Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stocks Are Breaking Bad Ahead of Quarter-End Finale


Today's financial recap and tomorrow's financial outlook.

The S&P 500 (INDEXSP:.INX) was down for the sixth time in the past seven sessions as the US Senate voted to approve a spending bill to avoid a government shutdown, an outcome which was largely expected by market participants. However, since the aforementioned bill must stil be approved by Congress, there is still tension in the air.

Prior to this losing run, the market had been up for four days in a row, marking an all-time high of 1729.86 on September 18, implying that the recent decline may be routine profit-taking after a big run higher.

In terms of the trading action, it was a risk-off day, with strength in US Treasuries, and notable underperformance in homebuilding stocks and emerging markets, both of which were down more than 1%.
Additionally, market leader Apple (NASDAQ:AAPL) continued to slide, and the stock is now down nearly 4% from its Monday morning high of $499, which it hit due to its bullish iPhone sales news.
Elsewhere in the market, embattled retailer JC Penney (NYSE:JCP) fell 13% to $9.05 after the company announced a public offering of 84 million shares at $9.65 per share.

And shares of smartphone maker BlackBerry (NASDAQ:BBRY) rose slightly after the company announced second-quarter results that were in-line with the company's pre-announcement one week ago.

The star of the day, however, was footwear maker Nike (NYSE:NKE), which surged 4..7% to $73.64, courtesy of an impressive earnings report.

Tomorrow's Financial Outlook

At 9:00 a.m. ET, the September ISM Milwaukee report will be issued. Last month's reading was 48.21.
At 9:45 a.m. ET, September Chicago PMI will be released. The consensus forecast is for a reading of 54.0, up from 53.0 last month.

On the international front, the China HSBC/Markit Manufacturing PMI will be reported; it will likely be closely watched by those looking for a rebound in Chinese economic activity.
There are no major earnings reports scheduled for Monday.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos