MarketWatch.com - Pre-Market Indications

Thursday, July 8, 2010

Indications: U.S. stock futures rise after upbeat jobs data

Stock Assault 2.0 - Artificial Intelligence Stock Market Software Alert Email Print

By Barbara Kollmeyer and Nick Godt, MarketWatch

A prior version contained incorrect closing figures for U.S. markets from Wednesday. The story has been corrected.

NEW YORK (MarketWatch) -- U.S. stock futures turned higher on Thursday, with investors encouraged by a drop in weekly jobless claims, which helped offset mixed sales from retailers.

Separately, European Central Bank President Jean-Claude Trichet said risks to the economic outlook in the euro zone are balanced. As expected, the central bank left interest rates unchanged. The Bank of England also held rates steady.

Futures for the Dow Jones Industrial Average were up 42 points at 10,022, while those for the S&P 500 were up 5.1 points to 1,064.40. Futures for the Nasdaq 100 fell 8 points to 1,797.50.

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U.S. stocks saw early gains turn into a rally in the final stretch of trading Wednesday, as earnings hopes lifted financial stocks while energy stocks received a boost after a higher forecast for global oil demand.

The Dow Jones Industrial Average climbed 274.66 points, or 2.82%, to close at 10018.28, with all 30 components in the black. The Standard & Poor's 500-stock index added 3.13% to 1060.27. The Nasdaq rose 3.1% to 2,159.47.

Ahead of the open Thursday, the Labor Department said initial jobless claims fell 21,000 to 454,000 in the latest week. Economists polled by MarketWatch expected claims to fall to 458,000.

The ECB's Trichet said in his introductory statement that it was important for lenders to maintain healthy balance sheets, and that the publication of stress tests should be followed by action where needed, he said.

He expects growth at a moderate and uneven pace and said the risks to the economic outlook are balanced, with moderate price stability pressures and contained inflation expectations.

The International Monetary Fund said late Wednesday that the global economy will continue to recover this year and next, despite the turbulence from Europe and worries about sovereign debt. Turbulence in financial markets has "cast a cloud over the outlook," the IMF said. See IMF sees global recovery

Retailers posted mixed June sales on Thursday as a boost from hot-weather-induced buying and a shift in the timing of Memorial Day sales was offset by a string of disappointing economic reports that have hurt consumer confidence and led some to pull back on spending.

One of the first to report, Costco Wholesale, /quotes/comstock/15*!cost/quotes/nls/cost (COST 55.36, +1.07, +1.97%) saw its shares rise fractionally ahead of the open after it said June same-store sales rose 4%, against expectations for a rise of 3.7%.

Limited Brands' /quotes/comstock/13*!ltd/quotes/nls/ltd (LTD 23.47, -0.21, -0.89%) shares gained 6% in electronic trade. It said its June same-store sales rose 6%, nearly doubling expectations for a rise of 3.2%, while Stage Stores /quotes/comstock/13*!ssi/quotes/nls/ssi (SSI 10.42, -0.04, -0.38%) said June same-store sales fell 1.2%, against expectations for a rise of 2%.

Other stocks in focus include U.S. lender Wells Fargo, /quotes/comstock/13*!wfc/quotes/nls/wfc (WFC 26.67, +0.01, +0.04%) up 1.6% after saying it will cut 3,800 jobs and close a business unit that specialized in subprime and other loans issued through its consumer finance stores. See Wells Fargo to cut jobs

European banks rallied a second day, even as some analysts criticized the stress test plans as too soft. There was no detail given on the losses banks would have to be able to withstand on their sovereign debt holdings, but the tests are widely reported to assume a 17% loss on Greek sovereign debt, 3% on Spanish government bonds and no losses on German debt. See full story.

In Asia, stocks rose with the Australian market hitting a fresh seven-day high after a stronger-than-expected June employment report, which lifted the Aussie dollar and the euro.

Crude-oil futures rose $1.18 to $75.25 a barrel, while gold futures fell 10 cents to $1,198.70 an ounce.

Barbara Kollmeyer is an editor for MarketWatch in Madrid. Nick Godt is MarketWatch's markets editor, based in New York.


NYSE Arca Morning Update - 08:30:00 ET

NYSE Arca Morning Update for Thursday, Jul 8, 2010 :

STOCKS TRADING ON NYSE Arca AT A PRICE 15% OR MORE AWAY FROM
THE PREVIOUS TRADE DAY'S CONSOLIDATED CLOSE PRICE (AS OF 08:30:00 ET)

Stock Wednesday's Close Current Price Pct Change Current NYSE ARCA Vol
DRWI $5.58 $4.73 (15.2%) 1,500


10 MOST ACTIVE STOCKS ON NYSE ARCA AS OF 08:30:00 ET

BASED ON DOLLARS TRADED: | BASED ON SHARES TRADED:
Stock $ Volume Price PctChg | Stock Share Vol Price PctChg
SPY $96,292,753 $106.48 0.3% | C 971,790 $3.92 0.2%
BP $21,633,656 $33.79 1.8% | SPY 905,194 $106.48 0.3%
AAPL $17,270,168 $260.06 0.5% | BP 645,574 $33.79 1.8%
GLD $10,300,538 $117.11 ( 0.5%) | LYG 281,100 $3.69 2.5%
EWZ $4,568,584 $66.23 0.3% | IRE 94,400 $3.73 3.6%
C $3,802,793 $3.92 0.2% | ANF 92,521 $36.04 9.6%
ANF $3,291,216 $36.04 9.6% | GLD 87,800 $117.11 ( 0.5%)
EEM $3,120,858 $39.16 ( 0.4%) | BAC 82,998 $14.77 0.4%
IWM $3,067,642 $61.36 0.4% | YRCW 82,810 $0.12 7.0%
SSO $2,231,517 $34.31 0.7% | EEM 79,633 $39.16 ( 0.4%)


Price changes may be affected by symbol splits and dividends.

Consolidated close price is the last print (excluding prints with trade
conditions) prior to 4PM ET.

This information is also updated on our web page every morning at 8:35ET:
http://www.tradearca.com/data/volume/daily_update.asp

This material is for informational purposes only.
NYSE Euronext and its affiliates ("NYSE Arca") are not soliciting any action based upon it.
This material is not to be construed as an offer to buy or sell any security in any jurisdiction where such an offer or solicitation would be illegal.
Any opinions expressed in this material are NYSE Arca opinions only.
NYSE Arca undertakes no obligation to update any of the information contained in this material in light of new information or future events.
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Copyright [2010] by NYSE Euronext. All rights reserved. Reproduction and redistribution prohibited without prior express consent.

Indications: U.S. stock futures point south as ECB, data loom

Stock Assault 2.0 - Artificial Intelligence Stock Market Software Alert Email Print

By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) -- U.S. stock futures edged lower on Thursday, with focus on a European Central Bank meeting for later, as well as U.S. economic data and same-store sales results to come.

Futures for the Dow Jones Industrial Average were down 16 points to 9,964, while those for the S&P 500 were down 2.4 points to 1,056.90. Futures for the Nasdaq 100 fell 5.50 points to 1,784.

Global Dow

• MarketWatch Topics: Greece • Asia Markets | Europe Markets | Lat. Am. • Canadian Markets | Israel Stocks | London • U.S.: Market Snapshot | After Hours

Tools • Latin American/Canadian indexes • European indexes | Asian indexes

More on the Markets • Bond Report | Oil News | Earnings Watch • Currencies | U.S. Economic Calendar

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U.S. stocks saw early gains turn into a rally in the final stretch of trading Wednesday, as earnings hopes lifted financial stocks while energy stocks received a boost after a higher forecast for global oil demand.

The Dow Jones Industrial Average gained 227.43 points, or 2.4%, to 9,971.05. The S&P 500 Index rose 26.88 points, or 2.6%, to 1,054.97, led by a 3.8% advance in financials. The Nasdaq Composite rose 51.45 points, or 2.5%, to 2,145.28.

On Thursday, the weekly jobless claims report will provide an update of the market, with forecasts for the level to fall to 458,000, against 472,000 the prior week, according to economists polled by MarketWatch.

Retailers will also provide same-store sales data for June, with analysts expecting improvement on the prior month, helped by clearance sales and hot weather that sent shoppers to stores. See Retailers' preview

One of the first to report, Costco Wholesale /quotes/comstock/15*!cost/quotes/nls/cost (COST 54.29, +0.29, +0.54%) said June same-store sales rose 4%, against expectations for a rise of 3.7%.

Other stocks in focus include U.S. lender Wells Fargo /quotes/comstock/13*!wfc/quotes/nls/wfc (WFC 26.66, +1.51, +6.00%) , which said it will cut 3,800 jobs and close a business unit that specialized in subprime and other loans issued through its consumer finance stores. See Wells Fargo to cut jobs

The International Monetary Fund said late Wednesday that the global economy will continue to recover this year and next, despite the turbulence from Europe and worries about sovereign debt. Turbulence in financial markets has "cast a cloud over the outlook," the IMF said. See IMF sees global recovery

The European Central Bank will meet on Thursday, with investors listening up for any comments from President Jean-Claude Trichet over European bank stress tests, the methodology of which was released the prior session. Interest rates in Europe, and in the U.K. -- with the Bank of England also meeting -- are not expected to change.

European banks rallied a second day lifting Europe, even as analysts criticized the stress test plans as too soft. There was no detail given on the losses banks would have to be able to withstand on their sovereign debt holdings, but the tests are widely reported to assume a 17% loss on Greek sovereign debt, 3% on Spanish government bonds and no losses on German debt. See full story.

In Asia, stocks rose with the Australian market hitting a fresh seven-day high after a stronger-than-expected June employment report, which lifted the Aussie dollar and the euro.

Crude-oil futures rose 67 cents to $74.76 a barrel, while gold futures rose $3.20 to $1,202.30 an ounce.

Barbara Kollmeyer is an editor for MarketWatch in Madrid.


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