Market Wrap: Stocks Slip On Concerns Before Earnings, FOMC U.S. stocks fell on Monday, with investors adopting a cautious approach two days before the release of minutes from the Federal Reserves last meeting and quarterly earnings. H&R Block leading declines on the S&P 500 after the tax preparer said the sale of its banking business to BofI Federal Bank had been bogged down by regulatory hurdles. Sentiment has been very negative; the markets have declined some and investors have gotten worried about economic growth, worried about Ebola, worried about interest-rate hikes from the Federal Reserve, and maybe about Bill Gross changing jobs (Pimco). The Chicago Board Options Exchange Volatility Index climbed 6.3 percent to 15.46. The Federal Open Market Committee releases minutes from its last session on Wednesday, with the Federal Reserve on track to conclude its bond purchases this month. The unofficial launch of the third-quarter earnings season also starts Wednesday with results expected from aluminum-producer Alcoa, with eight additional S&P 500 companies slated to post results this week. Hewlett-Packard rallied after saying it would divide into two companies; GT Advanced Technologies declined after Apples partner in a sapphire glass factory in Arizona said it filed for voluntary bankruptcy protection. After rising as much as 89 points and falling 79, the Dow Jones Industrial Average dropped 17.78 points, or 0.1 percent, to 16,991.91, with Cisco Systems leading blue-chip losses that extended to 17 of 30 components. The S&P 500 shed 3.08 points, or 0.2 percent, to 1,964.82, with consumer discretionary pacing sector losses and telecommunications faring best among its 10 main industry groups. The Nasdaq fell 20.82 points, or 0.5 percent, to 4,454.80. The dollar declined against the currencies of major U.S. trading partners and dollar-priced commodities including gold and oil gained. Gold futures for December delivery rose $14.40, or 1.2 percent, to $1,207.30 an ounce and crude futures for November added 60 cents, or 0.7 percent, to $90.34 a barrel. The yield on the 10 year Treasury note used in figuring mortgage rates and other consumer loans fell 2 basis points to 2.416 percent. Dow 16,991.91 - 17.78 - 0.10% S&P 500 1,964.82 - 3.08 - 0.20% Nasdaq 4,454.80 - 20.82 - 0.47% VIX 15.46 + .91 + 6.30% Gold futures 1,207.30 + 14.40 Oil futures 90.34 + .60
Posted on: Mon, 06 Oct 2014 22:19:40 +0000
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