Board-Ansicht
Mix-Ansicht- Close Dow -4.36 at 10872.97, Nasdaq +3.84 at 2085.76, S&P +0.52 at 1249.44: - Der letzte Grund, 16.05.2001, 09:10
Close Dow -4.36 at 10872.97, Nasdaq +3.84 at 2085.76, S&P +0.52 at 1249.44:
Clearly, the Fed was the news of the day. The Fed lowered the fed funds and discount rates by 50bp with a unanimous vote. Also, it made a number of comments indicating additional rate cuts were likely. That seemed to be about the best case scenario, but after an hour of positive trading, the indices sold off dramatically in the last hour of trading. The market reaction was likely due to the fact that nothing in the announcement indicated the Fed sees a turn in the economy. It's important to note that the Fed did not say that they are likely to cut rates again -- they never say that. Policy makers only indicated that the balance of risks lies on the side of excessive economic weakness, not inflation. The Fed's next meeting concludes on June 27, at which another rate cut is a good bet given our view that the consumer will be the next leg down for the economy....Techs generally ended the day in the red. Networking stocks were among the weakest led down by Ciena (CIEN 55.44 -4.51) due to negative analyst comments heading into its earnings release on Thursday. Storage was the strongest among the techs as three prominent storage companies report after the bell today: BRCD, NTAP, QLGC....Outside of techs, oil stocks were clearly the leader today as traders positioned themselves in front of President Bush's energy policy to be unveiled Thursday. It's expected to be favorable especially for the drillers and exploration companies. BHI, HAL and SLB were up strongly...Wal-Mart (WMT 52.00 -2.35) was the worst performing Dow stock after reporting in-line while another retailer, Home Depot (HD 50.10 +0.95) was the top Dow stock after beating estimates. Broadline retailers were weak, following WMT's lead. Also weak were beverages, airlines, and biotech. A number of key companies report after the close, so be sure to monitor Briefing.com's Short Stories for live highlights from the conference calls. DJTA +0.2%... DJUA -1.4%... SOX +0.2%... XOI +0.9%... BTK -0.4%... Nasdaq 100 +0.1%... S&P Midcap 400 +0.9%... Russell 2000 +0.6%... NYSE Adv/Dec 1904/1172... Nasdaq Adv/Dec 2076/1732.
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