Happy Mufti Day Traders,
US Market Report:
"Stocks were moderately lower Thursday after disappointing quarterly reports from Cisco Systems and others, with the losses partly offset by reports that Egypt's president will step down.
Earlier in the day, the Dow and Nasdaq were weighed down by tech company Cisco Systems -- whose shares fell 13.2%. The network equipment maker posted a quarterly profit late Wednesday that fell from year-earlier results, although it beat Wall Street's forecasts.
Cisco's earnings and outlook generally tend to have a heavy influence on both technology stocks and the broader market in general, because it builds several of the components required for the Internet and e-commerce. However, investors noted Cisco's been in turnaround mode for several quarters now.
"The market is trying to work through if Cisco's problems are Cisco's problems, or if it's related to tech overall," said Daniel Morgan, portfolio manager for Synovus Trust.
Also weighing on the Nasdaq were shares of Web tools developer Akamai Technologies, which plunged 14% on a disappointing earnings report.
Despite poor quarterly earnings from the technology sector, markets erased the majority of their losses on reports that Egyptian President Hosni Mubarak will step down later Thursday. However, there was later indication from Egypt's information minister that Mubarak was not leaving office. Mubarak is expected to address his nation later today." [Source: cnnmoney.com]
Market Reflections - Thursday, 10th February, 2011
"The Dow ended eight positive sessions with a fractional dip on Thursday to 12,229. The loss came despite a very positive jobless claims report that shows big declines following weeks of weather-related backup. A military takeover of Egypt and a national address by Mubarak hit late in the session but didn't move the markets.
Commodities, including oil, showed very little change on the day despite a jump in the dollar. The dollar index rose 0.8 percent to 78.23 as the euro fell on new questions over Europe's commitment to support Portugal where rates hit new records. U.S. rates moved higher with the 30-year yield up six basis points to 4.77 percent, a level that won't help borrowers especially those in the housing market." [Source: bloomberg.com]
Market Focus in the US this evening
"Strength in goods exports would underscore the leadership of the nation's manufacturing sector." [Source: bloomberg.com]
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The DJIA Index finished the last trading session: Down 10.60 points; and
The SPI Futures are currently: Down 5 points atm.
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Of note in the US this evening:- International Trade [
Market moving indicator]
- Consumer Sentiment [
Merits extra attention]
- Sarah Bloom Raskin speaks
[Federal Reserve Gov. - Speech on mortgage servicing issues to the Midwinter Housing Finance Conference in Park City, Utah.]
...AND...
Of note in Australia today:- RBA's Governor Glenn Stevens Speech [
Market moving indicator]
[The RBA Governor Glenn Stevens was born in 1958. He graduated from the University of Sydney. In 2006 he became Governor of the Reserve Bank of Australia. He gives a press conference as to how the RBA observes the current Australian economy and the value of AUD. His comments may determine a short-term positive or negative trend.]
[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]
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Gold is currently trading Down $0.30 & is sitting at US$1,363.50/oz atm [Source: Kitco]
Oil is currently trading Up $0.02 & is sitting at US$86.73/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0021c against the US Dollar [Source: Forex. Live]
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Have a great day trading today all.
Cheers, Tweets
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