News & Analysis » US

USA stock market daily report by Millenium Traders (May 15, 2009, Friday, 10.30 p.m. GMT)

News and comments regarding General Motors (GM) plan to cut dealer network is referred to by some as 'drastic, far-reaching' as the plan will impact more than 63,000 dealership employees. GM does intend to honor current obligations to affected dealers. "Long term, GM should have fewer, healthier dealers, maintaining GM's current high customer satisfaction ratings, with more sales per outlet," said Mark LaNeve, GM's vice president of sales service and marketing.

Traders were faced with a very sluggish trading session today, amidst options expiration. Major U.S. indices whipped around during the day, preventing traders from the ability of getting a read on market direction, as they were able to, in recent days this past week. Extensive whip-o-tile stock movement made it a difficult day to try and gain ground in one direction or the other.

Comments from President Federal Reserve Bank of Dallas Richard W. Fisher: Worst-case stress test scenario very unlikely; Fed studying ways to unwind balance sheet in timely way; Fed programs temporary, not inflation fuelers; Fed must be mindful of inflation when helping economy, markets; deflation has been concern, but less so now; near-term inflation outlook is 'meek'; anticipates jobless rate will rise to 10%; growth could turn positive in early 2010; sees Q1 GDP contracting at 5% to 6% annual rate; calls Q1 bank results 'encouraging'; confidence better, but still 'elusive'; takes time for economy to benefit from improved markets; points to some 'Green Shoots'; notes evidence Fed actions have helped markets, economy; Fed efforts have prevented economic depression; envisions a slow economic recovery; correction under way in commercial real estate;  sees commercial real estate issue manageable; worst-case stress-test scenario very unlikely.

Economic data released today:

Consumer Price Index:
U.S. April Consumer Prices unchanged compared to consensus of unchanged: U.S. April CPI Excluding-Food & Energy rose 0.3%compared to consensus of an increase by 0.1%: U.S. April CPI Unrounded fell 0.020%; U.S. April CPI Unrounded Core rose 0.253%; U.S. April CPI Energy Prices fell 2.4%; U.S. April CPI Food Prices fell 0.2%; U.S. Real Average Weekly Earnings rose 0.1% in April; U.S. CPI down 0.7% on the year, largest drop since June 1955; 40% on Core CPI rise due to 9.3% Tobacco rise.

Empire State Manufacturing Survey:
New York Fed's May Manufacturing Index fell 4.55 versus drop by 14.65 in April; New York Fed May New Orders fell 9.01 versus drop by 3.88 in April; New York Fed May Employment fell 23.86 versus drop by 28.09 in April; New York Fed May Prices Received fell 27.27 versus drop by 17.98 in April; New York Fed May Manufacturing Index at Highest Level since August 2008.

Treasury International Capital:
Net Foreign LT Securities Purchases $36.9B in March; Net LT Securities Purchases $55.8B in March; Net Foreign Capital Inflow $23.2B in March;  Foreigners Net Buyers $55.3B U.S. Treasury Notes, Bonds in March; Foreigners Net Sellers $15.6B of U.S. Agency Debt in March; Foreigners Net Buyers $3.5B of U.S. Corporate Bonds in March; Foreigners Net Buyers $13.2B of U.S. Equities in March.

Industrial Production:
U.S. March Capacity Use revised to 69.4% from 69.3%; U.S. March Industrial Production revised to a drop by 1.7% from a drop by 1.5%; U.S. April Capacity Utilization fell 0.3 Points at 69.1% compared to consensus of 68.9%; U.S. April Industrial Production fell 0.5% compared to consensus of a drop by 0.6%.

Consumer Sentiment from University of Michigan:
5-Year Inflation Forecast rose 2.8% compared to April increase by 2.8%; Mid-May Sentiment came in at 67.9 compared to April reading at 65.1; Mid-May Current Index came in at 66.2 compared to April reading at 68.3; Mid-May Expectations came in at 69.0 compared to April reading at 63.1; 12-Mo Inflation Forecast rose 2.6% compared to April increase by 2.8%.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) shed 62.68 points, EOD 8,268.64
NYSE (New York Stock Exchange) shed 66.98 points, EOD 5,662.89
National Association of Securities Dealers Automated Quotations (NASDAQ) shed 9.07 points, EOD 1,680.14
S&P 500 (SPX) shed 10.19 points, EOD 882.88
BEL 20 (BEL20) gain 26.96 points, EOD 2,005.33
CAC 40 (CAC40) gain 12.76 points, EOD 3,169.05
FTSE100 (UKX100) loss 14.47 points, EOD 4,348.11
NIKKEI 225 (NIK/O) triple digit gain 171.29 points, EOD 9,265.02

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 1,122, declined stock prices 1,947, unchanged stock prices 80, stock prices hitting new highs 2 and stock prices hitting new lows 8. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: SKF: gain 1.64 points, HOD $48.42, LOD $45.17, EOD $47.53; PRU: shed 1.62 points, HOD $40.99, LOD $37.26, EOD $37.75; CME: shed 6.07 points, HOD $286.92, LOD $277.02, EOD $278.30; RTP: gain 0.44 points, HOD $165, LOD $157.01, EOD $159.01; WX: gain 2.39 points, HOD $8.49, LOD $6.35, EOD $7.98; HIG: shed 0.15 points, HOD $16.87, LOD $14.00, EOD $14.60; NKE: shed 1.20 points, HOD $51.60, LOD $49.64, EOD $49.75; ANF: shed 1.15 points, HOD $27.40, LOD $25.52, EOD $26.10; JWN: gain 1.63 points, HOD $23.05, LOD $21.41, EOD $22.58; POT: shed 0.79 points, HOD $110.75, LOD $105.20, EOD $107.14.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 1,650, declined stock prices 1,650 unchanged stock prices 140, stock prices hitting new highs 11 and stock prices hitting new lows 12. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: FSLR: shed 3.14 points, HOD $183.63, LOD $176.84, EOD $177.29.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 257, declined stock prices 293, unchanged stock prices 46, stock prices hitting new highs 5 and stock prices hitting new lows 1.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) June 09: EOD 882; Change -7.50
E-mini NASDAQ-100 (NQ) June 09: EOD 1,353.75; Change 0
E-mini DOW $5 (YM) June 09: EOD 8,257; Change -30
E-mini S&P MidCap 400 (MF) June 09: EOD 544.60; Change -3.80
Nikkei 225 (Yen) June 09; EOD 9,155; Change 30

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7411 to U.S. Dollars 1.3493
Japanese Yen 95.11 to U.S. Dollars 0.0105
British Pound 0.6592 to U.S. Dollars 1.5169
Canadian Dollar 1.1790 to U.S. Dollars 0.8482
Swiss Franc 1.1218 to U.S. Dollars 0.8914

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (June 09) shed $2.28, EOD $56.60 per barrel ($US per barrel)
Heating Oil (June 09) shed $0.08, EOD $1.45 a gallon ($US per gallon)
Natural Gas (June 09) shed $0.20, EOD $4.22 per million BTU ($US per mmbtu.)
Unleaded Gas (May 09) shed $0.04, EOD $1.68 a gallon ($US per gallon)

Metals Markets - Comex:
Gold (June 09) gain $2.90, EOD $931.30 ($US per Troy ounce)
Silver (July 09) shed $0.03, EOD $14.01 ($US per Troy ounce)
Platinum (July 09) shed $8.50, EOD $1,109 ($US per Troy ounce)
Copper (July 09) shed $0.01, EOD $2.02 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (June 09) shed 0.08, EOD 68.58
Pork Bellies (July 09) shed 0.45 EOD 73.10
Live Cattle (June 09) gain 0.33, EOD 82.53
Feeder Cattle (August 09) no change, EOD 101.65

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (July 09) shed $11.00, EOD 417.25
Soybeans (July 09) shed $17, EOD 1,130.50

BOND MARKET:

2 year EOD 100 1/32, change 0, Yield 0.85, Yield change 0.01
5 year EOD 99 13/32, change -6/32, Yield 1.96, Yield change 0.02
10 year EOD 99 28/32, change -9/32, Yield 3.09, Yield change 0.03
30 year EOD 102 28/32, change -20/32, Yield  4.06, change -0.01