Reply #36: 10:07 EST numbers and blather [View All]

[UpInArms]

Dow 10,496.59 -11.38 (-0.11%)
Nasdaq 1,996.26 -9.14 (-0.46%)
S&P 500 1,184.26 -3.50 (-0.29%)
10-Yr Bond 4.338 -0.22 (-0.50%)

NYSE Volume 264,575,000
Nasdaq Volume 253,773,000

10:00AM: Equities remain on the defensive as the bulk of sector leadership remains negative... Eight out of 10 economic sectors have traded lower, with Materials (-0.9%) pacing the way lower due to weakness in Aluminum, Steel and Paper... Information Technology (-0.6%) has also been an influential leader to the downside, amid discouraging news about the semi cap equipment space (-1.8%), while Energy (-0.3%) has been under pressure amid falling oil prices ahead of weekly oil data...

At 10:30 ET, the EIA is expected to report a 300K barrel increase in crude oil inventories and a 500K build in distillates while gasoline supplies are expected to remain unchanged at 212.3 mln barrels... Consumer Staples (+0.1%) and Health Care (+0.1%), however, have eked out modest gains...DJTA -0.5, DJUA -0.7, SOX -1.2, NYSE Adv/Dec 947/1470, Nasdaq Adv/Dec 1005/1350

9:40AM: Stocks show no follow through from yesterday's late-day recovery amid disappointing retail sales data... March retail sales rose 0.3% but checked in well below expectations of 0.8%, while the total excluding auto sales grew just 0.1%, also below forecasts (+0.5%), following a revised 0.6% rise a month earlier... While the weaker than expected March data may raise doubts about the trend in consumer spending, the numbers are not expected to greatly alter Q1 GDP estimates, which currently stand at about 3 1/2%...

In the meantime, stocks remain weak across the board while Treasurys, in contrast, have held onto modest gains following the downside retail sales surprise, as the 10-yr note is up 4 ticks yielding 4.33%...