American Express (AXP:NYSE) was earning the distinction of being the biggest drag on the Dow Jones Industrial Average as the blue-chip average was pacing major stock proxies on the downside.
| Major Indices | | INDEX | CHANGE | % | VALUE | | Dow |   -119.68 | -1.12% | 10,528.50 | | S&P 500 | -11.95 | -0.89% | 1323.26 | | Nasdaq | -8.58 | -0.29% | 2907.37 | | Russell 2000 | -1.43 | -0.33% | 428.76 | | TSC Internet | -6.27 | -0.84% | 739.14 | | BOND | CHANGE | PRICE | YIELD | | 30-Year Treasury | -17/32 | 98 15/32 | 6.236% | | Market data as of: 11:50 AM EDT, Tue Oct 12 1999 | |
American Express, which was on a tear until this week, was down 2 3/4 today to 146 1/8.
Meanwhile, the Nasdaq Composite Index was retreating a hair after closing at an all-time high yesterday. As for the bond market, it wasn't doing the stock market any favors today.
Many traders are awaiting earnings reports from tech titans Intel (INTC:Nasdaq) and Motorola (MOT:NYSE).
Traders and analysts have had a host of earnings reports to chew on so far today as the pace of earnings releases picked up sharply.
Market Internals
Market breadth, which has been pretty nasty so far, was getting worse late this morning.
New York Stock Exchange: 865 advancers, 1,846 decliners, 325 million shares. 26 new 52-week highs, 106 new lows.
Nasdaq Stock Market: 1,464 advancers, 1,812 decliners, 436 million shares. 91 new highs, 40 new lows.
Sector Watch
The Philadelphia Stock Exchange Oil Service Index was up 2%, thanks in part to a spike up in the November crude oil futures contract, which was surging, up 3% to $21.95 a barrel.
Airline stocks, on the other hand, were suffering. The American Stock Exchange Airline Index was down 3%.
Paper stocks were flying in part on the heels of Weyerhaeuser's (WY:NYSE) ripping earnings report this morning which blew by Wall Street estimates. Weyerhaeuser was up 2 9/16 to 62. The Philadelphia Stock Exchange Forest & Paper Products Index was up 3%. Weyerhaeuser also announced a streamlining initiative that is expected to result in $150 million to $200 million in annual savings.
Bonds/Economy
The 30-year Treasury bond was tumbling and sending its yield up to the 6.24% level ahead of some key upcoming economic reports. On Thursday the September retail sales report is scheduled to be released, while on Friday the Producer Price Index is slated to be released. Next week, on Tuesday, the Consumer Price Index is scheduled to be released.
The long bond's yield was at its highest level since it ended at 6.26% on Aug. 12.
International
In Europe, major markets were stumbling. London's FTSE was down 1% to 6174.8, while France's CAC was off 1.4% to 4658.54 and Germany's Dax was down 1% to 5358.46.
In Asia, key markets there were mixed. Hong Kong's Hang Seng tumbled 1.8% to 12,759.35. Meanwhile, traders in Japan returned to work after the long weekend. The Nikkei closed slightly higher to 18,090.81 ahead of the Bank of Japan's policy board meeting tomorrow.
Currencies
The dollar was recently quoted at 106.27 yen, down from late yesterday's levels. The euro advanced and was at $1.0740.
Earlier...
11:07 a.m.: Stocks Drop Amid a Slew of Earnings Reports
Stocks were tumbling this morning amid a slew of corporate earnings reports.
| Major Indices | | INDEX | CHANGE | % | VALUE | | Dow | -122.53 | -1.15% | 10,525.65 | | S&P 500 | -12.38 | -0.93% | 1322.83 | | Nasdaq | -6.58 | -0.23% | 2909.37 | | Russell 2000 | -0.61 | -0.14% | 429.58 | | TSC Internet | -5.25 | -0.70% | 740.16 | | BOND | CHANGE | PRICE | YIELD | | 30-Year Treasury | -14/32 | 98 18/32 | 6.229% | | Market data as of: 10:59 AM EDT, Tue Oct 12 1999 | |
9:56 a.m.: Stocks Open Mostly Lower as Bonds Tumble
Stocks were mostly slumping early on as a stream of earnings news poured over the market and bond traders were doing a little damage on the 30-year Treasury bond after taking yesterday off.
| Major Indices | | INDEX | CHANGE | % | VALUE | | Dow | -66.49 | -0.62% | 10,581.69 | | S&P 500 | -5.68 | -0.43% | 1329.53 | | Nasdaq |  6.82 | 0.23% | 2922.77 | | Russell 2000 | -0.26 | -0.06% | 429.93 | | TSC Internet | -3.45 | -0.46% | 741.96 | | BOND | CHANGE | PRICE | YIELD | | 30-Year Treasury | -16/32 | 98 15/32 | 6.210% | | Market data as of: 9:49 AM EDT, Tue Oct 12 1999 | |
HOME
