The Bears once again maintained control of the market session, holding major indices firmly in the red zone, pushing into even deeper territory, into the close of the session. It was the third straight session for losses across the board. Trading volume was heavy with wider trading ranges for the trading day. Profit taking was part of the trading activity with short sellers coming on strong as we move toward the end of the trading week.
At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved lower with another triple digit loss of 198.94 points to end the session at 13,266.73; the NYSE (New York Stock Exchange) also posted a triple digit loss of 174.07 points to end at 9,720.94 the NASDAQ posted a heavy loss of 45.80 points today for a close at 2,541.38; the S&P 500 moved lower by 26.66 points to end at 1,490.72 and the RUSSELL 2000 moved lower by 15.89 points to close at 825.32 The FTSE All-World Index ex-US (top Large/Mid Cap aggregate from over 2,700 stocks from the FTSE Global Equity Index Series (GEIS) which covers 90% of the worlds investable market capitalization) moved lower by 3.33 to close at 256.65 and the FTSE RAFI 1000 posted a triple digit loss by 110.49 points to close at 6,259.23.
Federal Reserve Board Member Frederic S. Mishkin commented today: other regulators say credit card disclosure needs change; regulators differ on credit card disclosure changes; Fed 'keenly aware' of credit card disclosure worries; Fed credit card proposal aims to improve competition and Fed would consider more credit card restrictions.
U.S. Household net worth up 1.1% to $56.18 Trillion in the first quarter.
Economic data released for the day:
BOE Announcement: Bank of England Monetary Policy Committee which consists of nine members meets for two days each month, during the first week of the month to determine the direction of monetary policy, in the near-term. Data released today: no change and rate remains at 5.5%.
Jobless Claims: A weekly compilation of new unemployment claims to show the number of individuals who filed for unemployment insurance for the first time. The condition of the labor market is determined by an increase of the number of claims which suggests a deteriorating labor market. As released today: U.S. Jobless Claims fell by 1K to 309K for week of June 2nd compared to survey at unchanged and week of May 26th U.S. Continuing Claims rose by 72K to 2,535,000.
Wholesale Trade: The dollar value of sales made and inventories held by merchant wholesalers is a measurement referred to as, wholesale trade. Released today: U.S. April Wholesale Inventories rose by 0.3% compared to expectations of an increase by 0.4%.
EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. For week of June 2nd, weekly change came in at 110 Bcf.
Consumer Credit: The outstanding dollar value of consumer installment credit. The state of consumer finances and portend future spending patterns is indicated by, Consumer Credit. Reported today: U.S. April Consumer Credit increased by $2.6 Billion.
The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher by $0.97 today to close at $66.93 a barrel; Heating Oil moved higher by $0.01 to close at $1.98 a gallon; Natural Gas moved lower by $0.26 to close at $7.83 million BTU and Unleaded Gas moved closed with no change at $2.19 a gallon.
Metals Market ended the session mostly lower across the board today: Gold moved strongly lower by $9.40 to close at $665.20 an ounce; Silver closed lower by $0.24 at $13.48 an ounce; Platinum moved lower today by $4.60 to close at $1,295.50 an ounce and Copper moved lower today by $0.03 to end at $3.38 per pound.
On the Livestock and Meat Markets, the trend was lower across the board again today: Lean Hogs ended the day lower by 0.30 to close at 73.95; Pork Bellies ended the day lower by 0.28 to close 95.03; Live Cattle moved lower by 0.20 to close at 89.53 and Feeder Cattle ended the lower by 0.93 to close at 108.85.
Other Commodities: Corn moved ended the day nicely higher by 12.25 to close at 393.50 and Soybeans moved nicely higher as well by 9.75 points to end the day at 832.00.
The e-mini Dow ended the session much lower again today by a whopping 203 points to close at 13,387. The total Dow Exchange Volume for the day came in at 192,851 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.
Bonds were lower across the board today: 2 year bond closed lower by 5/32 at 99 22/32; 5 year bond closed lower by 205/32 at 98 18/32; 10 year bond closed lower by 1 8/32 at 95 3/32 and the 30 year bond closed lower by 1 17/32 at 93 12/32.
The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 4,485,688; Open Interest for Futures moved lower by 91,636 points to close at 9,888,529; the Open Interest for Options moved higher by 87,976 points to close at 7,171,819 and the Open Interest for OTC moved lower by 120 points to close at 4,729 for a total Open Interest of 17,065,077 for a total loss on the day by 3,780.
On the NYSE today, advancers came in at 279; decliners totaled 2,985; unchanged came in at 91; new highs came in at 42 and new lows came in at 98. Gainers and losers for the day on the NYSE: AvalonBay Communities (AVB) moved lower by 4.45 points on the session to end the day on the Big Board at $122.54; Rio Tinto plc (RTP) moved lower again today to shed 5.36 points for a closing price of $276.39; Greif Incorporated (GEF) moved lower by 4.79 points for a closing price on the trading session of $55.13 and Terra Nitrogen Company (TNH) shed 5.06 points on the session to end the trading day at $88.58.
On the NASDAQ today, advanced totaled 668 decliners totaled 2,372; unchanged came in at 120; new highs came in at 50 and new lows came in at 71 Gainers and losers for the day on the NASDAQ: Foster Wheeler Limited (FWLT) shed 6.41 points to end the trading session at $98.44; Baidu.com Incorporated (BIDU) moved lower by 4.14 points on the trading day for an end of day price at $137.40; Chaparral Steel Company (CHAP) moved lower by 3.45 points for a closing price on the session at $69.35; Comtech Telecommunications Corporation (CMTL) shed 4.20 points to end the session at $40.73 and AMERCO (UHAL) bolted higher by 15.67% to tack on a gain of 10.87 points on the trading day to end at $80.25.
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