The following economic data was released during the session:

  • New Housing Price Index m/m for May 2012 was released in Canada; the result was 0.3% rising 0.1 from the prior reading of 0.2% – above the consensus estimate of 0.2%.
  • New Housing Price Index y/y for May 2012 was released in Canada; the outcome was 2.4% dropping 0.1 compared to the last data point (2.5%) – above the market’s pre-release guess of 2.3%.
  • Import Price Index m/m for June 2012 was released in the US; the series posted a reading of -2.7% a decline of 1.5 compared to the last data point (-1.2%) , which was lower than the market’s pre-release guess of -1.8%.
  • Import Price Index y/y for June 2012 was released in the US; the series posted a reading of -2.6% a decline of 2.1 compared to the last data point (-0.5%) , which was lower than the market’s pre-release guess of -1.5%.
  • Monthly Budget Statement for June 2012 was rel eased in the US; the result was -$59.7B unchanged from the last data release for this series. , in line with the market’s pre-release guess of -$60.0B.
  • Continuing Claims for June 30 2012 was released in the US; the result was 3304K a drop of 14 compared to the last data point (3318K) – above the market’s pre-release guess of 3300K.
  • Initial Jobless Claims for July 7 2012 was released in the US; the outcome was 350K falling 26 compared to the last data point (376K) , which was lower than the consensus estimate of 372K.
  • EIA Natural Gas Storage Change for July 6 2012 was released in the US; the result was 33 falling 6 compared to the last data point (39) – above the consensus estimate of 27.

Headline Indices

The Dow Jones Industrial Average finished the session at 12,573.27 points, a change of -31.26 points (-0.25%) for the session.

The session high was 12,630.64 points, while the low was down at 12,492.25 p oints.

Total volume traded in the 30 components of the index was 659.53m shares. Decliners outpaced gainers by 2.8 to one, with 22 decliners to 8 advancers. Declining volume was greater than advancing volume by 503.67m to 155.86m shares. The main decliners (in percentage terms) were –

  • General Motors (GM) -0.57 (2.9%) to $19.33 on volume of 12.94m shares;
  • Intel (INTC) -0.65 (2.6%) to $24.74 on volume of 52.82m shares;
  • Microsoft (MSFT) -0.67 (2.3%) to $28.63 on volume of 63.11m shares;
  • Citigroup (C) -0.59 (2.3%) to $25.28 on volume of 35.26m shares; and
  • American Express (AXP) -1.15 (2%) to $56.93 on volume of 4.81m shares.

 

The S&P500 Index slid 6.69 points (0.5%) to 1334.76 points..

Total volume traded in the 500 components of the index was 2.43bn shares. Decliners outpaced gainers by 2.7 to one, with 326 decliners to 119 advancers. Declining volume was greater than advancing volume by 1.92bn to 495. 59m shares. The main decliners (in percentage terms) were –

  • Supervalu Inc. (SVU) -2.6 (49.1%) to $2.69 on volume of 71.41m shares;
  • Safeway Inc. (SWY) -2.25 (12.5%) to $15.73 on volume of 26.94m shares;
  • Lexmark Int’l Inc (LXK) -1.98 (7.5%) to $24.31 on volume of 1.84m shares;
  • Marriott Int’l. (MAR) -2.45 (6.4%) to $35.58 on volume of 8.8m shares; and
  • Starwood Hotels & Resorts (HOT) -2.72 (5.3%) to $48.66 on volume of 7.89m shares.

The Nasdaq Composite dipped 21.79 points (0.75%) to 2866.19 points. while the Nasdaq100 dipped 25.69 points (1%) to 2545.30 points..

Total volume traded in the 100 components of the index was 618.74m shares. Decliners outpaced gainers by 3.1 to one, with 68 decliners to 22 advancers. Declining volume was greater than advancing volume by 509.56m to 109.17m shares. The main decliners (in percentage terms) were –

  • Infosys Technologies (INFY) -4.87 (11.2%) to $38.75 on volum e of 9.49m shares;
  • NII Holdings (NIHD) -0.7 (7.9%) to $8.17 on volume of 7.23m shares;
  • Sears Holdings (SHLD) -2.9 (5.1%) to $53.48 on volume of 0.75m shares;
  • Wynn Resorts (WYNN) -3.89 (3.9%) to $96.75 on volume of 2.8m shares; and
  • Expedia (EXPE) -1.55 (3.4%) to $44.06 on volume of 4.37m shares.

Volatility

The CBOE Volatility Index gained +0.32 points (1.78%) to 18.27 points. and the CBOE Nasdaq100 Volatility Index advanced +0.61 points (3%) to 20.95 points..

Breadth and Internals

A total of 3190 issues traded today on the NYSE; today’s total volume was 3.23bn shares. A total of 1144 stocks posted gains for the day, and volume in advancing issues totalled 0.86bn shares. Exerting downwards pressure on the index were 1939 losers, which accounted for a total declining volume of 2.31bn shares. 103 stocks made new 1-year highs on the NYSE, while 58 shares plumbed new 52-week depths.

On the Nasdaq 2579 tickers traded today; total Nasdaq volume was 1.67bn shares. A total of 1014 stocks posted gains for the day, with aggregate volume of 0.46bn shares changing hands in the day’s winners. The red zone of the Nasdaq exchange comprised 1452 losers, and total declining volume was 1.2bn shares. 57 Nasdaq-listed stocks hit new 52-week highs, while 71 sh ares dipped to new 1-year lows.

Major Market Statistics
Index Close Gain(Loss) %
Dow Jones Industrial Average 0.00 N/A 0%
S&P500 Index 1334.76 -6.69 -0.5%
Nasdaq Composite 2866.19 -21.79 -0.75%
Nasdaq100 2545.30 -25.69 -1%
CBOE Volatility Index 18.27 +0.32 1.78%
CBOE Nasdaq100 Volatility Index 20.95 +0.61 3%

Dow Darlings

  • Merck (MRK) +1.7 (4.1%) to $42.91 on volume of 43.7m units
  • Procter & Gamble (PG) +2.3 (3.7%) to $63.7 on volume of 35.5m units
  • McDonalds (MCD) +2.4 (2.7%) to $91.93 on volume of 10.8m units
  • Pfizer (PFE) +0.33 (1.5%) to $22.67 on volume of 38.2m units
  • Disney Corp (DIS) +0.14 (0.3%) to $47.41 on volume of 6.7m units

Dow Duds:

  • Intel (INTC) -0.65 (2.6%) to $24.74 on volume of 52.8m units
  • Microsoft (MSFT) -0.67 (2.3%) to $28.63 on volume of 63.1m units
  • American Express (AXP) -1.15 (2%) to $56.93 on volume of 4.8m units
  • Bank Of America (BAC) -0.15 (2%) to $7.48 on volume of 102m units
  • Hewlett-Packard (HPQ) -0.34 (1.7%) to $19.35 on volume of 19.4m units

Most Traded Dow stocks:

  • Bank Of America (BAC)-0.15 (2%) to $7.48 on volume of 102m units
  • Microsoft (MSFT)-0.67 (2.3%) to $28.63 on volume of 63.1m units
  • Intel (INTC)-0.65 (2.6%) to $24.74 on volume of 52.8m units
  • Merck (MRK) +1.7 (4.1%) to $42.91 on volume of 43.7m units
  • General Electric (GE)-0.24 (1.2%) to $19.44 on volume of 43.5m units
Precious Metals

Precious metals futures performed as follows –

Precious Metals Futures
Commodity Close Gain(Loss) %
Gold 1565.3 -10.4 -0.66
Silver 27.161 0.138 0.51
Palladium 574.8 -8.15 -1.4
Platinum 1412.5 -19.1 -1.33

The Gold Bugs index (XAU) slid 0.65 points (0.44%) to 147.88 points. Total volume traded in the 16 components of the index was 77.12m shares. Decliners outpaced gainers by 1.3 to one, with 8 decliners to 6 advancers. Declining volume was greater than advancing volume by 39.84m to 13.9m shares. The main decliners (in percentage terms) were –

  • Agnico Eagle Mines (AEM) -0.83 (2.2%) to $37.11 on volume of 2.97m shares;
  • Newmnt Mining (NEM) -0.52 (1.1%) to $45.46 on volume of 5.25m shares;
  • Barrick Gold (ABX) -0.39 (1.1%) to $34.56 on volume of 12.97m shares;
  • Silver Wheaton (SLW) -0.12 (0.5%) to $25.72 on volume of 4.63m shares; and
  • RandGold Resources (GOLD) -0.22 (0.2%) to $89.67 on volume of 0.58m shares.
Energy Complex

Energy futures performed as follows –

Energy Futures
Commodity Close Gain(Loss) %
Crude Oil 86.46 0.27 0.31
Heating Oil 2.7733 0.0115 0.42
Natural Gas 2.869 0.032 1.13
Gasoline RBOB 2.6689 0.0267 1.01

The Oil Services index (OSX) fell 0.65 points (0.32%) to 202.24 points. Total volume traded in the 15 components of the index was 52.08m shares. Decliners outpaced gainers by 5 to one, with 10 decliners to 2 advancers. Declining volume was greater than advancing volume by 48.2m to 3.89m shares. The main decliners (in percentage terms) were –

  • Weatherford International (WFT) -0.38 (3.1%) to $11.89 on volume of 10.68m shares;
  • Nabors Industries (NBR) -0.24 (1.8%) to $13 on volume of 4.73m shares;
  • Baker Hughes (BHI) -0.61 (1.5%) to $38.85 on volume of 5.57m shares;
  • Oceaneering International (OII) -0.21 (0.4%) to $49.65 on volume of 0.47m shares; and
  • Halliburton (HAL) -0.12 (0.4%) to $28.41 on volume of 12.34m shares.
Currency Futures

Currency futures performed as follows –

Currency Futures
Index Close Gain(Loss) %
U.S. Dollar Index 83.77 0.042 0.05
Euro FX 1.2206 -0.0026 -0.21

Bellwethers

The nine-stock group that makes up the Rant bellwethers declined on average by 1.1%. The fallout occurred as follows:

  • General Electric (GE) -0.24 (1.22%) to $19.44 on volume of 43.46m units.
  • Citigroup (C) -0.59 (2.28%) to $25.28 on volume of 35.26m units.
  • Wal-Mart (WMT) +0.05 (0.07%) to $72.31 on volume of 8.93m units.
  • IBM (IBM) -2.16 (1.17%) to $183.09 on volume of 4.23m units.
  • Intel (INTC) -0.65 (2.56%) to $24.74 on volume of 52.82m units.
  • Cisco Systems (CSCO) -0.4 (2.44%) to $15.98 on volume of 69.86m units.
  • Google (GOOG) -0.71 (0.12%) to $570.48 on volume of 2.3m units.
  • Fannie Mae (FNM) -0 (0%) to $0.00 on volume of 0m units.
  • Freddie Mac (FRE) -0 (0%) to $0.00 on volume of 0m units.
Other Indices of Interest…

The Banks index (BKX) dipped 0.63 points (1.4%) to 44.46 points. Total volume traded in the 24 components of the index was 290.33m shares. Decliners outpaced gainers by 20 to one, with 20 decliners to 1 advancers. Declining volume was greater than advancing volume by 283.82m to 6.51m shares. The main decliners (in percentage terms) were –

  • Huntington Bancshares (HBAN) -0.18 (2.8%) to $6.28 on volume of 13.57m shares;
  • Citigroup Inc (C) -0.59 (2.3%) to $25.28 on volume of 35.26m shares;
  • Bank Of America (BAC) -0.15 (2%) to $7.48 on volume of 101.99m shares;
  • Suntrust Banks (STI) -0.47 (1.9%) to $23.74 on volume of 3.25m shares; and
  • Northern Trust (NTRS) -0.84 (1.8%) to $45.82 on volume of 0.89m shares.

The Semiconductor index (SOX) lost 5.98 points (1.66%) to 353.69 points. Total volume traded in the 18 components of the index was 184.16m shares. Decliners outpaced gainers by 15 to one, with 15 decliners to 1 advancers. Declining volume was greater than advancing volume by 182.14m to 2.01m shares. The main decliners (in percentage terms) were –

  • Taiwan Semiconductor (TSM) -0.35 (2.7%) to $12.8 on volume of 11.94m shares;
  • Intel (INTC) -0.65 (2.6%) to $24.74 on volume of 52.82m shares;
  • Xilinx (XLNX) -0.67 (2.1%) to $31.2 on volume of 3.48m shares;
  • Texas Instruments (TXN) -0.56 (2.1%) to $26.74 on volume of 9.53m shares; and
  • Applied Materials (AMAT) -0.2 (1.9%) to $10.37 on volume of 14m shares.

The ChildKiller (“Defence”) index (DFX) declined 2.32 points (0.64%) to 359.62 points. Total volume traded in the 17 components of the index was 63.45m shares. Decliners outpaced gainers by 4.3 to one, with 13 decliners to 3 advancers. Declining volume was greater than advancing volume by 53.96m to 9.49m shares. The main decliners (in percentage terms) were –

  • Esterline Tech (ESL) -1.88 (3.1%) to $58.65 on volume of 0.14m shares;
  • Alliant Tech (ATK) -0.74 (1.5%) to $47.71 on volume of 0.13m shares;
  • FLIRr Systems (FLIR) -0.25 (1.3%) to $18.59 on volume of 1.07m shares;
  • General Electric (GE) -0.24 (1.2%) to $19.44 on volume of 43.46m shares; and
  • Northrop Grummanl (NOC) -0.66 (1.1%) to $62.16 on volume of 0.81m shares.