Indices off marginally, led by commodity names

Discussion in 'Trading' started by TradeTheNews, Feb 20, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    US Mid-Morning Recap
    by TradeTheNews Staff

    - Lower commodity futures are pressuring oil and mining stocks. April Crude and Gold are off more than 2% pushing the XAU –2.3% and the OSX-1.5% lower. The SOX Index is off nearly 1% led by some of the cap-equipment names. NVLX –1.4% AMAT –2% KLAC –1% Another round of M&A announcements has created some trading opportunities. XMSR +13% SIRI +7% LSCO +36% NRPH +9% Vulcan Materials bid for FRK +41% has sent other building materials stocks higher on speculation. MLM +3% RMIX +4% RMX +4% TXI +7% GVA +7% EXP +3% USG +3% Shares of WMT are supporting the Dow as it trades up 2.5% after earnings.

    - Debt and currency markets have been pretty quiet. US Treasuries are at session highs after opening in negative territory ahead of this week’s auctions and CPI data. The Yen is losing some ground across the board ahead of tonight’s rate decision. The Cable is at the best levels of the session at 1.9566 after strong M4 money supply data and ahead of tomorrow’s BofE minutes release.