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US stock market daily report ( August 31, 2010, Tuesday)

Contributed by Millennium Traders

It was reported today that the amount of U.S. Banks in trouble is at a high that hasn't been seen since 1993. In a government report, the number of banks that have a possibility of filing doubled since last year. In the Federal Deposit Insurance Corp's quarterly survey, it showed an increase by 53 banks, taking the overall number to 829 banks being watched to fail. Just because the FDIC is watching these banks doesn't necessarily mean the financial institution will fail, it is just struggling. Few banks on the list actually get to that point; only 13% of banks on the list close. Last year the FDIC list reached 416, but in the first quarter of 2010 it rose to 775. In the report, it showed that 118 financial institutions have closed this year, and 45 of them were closed just in the second quarter. It is predicted that the number of banks to close by the end of this year will hit 140. Today's report on the banks was quite mixed; the FDIC also reported that financial institutions posted their highest earnings in almost three years. In the second quarter; banks reported an overall net income of $21.6 million. Larger banks were the ones to rebound, due to government funding and cut backs on lending; smaller banks were the ones to have to close their doors.

In today's session, stocks rose on news that consumer confidence improved in August. The Conference Board reported that consumer confidence rose to a reading of 53.5 in August, from 51 in July. Although it was a modest rise it topped analysts' expectations of a reading of 50. When investors got wind of the news, stocks started rising. Yesterday all three major indexes posted gains, with the Dow posting a triple digit loss. With one hour left in the trading session; the Dow went from a gain to a loss of 20 points. Stocks started slipping in the late afternoon part of the session; volume remained light and investors remained cautious despite the earlier news. Commodity prices slipped today, along with the dollar which fell versus the euro and the yen.

Economic data released today:

U.S. ICSC/Goldman Sachs Chain Store Sales rose 0.1% in August 28 Week; U.S. ICSC/Goldman Sachs Chain Store Sales rose 2.8% on Year; U.S. ISM-New York: August Current Business Index 55.6 versus 59.4 in July.

Redbook:
U.S. Retail Sales First 4 Weeks August rose 1.0% versus July; U.S. Retail Sales First 4 Weeks August rose 2.8% versus August a Year-Ago; U.S. Retail Sales rose 3.0% Week Ended August 28 versus a Year Ago.

S&P/CS Home Price Indices Composite - 20 (YoY):
S&P Case-Shiller 2Q U.S. National Home Price Index rose 4.4% QoQ; S&P Case-Shiller 2Q U.S. National Home Price Index rose 3.6% YoY; S&P Case-Shiller June 20-City Home Price Index rose 1.0% MoM; S&P Case-Shiller June 10-City Home Price Index rose 1.0% MoM; S&P Case-Shiller June 20-City Home Price Index rose 4.2% YoY; S&P Case-Shiller June 10-City Home Price Index rose 5.0% YoY.

Chicago PMI:
U.S. Chicago Purchasing Management August New Orders Index 55.0 versus July 64.6; U.S. Chicago Purchasing Management August Employment Index 55.5 versus July 56.6; U.S. Chicago Purchasing Management August Supplier Deliveries 61.2 versus July 59.4; U.S. Chicago Purchasing Management August Prices Paid Index 57.2 versus July 58.1; U.S. Chicago Purchasing Management Adjusted August Index 56.7 versus July 62.3.

CB Consumer Confidence:
Conference Board August Expectations Index 72.5 versus July 67.5; Conference Board  August Present Situation Index 24.9 versus July 26.4; U.S. Conference Board August Consumer Confidence 53.5 versus July 51.0.

FOMC Meeting Minutes:
Fed Sees Risk of Deflation as `Quite Small'; Fed Continues to Expect Recovery to Pick Up in '11; Several See Need to Prepare for Easing if Economy Worsens; A Few Worry Reinvesting Gives Wrong Signal to Market; Reinvesting in Treasuries to Avoid Unwanted Tightening; Fed May Reinvest Proceeds into Mortgage Market if Needed.

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 8.67 points, EOD 10,001.06
NYSE (New York Stock Exchange) gain 8.17, EOD 6,703.45
National Association of Securities Dealers Automated Quotations (NASDAQ) shed 7.71 points, EOD 2,112.26
S&P 500 (SPX) shed 0.46 points, EOD 1,048.46
BEL 20 (BEL20) shed 3.47 points, EOD 2,457.46
CAC 40 (CAC40) gain 3.78 points, EOD 3,490.79
FTSE100 (UKX100) gain 23.66 points, EOD 5,225.22
NIKKEI 225 (NIK/O) shed 325.2 points, EOD 8,824.06

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 1,606, declined stock prices 1,373, unchanged stock prices 111, stock prices hitting new highs 140 and stock prices hitting new lows 100. 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: SKS gain 1.29, HOD 8.85, LOD 7.86, EOD 7.89; MON shed 3.21, HOD 54.30, LOD 51.49, EOD 52.69; CRM gain 0.55, HOD 110.65, LOD 108.31, EOD 109.72; BLL gain 0.55, HOD 56.26, LOD 55.26, EOD 56.04; DCI shed 1.01, HOD 42.73, LOD 40.91, EOD 41.87; DG shed 0.08, HOD 27.58, LOD 26.64, EOD 27.30; DSW shed 0.05, HOD 24.49, LOD 22.65, EOD 23.74.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 1,294, declined stock prices 1,340, unchanged stock prices 153, stock prices hitting new highs 24 and stock prices hitting new lows 145. 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: AAPL gain 0.60, HOD 244.56, LOD 240.35, EOD 243.10; PCLN gain 1.80, HOD 294.71, LOD 287.80, EOD 291.48; NFLX gain 2.42, HOD 126.95, LOD 121.81, EOD 125.52; ISRG shed 3.20, HOD 269.65, LOD 262.62, EOD 265.15; STRA shed 14.39, HOD 162.78, LOD 139.96, EOD 144.64.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 256, declined stock prices 198, unchanged stock prices 25, stock prices hitting new highs 22 and stock prices hitting new lows 14.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1047.00; Change 2.00
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,765.50; Change -3.25
E-mini DOW $5 (YM) Mar 10: EOD 9,994; Change 15
Nikkei 225 (Yen) Mar 10: EOD 8,805; Change -180

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7883 to U.S. Dollars 1.2700
Japanese Yen 83.9850 to U.S. Dollars 0.0119
British Pound 0.6514 to U.S. Dollars 1.5300
Canadian Dollar 1.0665 to U.S. Dollars 0.9384
Swiss Franc 1.0144 to U.S. Dollars 0.9856

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (October 10) shed $2.78, EOD $71.92 per barrel ($US per barrel)
Heating Oil (September 10) shed $0.03, EOD $1.99 a gallon ($US per gallon)
Natural Gas (October 10) gain $0.00, EOD $3.82 per million BTU ($US per mmbtu.)
Unleaded Gas (September 10) shed $0.04 EOD $1.89 gallon ($US per gallon)

Metals Markets - Comex:
Gold (September 10) gain $11.20, EOD $1,248.30 ($US per Troy ounce)
Silver (September 10) gain $0.36, EOD $19.40 ($US per Troy ounce)
Platinum (September 10) shed $9.60, EOD $1,523.50 ($US per Troy ounce)
Copper (September 10) gain $0.05, EOD $3.36 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (October 10) gain $0.27, EOD $75.15
Pork Bellies (February 10) unchanged, EOD $105.25
Live Cattle (August 10) unchanged, EOD $97.25
Feeder Cattle (September 10) shed $1.00, EOD $114.10

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (September 10) shed $1.00, EOD $424.50
Soybeans (September 10) shed $10.00, EOD $1,008.00