11:55 am : The major averages are back near session lows as sellers remain in control. All three of the major averages are seeing losses of similar magnitude, trading down 1.2%.
Shares of Eli Lily (LLY 39.81, -0.67) are down 1.7% despite the company announcing the Food and Drug Administration has approved Amyvid for use in patients under evaluation for Alzheimer’s and other diseases related to cognitive decline. DJ30 -147.39 NASDAQ -35.55 SP500 -17.62 NASDAQ Adv/Vol/Dec 351/575.3 mln/2110 NYSE Adv/Vol/Dec 485/246.1 mln/2536
11:30 am : Treasuries are seeing a choppy session as action holds near Friday’s highs. Modest buying of longer dated paper has yields down a couple of basis points during today’s session and has the 10-yr searching for its first sub-2.00% print since March 12. The long bond is leading today’s advance as a gain of 17/32 has it nearing resistance in the 99 00/32 area. A flatter yield curve has persists with the 2-10-yr spread tighter at 172.5 basis points. Meanwhile, precious metals are mixed with gold up $8 at $1638 and silver down $0.40 near $31.35.DJ30 -150.30 NASDAQ -38.19 SP500 -18.47 NASDAQ Adv/Vol/Dec 340/507.2 mln/2100 NYSE Adv/Vol/Dec 477/221.2 mln/2537
11:00 am : The major averages are off their worst levels, but still hold losses of close to 1.0%. The S&P 500 is now the worst performer among the major indices, trading down 1.2%.
Molina Healthcare (MOH 26.36, -8.65) is down 24.7% after the company was informed it was not selected to participate in the Ohio Medicaid Managed Care Plan Request for Applications. The company’s contract with the state will expire without renewal at the end of 2012. Meanwhile,Centene (CNC 43.81, -6.99) is lower by 13.8% on similar news. DJ30 -130.29 NASDAQ -28.03 SP500 -15.76 NASDAQ Adv/Vol/Dec 368/413.5 mln/2047 NYSE Adv/Vol/Dec 497/184.7 mln/2482
10:35 am : The dollar index has pulled back sharply, but has only given select commodities a boost. In the energy, May crude oil has been in negative territory all session and didn’t benefit from that pull back in the dollar index. Crude hit a new session low of $101.27 a short while ago and remains near that low in current trade, now at $11.49/barrel, down 1.7%.
May natural gas was in the red overnight, but gained some steam this morning. About 20 minutes after floor trading began, nat gas rallied to a new session high of $2.11. Currently, it’s up 0.3% at $2.10/MMBtu.
In metals, Apr gold and May silver are mixed following the recent pullback in the dollar index. Gold is now back near session highs, while silver is attempting to come off its recently-hit session low of $31.43. Currently, silver is modestly lower at $31.63, down 0.4% and gold is +1.0% at $1646.80/oz.DJ30 -127.52 NASDAQ -32.45 SP500 -15.60 NASDAQ Adv/Vol/Dec 350/331 mln/2049 NYSE Adv/Vol/Dec 468/157 mln/2417
10:00 am : The major averages are holding on session lows as sellers remain in control following Friday’s jobs report. The Nasdaq is pacing today’s decline with a loss of 1.5% while the S&P 500 and Dow trade lower by 1.4% and 1.2% respectively.
Shares of AOL (AOL 26.64, +8.22) are one of the few bright spots, trading up 44.6% after the company announced a $1 billion patent deal withMicrosoft (MSFT 31.09, -0.43). The deal pays AOL $1.056 billion in cash for more than 800 of its patents and their related applications. Today’s announcement includes the sale of stock of an AOL subsidy upon which the company expects to see a capital loss for tax purposes. DJ30 -151.14 NASDAQ -47.22 SP500 -19.17 NASDAQ Adv/Vol/Dec 284/185.7 mln/2057 NYSE Adv/Vol/Dec 371/104.4 mln/2510
09:45 am : The major averages are under pressure in the opening minutes of trade. Selling is most pronounced in the Nasdaq as the tech-heavy index is down 1.3% while a loss of 0.9% has the Dow seeing some slight outperformance. Meanwhile, financials and energy are the worst perofrming sectors in the S&P 500, trading down 1.7% and 1.4% respectively.DJ30 -135.47 NASDAQ -41.21 SP500 -17.22 NASDAQ Vol 108.9 mln NYSE Vol 79.4 mln
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