Ramsey
19-09-2002, Thu 9:24 AM
عن دواوجونز نيوزواير
US SUMMARY: Wall Street Sees Choppy Session
DJIA 8172.45 loss 35.10 dn 0.4%
NASDAQ 1252.13 loss 7.81 dn 0.6%
S&P 500 869.46 loss 4.06 dn 0.5%
Dow Future 8092.00 loss 19.00 dn 0.2%
NASDAQ Future 883.00 loss 2.00 dn 0.2%
S&P Future 859.20 loss 4.60 dn 0.5%
10-Yr US Treasury: 3.85% up 0.04
NEW YORK (Dow Jones)--Investors nervous about third-quarter earnings opted for caution in a choppy session Wednesday, sending stocks lower for a second day. But Treasury prices also fell on worry that yields are too low.
STOCKS: A bearish earnings announcement from J.P. Morgan Chase helped push the Dow down as much as 156 points before the blue chips recovered some ground on afternoon bargain hunting.
"The financial sector is getting blasted again based on the J.P. Morgan pre-release. That's having a rollover effect," said Tony Cecin, director of institutional trading at US Bancorp Piper Jaffray in Minneapolis. "You also have a continuing push on Iraq."
"But today, I think it's more related to the perception that third-quarter earnings are not going to be what people are hoping for," he said.
Electronic Data Systems Corp. (EDS) slashed its third-quarter projections, saying earnings and revenue will fall well below earlier estimates amid continuing softness in the information technology-services sector.
Meanwhile, mixed economic reports added to the market's caution.
"The economic data has not been suggestive of either an improving or a deteriorating economy, but a flatlining economy," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co. "So it's hard for investors to get fully engaged in buying stocks at this point."
The Labor Department reported Wednesday that consumer inflation rose 0.3% in August, the biggest gain in four months. The lack of inflation pressures has been a main reason the Federal Reserve has been able to leave interest rates at a 40-year low.
But the Commerce Department reported that the U.S. trade deficit fell to $34.6 billion in July as exports rose for a fifth straight month.
BONDS: U.S. Treasury prices ended lower Wednesday, weighed down by a late-day turnaround in stock prices, joined with an unwillingness by participants to push already high prices up even farther.
"People are totally exhausted... I think we are at the low end of the yield range" and it would take something really big and bad for Treasury prices to rise further right now, said Zachary Chui, a trader at Dupont Direct in New York.
US SUMMARY: Wall Street Sees Choppy Session
DJIA 8172.45 loss 35.10 dn 0.4%
NASDAQ 1252.13 loss 7.81 dn 0.6%
S&P 500 869.46 loss 4.06 dn 0.5%
Dow Future 8092.00 loss 19.00 dn 0.2%
NASDAQ Future 883.00 loss 2.00 dn 0.2%
S&P Future 859.20 loss 4.60 dn 0.5%
10-Yr US Treasury: 3.85% up 0.04
NEW YORK (Dow Jones)--Investors nervous about third-quarter earnings opted for caution in a choppy session Wednesday, sending stocks lower for a second day. But Treasury prices also fell on worry that yields are too low.
STOCKS: A bearish earnings announcement from J.P. Morgan Chase helped push the Dow down as much as 156 points before the blue chips recovered some ground on afternoon bargain hunting.
"The financial sector is getting blasted again based on the J.P. Morgan pre-release. That's having a rollover effect," said Tony Cecin, director of institutional trading at US Bancorp Piper Jaffray in Minneapolis. "You also have a continuing push on Iraq."
"But today, I think it's more related to the perception that third-quarter earnings are not going to be what people are hoping for," he said.
Electronic Data Systems Corp. (EDS) slashed its third-quarter projections, saying earnings and revenue will fall well below earlier estimates amid continuing softness in the information technology-services sector.
Meanwhile, mixed economic reports added to the market's caution.
"The economic data has not been suggestive of either an improving or a deteriorating economy, but a flatlining economy," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co. "So it's hard for investors to get fully engaged in buying stocks at this point."
The Labor Department reported Wednesday that consumer inflation rose 0.3% in August, the biggest gain in four months. The lack of inflation pressures has been a main reason the Federal Reserve has been able to leave interest rates at a 40-year low.
But the Commerce Department reported that the U.S. trade deficit fell to $34.6 billion in July as exports rose for a fifth straight month.
BONDS: U.S. Treasury prices ended lower Wednesday, weighed down by a late-day turnaround in stock prices, joined with an unwillingness by participants to push already high prices up even farther.
"People are totally exhausted... I think we are at the low end of the yield range" and it would take something really big and bad for Treasury prices to rise further right now, said Zachary Chui, a trader at Dupont Direct in New York.