Welcome to The Daily Stock Report...brought to you by QualityStocks.Net, performance tracked daily.
I'm Cathy Rankin and for Wednesday June 6th we're bringing you the latest news from around the markets as well as the top movers to look out for today...
In Headline News Today...
After being down as much as 125 points on the Dow, and all three major averages off 0.9% at their lows, the bulls made a late-day effort Tuesday to pare market losses. However, that effort was a losing one as the bears held the upper hand in today's trading.
The main excuse to take some money off the table today was predicated largely on bond yields hitting their highest levels since last summer.
In the midst of another slow news day, all eyes this morning were on Fed Chairman Bernanke; investors were hoping he might drop some hints of a possible rate cut. To the dismay of both stock and bond investors, his prepared remarks about housing and the economy offered nothing new frankly compared to recently released minutes from the May 9 FOMC meeting.
Throw in the strongest reading on the ISM Services Index since April 2006 and bond traders became increasingly convinced that the Fed is far from easing anytime soon. Fed funds futures now price in less than a 10% chance of a rate cut by November.
Goldman Sachs, which had been expecting the Fed to cut the overnight lending rate 75 basis points to 4.50% this year, altered its view today and now doesn't see any rate cuts at all in 2007.
The absence of any upside sector leadership also posed a problem for the bulls to extend the S&P 500's winning streak to seven and close the broader market at another new all-time high.
Of the 10 sectors closing lower, Utilities paced the way as rising bond yields made the sector's income-oriented appeal less attractive. The rate-sensitive Financials sector also suffered as the yield on the 10-year note closed at a nine-month high of 4.97%. The yield on the 5-year note hit 5.00% for the first time since August.
And now for our Small Cap News... brought to you by Odyne Corporation, (ODYC.OB)
WorldWater & Solar Technologies announced a plan to Highlight Climate Change Dangers, the company displayed the ``Eco Raft'' in Vancouver, Canada, at the Pacific Economic Summit on May 31, as well as at the California State Delegation Exhibit.
The raft built with timber destroyed by forest fires and other natural events will manned by a crew of naturalists led by Brett Rogers, will then make a six-week, 500-mile trip down the Yukon River starting in mid-June. The raft was conceived to raise public awareness about critical issues surrounding a sustainable future -- clean air, clean water and sustainable harvesting of natural resources.
Hidalgo Mining International shares were boosted again today announced today that its board of directors has submitted a counter offer to Consolidated Mining & Mineral (CMM) for the sale of its corporate assets.
Negotiations between both organizations are presently open and will remain in such a state as the counteroffer is currently under review. The stock saw some nice momentum last week on the news that it has received a formal offer from Consolidated Mining and Mineral (CMM), to purchase all the outstanding and issued stock of HMIT for a consolidated purchase price of $2.15 per share.
And that's our newsmakers, Stay tuned right here to Quality Stocks Daily for the latest news from small cap to large cap, and everything in by QualityStocks.Net, where performance is tracked daily.
Thank you for tuning in, I'm Cathy Rankin, Have a great day and we'll see you next week, right here on the daily report.
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Go to minute 2:07, pretty funny.
JBRCanada 3 years ago
nice... getting semi-relevant to today... let us hope for Aug07 in the next few weeks...
lrn2wlk4life 4 years ago