| Index | Last | Change | % Chg |
| DJ Industrials | 13248.73 | -65.84 | -0.49% |
| Nasdaq Comp | 2619.83 | -17.3 | -0.66% |
| S&P 500 | 1462.79 | -9.63 | -0.65% |
| DJ Wilshire 5K | 14752.18 | -96.53 | -0.65% |
| Russell 2000 | 752.06 | -7.91 | -1.04% |
| Nasdaq 100 | 2059.06 | -8.39 | -0.41% |
Comments: The small caps are leading the market lower with two consecutive 1% down days. All the indexes are down now 2 days in a row. Unless some positive news arises by week's end (seems doubtful) this market balloon will continue to leak and drift lower. A Friday job's number may act as some catalyst. A positive number (doubtful) is unlikely given the economic back-drop and financials have not started laying off yet. On Dec. 11 its up to Bernanke-Klaus to rescue the markets with a .50% cut. But ultimately this market is going DOWN.
| Issues | NYSE | Nasdaq | Amex |
| Advancing | 1,156 | 1,025 | 387 |
| Declining | 2,094 | 1,936 | 845 |
| Unchanged | 89 | 115 | 77 |
| Total | 3,339 | 3,076 | 1,309 |
| | | | |
| New 52 Week High | 47 | 30 | 12 |
| New 52 Wk Low | 143 | 240 | 66 |
| | | | |
| Total | 1,332,612,850 | 2,061,114,705 | 38,808,786 |
| Advancing | 405,644,980 | 589,671,477 | 9,946,300 |
| Declining | 916,210,900 | 1,450,436,657 | 28,100,686 |
| Unchanged | 10,756,970 | 21,006,571 | 761,800 |
Comments: New lows are surging again.
| Futures | Last | Change |
| Crude Oil | 88.36 | -0.95 |
| Natural Gas | 7.136 | -0.078 |
| Gold, Feb | 809.1 | 14.4 |
Comments: Oil weakening continues.
Today's Recap From Briefing.com:
| Moving the Market |  | Sector Watch |
| Disappointing 2008 guidance/statements from Merck, Nokia Punk Zeigel downgrades several brokerages to Sell; JPMorgan trims earnings estimates on Wall Street's four biggest securities firms Dell's board authorizes a $10 bln stock repurchase program | Strong: auto retail; agricultural products; dept. stores; commercial printing; internet retailers; hypermarkets & supercenters; food distributors; electric utilities; coal & consumable fuel; apparel retail Weak: real estate management & development; home furnishings; construction materials; healthcare tech; oil & gas drilling; investment banks & brokerages; auto manufacturers; wireless services; specialty REITs; thrifts & mortgages |
The stock market lost ground for the second straight session, plagued by familiar concerns that stem from the subprime mortgage mess. Fittingly, the biggest drag on the proceedings Tuesday was the financial sector (-1.9%), which got marked down after J.P. Morgan Chase cut its earnings estimates for a number of brokerages and a Punk Ziegel analyst downgraded Goldman Sachs (GS 215.22, -11.67), Bear Stearns (BSC 93.61, -4.79) and Lehman Bros. (LEH 59.61, -1.77) to Sell from Market Perform. The cautious views piqued concerns that the financial sector rebound seen last week has run its course and that risks remain elevated for more disappointing earnings news. Briefing.com has maintained an Underweight rating on the financial sector since April. The loss of leadership from the financial sector weighed heavily on the broader market. Nine out of ten economic sectors ended the session with a loss, but the financial sector was the only area that declined more than 1.0%. Once again, the utilities sector (+1.0%) exhibited relative strength as low Treasury yields and credit market concerns raised the appeal of the income-oriented stocks. Conversely, Merck (MRK 58.39, -0.38) and Nokia (NOK 38.92, -1.32) were among the notable stocks that were out of favor Tuesday after both companies provided disappointing guidance. Merck's EPS forecasts for FY07 ($3.08-3.14) and FY08 ($3.28-3.38) both fell below the current First Call estimates of $3.15 and $3.39, respectively. Nokia for its part actually raised its operating margin target to 16% to 17% from 15% and said it expects global handset demand to grow about 10% next year. Investors, though, were bothered by the added assertion that it sees average selling prices falling. Specialty retailer AutoZone (AZO 128.80, +20.93) enjoyed a different fate as its stock soared following the company's stronger than expected fiscal first quarter results. Dell (DELL 23.60, -0.34), which jumped early in the session after announcing a $10 billion share buyback, reversed course as the day wore on and ended with a loss. Like Monday, the indices closed the session on a weak note, finishing near their lows for the day. Separately, oil prices dropped again, slipping 1.1% to $88.31 per barrel ahead of OPEC's meeting in Abu Dhabi on Wednesday. |
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