Market Report: Stock Ticker

Weak

[BRIEFING.COM] Stocks have made another move lower.  All three of the major indices are trading at their worst level of the session.  The Dow is now down 2.1% and the S&P 500 is not far behind.

Selling efforts remain concerted as six of the economic sectors continue to trade with losses of at least 1%, four or which have losses exceeding 2%.

According to Reuters, the U.S. House of Representatives rejected a bill that would require the government to sell 70 million barrels of oil from strategic reserve.  Crude ended its session on the Nymex $0.95 higher at $125.39 per barrel.

[BRIEFING.COM] The stock market holds near its recently reached session low, as financials (-5.6%) continue to succumb to profit taking.

Other outperforming areas over the past few sessions are also posting large losses, with the Amex Airline Index tumbling 11%. At yesterday's close, the Amex Airline Index was up 79% since its multi-year low on July 15. The index is down 42% this year as airlines lose billions of dollars due to the rise in crude prices, although Southwest Airlines (LUV 15.19, -0.69) reported a second quarter profit thanks to hedging fuel costs.

Only the health care sector (+0.40%) remains in positive territory, due to positive response to earnings from Bristol-Myers Squibb (BMY 22.26, +0.37) and Ely Lilly (LLY 48.22, +0.60).

[BRIEFING.COM] Stocks have trended to a new session low.  The Dow Jones Industrial Average is now trading with a 200 point loss. 

Seven of the ten major economic sectors are trading with losses in excess of 1%.  Financials remain the worst performer, down 5.1%.  Though the gain is sizeable, it is considerably less than the 34% gain that financials made heading into the session after hitting a low last week.

Declining stocks in the S&P 500 outnumber advancing issues by approximately 4-to-1.

[BRIEFING.COM] Stocks are relatively unchanged from earlier levels.  The session's tone has been generally pessimistic since the early going.

Large-cap tech is a relative outperformer, as indicated by the Nasdaq 100 (-0.3%).  Primary support comes from Qualcomm (QCOM 53.29, +8.47) and Amazon.com (AMZN 81.40, +10.86).  The share gains of QCOM have taken the stock to a new 52-week high.

Treasurys continue to find support.  The benchmark 10-year Note is up 22 ticks and yielding 4.03%.

[BRIEFING.COM] The stock market has been unable to put toghether a sustainable turnaround and continues to chop along deep in negative territory.

There has been no support from the financial sector, which is currently down 4.2%.  Financials are being helped by Ameriprise Financial (AMP 41.86, +1.35).  The financial planning and services company announced after yesterday's close better-than-expected earnings results for its most recent quarter.

[BRIEFING.COM] The stock market has made a bit of an upturn from its session low, though for no single apparent reason.  Losses remain significant, however.

Oil has crossed back above the $125 per barrel mark, while the dollar holds on to its gains.  The dollar index is currently up 0.2%.

The energy sector has made its way back into positive ground after falling more than 2.2%.  Sector gains are attributable to heavyweights like Exxon Mobil (XOM 81.37, +0.38) and ConocoPhillips (COP 82.69, +0.86).

[BRIEFING.COM] Healthcare remains the only sector in positive ground as sellers lead the session's action.  Financials have fallen to their worst level of the session, down 3.5%.  Still, the financial sector is up more than 4.0% week-to-date.

Oil prices are currently up just a bit to $124.65 per barrel.  The commodity has been trading without clear direction this session after dropping noticeably in recent sessions.

Oil's limited action is being largely overlooked by the broader market as participants debate whether the recent gains of the stock market have been little more than speculative buying from bottom fishers.

[BRIEFING.COM] All three of the major indices are trading with losses in excess of 1%.

Financial stocks are trading appreciably lower.  The sector is down 2.4% after staging several consecutive sessions of healthy gains.  Particular weakness is being exhibited by the thrifts and mortgage industry (-8.2%), where Fannie Mae (FNM 13.90, -1.10) and Freddie Mac (FRE 10.24, -0.56) are moving lower.

Regional bank National City (NCC 4.86, +0.15) is trading higher, despite posting a second quarter loss of $2.45 per share.  That loss was driven by increased loan loss reserves, liquidating its assets in its loan portfolio, and noncash impairment charges.

[BRIEFING.COM] Stocks continue to chop along in negative territory.  Still, participants are finding encouragement among select names.

Amazon.com (AMZN 81.38, +10.84) is making a strong showing despite the generally pessimistic tone to the session.  The Internet retailer announced after yesterday's close its second quarter revenue climbed more than 40% from the prior year to $4.1 billion.  Excluding extraordinary gains, it earned $0.26 per share, which is better than analysts forecast.

Qualcomm (QCOM 52.40, +7.58) is also outperforming many names in the S&P 500.  The company announced it has settled a longstanding legal dispute with Nokia (NOK 27.82, +1.12), which has overshadowed its downside guidance.  The settlement is believed to remove uncertainty from the chip and wireless communication industry.

[BRIEFING.COM] The major indices continue to trade with losses.  Particular weakness is being shown by the Dow. 

Dow components McDonald's (MCD 58.02, -1.64) and AT&T (T 32.29, -0.77) are acting as laggards early on.  Shares of MCD were downgraded to Hold from Buy at Deutsche Bank.  Shares of T were downgraded to Neutral from Overweight at JPMorgan after climbing more than 3% in yesterday's action. 

Treasury yields have pushed lower as buying interest in government securities increases.  The 10-year Note is currently up 12 ticks and the 30-year Bond is up 20 ticks.

[BRIEFING.COM] All three of the major indices are off to a disappointing start.  Eight of the ten economic sectors are trading lower, reflecting the general sense of pessimism surrounding early action.

Oil has pared its early gains and is now trading near $124.50 per barrel, relatively unchanged.

Existing home sales data for June is due at the top of the hour.