Following a spectacular week with the Dow rising over 1100 points from last Tuesday's lows, the major averages are set to open lower following conservative earnings from JPMorgan Chase and disappointing economic data out of China. The Dow Jones Industrial Average fell 85 points to 11,432. The S&P 500 declined 9 points to 1,197. The Nasdaq Composite dropped 7 points to 2,597. JP Morgan is down 5% leading the charge lower. Blackstone is down 5% on a downgrade. Metlife is down 3% even though it was upgraded. Goldman Sachs and Morgan Stanley are lower by 4% ahead of earnings next week. The commodities are getting hit this morning. Freeport McMoran was upgraded, but higher inventories of copper out of China last night has that stock trading lower. Rio Tinto is down a percent even though they reported solid earnings. The only sector holding up this morning is the tech space. Fairchild Semi is jumping 7% even though the company provided cautious outlook for the fourth quarter. News that chip inventories are being worked off is lending support to all the chips. Intel is higher once again. Intel actually seems to perform better on down days. Qualcomm, Applied Materials, Broadcom, Cisco Systems, Micron, and Texas Instruments are higher. TI is up over 2%. Broadcom and Cisco were upgraded. In the retail space American Eagle, William Sonoma, and Dicks are higher on upgrades. Through the morning the averages pushed higher with the Nasdaq rebounded to the unchanged level. The Dow remained weak due to the financials.
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