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Like a sailing ship waiting for the wind to shift, the stock market could drift as it focuses on oil, economic data and earnings reports in the week ahead.
For the week ending Friday, July 25, 2008, the markets closed mixed for the week, on negative housing data, and mixed earnings results. An early rally in financial and airlines stocks, supported by the continued slide in oil prices, was quickly wiped away by ongoing uncertainty in the economy. The Dow dropped more than 280 points on Thursday, marking the worst one day point drop in over a month. However, Friday saw a slight rebound on strong durable goods and a bounce back in consumer sentiment. Only the Nasdaq finished slightly up 1.2% for the week. The Dow and S&P finished down 1.09% and 0.23%, respectively.
On a heavy earnings week with over 30% of the S&P 500 reporting, the markets end the week mixed on positive economic data and a decline in oil prices to an almost two-month low. The Dow and S&P are both down for the week while the NASDAQ ends the week up about 1.2%.
Stocks go into Friday facing important manufacturing and housing data and, of course, more turbulence.
Oil's move to a six-week low has been cheering the stock market, but the question is for how long?
Oil's trend lower has whipped up buying in stocks and could do the same Wednesday, if a string of major blue chips' earnings don't disappoint before the opening bell.
Stocks are casting a wary eye on oil and, lacking any dramatic events, earnings news could steer the market.
For the week ending Friday, July 18, 2008, the U.S. markets saw extreme volatility yet settled higher on better-than-expected earnings results, a pullback in crude oil, and an indication that the Fed will hold interest rates steady. Nonetheless, the Dow had its best week since April 18 and its best 3-day percent gain since March 2003 even after closing below 11,000 for the first time since July 2006.
Volatility reigned as the Dow closed below 11,000 for the first time since July, 2006 on Tuesday, followed by a market rally and the biggest 3-day gain of the Dow since March, 2003.
Citigroup's better-than-expected earnings report turned the tide ahead of the open.
Earnings from J.P. Morgan and some other big companies could sway the market's early direction, but traders are closely watching oil to see if it will make or break the upswing in stocks.
Today's CPI data follows yesterday's disappointing PPI. The 1.1% rise in the month of June is the biggest one month rise since September 2005 and the biggest year over year increase since 1991. Here is a break down of where costs are rising the most.
Oil's move could be a key trend in Wednesday's markets, as traders watch more Fed testimony, a bunch of earnings reports and another helping of inflation data.
With the Dow at levels not seen since July 2006, today's weak economic data is weighing further on the markets.
The credit crisis continues to beat up Wall Street, which in turn is creating turmoil in the Asian markets. Year-to-date, Tokyo is down over 15%, Syndey is off 23% and Shanghai is down a whopping 45%. Are the bears sticking around? We seek answers in the Dow's chart.
Fed Chairman Ben Bernanke's testimony before a Senate committee takes on even greater importance for Tuesday's markets, now that the Fed and Treasury have promised to backstop mortgage giants Fannie Mae and Freddie Mac.
Analysts say hurdles for the stock market in the coming week include continued uncertainty about financial sector—specifically mortgage giants Fannie Mae and Freddie Mac—as well as the unrelenting pressure of rising oil prices.
For the week ending Friday, July 11, 2008, the U.S. markets finished in bear market territory with the Dow dipping below 11,000 during intraday for the first time in 2 years.
Volatility rules the markets as the Dow dips below 11,000 intraday on Friday for the first time since July, 2006. The CBOE volatility index hits an intraday high of 29.44, the highest level since March 19th, oil hits a new record, the dollar falls.