The following economic data was released during the session:

  • Manufacturing Shipments m/m for September 2010 was released in Canada; the series posted a reading of -0.6% falling 2.6 compared to the last data point (2.0%) – above the consensus estimate of -0.9%.
  • Industrial Production for October 2010 was released in the US; the series posted a reading of 0.0% rising 0.2 from the prior reading of -0.2% , which was lower than the market's pre-release guess of 0.3%.
  • Capacity Utilization for October 2010 was released in the US; the result was 74.8% unchanged from the last data release for this series. , which was lower than expectations of 74.9%.
  • NAHB Housing Market Index for November 2010 was released in the US; the series posted a reading of 16 gaining 1 from the prior reading of 15 , which was lower than the market's pre-release guess of 17.
  • Producer Price Index m/m for October 2010 was released in the US; the result was 0.4% unchanged from the last data release for this series, and lower than the market's pre-release guess of 0.8%.
  • Producer Price Index y/y for October 2010 was released in the US; the result was 4.3% gaining 0.3 from the prior reading of 4.0% , which was lower than expectations of 4.6%.
  • Producer Price Index Ex Food & Energy m/m for October 2010 was released in the US; the series posted a reading of -0.6% losing 0.7 compared to the last data point (0.1%) , which was lower than the consensus estimate of 0.1%
  • Producer Price Index Ex Food & Energy y/y for October 2010 was released in the US; the result was 1.5% losing 0.1% compared to the last data point (1.6%) , which was lower than the consensus estimate of 2.1%.
  • Total Net TIC Flows for September 2010 was released in the US; the outcome was $81.7B unchanged from the last data release for this series.
  • Net Long-term TIC Flows for September 2010 was released in the US; the outcome was $81.0B unchanged from the last data release for this series.

Headline Indices

The Dow Jones Industrial Average fell 178.47 points (1.59%) to 11023.50 points. The index high for the day was 11194.70, while the low was 10978.93.

Total volume traded in the 30 components of the index was 1.32bn shares. Decliners outpaced gainers by 13.5 to one, with 27 decliners to 2 advancers. Declining volume was greater than advancing volume by 1.27bn to 48.92m shares. The index's rather boring situation arose as a result of a mixed bag of results, the most notable amongst these (in percentage terms) being –

  • Alcoa (AA) -0.37 (2.8%) to $13.03 on volume of 32.81m shares;
  • Citigroup (C) -0.1 (2.3%) to $4.22 on volume of 495.24m shares;
  • 3M Co (MMM) -1.96 (2.3%) to $84.24 on volume of 5.61m shares;
  • Exxon-Mobil (XOM) -1.54 (2.2%) to $68.94 on volume of 27.39m shares; and
  • General Electric (GE) -0.34 (2.1%) to $15.86 on volume of 72.8m shares.

The S&P500 Index dropped 19.41 points (1.62%) to 1178.34 points..

Total volume traded in the 500 components of the index was 4.17bn shares. Decliners outpaced gainers by 17.5 to one, with 438 decliners to 25 advancers. Declining volume was greater than advancing volume by 3.96bn to 203.32m shares. The main decliners (in percentage terms) were –

  • MBIA Inc. (MBI) -0.9 (8.3%) to $9.92 on volume of 8.88m shares;
  • Genl Growth Properties (GGP) -1.09 (7.1%) to $14.31 on volume of 59.34m shares;
  • Manitowoc Co. (MTW) -0.6 (5.3%) to $10.67 on volume of 3.49m shares;
  • Jacobs Engineering Group (JEC) -2.12 (5%) to $39.95 on volume of 2.17m shares; and
  • Kimco Realty (KIM) -0.83 (5%) to $15.68 on volume of 7.4m shares.

The Nasdaq Composite declined 43.98 points (1.75%) to 2469.84 points. while the Nasdaq100 lost 37.85 points (1.78%) to 2093.63 points..

Total volume traded in the 100 components of the index was 849.15m shares. Decliners outpaced gainers by 23 to one, with 92 decliners to 4 advancers. Declining volume was greater than advancing volume by 837m to 12.16m shares. The main decliners (in percentage terms) were –

  • Baidu.com (BIDU) -5.2 (4.8%) to $103.6 on volume of 15.81m shares;
  • Joy Global (JOYG) -3.25 (4.2%) to $74.52 on volume of 4.17m shares;
  • Sears Holdings (SHLD) -2.83 (4.2%) to $64.89 on volume of 1.94m shares;
  • NII Holdings (NIHD) -1.66 (4.1%) to $39.09 on volume of 2.01m shares; and
  • Focus Media Holding (FMCN) -0.98 (4%) to $23.66 on volume of 1.4m shares.

Volatility

The CBOE Volatility Index added +2.38 points (11.78%) to 22.58 points. and the CBOE Nasdaq100 Volatility Index rose +2.04 points (9.41%) to 23.73 points..

Breadth and Internals

A total of 3931 issues traded today on the NYSE; today's total volume was 1.73bn shares. A total of 582 stocks posted gains for the day, and volume in advancing issues totalled 0.62bn shares. Exerting downwards pressure on the index were 3288 losers, which accounted for a total declining volume of 1.09bn shares. 136 stocks made new 1-year highs on the NYSE, while 164 shares plumbed new 52-week depths.

On the Nasdaq 2772 tickers traded today; total Nasdaq volume was 2.04bn shares. A total of 577 stocks posted gains for the day, with aggregate volume of 0.2bn shares changing hands in the day's winners. The red zone of the Nasdaq exchange comprised 2099 losers, and total declining volume was 1.83bn shares. 38 Nasdaq-listed stocks hit new 52-week highs, while 72 shares dipped to new 1-year lows.

 

Major Market Statistics
Index Close Gain(Loss) %
Dow Jones Industrial Average 11023.50 -178.47 -1.59%
S&P500 Index 1178.34 -19.41 -1.62%
Nasdaq Composite 2469.84 -43.98 -1.75%
Nasdaq100 2093.63 -37.85 -1.78%
CBOE Volatility Index 22.58 +2.38 11.78%
CBOE Nasdaq100 Volatility Index 23.73 +2.04 9.41%

Dow Darlings

  • Home Depot (HD) +0.32 (1%) to $31.71 on volume of 25.5m units
  • Wal-Mart (WMT) +0.31 (0.6%) to $54.26 on volume of 23.4m units

 

Dow Duds:

  • Alcoa (AA) -0.37 (2.8%) to $13.03 on volume of 32.8m units
  • 3M Co (MMM) -1.96 (2.3%) to $84.24 on volume of 5.6m units
  • Exxon-Mobil (XOM) -1.54 (2.2%) to $68.94 on volume of 27.4m units
  • General Electric (GE) -0.34 (2.1%) to $15.86 on volume of 72.8m units
  • McDonalds (MCD) -1.65 (2.1%) to $77.42 on volume of 6.7m units

 

Most Traded Dow stocks:

  • Bank Of America (BAC)-0.16 (1.3%) to $11.94 on volume of 215.4m units
  • General Electric (GE)-0.34 (2.1%) to $15.86 on volume of 72.8m units
  • Microsoft (MSFT)-0.23 (0.9%) to $25.81 on volume of 58m units
  • Intel (INTC)-0.225 (1.1%) to $21.07 on volume of 57.4m units
  • JPMorganChase (JPM)-0.47 (1.2%) to $39.61 on volume of 45.2m units
Precious Metals

Precious metals futures performed as follows –

Precious Metals Futures
Index Close Gain(Loss) %
Gold 1340.6 -27.9 -2.04
Silver 25.495 -0.597 -2.29
Palladium 641.6 -39.7 -5.83
Platinum 1644.2 -41.6 -2.47

 

The Gold Bugs index (XAU) slid 6.11 points (2.87%) to 206.73 points. Total volume traded in the 16 components of the index was 118.49m shares. None of the 16 index components rose today: 16 stocks within the index fell, with downside volume of 118.49m shares. The main decliners (in percentage terms) were –

  • Coeur d'Alene (CDE) -1.24 (5.4%) to $21.58 on volume of 3.58m shares;
  • Freeport McMoran (FCX) -4.39 (4.3%) to $97.61 on volume of 21.99m shares;
  • Silver Stand Resources (SSRI) -1.07 (4.3%) to $24.05 on volume of 1.55m shares;
  • Silver Wheaton (SLW) -1.3 (3.9%) to $31.69 on volume of 18.55m shares; and
  • AngloGold Ashanti (AU) -1.67 (3.4%) to $47.02 on volume of 2.33m shares.
Energy Complex

Energy futures performed as follows –

Energy Futures
Commodity Close Gain(Loss) %
Crude Oil 82.73 -2.56 -3
Heating Oil 2.3293 -0.0595 -2.49
Natural Gas 4.004 -0.024 -0.6
Gasoline RBOB 2.1136 -0.0478 -2.21

 

The Oil Services index (OSX) declined 2.64 points (1.2%) to 218.18 points. Total volume traded in the 15 components of the index was 83.98m shares. Decliners outpaced gainers by 12 to one, with 12 decliners to 1 advancers. Declining volume was greater than advancing volume by 77.1m to 6.88m shares. The main decliners (in percentage terms) were –

  • Rowan Co (RDC) -0.98 (3.2%) to $29.72 on volume of 3.39m shares;
  • Halliburton (HAL) -0.81 (2.3%) to $35.03 on volume of 14.97m shares;
  • Global Industries (GLBL) -0.11 (1.8%) to $5.99 on volume of 0.93m shares;
  • Tidewater (TDW) -0.82 (1.7%) to $47.17 on volume of 0.37m shares; and
  • Nabors Industries (NBR) -0.36 (1.7%) to $21.28 on volume of 3.59m shares.
Currency Futures

Currency futures performed as follows –

Currency Futures
Index Close Gain(Loss) %
U.S. Dollar Index 79.345 0.672 0.85
Euro FX 1.3487 -0.0111 -0.82
Australian Dollar 0.9731 -0.0115 -1.17
Canadian Dollar 0.9784 -0.0136 -1.37
Japanese Yen 0.012009 -3.8e-05 -0.32
New Zealand Dollar 0.7659 -0.0069 -0.89

 

 

Bellwethers

The nine-stock group that makes up the Rant bellwethers declined on average by 1.2%. The fallout occurred as follows:

  • General Electric (GE) -0.34 (2.1%) to $15.86 on volume of 72.8m units.
  • Citigroup (C) -0.1 (2.31%) to $4.22 on volume of 495.24m units.
  • Wal-Mart (WMT) +0.31 (0.57%) to $54.26 on volume of 23.37m units.
  • IBM (IBM) -1.4 (0.97%) to $142.24 on volume of 6.2m units.
  • Intel (INTC) -0.225 (1.06%) to $21.07 on volume of 57.4m units.
  • Cisco Systems (CSCO) -0.515 (2.58%) to $19.435 on volume of 203.74m units.
  • Google (GOOG) -11.75 (1.97%) to $583.72 on volume of 3.05m 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) fell 0.95 points (2.01%) to 46.43 points Total volume traded in the 24 components of the index was 1.02bn shares. None of the 24 index components rose today: 22 stocks within the index fell, with downside volume of 1.02bn shares. The main decliners (in percentage terms) were –

  • Regions Financial (RF) -0.28 (4.5%) to $5.92 on volume of 79.33m shares;
  • New M&I Corporation (MI) -0.225 (4.2%) to $5.09 on volume of 22.21m shares;
  • Zions Bancorp (ZION) -0.67 (3.1%) to $20.97 on volume of 2.73m shares;
  • Huntington Bancshares (HBAN) -0.16 (2.7%) to $5.78 on volume of 11.58m shares; and
  • Fifth Third Bancorp (FITB) -0.34 (2.6%) to $12.68 on volume of 10.65m shares.

The Semiconductor index (SOX) fell 5.5 points (1.45%) to 374.07 points. Total volume traded in the 18 components of the index was 215.34m shares. None of the 18 index components rose today: 17 stocks within the index fell, with downside volume of 215.34m shares. The main decliners (in percentage terms) were –

  • Teradyne (TER) -0.48 (4.1%) to $11.3 on volume of 6.67m shares;
  • Micron Technology (MU) -0.2 (2.7%) to $7.22 on volume of 36.75m shares;
  • Marvell Technology (MRVL) -0.491 (2.5%) to $18.94 on volume of 11.35m shares;
  • Sandisk (SNDK) -0.95 (2.4%) to $38.22 on volume of 7.47m shares; and
  • KLA-Tencor Cp (KLAC) -0.74 (2%) to $35.92 on volume of 3.12m shares.

The ChildKiller ("Defence") index (DFX) slid 6.19 points (1.8%) to 337.33 points. Total volume traded in the 17 components of the index was 104.27m shares. None of the 17 index components rose today: 16 stocks within the index fell, with downside volume of 104.27m shares. The main decliners (in percentage terms) were –

  • Gencorp (GY) -0.19 (3.9%) to $4.71 on volume of 0.38m shares;
  • FLIRr Systems (FLIR) -0.82 (2.9%) to $27.3 on volume of 1.13m shares;
  • Esterline Tech (ESL) -1.68 (2.9%) to $56.98 on volume of 0.16m shares;
  • ITT Corporation (ITT) -1.1 (2.3%) to $45.88 on volume of 1.92m shares; and
  • General Electric (GE) -0.34 (2.1%) to $15.86 on volume of 72.8m shares.