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For the week ending Friday, September 5, 2008, the U.S. markets ended in negative territory for the week after weak employment data and declines in auto and retail sales pointed to weaker consumer spending and a greater economic slowdown. The unemployment rate jumped to a 5-year high, soaring to 6.1%. On Thursday, the three major Indices fell back into bear market territory by dropping 20% from their market peaks set last fall. Both the Dow & Nasdaq Composite had their worst daily closes since July 26, with drops of more than 340 points for the Dow and 75 points for the Nasdaq.
Following are the day’s biggest winners and losers. Find out why shares of American Eagle and Chico’s popped while Caterpillar and American Express dropped.
Yesterday, Kohl's and JC Penney reported August same store sales slightly better than expected. Today Wal-Mart, Target, Gap, American Eagle (reaffirms third quarter guidance), Pacific Sunwear all reported sales above expectations. However, department stores did not fare as well.
Stocks ended a mundane week mixed, despite modest gains Friday fueled by plunging oil prices that nevertheless couldn't offset a cautionary trading environment.
Fast Money now - the trades you need while the market is open!
Wall Street shook off more signs of consumer weakness and instead focused on plunging oil prices, sending stocks up as financials continued to gain.
Yesterday it was Europe announcing weak economic growth, today it is Hong Kong, where Q2 GDP fell by 1.4 percent quarter-over-quarter. Year-over-year, GDP rose 4.2%, the slowest gain since Q3 2003. Higher costs from China, as well as weaker demand, was the culprit.
It's hard to see Friday's markets as anything but volatile after this past week's wild swings. But if there are no out of the ordinary events, traders say the stock market just might quiet down late in the session as investors head off for one of the final weekends of the summer.
In this Web Extra the traders reveal their Fast & Furious trades for Friday. We didn’t have time on TV but you’ll find them all here!
Medal Round - Day 2: The US continues to outperform, but India's Sensex has surged forward to second place.
Following are the day’s biggest winners and losers. Find out why shares of General Motors and Amazon popped while Newmont Mining and Alpha Natural Resources dropped.
As every week, the Fast Money crew takes a look back at some of their less-accurate trades and plays. After all, as Dylan remarks, "nobody says they're perfect around here."
What can be expected as earnings season begins for the retailers? It was a rough start, with lower-than-expected numbers released yesterday. But with the downward movement of oil and the strengthening US dollar, retail may see an upswing.
Stocks could sprint higher into the coming week, as a strengthening dollar and declining commodities prices encourage buyers hoping for a reprieve from inflation.
Karen Finerman of the Fast Money team joins Dylan Ratigan for the last Final Call of the week, and their discussion revolves on how oil has "jerked around" retailers.
Here's the Thursday edition of the Fast Money Final Trade. The crew presents tomorrow's best trades, right now!
"[The] stock market: a loser across the board. It was a loser early, it stayed a loser and became a bigger loser as the day went on," Dylan summed up Thursday's trading with that one statement, as AIG and Wal-mart lead the Dow's one-day, 225-point dive. A few lone tech stocks were the only winners in an otherwise distressed market. Adding to the bearish environment was the morning's new jobless claim numbers, the highest reported in several months.
Early July sales results from retailers have been disappointing, with many falling short of analyst estimates. It also appears that the benefit from tax rebate checks is beginning to wane.
Futures are down nearly 10 points, not surprising given AIG, a strange but generally disappointing retail sales report, and jobless claims higher than expected.
Here's our Fast Money Final Trade. Tomorrow's best trades, right now!