Novas medidas do Governo pressionam contas em 0,6% do PIB

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The pace of selling activity lessens as the Nasdaq stabilizes just above the 1700 mark... Despite this, the indices persist at sharply lower levels following their retreat an hour ago... The propensity of traders to unload positions following a round of quarterly reports from technology companies (whose stocks have been among the year's best performing stocks) has precipitated a technical deterioration of the market... Key sector indices such as pharmaceutical and networking have fallen through a series of key support levels - generally around their 50 and/or 200 day moving averages - and their technical failure has invited further selling interest as the day has worn on...

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Sellers are back on their heels again and send the indices to their lowest levels of the day... A stubborn technoloy sector has kept pressure on the indices constant, and its influential leadership has led to sector reversals in earlier market standouts such as drug... The bearish tone of today's trade has become increasingly evident in the negative A/D line at the Nasdaq and NYSE, as well as the higher percentage of down volume to up volume... The treasury market, however, has begun to pare its losses in response to the pullback in equities... Treasuries had been trudging along at progressively lower levels earlier - with the yield on the 10-year note above 4.00% - due to the better than expected economic data for the labor market, and manufacturing and housing sectors...

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Market continues to show little life as the indices are virtually unchanged following the rise in the Philadelphia Fed Index... Like the Empire State Index - in which it shares similar boundaries and industries - the report topped the consensus estimate of 7.0, with a reading of 8.3... A sharp rise in the key new orders and shipments portions, combined with the first positive reading in the employment component in eight months, drove expansion in the region's manufacturing base for the third consecutive month... In spite of this, the market has continued to trade at moderately lower levels as valuation concerns remain at the forefront...

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Caros amigos,

Concordam com a historia que nos contam?

Like the previous two days, this morning's trade has been unable to convert encouraging news on the economic and corporate fronts into a winning session for stocks...

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Like the previous two days, this morning's trade has been unable to convert encouraging news on the economic and corporate fronts into a winning session for stocks... Underlying concerns surrounding the near-term, overextended nature of the indices have undercut the market's recent bullish momentum, and traders have chosen instead to sell into the solid quarterly earnings reports from companies such as SAP AG (SAP 28.31 -2.39), QLogic (QLGC 47.38 -3.97), and IBM (IBM 82.99 -3.75)... The latter market-moving issue matched consensus estimates in its Q2 (June) report and reaffirmed the average analyst FY03 (Dec) revenue and profit forecast; however, such in-line results have not been enough, in most investors' opinions, to justify the stock's 18% advance off its March lows... As such, technology, along with other leading groups in the recent rally such as brokerage and retail, has kept the broader market in negative territory... The Dow, though, has fared better than the Nasdaq due to encouraging earnings reports in names such as Coca-Cola (KO 44.42 +1.51), United Technologies (UTX 73.20 +1.01), and Caterpillar (CAT 62.21 +3.92) that have lagged the market in the March uptick... As for the economic data, it has all checked in above consensus estimates and has served to reaffirm forecasts of improved economic conditions in 2H03... June housing starts rose more than expected, to 1.803 mln, for their highest level since January, while jobless claims for the week of July 12 dropped 29K to 412K (consensus of 425K) and ended a three-week string of increases... Finally, the Philadelphia Fed index was just released and the regional manufacturing report improved to 8.3 (consensus of 7.0) from 4.0.. As with the other economic reports, the market has largely ignored the piece of good news in favor of consolidating the market's gains