Wednesday, July 11, 2012

Market Update


Market Update

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11:00 am : The major averages hold near session lows during what has been a rather uneventful session. Both the Dow and Nasdaq trade down 0.5% to lead the decline while the S&P outperforms with a 0.2% loss. 

Luxury goods maker Burberry (BURBY 37.10, -2.50) is down sharply after announcing disappointing earnings. The company announced revenues increased 11.0% for the quarter to GBP408 mln, but that number fell short of the GBP418 mln Capital IQ Consensus Estimate. U.S. rival Coach (COH 55.60, -1.32) is down 2.3% as it piggybacks the move.  DJ30 -53.78 NASDAQ -13.55 SP500 -2.49 NASDAQ Adv/Vol/Dec 817/424.8 mln/1653 NYSE Adv/Vol/Dec 1026/174.2 mln/2008
10:35 am : In the energy space, Aug crude oil is trading notably higher today and just extended their gains and hit a new session high of $85.68. Following inventory, oil was rather muted and is now trading +1.7% at $85.30/barrel. 

July natural gas is higher as well as rose as high as $2.80 a short while ago and is now just one penny below that HoD at $2.79, up 2.1%. 

In metals, August gold and Sept. silver rallied nicely in recent trade, while the dollar index only ticked lower. Gold pushed into positive territory, while silver hit a new session high of $27.22. In current trade, gold is now back in the red, currently -0.4% at $1574.20/oz, while silver has pulled back a little from its new HoD and is +0.8% at $27.09/oz. 

In agriculture, the USDA released its July WASDE report, which showed notable cuts in production and yield forecasts. Dec corn is now +2.2% at $7.33/bushel, Sept wheat is +1.6% at $8.35/bu and Nov soybeans are +1.7% at $15.64/bu.DJ30 -29.86 NASDAQ -0.94 SP500 +1.31 NASDAQ

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