Today is playing out to be a similar day to yesterday. Stocks have traded lower for the majority of the day, but the losses have been contained very well. The Dow is down by 41 points as of 12:50 on the east coast. The Nasdaq is lower by 5 points. The S&P 500 is down by 3 points, or 0.20%. 
The sectors that are strong and weak are nearly mirror images of yesterday as well.
Basic materials are the weakest sector again today as those stocks continue to take a breather after a terrific run in the past few weeks. Companhia Vale do Rio Doce (NYSE:RIO) shares are lower by 6.01% thus far today. The Mosaic Company (NYSE:MOS) shares are trading down by 4.18% on fairly heavy volume. Cameco Corporation (NYSE:CCJ) is down by 2.9% thus far today.
The other major sector that is significantly lower on the day is the energy sector. The Chinese oil companies, which have been on fire of late, are leading the way lower today. CNOOC Limited (NYSE:CEO) is down by 4.88%. Oceaneering International (NYSE:OII) shares are lower by 2.1%.
Healthcare and financial stocks are the strongest major sectors today. Wyeth (NYSE:WYE) is gaining 2.47% to lead the major pharmaceuticals higher. Intuitive Surgical (Nasdaq:ISRG) shares are shooting higher by 3.79% after an analyst at Oppenheimer raised his price target on the shares to $270.
Financial exchanges are leading the financials higher today. CME Group (NYSE:CME), parent of the Chicago Mercantile Exchange, is higher by 1.8%. Nasdaq Stock Market (Nasdaq:NDAQ) is higher by 2.14%. NYSE Euronext (NYSE:NYX) is actually the strongest performer in the group, gaining 3.18% so far today after reporting record volumes for September.
Today has been a day where the markets seem to have no real direction behind them, but considering the huge gains of recent weeks the bulls are likely happy with the fact that stocks can continue to hold up. Up volume vs. down volume is running pretty even at both the NYSE and the Nasdaq. Overall volume on the exchanges is once again fairly light today, another sign that conviction is lacking.
Traders are likely looking toward economic reports at the end of the week and waiting to see the future of interest rates.
Comment Preview