ENP Newswire - 01 July 2014
Release date- 30062014 - US Close: NY Supreme Court rules against 'fracking'.
Pending home sales shoot past forecasts - Slight miss on Chicago PMI - New York rules cities, towns can vote to prohibit 'fracking' - Airlines, aerospace lead falls - Dovish remarks from Fed's Williams Dow Jones Industrials: -0.15% Nasdaq Composite: 0.23% S&P 500: -0.04% Wall Street finished the day on a mixed note, following slightly mixed economic data, but the S&P 500 did manage to close out its best second quarter advance since 2009.
That came in a holiday shortened week which will culminate in the all-important US employment report.
Non-farm payrolls, due out on Thursday, are scheduled to be released a day earlier than usual given that US markets are closed on Friday for the July 4th holiday. To take note of the S&P 500 had failed to post a gain or loss greater than 1% for 50 straight days, the longest stretch since 1995, according to Bloomberg, reflecting the extremely low levels of volatility which are so troubling to traders.
The benchmark equity gauge is trading at 16.6 times' its constituents average forward 12-month earnings per share.
Acting as a backdrop, the President of the Federal Reserve Bank of San Francisco, John Williams, said the central bank will probably need to keep rates low for at least another year.
Airlines, aerospace lead falls Yahoo! climbed after the stock was upgraded to 'overweight' by analysts at Piper Jaffray. Coatings and specialty products firm PPG Industries jumped ahead of the bell after announcing plans to buy Mexico's Consorcio Comex for $2.3bn. Marketwatch.com called attention to oilfield services giant Halliburton's 40% year-to-date share price advance as the company continues to benefit from its role in the hydraulic-fracturing industry.
As if on cue, the New York Times reported on a ruling from the Supreme Court of the state of New York according to which cities and towns can opt to prohibit 'fracking'. The largest losses at the sector level were incurred by Airlines (-1.44%), Electronic office equipment firms (-1.25%) and Defence outfits (-1.12%).
In two weeks' time is the Farnborough Air Show.
Pending home sales index sails past forecasts NAR's index of pending home sales expanded at a 6.1% month-on-month pace in May (consensus: 1.5%). MNI's Chicago PMI has printed at 62.6, down by 2.9 points from the month before, versus the 63 point read expected by economists.
Having said that, economists at Barclays Research called attention to the fact that if it were weighted the same as the ISM's national gauge then the index would actually have risen.
Crude futures move a tad lower West Texas Intermediate futures were down 0.304% at $105.42 a barrel on the ICE. The yield on a 10-year US Treasury was down by one basis point at 2.52%. S&P 500 - Risers Micron Technology Inc.
(MU) $32.95 +4.57% Bank Of New York Mellon Corp.
(BK) $37.48 +3.45% D.
(DHI) $24.58 +3.15% PPG Industries Inc.
(PPG) $210.15 +2.99% NetApp Inc.
(NTAP) $36.52 +2.93% International Paper Co.
(IP) $50.47 +2.90% Cliffs Natural Resources Inc.
(CLF) $15.05 +2.59% Monster Beverage Corp (MNST) $71.03 +2.57% Yahoo! Inc.
(YHOO) $35.13 +2.57% Ecolab Inc.
(ECL) $111.34 +2.49% S&P 500 - Fallers Valero Energy Corp.
(VLO) $50.10 -3.04% Intuitive Surgical Inc.
(ISRG) $411.80 -2.74% Allergan Inc.
(AGN) $169.22 -2.72% Citrix Systems Inc.
(CTXS) $62.55 -2.57% Edwards Lifesciences Corp.
(EW) $85.84 -2.30% Raytheon Co.
(RTN) $92.25 -2.28% Petsmart Inc.
(PETM) $59.80 -1.92% Marathon Petroleum Corporation (MPC) $78.07 -1.68% Tesoro Corp.
(TSO) $58.67 -1.56% Delta Airlines Inc.
(DAL) $38.72 -1.55% Dow Jones I.A - Risers Visa Inc.
(V) $210.71 +0.68% Cisco Systems Inc.
(CSCO) $24.85 +0.61% Merck & Co.
(MRK) $57.85 +0.56% Walt Disney Co.
(DIS) $85.74 +0.52% Coca-Cola Co.
(KO) $42.36 +0.40% Goldman Sachs Group Inc.
(GS) $167.44 +0.40% Travelers Company Inc.
(TRV) $94.07 +0.16% JP Morgan Chase & Co.
(JPM) $57.62 +0.16% Chevron Corp.
(CVX) $130.55 +0.15% Pfizer Inc.
(PFE) $29.68 +0.03% Dow Jones I.A - Fallers Microsoft Corp.
(MSFT) $41.70 -1.30% Boeing Co.
(BA) $127.23 -1.02% United Technologies Corp.
(UTX) $115.45 -0.97% Verizon Communications Inc.
(VZ) $48.93 -0.79% McDonald's Corp.
(MCD) $100.74 -0.71% General Electric Co.
(GE) $26.28 -0.57% Procter & Gamble Co.
(PG) $78.59 -0.54% Exxon Mobil Corp.
(XOM) $100.68 -0.52% Wal-Mart Stores Inc.
(WMT) $75.07 -0.36% Johnson & Johnson (JNJ) $104.62 -0.35% Nasdaq 100 - Risers Micron Technology Inc.
(MU) $32.95 +4.57% Illumina Inc.
(ILMN) $178.54 +3.38% NetApp Inc.
(NTAP) $36.52 +2.93% Monster Beverage Corp (MNST) $71.03 +2.57% Yahoo! Inc.
(YHOO) $35.13 +2.57% KLA-Tencor Corp.
(KLAC) $72.64 +2.35% Charter Communications Inc.
(CHTR) $158.38 +2.29% Dollar Tree Inc (DLTR) $54.46 +2.08% Regeneron Pharmaceuticals Inc.
(REGN) $282.47 +1.87% Nxp Semiconductors Nv (NXPI) $66.18 +1.80% Nasdaq 100 - Fallers Intuitive Surgical Inc.
(ISRG) $411.80 -2.74% Citrix Systems Inc.
(CTXS) $62.55 -2.57% TripAdvisor Inc.
(TRIP) $108.66 -1.41% Microsoft Corp.
(MSFT) $41.70 -1.30% Vimpelcom Ltd Ads (VIP) $8.40 -1.29% Celgene Corp.
(CELG) $85.88 -1.06% Intuit Inc.
(INTU) $80.53 -0.97% Mattel Inc.
(MAT) $38.97 -0.92% Biogen Idec Inc.
(BIIB) $315.31 -0.89% Alexion Pharmaceuticals Inc.
(ALXN) $156.25 -0.86% AB