DJ30 PointChange: -74.70 Level: 12076.55 NASDAQ PointChange: -21.53 Level: 2655.68 NQ100 PercentChange: -0.6 R2K PercentChange: -1.6 SP400 PercentChange: -1.1 SP500 PointChange: -12.07 Level: 1250.81 NASDAQ-Adv:638 Dec: 1921 NYSE-Adv:720 Dec: 2301
[BRIEFING.COM] Sellers returned to the fold on Monday to hand stocks sizable losses. Financials led the slide.
Financials fell to a 2.0% loss and were weak since the open of trade,
which was relatively rocky. Pressure against the sector was largely
rooted in an effort by market participants to pare their positions in
bank stocks, given the group's sensitivity to the threats of Europe.
Sentiment in Europe seemed to sour during the weekend, resulting in
losses for the region's major bourses and a sharply lower day for the
euro. Pressure came even though embattled Italy approved new austerity
measures and held another successful debt offering.
Tech stocks fought to keep sellers at bay for the first couple of
hours, but ultimately succumbed to broad market selling pressure to
settle with a 0.6% loss. Even IBM (IBM 187.35, -0.03)
surrendered a gain after it had been bid higher on the back of word from
billionaire investor Warren Buffett that he has been acquiring shares
in the company for the past month.
The economic calendar was entirely empty today and earnings were limited to only a handful of names. Lowe's (LOW 23.50, +0.39) posted an upside earnings surprise and issued mixed guidance, but in-line earnings from J.C. Penney (JCP 32.98, -0.94) were overshadowed by a disappointing forecast.
With so few catalysts for trade today, share volume on the NYSE
totaled at paltry 700 million. Over the past 50 days share volume has
been closer to 1 billion, on average.
Advancing Sectors: (None)
Tech -0.6%, Consumer Staples -0.7%, Consumer Discretionary -0.7%,
Health Care -0.7%, Industrials -0.7%, Materials -0.9%, Telecom -1.1%,
Utilities -1.2%, Energy -1.2%, Financials -2.0%