Date: Friday 07 Sep 2012
-Credit Suisse ups S and P 500 target to 1,500 from 1,425
-Intel warns, takes down Nasdaq
-Google again atop $700 per share
-Employment data moves Fed closer to QE3
Dow Jones: -0.04%
Nasdaq Comp.: -0.01%
S&P 500: 0.31%
New York equities are now trading in a mixed fashion, weighed down by a profit-warning out of predominantly PC chip-maker Intel and after a weaker than forecast monthly employment report.
The latter has led to increased market chatter and speculation regarding the possibility of further Fed action –QE3 that is- to fend off downside-risks to the economy. Commentators seem a bit wary of forecasting another round of QE3 for the Fed's next meeting however; although today's data is thought to have moved it closer.
Linked to the above, we are seeing a large 1.03% fall in the Dollar index and big rise in some metals’ prices, such as copper futures, which are moving 3% higher at the moment.
Intel has warned of lower demand from corporate clients and lesser than expected sales in emerging markets. Nevertheless, there is quite a bit of commentary in the marker at the moment regarding the worsening long-term outlook for the PC industry versus tablets.
Shares of Google on the other hand are again atop the $700 per share barrier, for the first time since 2007.
From a sector stand-point the best performers now on Wall Street are companies from the following sectors: coal (8.78%), non-ferrous metals (7.81%) and platinum (6.24%). Semiconductor related shares are the worst performing ones.
Kraft is off by 5% after providing guidance for its grocery business.
Green Mountain Coffee Roasters is shooting higher by 12% despite the impending expiry of two patents.
Worth pointing out, the KBW Bank index is fast approaching technical resistance at the 50 point mark.
Non-farm payrolls rose by 96,000 in August (Consensus: 125,000).
The unemployment rate fell by two tenths of a percentage point as the labour force shrank in size.
Front month West Texas crude futures are now rising by 0.55% to the $96.06 mark on NYMEX.
10 year US Treasuries are now falling by 11/32 dollars, with yields at 1.64%.
or share it with one of these popular networks:
You are here: news