The market review for October, 2st

Stock trades in the United States were closed on October 1 2009. decrease in leading indexes against the background of macroeconomic statistics. Unpleasant surprise for investors was the report of the American Institute for Supply Management, which was published after the session. According to the report, the index of business activity in the services sector (ISM index) in the country in September 2009. decreased by 0.3 points – to 52.6 points compared with a revised 52.9 in the August value of the item. These data differed from the forecasts of analysts, who expected that the value of the index, by contrast, will grow to 53.5 points. Data were more favorable in terms of construction costs, which provided the U.S. Department of Commerce (US Department of Commerce). According to the report of the agency, in August 2009. this index increased by 0,8% compared with the revised index of July 2009. and amounted to 941.9 billion dollars, while experts expect it to reduce by 0,1%.

Analysts say Moscow Stock Center, after a negative bid opening on Thursday, U.S. indexes continued to decline. Despite the fall in the stock market, quotations of oil remained stable, being close to a mark 70 dollars / bar. Nevertheless, the evening sale on the U.S. market only increased, and the indices closed in a significant “minus”. The largest decline was led by financial, chemical and oil and gas sectors, the paper looked better than the market of consumer and telecommunications industries.

Several macroeconomic indicators have been made public and before the opening of tenders. Thus, the Ministry of Trade reported that the level of consumer incomes in the U.S. in August 2009. compared with the previous month increased by 0,2%. Analysts believed that this figure will grow by 0,1%. The volume of consumer spending in the U.S. in August 2009. increased by 1,3% compared to the previous month. figure does not coincide with the forecasts of analysts, who expected growth of 1,1%. Simultaneously, the country’s Ministry of Labor (US Department of Labor) indicated that the number of initial claims for unemployment compensation in the United States for a week, which concluded on 26 September 2009. In comparison with that of the previous week increased by 17 thousand, and amounted to 551 thousand Analysts expect this figure will be 537 thousand

As a result of trades significantly cheaper shares of companies whose profitability depends substantially on the state of the U.S. economy. In particular, at 5.6% in trading stocks cheaper second-largest U.S. bank JPMorgan Chase & Co., And securities of the third-largest in the country’s chemical concern DuPont Co. – By 4,8%. At 4.3% in trading securities have fallen in price a major U.S. network operator credit cards American Express Co. At 21.5% in the trades have collapsed quotes UAL Corp., The parent company’s second-largest U.S. carrier United Airlines, after the company’s management announced its intention to sell at least 19 million common shares and convertible debentures of $ 175 million

At 1.9% in the trades declined quotes one of the world’s largest manufacturers of network equipment Cisco Systems Inc., Since the company announced its agreement to acquire the Norwegian manufacturer of digital equipment Tandberg ASA for 17.2 billion kroner (2.96 billion dollars .). Shares of other major representatives of high-tech sector also completed the trading session “in the red.” In particular, 3,3% cheaper shares of the world’s largest software maker Microsoft Corp., After analysts at Goldman Sachs have excluded it from the list of companies whose shares are recommended for purchase. At 7,2% cheaper shares of telecom company Comcast Corp., After the market has information on the fact that Comcast is in talks with a multi concern General Electric to buy his 50% NBC Universal Inc.

Dow Jones index fell by 203 points (-2.09%) – up to 9,509.28 points
NASDAQ – at 64.94 points (-3.06%) – up to 2,057.48 points
S&P – at 27, 23 points (-2.58%) – up to 1,029.85 points.

Sector :

Industry :

Technical Perspective:

The pause in the market after its September recovery high has coincided with the move up off the September 2008 low in the Dollar Index, which probed resistance at its March/April/September trendline yesterday. A hold below the early August low (roughly 77.25/77.42) and its 50-day sma/ema (77.88) for the Dollar Index and sustained gains in the S&P initially above 1034 and 1040/1041 are needed to begin to improve this week’s negative pattern.

Key economic data:
-September change in Nonfarm Payrolls at 8:30ET (consensus -175K; prior -216K)
-September Unemployment Rate at 8:30ET (consensus 9.8%; prior 9.7%)
-August Factory Orders at 10:00ET (consensus 0.0%; prior 1.3%)

Federal Reserve/Treasury calendar:
-Boston President Rosengren speaks on inflation and financial markets at 8:15ET
-Dallas President Fisher speaks on the global economy at 16:35ET

Key Note/Bond auction results:
-None

Earnings:
-No companies are confirmed to report today after the close

Key industry conferences:
-None

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