| Index | Last | Change | % Chg |
| DJ Industrials | 13984.8 | -108.28 | -0.77% |
| Nasdaq Comp | 2780.05 | -25.63 | -0.91% |
| S&P 500 | 1548.71 | -13.09 | -0.84% |
| DJ Wilshire 5K | 15648.33 | -140.97 | -0.89% |
| Russell 2K | 829.36 | -11.81 | -1.40% |
| Nasdaq 100 | 2158.92 | -19.07 | -0.88% |
| Issues | NYSE | Nasdaq | Amex |
| Advancing | 901 | 885 | 463 |
| Declining | 2,357 | 2,103 | 758 |
| Unchanged | 102 | 101 | 90 |
| Total | 3,360 | 3,089 | 1,311 |
| New 52 Week High | 160 | 108 | 80 |
| New 52 Week Low | 56 | 95 | 19 |
| Total Vol. | 1,289,203,200 | 3,007,322,439 | 42,435,331 |
| Advancing Vol. | 309,940,850 | 833,229,332 | 14,427,570 |
| Declining Vol. | 968,180,250 | 2,152,235,534 | 25,307,461 |
| Unchanged Vol. | 11,082,100 | 21,857,573 | 2,700,300 |
| Futures | Last | Change | |
| Crude Oil | 86.28 | 2.59 | |
| Natural Gas, Jan | 8.353 | 0.307 | |
| Gold, Dec. | 764.3 | 10.5 |
Commentary (from Briefing.com):
| Moving the Market |  | Sector Watch |
| Citigroup's 3rd quarter income drops 57%, but beats the consensus estimate; says consumer credit markets to deteriorate in Q4 Danaher will acquire Tektronix for $2.8 bln Biogen Idec's board authorizes its management to explore a possible sale Crude oil futures surpass $86.00 per barrel | Strong: biotech; electronic equip. mfg.; coal & consumable fuel; photo products; construction & engineering; oil service; footwear; oil oil & gas E&P Weak: healthcare equipment; homebuilding; consumer finance; automobile manufacturers; apparel & accessories; real estate management & development; retail REITs; Internet software; office REITs; dept. stores |
Rising oil prices and a lousy earnings report from Citigroup (C 46.24, -1.63) combined to spark a concerted round of profit taking that got the week started on a bearish note. At their lows for the session, which were hit around 15:30 ET, the Dow, Nasdaq and S&P were down 188, 41 and 21 points, respectively. Oil prices hitting a record high of $86.22 per barrel provided a good excuse to take some money out of an overextended market. The 2.9% jump in crude futures for November delivery was driven by supply concerns that were fed by reports of rising tension between Turkey and Kurdish militants in northern Iraq. The influential financial sector (-1.8%), though, was the main weak spot and the biggest drag on the broader market. Dow component Citigroup was a big reason why. Before the open, Citigroup reported a 57% drop in third quarter net income that was consistent with a warning it issued at the start of the month. Citigroup's acknowledgment that consumer credit markets will continue to deteriorate in the fourth quarter was an unnerving revelation that compounded broader selling efforts. Citigroup previously said it expected a return to a normal earnings environment in the fourth quarter. The warning about the consumer credit markets, then, sounded inconsistent with that view and raised some doubts as to whether the third quarter was indeed the bottom for the financial sector. The consumer discretionary sector (-1.4%), which we also have rated at Underweight, was another notable laggard today with the homebuilding (-4.1%), apparel (-3.4%) and auto (-3.0%) groups leading the slide. Tuesday brings a larger slate of earnings reports with Johnson & Johnson (JNJ 65.65, -0.29) highlighting the reporting calendar before the open and IBM (IBM 118.03, +0.22), Intel (INTC 25.75, +0.20) and Yahoo! (YHOO 27.86, -0.62) taking the lead after the close. |
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