U.S. stocks brace for lower open
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U.S. stocks brace for lower open
CBS MarketWatch
U.S. stocks brace for lower open
Thursday July 10, 8:51 am ET
By Julie Rannazzisi
NEW YORK (CBS.MW) -- The U.S. stock indexes were readying for some downside action at the open Thursday amid losses in shares of bellwethers such as Yahoo and Genentech following their quarterly results.
Additionally, the latest batch of economic news revealed more weakness in the labor market, strengthening the bears'case.
Yahoo (NasdaqNMYHOONews) came under selling pressure after posting an in-line second-quarter profit and reporting slight better-than-expected revenue.
Profit takers targeted Yahoo immediately after the release of its results late Wednesday. The Web portal registered mesmerizing gains in the first half of the year and was the best performer among Nasdaq 100 stocks with a gain of 100 percent.
The biotech sector will likely take its cue from Genentech (NYSEDNANews) , which stumbled in pre-open action after reporting late Wednesday a second-quarter profit that handily topped analysts' expectations.
In the futures pits, the September S&P 500 contract declined 7.30 points, or 0.7 percent, while the Nasdaq 100 contract slid 17.00 points, or 1.2 percent.
The retailers were busy unearthing their monthly same-store sale results.
Among the highlights: Dow component Wal-Mart (NYSEWMTNews) reported a 2.7 percent increase in June same-store sales; J.C. Penney (NYSEJCPNews) registered a 0.1 percent increase in comparable department store sales in June and said it expected July sales to come in flat to slightly higher; and Sears (NYSESNews) posted a 1.8 percent decline in comparable-store sales.
See Movers & Shakers for the latest individual stock action.
Treasurys higher; BoE cuts rates
Government bonds rose for a second straight session, extending gains after the release of weak economic news.
The 10-year Treasury note ascended 11/32 to yield (CBOE^TNXNews) 3.64 percent while the 30-year government bond rose 1/2 to yield (CBOE^TYXNews) 4.67 percent.
Jobless claims and the June import and export price indexes highlighted Thursday's economic docket.
The labor market remains sluggish and signs of improvement continue to be hard to come by. Jobless claims climbed 5,000 to 439,000 in the latest week while the more dependable four-week moving average advanced 1,000 to 426,750.
"The data don't show anything promising for a turnaround in the weak labor market," said CIBC World Markets economist Avery Shenfeld.
Meanwhile, prices of imported goods climbed 0.8 percent last month, buttressed by the soft U.S. dollar, while export prices slipped 0.2 percent.
In the currency sector, the U.S. dollar was little changed in recent trades, edging down 0.1 percent to 117.65 yen while the euro declined 0.1 percent to $1.1342.
The European Central Bank left short-term rates unchanged, as had been expected, at its policy-setting meeting Thursday. The Bank of England, on the other hand, sliced short rates by 1/4 point to 3.50 percent, citing the sluggish global economy and below trend production in the United Kingdom.
The British pound slumped 0.6 percent in recent action to $1.6267.
U.S. stocks brace for lower open
Thursday July 10, 8:51 am ET
By Julie Rannazzisi
NEW YORK (CBS.MW) -- The U.S. stock indexes were readying for some downside action at the open Thursday amid losses in shares of bellwethers such as Yahoo and Genentech following their quarterly results.
Additionally, the latest batch of economic news revealed more weakness in the labor market, strengthening the bears'case.
Yahoo (NasdaqNMYHOONews) came under selling pressure after posting an in-line second-quarter profit and reporting slight better-than-expected revenue.
Profit takers targeted Yahoo immediately after the release of its results late Wednesday. The Web portal registered mesmerizing gains in the first half of the year and was the best performer among Nasdaq 100 stocks with a gain of 100 percent.
The biotech sector will likely take its cue from Genentech (NYSEDNANews) , which stumbled in pre-open action after reporting late Wednesday a second-quarter profit that handily topped analysts' expectations.
In the futures pits, the September S&P 500 contract declined 7.30 points, or 0.7 percent, while the Nasdaq 100 contract slid 17.00 points, or 1.2 percent.
The retailers were busy unearthing their monthly same-store sale results.
Among the highlights: Dow component Wal-Mart (NYSEWMTNews) reported a 2.7 percent increase in June same-store sales; J.C. Penney (NYSEJCPNews) registered a 0.1 percent increase in comparable department store sales in June and said it expected July sales to come in flat to slightly higher; and Sears (NYSESNews) posted a 1.8 percent decline in comparable-store sales.
See Movers & Shakers for the latest individual stock action.
Treasurys higher; BoE cuts rates
Government bonds rose for a second straight session, extending gains after the release of weak economic news.
The 10-year Treasury note ascended 11/32 to yield (CBOE^TNXNews) 3.64 percent while the 30-year government bond rose 1/2 to yield (CBOE^TYXNews) 4.67 percent.
Jobless claims and the June import and export price indexes highlighted Thursday's economic docket.
The labor market remains sluggish and signs of improvement continue to be hard to come by. Jobless claims climbed 5,000 to 439,000 in the latest week while the more dependable four-week moving average advanced 1,000 to 426,750.
"The data don't show anything promising for a turnaround in the weak labor market," said CIBC World Markets economist Avery Shenfeld.
Meanwhile, prices of imported goods climbed 0.8 percent last month, buttressed by the soft U.S. dollar, while export prices slipped 0.2 percent.
In the currency sector, the U.S. dollar was little changed in recent trades, edging down 0.1 percent to 117.65 yen while the euro declined 0.1 percent to $1.1342.
The European Central Bank left short-term rates unchanged, as had been expected, at its policy-setting meeting Thursday. The Bank of England, on the other hand, sliced short rates by 1/4 point to 3.50 percent, citing the sluggish global economy and below trend production in the United Kingdom.
The British pound slumped 0.6 percent in recent action to $1.6267.
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