage.

(+) FBN gets favorable Barron's coverage.

(+) TXN gets favorable Barron's coverage.

(+) GIII beats with Q1, guides mostly above Street.

(+) FRPT inks new contract.

(+) CELG upgraded.

(+) MET upgraded.

(+) IMMU gains on pancreatic cancer therapy results.

(+) INTU started at Buy at UBS.

(+) JAV gets notice from Hospira on funding loan, expediated trial.

(+) S reports record sales of Evo phone.

(+) CRXX gets milestone payment.

(+) AMZN upgraded at Goldman Sachs.

(+) ONCY updates study results for cancer treatment.

DOWNSIDE MOVERS

(-) AIG down as Barron's piece says shares overpriced.

(-) APPY says more data needed before submitting application to FDA for AppyScore.

(-) BP turns lower after earlier rebound due to weekend developments; some reports of issue with collecting oil this morning.

MARKET DIRECTION

A late move took already soggy stocks sharply lower, a second day for steep declines as currency plays continue to dominate stock action. The euro hit a fresh four-year low, further reflection of nerves surrounding European debt woes.

The leading averages have twisted in mixed trading as Friday's declines wooed some buyers to start the new week, but ultimately, a fresh four-week low for the euro and Europe's stock decline sapped early U.S. strength.

The blue-chip average erased more than 300 points Friday after a disappointing payrolls report.

Financial stocks fell after a panel examining the financial crisis issued a subpoena to Goldman Sachs Group (GS). Shares fell 2%. Bank of America (BAC) fell 2% on news the bank would pay $108 million to settle federal charges that its Countrywide Financial Corp. division had collected onerous fees from homeowners nearing foreclosure.

Commodities finished mixed for the day with gold futures finishing higher and crude oil finishing lower as markets vacillated between green and red for much of the day.

Crude-oil for July delivery, the most active contract, fell 0.1%, or $0.07, to $71.44 a barrel on the New York Mercantile Exchange. In other energy futures, heating oil rose 0.56%, or $1.09, to $1.96 a gallon while natural gas rose 2.67%, or $0.13, to $4.93 per million British thermal units.

Meanwhile, gold for August delivery rose $1.9% to $1,240 an ounce. In other metal futures, silver rose 5.06%, or $0.87, to $18.18 while copper fell 2.07%, or $5.85 to $2.76 a pound.

The euro fell as low as $1.1878 before edging back to $1.1935. A drop in the 16-nation euro is seen reflecting continued spotty confidence in Europe's ability to rein in its debt without tipping back into recession.