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Daily Market Commentary for November 24, 2009
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Economy
Reports released today by the Commerce
Department showed that the U.S. economy grew at a slower rate than originally
expected in the third quarter. Commerce Department said in the report that the
economy grew at a 2.8% annual rate, compared to the 3.5% expected from an
initial reading. Even though it missed expectations, it grew at the fastest pace
since the third quarter of 2007. GDP, which measures total goods and services
output, was just shy of market expectations for a reading of 2.8%. Imports rose
20.8%, making it the biggest gain since the second quarter of 1985, analysts
predicted the reading would come in at 16.4%. A decline in the growth rate was
expected, partially because of a growing gap between the nation's imports and
exports; when you import goods from other countries it puts a damper on U.S.
growth, overall, imports accounted for 2.53% off of the real GDP. Consumer
spending rose at a 2.9% rate instead of the 3.4% forecasted by the government;
it was still the biggest rise since the first quarter of 2007. Even though
analysts say the economy is out of the recession, the report doesn't show that
to be completely true. National Bureau of Economic Research, will make that
determination sometime in 2010 once all the economic readings have had their
final revisions. Stocks fell when the report was released, investors are looking
for more clear signs of where the economy stands and were disappointed that the
rebound was not a strong as predicted. Analysts expect prices to stay up through
the end of the year; with the dollar continuing to fall, investors are taking
advantage of low interest rates, and other safe haven investments. Wall Street
expects volume to be light and trading to be choppy during the Thanksgiving
trading week.
Bond prices rose, the yield on the benchmark 10-year note fell to 3.31 from 3.36
Monday. Gold also continued to rise,
in morning trading it was already up $4.80 to $1,169.50; crude oil however
couldn't keep up, the commodity fell $1.54 to $76.02.
U.S. banks earned $2.8B in 3Q '09, more than triple 3Q '08 earnings; U.S.
banking industry posts modest 3Q profit –FDIC; FDIC fund drops by $18.6 Billion
in 3Q to -$8.2 Billion; FDIC deposit insurance fund sinks to negative territory
in September; Net charge-offs jump 80.5% from 3Q '08 to 3Q '09; U.S. Banks 3Q
'09 annualized charge-off rate is highest on record; U.S. bank industry's loan
balances see record drop.
Economic data released today:
Redbook:
U.S. Retail Sales First 3 Weeks of November rose 2.1% versus November
Year-Ago; U.S. Retail Sales rose 2.8% Week Ending November 21 versus Year Ago;
U.S. Retail Sales First 3 Weeks of November rose 4.8% versus October.
GDP [Gross Domestic Product]:
U.S. 3Q Preliminary GDP rose 2.8% versus Advance GDP rise by 3.5%; U.S. 3Q
GDP Consensus rose 2.7%; 3Q Preliminary Real Final Sales rose 1.9% versus
Advance rise by 2.5%; 3Q Preliminary PCE Price Index rose 2.7% versus Advance
rise by 2.8%; 3Q Preliminary Core PCE Price Index rose 1.3% versus Advance rise
by 1.4%; 3Q Preliminary Purchases Price Index rose 1.4% versus Advance rise by
1.6%; 3Q Preliminary Chain-Weighted Price Index rose 0.5% versus Advance rise by
0.8%; 3Q Corporate Profits rose 14.5% versus increase by 5.6% in 2Q.
S&P/CS Home Price Indices Composite - 20:
S&P Case-Shiller September 20-City Home Price Index fell9.4% year over year;
S&P Case-Shiller September 10-City Home Price Index rose 0.4% month over month;
S&P Case-Shiller September 20-City Home Price Index rose 0.3% month over month;
S&P Case-Shiller 3Q U.S. National Home Price Index fell 8.9% year over year; S&P
Case-Shiller 3Q U.S. National Home Price Index rose 3.1% quarter over quarter;
S&P Case-Shiller Sep 10-City Home Price Index fell 8.5% year over year.
CB Consumer Confidence:
U.S. Conference Board November Consumer Confidence 49.5 versus October 48.7;
Conference Board November Present Situation Index 21.0 versus October 21.1;
Conference Board November Expectations Index 68.5 versus October 67.0.
Richmond Manufacturing Index:
November Services Revenues Index fell 7 versus October decrease by 22;
November Retail Revenues Index 1 versus October decrease by 23; November
Manufacturing Index 1 versus October 7; November Manufacturing Shipments Index 6
versus October 11.
FOMC Nov 3-4 Meeting Minutes:
Fed Officials Raise '09, '10 GDP Forecast; Fed Revises Down a Bit '09, '10,
Inflation Forecast from June; Fed Raises '10 GDP Target: +2.5% to +3.5% from
June +2.1% to +3.3%; Fed Raises '09 GDP Target: -0.4% to -0.1% from -1.5% to
-1.0%; Fed Sees '10 PCE Inflation +1.3% to +1.6% from +1.2% to +1.8%; Fed Sees
2010 Core Inflation at +1.0% to +1.5%, Same as June; Fed Sees 2010 U.S. Jobless
Rate 9.3%-9.7% from June 9.5%-9.8%; Fed Officials Alert to 'Negative Side
Effects' of Low Rates; Fed Officials at Odds Over Asset Sales at November FOMC
Meeting.
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 19.43 points, EOD 10,431.52
NYSE (New York Stock
Exchange) shed 16.09, EOD 7,170.24
National Association of Securities Dealers Automated Quotations (NASDAQ)
shed 8.07 points, EOD 2,167.94
S&P 500 (SPX) shed 0.55 points, EOD 1,105.69
BEL 20 (BEL20) shed 18.98 points, EOD 2,502.94
CAC 40 (CAC40) shed 28.55 points, EOD 3,784.62
FTSE100 (UKX100) shed 31.54 points, EOD 5,323.96
NIKKEI 225 (NIK/O) shed 73.52 points, EOD 9,401.58
New York Stock Exchange (NYSE) stock market indicators for the trading session
today:
Advanced stock prices 1,371 declined stock prices 1,696, unchanged stock
prices 122, stock prices hitting new highs 87 and stock prices hitting new lows
6. 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:
RTP shed 4.00, HOD 217.91, LOD 209.00, EOD 209.87; ADI gain 1.80,
HOD 30.06, LOD 27.94, EOD 29.74; FAS shed 1.46, HOD 77.40, LOD 75.09, EOD 76.37;
MA gain 1.46, HOD 238.13, LOD 234.02, EOD 237.65; EDC shed 1.66, HOD 131.61, LOD
126.65, EOD 131.44; BLK gain 1.58, HOD 229.64, LOD 225.29, EOD 229.19; TBH gain
3.91, HOD 14.10, LOD 4.85, EOD 6.91.
National Association of Securities Dealers Automated Quotations (NASDAQ)
stock market indicators for the trading session today:
Advanced stock prices 1,113, declined stock prices 1,612, unchanged
stock prices 152, stock prices hitting new highs 61 and stock prices hitting
new lows 18. 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: SEED gain 0.06, HOD 12.04, LOD 9.98,
EOD 10.51; BIDU shed 3.46, HOD 437.30, LOD 429.00, EOD 435.54; CTRN shed 0.27,
HOD 28.15, LOD 26.20, EOD 27.72; NUAN gain 1.28, HOD 15.19, LOD 14.00, EOD
15.03; FSLR shed 2.17, HOD 121.42, LOD 118.35, EOD 119.25; AONE gain 2.56, HOD
17.49, LOD 14.48, EOD 17.09.
Market trends on the American Stock Exchange (AMEX) and stock market indicators
for the trading session today:
Advanced stock prices 244, declined stock prices 280, unchanged stock
prices 40, stock prices hitting new highs 3 and stock prices hitting new lows
5.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Dec 09: EOD 1103.50; Change -0.25
E-mini NASDAQ-100 (NQ) Dec 09: EOD 1,784.50; Change -6.75
E-mini DOW $5 (YM) Dec 09: EOD 10,406; Change -16
E-mini S&P MidCap 400 (MF) Dec 09: EOD 691.50; Change -1.90
Nikkei 225 (Yen) Dec 09: EOD 9,340; Change -210
World Currencies for the Forex Market, for Forex Trading by active Forex
Traders, at time of this posting:
Euro 0.6684 U.S. Dollars 1.4962
Japanese Yen 88.5200 to U.S. Dollars 0.0113
British Pound 0.6034 to U.S. Dollars 1.6572
Canadian Dollar 1.0579 to U.S. Dollars 0.9453
Swiss Franc 1.0090 to U.S. Dollars 0.9911
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (December 09) shed $1.54, EOD $76.02 per barrel ($US per barrel)
Heating Oil (December 09) shed $0.03, EOD $1.99 a gallon ($US per
gallon)
Natural Gas (December 09) shed $0.03, EOD $4.77 per million BTU ($US per mmbtu.)
Unleaded Gas (December 09) shed $0.04, EOD $1.94 a gallon ($US per
gallon)
Metals Markets - Comex:
Gold (December 09) gain $1.90, EOD $1,166.60 ($US per Troy ounce)
Silver (December 09) shed $0.16, EOD $18.49 ($US per Troy ounce)
Platinum (January 09) shed $23.80, EOD $1,443.80 ($US per Troy ounce)
Copper (December 09) shed $0.02, EOD $3.14 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (December 09) gain $0.48, EOD $66.00
Pork Bellies (February 10) gain $0.88, EOD $86.68
Live Cattle (December 09) shed $0.33, EOD $85.50
Feeder Cattle (January 10) gain $0.35, EOD $93.20
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (December 09) shed $11.25, EOD $392.00
Soybeans (January 10) gain $4.00, EOD $1,046.00
BOND MARKET:
2 year EOD 100 -16/32, change -16/32, Yield 0.73, Yield change 0.00
5 year EOD 101 8/32, change 10/32, Yield 2.10 Yield change -0.07
10 year EOD 100 15/32, change 9/32, Yield 3.31, Yield change -0.04
30 year EOD 102, change 12/32, Yield 4.25, change -0.02
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Top of the page | |
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Total for Year |
Last Week |
$34,086.00 |
$8,234.00 |
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Total for Year |
Last Week |
$9,725.00 |
$1,970.00 |
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Total for Year |
Last Week |
$76,500.00 |
$10,200.00 |
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Total for Year |
Last Week |
$102,270.00 |
$13,630.00 |
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Total for Year |
Last Week |
$0.00 |
$0.00 |
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