The markets experienced a strong sell off today with the DOW being down well over 400 points at one point during the trading session. Trading volume was very heavy as the markets moved lower through out the trading day. Trading ranges were very wide amidst the sell off, creating nice volatility for the active day traders. Fears over the housing market and the credit markets were attributing factors to the markets nose dive today.
At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a hefty triple digit loss of 311.50 points to end the session at 13,473.57 just slightly over one week when the DOW hit a record high of the 14,000 mark; the NYSE (New York Stock Exchange) posted a strong triple digit loss of 275.98 points to end the session at 9,654.38; the NASDAQ posted a gain sharp loss of 48.83 points for a close at 2,599.34; the S&P 500 moved lower by 35.43 points to end at 1,482.66 and the RUSSELL 2000 moved lower by 21.02 points to close at 791.48. 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) posted a loss of 5.64 points to close at 258.63 and the FTSE RAFI 1000 posted a triple digit loss of 160.56 points to close at 6,161.56.
Chicago Fed Index: June Output Down in 2 of 4 Manufacturing Sectors; Chicago Fed Midwest Manufacturing Index was down 0.2% versus a year ago and Chicago Fed Midwest Manufacturing Index was unchanged in June versus May.
Durable Goods Orders: Reflecting new orders with domestic manufactures for immediate and future delivery of factory hard goods. Data released today: U.S. June Durable Goods Orders rose by 1.4% compared to consensus of an increase by 1.6%; June Durable Goods Orders Excluding Transportation fell by 0.5%; June Durable Goods Orders Excluding Defense rose by 1.9% and May Durable Goods Orders were revised lower to down 2.3% from down 2.4%.
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. Jobless Claims data released today: U.S. Jobless Claims fell by 2K to 301K for week of July 21st compared to survey of an increase by 9K; Week of July 14th U.S. Continuing Claims fell by 19K to 2,545,000 and week of July 14th U.S. Jobless Claims revised to 303K from 301K.
Help Wanted Index: From 51 major newspapers across the country, the Help Wanted Index is a monthly index of the number of lines of help-wanted advertising. The index indicates the strength or weakness in the labor market. Data released today: U.S. Conference Board June Help-Wanted Index came in at 26 versus May reading of 27.
New Home Sales: Number of newly constructed homes with a committed sale, for the month. The economic momentum and consumer purchases of furniture and appliances helps determine the housing market trends for, new home sales. New Home Sales data released today: U.S. June New Home Sales fell by 6.6% to 834,000 compared to consensus of 900,000 and U.S. May New Home Sales was revised to 893,000 from 915,000.
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. Data released today by the EIA for week of July 21st, weekly change came in at 71.Bcf.
The trend was mostly lower across the board today for the Energy Sector: Light crude moved lower by $0.55 today to close at $75.33 a barrel; Heating Oil ended the session lower by $0.02 at $2.07 a gallon; Natural Gas moved lower today by $0.01 to close at $6.05 per million BTU and Unleaded Gas moved higher today by $0.02 to close at $2.11 a gallon.
Metals Market ended the session lower across the board again today: Gold moved lower today to post a sharp loss for the second day in a row of $11.40 to close at $675.10 an ounce; Silver closed lower today by $0.20 at $12.95 per ounce; Platinum moved lower today for loss of $2.80 to close at $1,328.10 an ounce and Copper moved lower on the day by $0.03 to close at $3.52 per pound.
On the Livestock and Meat Markets, the trend was mixed across the board yet again today: Lean Hogs ended the day lower by 0.88 to close at 71.10; Pork Bellies ended the day with lower by 0.85 to close at 89.30; Live Cattle moved higher by 0.40 to close at 97.25 and Feeder Cattle ended the day higher by 0.30 at 117.15.
Other Commodities: Corn moved higher today for a gain of 3.75 points to close at 331.00 and Soybeans moved higher today with a gain of 2.75 points to end the session at 842.00.
The e-mini Dow ended the session today at 13,544 with a sharp decline by 297 points on the trading session. The total Dow Exchange Volume for the day came in at 239,952 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 mostly higher across the board today: 2 year bond closed lower by 5/32 at 100 3/32; 5 year bond closed higher by 22/32 at 101 3/32; 10 year bond closed higher by 27/32 at 97 27/32 and the 30 year bond closed higher by 1 4/32 at 96 31/32.
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 4,262,671248 Open Interest for Futures moved higher by 34,512 points to close at 10,004,559; the Open Interest for Options moved higher by 73,711 points to close at 9,466,389 and the Open Interest for OTC closed with no change at 7,710 for a total Open Interest of 19,478,658 for a total gain on the day by 108,223 points.
On the NYSE today, advancers came in at 307; decliners totaled 2,961; unchanged came in at 73; new highs came in at same as yesterday, 40 and new lows came in at 795. Gainers and losers for the day on the NYSE which received much attention from many day traders: Cummins Incorporated (CMI) bolted higher on the trading day with a high of $123.50, a low of $112.71 to tack on 6.34 points for a closing price on the day of $116.16; Rio Tinto plc (RTP) plummeted lower again today to shed 18.02 points with a high of $285.06, a low of $276.00 for a final trading price on the day of $278.63; Carpenter Technology Corporation (CRS) was crushed today to post a loss of 13.20% to shed 18.46 points with a high on the trading day of 4131.56, a low of $117.01 for a final trade price of $121.34 ; Black & Decker Corporation (BDK) moved sharply lower on the session by 6.88 points for a final price on the day of $84.93; R.H. Donnelley Corporation (RHD) fell strongly lower by 6.41 points with a high of $80.75, a low of $62.00 to end the trading session at $66.67; Perini Corporation (PCR) gave up a hard 11.27% to shed 7.10 points on the day with a final trading price of $55.90; Bear Stearns Companies Incorporated (BSC) moved lower on the day by 5.03 points to end the day at $124.25 and Bunge Limited (BG) made a nice run higher on the session by 3.91 points with a high on the trading day of $94.63, a low of $86.35 for a final trading price at the close of $88.99.
On the NASDAQ today, advanced totaled 551; decliners totaled 2,585; unchanged came in at 80, new highs came in at 37 and new lows came in at 360.