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US markets ended off day’s low to end flat

The US markets ended off day’s low to end flat amid pathetic volumes & lower than expected global economic data. The Dow Jones ended flat at 10302, after seeing recovery of 93 points from day’s low of 10209.

The Nasdaq ended up 8.4 points at 2182, after seeing recovery of 27 points from day’s low of 2155. The S&P 500 Index ended flat at 1079, after seeing recovery of 10 points from day’s low of 1069.

NYSE trading volume didn’t even break 800 million shares; most thinly traded session’s all year.

MSCI Asia Pacific Index was lower for the first time in last 3 days on speculation that Japan will introduce economic stimulus measures

European markets ended flat; CAC was down 0.4% while DAX and FTSE ended flat.

Global Economic News

US homebuilder confidence fell to 13 in August versus 14 in July, lowest level since March 2009 (market expected 15))

NY Empire State Manufacturing Index rose to 7.10% in August, from 5.08 in July (market expected 8.25)

Employment Index rose to 14.29 in August from 7.94 in July

Global M&S

Research In Motion was down 4.8%; after the BlackBerry maker assured Indian authorities of limited access to its Messenger services by September 1, according to government sources

Vedanta was up 4.8% and Cairn PLC up 5.3% yesterday on LSE.

Currencies

Dollar dropped 0.5% versus euro at 1.28

Yen rose to 6-week high versus Euro.

Yen went up 62 bps versus USD at 85.2.

Commodities

September crude oil was down 0.2% at USD 75.24/bbl, 5th consecutive session of losses

Sept natural gas was down 2.3% at USD 4.23 per MMBtu, lowest levels since late May

Gold rose 0.9% at USD 1226.2/ounce, one-month closing high

September silver gained 1.7% to USD 18.43/ounce

Grains fell 2.5%, December wheat futures slipped 5.2% after forecasts for rain in Russia weighed on prices

Data to watch

Treasury Department is scheduled to host a public forum on reforming Fannie Mae and Freddie Mac

US Producer Price Index, Housing starts, industrial production

Earnings before the bell from Home Depot, Wal-Mart

This entry was posted on Monday, August 16th, 2010 at 7:44 pm and is filed under US Markets. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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