U.S. equities opened down by a large amount, but have rallied back and are currently trading around the unchanged mark after a series of economic reports out this morning showed the U.S. economy is weaker than most expected. The Dow currently sits up by 2 points, while the Nasdaq is down 3 points and the S&P 500 is down by 1. 
As I wrote in my post earlier today, the sum of the economic reports out this morning equaled significant weakness in the economy in August. Retail sales were lower than expected, industrial production was lower than expected, and consumer sentiment failed to bounce from last month's low levels.
Most of the sectors are marginally lower on the day so far, with energy proving the leadership group on the upside.
The energy sector is mostly higher today, with natural gas stocks being the strongest. Crude oil prices are near unchanged on the day, but natural gas prices are up by about 5% on the day thus far. Southwestern Energy Corporation (NYSE:SWN) currently trades higher by 3.28%. Newfield Exploration Company (NYSE:NFX) leads the exploration group higher, with its shares higher by 2.84%. Weatherford International (NYSE:WFT) trades higher by 3% today as oil equipment and services companies show strength today.
McDonald's Inc. (NYSE:MCD) continues higher today, hitting a new all-time high of over $55 per share.
The transportation stocks are rather weak so far today, with railroads leading the sector lower. CSX Corporation (NYSE:CSX) shares are trading lower by 1.7%. Norfolk Southern Corporation (NYSE:NSC) is lower by 2.27%.
The large cap tech stocks are mixed on the day. Oracle Corporation (Nasdaq:ORCL) is trading lower by 1.66% on the day, but Research in Motion Limited (Nasdaq:RIMM) is higher by 1.74% on strong volume.
The volume on the exchanges is extremely light again today, with the economic reports not bringing more investors out to trade as some had hoped. The Nasdaq has yet to hit 1 billion shares traded at 2 pm on the east coast.All the talk this weekend and into early next will be of the FOMC and their monetary policy meeting on Tuesday.
Aaron, are you by chance a fund manager? I was just curious as it will help me to differentiate some of your views on stocks in your blogs. You bring about some interesting points and I look forward to future posts from you. Happy blogging!
Posted by: Bunk | September 15, 2007 1:01 PM | Permalink to Comment