Day Traders Diary


U.S. stocks started with declines Thursday, with the S&P 500 extending losses into a third session, after economic reports showing contractions in manufacturing in Europe and China. The Dow Jones Industrial Average fell 56 points to 13,069. The S&P 500 Index shed 7 points to 1,396. The Nasdaq Composite declined 14 points to 3,060. Weakness overseas is hitting the energy space, materials, and industrials. Exxon is lower on an upgrade. The price of oil is down nearly 2%. Gold Mining company, Randgold is down 11% on news the government in Mali has been overthrown. In the transportation sector, FedEx is down 4% following strong earnings, but cautious guidance. Royal Caribbean is lower on an upgrade. It looks like the transports are back in a correction. The best performing sectors this morning are utilities and consumer staples. Phillip Morris is higher by a percent to a new all time high. The retail sector continues to perform well. Dollar General is up 4% on earnings. Gamestop is also higher on earnings while Lululemon is lower following earnings. Through the morning the Dow dropped nearly 100 points before rebounding. The Nasdaq is performing better thanks to the techs. Google is acting great. IBM, Intel, and Microsoft are modestly higher while Apple is unchanged. Western Digital is up 3% on an upgrade. The financials are under a little bit of pressure. Discover is bucking the trend up 4% on strong earnings. In the entertainment space, Lions Gate is down 6% ahead of their blockbuster Hunger Games movie out at midnight tonight. In the afternoon the averages moved back toward the lows as energy, materials, and Industrials. Even Apple has fallen into the red. In the last hour the averages bounced off the lows, but still a down day. The Dow Jones Industrial Average fell 78 points to 13,046. The S&P 500 lost 10 points to 1,392, its first close below 1,400 in just over a week. The Nasdaq Composite fell 12 points to 3,063.
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