“12:00 pm : The major market averages trade on session lows as sellers remain in control. The S&P 500 and Nasdaq lead today’s decline with losses of 1.1% while the Dow trades down 1.0%.
Shares of SuperValue (SVU 5.83, +0.514) are up 9.5% following the company’s better than expected fourth quarter earnings. The company announced earnings per share of $0.38 which topped Capital IQ Consensus Estimate of $0.36 per share. Revenues missed expectations, coming in at $8.23 billion on expectations of $8.32 billion. DJ30 -123.82 NASDAQ -36.43 SP500 -15.66 NASDAQ Adv/Vol/Dec 461/714.5 mln/1948 NYSE Adv/Vol/Dec 474/305.2 mln/2508
11:30 am : The major averages hold near session lows as all three trade down 0.6%.
European financials are under significant selling pressure as peripheral yields continue to climb. Selling in the periphery has run the Italian and Spanish 10-yr yields up to 5.61% and 5.98% respectively while a flight to safety in German Bunds has produced record low yields for 2-, 5-, and 10-yr Bunds. Heavy buying dropped the 2-yr Bund yield to 0.100% as it slid below the 2-yr Japanese Government Bond yield for the first time ever. Numerous financial stocks are halted across Italy, and that is weighing on Barclays (BCS 13.26, -0.48), Deutsche Bank (DB 44.24, -0.74), andSociete Generale (SCGLY.PK 4.94, -0.23) are among the worst performing financials on their respective indices.DJ30 -74.70 NASDAQ -16.31 SP500 -8.35 NASDAQ Adv/Vol/Dec 578/558.2 mln/1793 NYSE Adv/Vol/Dec 584/243.3 mln/2340
11:00 am : The major averages fell to session lows as traders digested this morning’s wholesale inventories data. The Dow and S&P 500 lead the decline with losses of 0.5% while the Nasdaq sees slight outperformance with a 0.3% decline.
Best Buy (BBY 22.15, -0.50) is down 2.2% after the resignation of Chief Executive Officer Brian Dunn. The company has named Director Mike Mikan interim CEO until a permanent replacement is hired. Shares surged more than 4.0% in initial reaction to Mr. Dunn’s resignation, but have since rolled over as broad-based selling hit stocks following the wholesale inventories number. DJ30 -70.80 NASDAQ -10.15 SP500 -6.76 NASDAQ Adv/Vol/Dec 690/438.3 mln/1633 NYSE Adv/Vol/Dec 734/194.0 mln/2138
10:35 am : In Energy, May crude oil sold off sharply from its recent session high of $102.99 to a new session low of $101.65/barrel. Crude is now -0.4% at $102.04/barrel.
May natural gas was near the unchanged line overnight. Natural gas found buyers around 7:30am ET and pushed into positive territory and a new session high of $2.12.This was short-lived and nat gas began to trend lower, dropping to a new session low of $2.07 and remains near that level, currently at $2.07, down 2%.
In metals, Apr gold and May silver have sold off in recent trade and dropped to new session lows (Gold $1634.30, Silver $31.26). In current activity, both precious metals remain near that level. Gold is now -0.4% at $1638.20, while silver is -0.6% at $31.33/oz.DJ30 -51.50 NASDAQ -5.73 SP500 -4.38 NASDAQ Adv/Vol/Dec 760/363 mlnl/1547 NYSE Adv/Vol/Dec 833/166 mln/1958
10:05 am : Monthly wholesale numbers were just released. They showed a 0.9% increase in February, and that’s more than the 0.5% increase that had been broadly expected. There hasn’t been any real reaction among stocks to the data. The Nasdaq continues to lead the way with a 0.1% gain while the S&P 500 and Dow hold just below their respective flat lines.DJ30 -21.23 NASDAQ +3.74 SP500 -1.26 NASDAQ Adv/Vol/Dec 1044/200.4 mln/1163 NYSE Adv/Vol/Dec 1099/106.9 mln/1639
09:45 am : The major market averages are mixed in early trade. The tech-heavy Nasdaq is holding a gain of 0.2% thanks in large part to the 0.9% jump in Apple (AAPL 642.20, +5.97). Meanwhile, the S&P is flat and the Dow is off 0.1%. Wholesale inventories will be released at 10 am ET.DJ30 -10.82 NASDAQ +6.57 SP500 +0.34 NASDAQ Vol 105.4 mln NYSE Vol 70.4 mln”
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