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Dow +64, Nasdaq +5, S&P +5.02:
As of: Jul 18 2003 12:30PM ET
The indices have broken out of their trading ranges, with the blue-chip averages setting new session highs since the last update... Among the best-performing sectors in today's session is the oil services group, which is strong following solid gains in the space yesterday... Contributing to the favorable sentiment is a Banc of America call to be aggressive buyers of select Oil Services stocks on view that the stock and drilling cycles are not yet over and in anticipation of a positive outlook from conference calls... Firm's special situation recommendations include Hanover Compressor (HC 11.18 +0.11, target $14) and Halliburton (HAL 21.46 +0.21, target $30)...

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Dow +39, Nasdaq -1, S&P +2.40:
As of: Jul 18 2003 12:00PM ET
The market's retreat over the last three sessions came to a halt this morning, as the indices took a respite... As a result, the blue-chip averages have spent much of the session range-bound with mild gains and the Nasdaq vacillating around the unchanged line... There was no catalyst for the slightly favorable bias... As a matter of fact, the single event that one would've thought to be a market-mover is not producing much of a follow-through from the market... Specifically, Microsoft's (MSFT 26.89 +0.20) upside Q1 (Sept) guidance for EPS of $0.29 (excluding $0.06 in stock compensation expense) versus the consensus of $0.25 is not having a broad-market effect... This is similar to a lack of a follow-through from the market on Wednesday following Intel's (INTC 24.47 -0.46) better-than-expected earnings... Among the sectors contributing to the market's positive bias are the financial, biotech, networking, oil services, transportation, and utility groups... Limiting the advance are the lagging semiconductor, drug, paper, airline, retail, and housing sectors... The sole economic report of the day, July's Michigan Sentiment report, did not have a lasting impact on the market with its preliminary reading of 90.3, which was slightly below the consensus of 91.0, but above the prior number of 89.7... Elsewhere, the bond market has spent the bulk of the session on the defensive, with the 10-year note currently down -10/32, with its yield at 3.96%...

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Dow +34, Nasdaq -1, S&P +1.85:
As of: Jul 18 2003 11:30AM ET
The indices are range-bound with the Nasdaq vacillating around the unchanged line and the blue-chip averages sporting mild gains... Today's advance comes on the back of three losing sessions, so a bit of a respite at this point may seem to be in order... It's noteworthy that Microsoft's (MSFT 26.85 +0.16) upside Q1 (Sept) guidance for EPS of $0.29 (excluding $0.06 in stock compensation expense) versus the consensus of $0.25 is not having a broad-market effect... This is similar to a lack of a follow-through from the market on Wednesday following Intel's (INTC 24.47 -0.46) better-than-expected earnings of $0.14 per share, which were a penny above the Reuters Research consensus...

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Dow +41, Nasdaq +1, S&P +2.75:
As of: Jul 18 2003 11:00AM ET
The market is choppy, with no real direction at this point... For now, the indices are off their session lows and the Nasdaq has regained its placement in positive territory supported by the gains in biotech and networking sectors... Also on the plus side are the financial, oil services, transportation, and utility sectors... Sporting losses and limiting the advance of the market are the drug, paper, airline, gold and housing sectors... The defense and retail sectors are fighting to stay afloat...

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Dow +40, Nasdaq -4, S&P +1.34:
As of: Jul 18 2003 10:30AM ET
The Nasdaq's gains were short-lived and the index has now slipped into the red... The S&P 500 is right around the unchanged mark, while the Dow is able to hold on to the bigger part of its earlier gains... Note that the Nasdaq, which is the leader to the downside in today's session, has accomplished the biggest year-to-date gains (+26.6%) relative to the 11.6% and 8.9% year-to-date advance in the S&P 500 and the Dow, respectively... The Nasdaq's reversal has been incited by the weak semiconductor sector (SOX index down 1.5%), as well as the turnaround in sectors such as biotech, networking, software, disk drive...

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Dow +51, Nasdaq +6, S&P +4.50:
As of: Jul 18 2003 10:00AM ETThe indices lost some of their momentum, but are ultimately little changed following the preliminary reading for July's Michigan Sentiment report, which checked in at 90.3 versus the consensus of 91.0... Although slightly below the consensus, the reading is above the prior number of 89.7... In general, the index has risen appreciably since posting its lowest reading in a decade this past March... Healthy equity market performance, low interest rates, and the Bush tax cuts all have contributed to the recent rebound in the index... This index, by the way, is based on a telephone survey of 500 households - about 0.0004% of the 115 mln households in the U.S....

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Dow +61, Nasdaq +14, S&P +6.86:
As of: Jul 18 2003 9:40AM ET
The cash market is off to a higher start following three days of declines... There's no particular catalyst for the positive bias, although Microsoft's (MSFT 27.05 +0.36) upside guidance for Q1 (Sept) is a contributing factor... The company reported Q4 earnings of $0.23, a penny below the Reuters Research consensus, but raised Q1 expectations to $0.29 (excluding $0.06 in stock compensation expense), above the consensus of $0.25... Separately, July's preliminary reading for the Michigan Sentiment report is expected at 9:45 ET... Consensus expectations are for a number of 91.0, a slight increase from June's 89.7 level...