Monday’s Market Recap (06/15/09)
June 15, 2009
The markets took a pounding today to start off the new week, mostly at the hands of poor economic data and a strengthening United States Dollar. The Dow Jones Industrial Average was down 187.13 for a loss of 2.13% to close at a level of 8,612.13. The Nasdaq Composite and Standard and Poor’s 500 Index lost 42.42 and 22.49 respectively, losing 2.28% and 2.38% respectively to close at levels of 1,816.38 and 923.72. The U.S. Dollar strengthened by over a percent and a half against the Euro and over two and a half percent against the Canadian Dollar. Read more
Friday’s Market Recap (06/12/09)
June 12, 2009
The markets were down for most of the day, until a late rally sent two of the three major indexes positive, all except the NASDAQ which was down 0.19%. The Dow Jones and S&P 500 were up 0.32% and 0.14% respectively, closing at 8799.26 and 946.21. The 10-year saw prices climb once again, as the yield ended at 3.792%. Oil was down today settling at $72.04, while gold also had an off day settling at $940.70. Read more
Thursday’s Market Recap (06/11/09)
June 11, 2009
The markets were up today led by energy stocks as oil settled at $72.68. The Dow Jones was up 0.37% closing at 8770.92, with the S&P up 0.61% closing at 944.89. The NASDAQ was up 9.29 closing at 1862.37. Treasury prices were down as the yield closed at 3.862%. Gold settled at $962.00 as the dollar continues to weaken against other currencies. Read more
Wednesday’s Market Recap (06/10/09)
June 10, 2009
Equities started the day up well over a percent but that was very short-lived as the markets quickly fell on a slew of bad economic news. By the end of the day, however, the equity markets were able to recover and posted only small losses on the day. The Dow Jones Industrial Average fell 24.04 to 8,739.02 for a loss of 0.27% while the Nasdaq Composite and the S&P 500 Index fell 7.05 and 3.28 to levels of 1,853.08 and 939.15, dropping 0.38% and 0.35% respectively. One of the reasons that the markets sold off was due to a weak U.S. Treasury auction on $19B worth of 10-year notes. The bid-to-cover ratio on the auction was 2.62, but with a coupon rate of 3.125% and a yield awarded of 3.990% the market was caught off guard and began to sell off. Read more
Tuesday’s Market Recap (06/09/09)
June 9, 2009
The markets were very volatile today, with a late rally sending the indexes near where they opened. The Dow Jones was the only major index down, closing at 8763.06 down 0.02%. The NASDAQ and S&P were both up closing at 1860.13 and 942.43 respectively, up 0.96% and 0.35%. The 10-year saw prices fall as the yield ended at 3.862%. Crude oil reached over $70 for the first time in seven months settling at $70.01, with August gold up on a declining US dollar, settling at $954.70. Read more
Monday’s Market Recap (06/08/09)
June 9, 2009
Markets traded down for the majority of the trading period as investors are cautious on the sustainability of the recent market rally of nearly 40% since its March lows. However, a late afternoon surge bolstered the indices upward to close marginally flat on the day; the Dow Jones Industrial Average was up 1.36, or 0.2%, to 8,764.49 as Cisco Systems and Travelers, Inc officially replaced Citigroup and General Motors. Both the NASDAQ and S&P 500 were down 7.02 and 0.95, or 0.38% and 0.10%, to close at 1,842.40 and 939.14 respectively. Commodities fell today as crude lost $0.35 to settle at $68.09 per barrel and gold decreased $10.10 to close at $952.50. Prices on 10-year bonds fell marginally as well, pushing the yield up 0.0270 to 3.889%. The biggest gaining sector today was Financials, finishing 1.1% higher as investors increased buying volume ahead of the Fed’s official announcement of which companies will be allowed to repay TARP money because banks have showed eagerness to pay back the rescue package.
Tech news has anxiously been awaiting Apple’s annual WWDC, but the market had mixed reactions for its unveiling of the 16-gigabyte iPhone 3G S for $199, while cutting its year old 8-gigabyte iPhone 3G to $99 to sustain its momentum for its cash-strapped customers. The new iPhone 3G S has the same appearance but features a faster processor, longer battery life, a video camera, a photo camera with improved resolution and auto focus and an internal compass. The company also slashed prices on its popular macbooks by as much as $300, although still priced at a premium to its rivals Dell and Hewlett-Packard. Apple also released the Mac OS X Snow Leopard, which will cost previous users of this operating system $29 to upgrade. Apple shares fell $0.82 or 0.57% today as its exclusive carrier AT&T saw share drops of $0.16 or 0.65%. In other IT news, Texas Instruments raised Q2 EPS view from $0.01-0.15 to $0.14-0.22 and revenue to $2.3-2.5 billion, further indicating a possible bottom in semiconductor cycles. Shares jumped 5% after hours citing strength in analog chips used in everything from phones and consumer electronics to cars and industrial equipment.
In consumer discretionary news, McDonald’s reported same-store sales up 5.1% in May, with strength in international markets while domestic sales lagged behind with a mere 2.8% gain. Recent success for the company can be attributed to its new McCafe espresso-cased coffees being introduced across the U.S. A stronger dollar hurt overall sales as they fell 0.4% during the month, thus the stock traded as low as 3.5% and finished the day down$1.15, or 1.92%. Pep Boys (PBY) reported fiscal first-quarter earnings after the market closed today; net income came in at $10.9 million or $0.21 per share, beating analysts estimates of $0.7 per share. The stock surged after hours nearly 7% despite revenue and same store sales both falling 0.3%. Pep Boys has been a bright spot amidst the automotive industry as Ford and GM continue to see future headwinds. Supreme Court Justice Ruth Bader Ginsburg delayed Chrysler’s sale of most of its asset to Italy’s Fiat, saying the sale “stayed pending further order.” Real estate showed further weakness today as Sunstone Hotel Investors Inc stated it will default on a San Diego hotel, and analysts predicted that more hotels may follow. Obama also promised to create or save 600,000 jobs this summer by speeding up federal money into hundreds of public works projects.
Stop back tomorrow for another Daily Market Recap at Bullish Bankers.
- Jake Kimble
Disclosure: The fund the author is associated with is long CSCO.
Friday’s Market Recap (06/05/09)
June 5, 2009
The markets were off today as the Dow Jones Industrial Average was the only major index to be in the black, up 0.15% to a level of 8,763.13. The NASDAQ was down 0.03% closing at 1849.42 while the S&P 500 was down 0.25% ending at 940.09. The 10-year once again saw price down ending with a yield of 3.83%. A dollar gained strength today resulting with gold falling, settling at $962.60, and weaker demand saw crude prices fall to $68.44 a barrel. Read more
Thursday’s Market Recap (06/04/09)
June 4, 2009
The markets rebounded from yesterday’s lag in a rally led by financials and energy, as the Dow Jones was up 0.86% to close at 8750.24. The NASDAQ was up 1.32%, closing at 1850.02, while the S&P 500 closed at 942.46, up 1.15% for the day. The 10-year yield rose 3.076% as prices for the treasury fell. Crude and gold both were up today settling at $68.81 and $982.30 respectively. Read more
Wednesday’s Market Recap (06/03/09)
June 3, 2009
The markets finally took a long deserved breather today, but not before rallying near the closing bell to cut the days losses in half. The Dow Jones Industrial average was down 65.63 to 8,675.24 for a loss of 0.75% on the day. The Nasdaq Composite and Standard and Poor’s 500 lost 10.88 and 12.98 respectively to close at levels of 1,825.92 and 931.76 representing losses of 0.59% and 1.37%. The broader U.S. equity market had turned in five straight days in the green and many market participants saw this one coming. Read more
Tuesday’s Market Recap (06/02/09)
June 2, 2009
The markets were able to hold onto gains during a turbulent day, as the Dow closed at 8740.87. The NASDAQ was up 0.44% closing at 1836.80, with the S&P 500 up 0.20% closing at 944.74. The 10-year saw prices fall once again, closing with a yield of 3.609%. Crude was down settling at $68.55, while August gold headed in the opposite direction settling at $984.40 as the dollar continues to fall. Read more
