11/6/2012 9:54 AM ET
Stocks have moved to the upside in early trading on Tuesday, adding to the gains posted in the previous session. The major averages have all climbed into positive territory, further offsetting last Friday's substantial losses.
The major averages have recently pulled back off their highs for the young session but are currently holding on to gains. The Dow is up 60.27 points or 0.5 percent at 13,172.71, the Nasdaq is up 2.93 points or 0.1 percent at 3,002.59 and the S&P 500 is up 4.76 points or 0.3 percent at 1,422.02.
The early strength on Wall Street comes despite continued uncertainty about the outcome of today's elections, although trading activity is likely to be relatively subdued as voting gets underway.
The outcome of the presidential race between President Barack Obama and Republican Mitt Romney as well as key congressional races will not be known until much later tonight at the earliest.
A lack of major U.S. economic data may also keep traders on the sidelines, although some investors will be willing to make bets on particular sectors based on their expectations for the outcome of the elections.
A win for Obama is expected to be good news for the alternative energy, telecom, and housing sectors, while a win for Romney could benefit the defense, resource, and financial sectors.
Steel stocks are seeing notable strength in early trading, with the NYSE Arca Steel Index up by 1.2 percent. AK Steel (AKS) and U.S. Steel (X) are turning in two of the sector's best performances.
Natural gas, tobacco, and banking stocks are also seeing early strength, although most of the major sectors are showing only modest moves.
Among individual stocks, Intel (INTC) is moderately lower on the heels of a report from Bloomberg News indicating that Apple (AAPL) is preparing to replace Intel processors in its Mac personal computers with a version of its own chip technology used in the iPhone and iPad.
Shares of CVS Caremark (CVS) have also moved to the downside even though the drugstore operator and pharmacy benefits manager reported better than expected third quarter results. The company also raised its full-year earnings guidance.
On the other hand, Office Depot (ODP) is posting a strong gain after the office supplies retailer reported adjusted earnings that exceeded analyst estimates but on weaker than expected revenues.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday. While Australia's All Ordinaries Index inched up by 0.2 percent, Japan's Nikkei 225 Index dipped by 0.4 percent and Hong Kong's Hang Seng Index edged down by 0.3 percent.
Meanwhile, the major European markets have all moved to the upside on the day. The French CAC 40 Index has risen by 0.4 percent, while the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.6 percent.
In the bond market, treasuries have given back some ground after moving notably higher over the course of the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, has edged up by 1.4 basis points to 1.698 percent.
11/6/2012 11:04 AM ET
After moving higher at the start of trading, stocks have continued to perform well over the course of morning trading on Tuesday. The major averages are all in positive territory, adding to the gains posted in the previous session.
The strength on Wall Street comes even as traders express continued uncertainty about the outcome of the presidential race between President Barack Obama and Republican challenger Mitt Romney.
While some traders are likely making bets based on their expectations about the election results, trading activity has remained relatively subdued.
Steel stocks have shown a strong move to the upside on the day, driving the NYSE Arca Steel Index up by 1.6 percent. AK Steel (AKS) is posting a notable gain after announcing a price increase for carbon steel products.
Considerable strength has also emerged among airline stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca Airline Index. With the gain, the index has risen to its best intraday level in almost four months.
Trucking, defense, and tobacco stocks are also seeing significant strength, while moderate weakness is visible among healthcare provider stocks.
The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is up 83.10 points or 0.6 percent at 13,195.54, the Nasdaq is up 4.71 points or 0.2 percent at 3,004.37 and the S&P 500 is up 5.51 points or 0.4 percent at 1,422.77.
| Canadian Market |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | 11/6/2012 11:18 AM ET
Canadian stocks were little changed Tuesday morning as traders were cautious ahead of the outcome of the results of the U.S. presidential election. President Barack Obama is fighting for re-election in a tight race with Republican challenger Mitt Romney.
The S&P/TSX Composite Index eased 6.68 points or 0.05 percent to 12,346.10, after losing about 150 points or just over 1 percent in the past two sessions.
The price of gold was moving higher Tuesday morning on safe haven buying even as the U.S. dollar was steady ahead of US polls outcome. Gold for December added $8.10 to $1,691.30 an ounce.
Among gold plays, Eldorado Gold (ELD.TO) gained 2 percent, while Goldcorp. (G.TO) and Agnico-Eagle Mines (AEM.TO) were adding nearly 1 percent each.
In the base-metals space, Inmet Mining (IMN.TO) and Teck Resources (TCK_B.TO) gathered about 2 percent each.
Consumer goods company CCL Industries Inc. (CCL_B.TO) gained over 1 percent after reporting a rise in third-quarter net earnings to C$21.30 million or C$0.63 per share from C$17.02 million or C$0.52 per share last year.
Open-ended real estate investment trust Dundee REIT (D_UN.TO) reported improved third-quarter funds from operations of C$72.9 million or C$0.72 per unit compared to C$42.8 million or C$0.68 per unit last year. The stock edged up 0.30 percent.
The price of crude oil was ticking higher Tuesday morning, with crude for December gaining $0.81 to $86.46 a barrel.
In the oil patch, Imperial Oil (IMO.TO) and Coastal Energy (CEN.TO) were up around 2 percent each.
Meanwhile, Niko Resources (NKO.TO) and Penn West Petroleum (PWT.TO) lost over 3 percent each.
Oil and gas industry services provider Pason Systems Inc. (PSI.TO) slipped 1 percent after reporting a lower third-quarter net income at C$19.34 million or C$0.23 per share compared to C$28.55 million or C$0.35 last year. Analysts expected the company to report earnings of C$0.29 per share for the quarter.
Communications products company Wi-LAN Inc. (WIN.TO) shed over 1 percent after reporting a lower third-quarter GAAP earnings of $2.2 million, or $0.02 per share versus $7.3 million or $0.06 per share last year. Adjusted earnings plummeted to $9.3 million or $0.08 per share from $22.8 million or $0.18 per share. Analysts expected the company to report earnings of $0.08 per share.
In economic news, euro zone producer price inflation remained unchanged at 2.7 percent in September, data released by Eurostat showed. This was marginally above economists' forecast of 2.6 percent. The producer price index in total industry, excluding the energy sector, increased 1.2 percent year-on-year.
Meanwhile, Germany's private sector contracted at steeper pace than estimated earlier in October, detailed results of a survey by Markit Economics showed. The composite output index, that measures performance of both manufacturing and service sectors, fell to 47.7 in October from 49.2 in September. The preliminary results showed a higher score of 48.1. |
| European Market | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | 11/6/2012 6:27 AM ET
The European markets are in positive territory in afternoon trading Tuesday, ahead of the crucial presidential poll in the U.S. The U.S. futures are slightly higher, while the Asian markets ended mixed.
Germany's private sector contracted at steeper pace than estimated earlier in October, detailed results of a survey by Markit Economics showed. The composite output index fell to 47.7 in October from 49.2 in September. The preliminary results showed a higher score of 48.1.
Germany's factory orders fell 3.3 percent month-on-month in September, following a 0.8 percent decrease in August, the Federal Ministry of Economics and Technology reported Tuesday. Economists had expected only 0.5 percent fall for September.
U.K. industrial production declined by a more than expected 1.7 percent in September from a month ago, the Office for National Statistics said. The rate of fall far exceeded a 0.6 percent decrease forecast by economists.
The European Commission forecasts Spain's economy to shrink 1.6 percent this year, slightly more than a 1.5 percent fall estimated by the Spanish government, El Pais said. The commission is set to publish its autumn forecast on Wednesday.
Citing a draft of the report, the newspaper said gross domestic product will fall 1.5 percent next year compared to the 0.5 percent contraction projected by the government.
A 48-hour general strike called by Greece's two biggest labor unions to protest against further austerity measures being considered by the government is set to begin today. The two unions together account for almost half of the Greek work force.
The strike coincides with a parliamentary debate on fresh austerity and cost-cutting measures demanded by the country's international creditors in exchange for the next bailout installment. The parliamentary debate will be followed by a vote on Wednesday.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.71 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.51 percent.
The German DAX and the French CAC 40 are gaining 0.7 percent each while the UK's FTSE 100 and Switzerland's SMI are up 0.5 percent each.
In Frankfurt, ThyssenKrupp is gaining 2.6 percent and airline Lufthansa is adding 2.3 percent.
Commerzbank is advancing 1.8 percent and Deutsche Bank is rising marginally.
Hannover Re is climbing 5.3 percent. The insurer reported a significant increase in third-quarter profit.
Allianz is adding 0.8 percent. Merrill Lynch removed the stock from ''Insurance Most Preferred List.''
Volkswagen is losing 1.2 percent after announcing completion of the placement of mandatory convertible notes worth 2.5 billion euros, maturing in 2015. BMW, which reported higher profit for the third quarter, is losing 0.2 percent.
Specialty chemicals company Lanxess is down 0.8 percent. The company posted a fall in quarterly profit and said it now expects full year adjusted EBITDA at the lower end of the previous guidance.
Morgan Stanley reduced its rating on E.ON. The stock is falling 0.2 percent.
In Paris, STMicroelectronics is gaining 2.5 percent. Schneider Electric is advancing 2.2 percent after UBS added the stock to ''Most Preferred List.''
Credit Agricole and Societe Generale are gaining 2.4 percent and 2 percent, respectively. BNP Paribas is advancing 0.9 percent.
Accor is up 1.8 percent and Veolia Environnement is gaining 1.6 percent.
In London, Resolution is climbing 4.6 percent and chipmaker ARM Holdings is adding 3.8 percent.
G4S reported higher revenues for nine months. The stock is gaining 2.4 percent.
Marks & Spencer is up 1.7 percent. The company reported first-half results today.
Babcock International is losing 3.5 percent. The firm posted higher profit for the first half of the year.
ABB is up 2 percent in Stockholm. UBS added the stock to ''Most Preferred List.''
Credit Suisse is up 1.7 percent in Zurich. Barclays raised the stock to "Equalweight" from "Underweight."
Across Asia/Pacific, markets had a mixed outing. China's Shanghai Composite Index and Japan's Nikkei 225 fell 0.4 percent each and Hong Kong's Hang Seng lost 0.3 percent. Australia's All Ordinaries advanced 0.2 percent, after the Reserve Bank of Australia left interest rates unchanged at 3.25 percent.
In the U.S., futures point to a higher open. In the previous session, the major averages reached new highs in the final hour of trading but gave back some ground going into the close. The Dow edged up 0.2 percent, the Nasdaq climbed 0.6 percent and the S&P 500 rose 0.2 percent.
In the commodity space, crude for December delivery is gaining $0.47 to $86.12 per barrel while December gold is advancing $7.4 to $1690.6 a troy ounce. |
| Asia Market | 11/6/2012 6:13 AM ET
Indian shares swung between gains and losses before ending modestly higher on Tuesday, led by realty, healthcare, power and banking stocks. Stocks saw some late-session boost after reports suggested that the government is mulling options to defer some spending to the next financial year to keep its rising fiscal deficit under control.
Global cues were mixed and the rupee's weakness continued ahead of the U.S. presidential election, limiting further upside.
The benchmark BSE Sensex ended the session up 55 points or 0.29 percent at 18,817, with 15 of its components advancing. The broader Nifty index rose by 20 points or 0.35 percent to 5,724, while the BSE mid-cap and small-cap indexes ended up 0.6 percent and 0.4 percent, respectively.
Cipla jumped 4.2 percent on brokerage upgrades after the drug maker posted better-than-expected quarterly results. Central Bank of India jumped over 4 percent on reporting a better-than-expected 35 percent rise in quarterly net profit despite higher provisions against bad loans.
Motherson Sumi Systems rose 2 percent as the auto component maker reported an over five-fold jump in quarterly net profit, boosted by foreign exchange gain of Rs 67 crore.
Tata Steel rose half a percent, reversing early losses on reports the company would make a representation to the Odisha government seeking cancellation of a fine of about Rs 6,000 crore on the company for its alleged involvement in "illegal and excess mining" at its captive mines.
Reliance Power edged up 0.4 percent as it posted a 2 percent rise in quarterly net profit. Andhra Bank rose 1.7 percent after the state-run lender reported a modest 3 percent rise in second-quarter net profit.
Shares of Amara Raja Batteries soared nearly 17 percent after the company posted strong Q2 results and unveiled expansion plans. Mastek hit the 5 percent upper circuit limit after its board approved a share buyback.
Kingfisher Airlines hit the 5 percent lower circuit limit on uncertainty over whether the debt-laden airline would resume operations. Maruti Suzuki lost 1.9 percent amid an ongoing standoff between the management and employees over the issue of taking back the sacked workers.
Hindalco fell 1.8 percent on disappointing second-quarterly results. The aluminum major, controlled by the Aditya Birla Group, reported a 29 percent fall in quarterly profit on the back of lower realizations.
Glenmark Pharmaceuticals lost 1.4 percent after its U.S. subsidiary announced the settlement of a litigation pending with U.S. drug maker Janssen Pharmaceuticals Inc. over alleged patent infringement of hormone imbalance drugs.
Jet Airways retreated 1.7 percent on reports that it would repay $600 million of debt by this fiscal end by way of sale and lease-back of planes.
Elsewhere, other Asian markets turned in a mixed performance, as investors refrained from taking fresh positions ahead of today's U.S. presidential election and generational change in Chinese leadership, which will happen later this week.
Investors also remained focused on Europe after Greek Prime Minister Antonis Samaras warned that the country could be forced out of the euro zone if the debt-crippled country's parliament fails to approve a new round of austerity measures needed for a lifeline from creditors.
However, European stocks were modestly higher and trading in the U.S. index futures signaled gains on the eve of Election Day. |
| Commodities | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | 11/6/2012 7:13 AM ET
The price of crude oil was ticking higher Tuesday morning as traders await the results of the U.S. presidential election. President Barack Obama is fighting for re-election in an extremely tight race with Republican challenger Mitt Romney.
Light Sweet Crude Oil (WTI) futures for December delivery, added $0.64 to $86.29 a barrel. Yesterday, oil gained nearly 1 percent mostly on bargain hunting with uncertainty surrounding the U.S. presidential elections.
This morning, the U.S. dollar was steady near a two-month high versus the euro and the Swiss franc, while moving up to a two-week high against sterling. The buck was hovering near a 4-month high versus the yen.
In economic news, euro zone producer price inflation remained unchanged at 2.7 percent in September, data released by Eurostat showed. This was marginally above economists' forecast of 2.6 percent. The producer price index in total industry, excluding the energy sector, increased 1.2 percent year-on-year.
Meanwhile, Germany's private sector contracted at steeper pace than estimated earlier in October, detailed results of a survey by Markit Economics showed. The composite output index, that measures performance of both manufacturing and service sectors, fell to 47.7 in October from 49.2 in September. The preliminary results showed a higher score of 48.1.
Today after the market hours, the API will release its US crude oi inventories report for the weekended November 02. |
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