The market review for September, 2st

Sell_marketStock trades in the United States were closed on September 1 decline leading indexes as investors worried that the largest companies of the U.S. financial sector in the near future to report on the new statement. Against this background, on the basis of trades most notably cheaper shares of financial companies.

Thus, by 4,8% in trading securities cheaper bank Wells Fargo & Co. On sale investors are not deterred even the management of the bank statement of intent in the near future to return the public financing, which Wells Fargo has attracted to the maintenance of liquidity. In addition, 6,4% and 9,2%, respectively, cheaper bank shares Bank of America and Citigroup Inc.

21% collapsed on the basis of bidding quotes the world’s largest insurance company American International Group Inc., After analysts from Sanford C. Bernstein & Co. lowered the recommendation on shares of companies with «at market» to «below market» due to their large overbought. At 17,6% and 17%, respectively, on the basis of trading shares cheaper mortgage brokers Fannie Mae and Freddie Mac, the cost of which for the last month went up at times.

Shares of the largest U.S. life insurance company MetLife on the basis of trades fell 7.4% — investors are pessimistic perceived decline of the recommendations on the shares of the company by analysts from Raymond James Financial Inc. Over 15% cheaper securities of one of the largest U.S. online brokerage E-Trade Financial Corp., Because the market appeared information that pretended to buy the company E-Trade TD Ameritrade Holding Corp. and Charles Schwab Corp. in the short term do not intend to conclude this deal.

Meanwhile, at 2,1% in the trades cheaper shares the world’s largest online auction EBay Inc., Who agreed to sell its Internet telephony operator Skype group of private investors for 2.75 billion dollars

Impact on the market and the macroeconomic indicators. Thus, U.S. Department of Commerce has published data showing that the volume of construction costs in the U.S. in July 2009. decreased by 0,2% compared with the revised figure of June 2009. and amounted to 958 billion dollars, analysts expect the rate will not change. More positive was the message of the American Institute for Supply Management index on the growth of business activity in industry in August of this year 4 points — to 52.9 points. This is the highest value of the index since June 2007. Analysts forecast the index at 50.5 points.

Dow Jones index dropped by 185.68 points (-1.96%) — up to 9310.6 points

NASDAQ — to 40,17 points (-2%) — up to 1,968.89 points

S&P — at 22, 58 points (-2.21%) — up 998.04 points.

Technical Perspective: The S&P 500 broke and closed under short term range supports, last week’s low and its 20-day exponential moving average, ending near the low on a trend day down. The next short term support is in the 991/990 area followed by 985/984. The heavy selling pressure did result in a high TRIN close which doesn’t preclude potential for follow through downticks, but the market has shown a tendency to at least stage a recovery attempt over the very near term.

Key economic data:
-August ADP Employment change at 8:15ET (consensus -250K; prior -371K)
-Final Q2 Nonfarm Productivity (consensus 6.4%; Preliminary 6.4%) and Unit Labor Costs (consensus -5.8%; Preliminary -5.8%) at 8:30ET
-July Factory Orders at 10:00ET (consensus 2.2%; prior 0.4%)

Fed/Treasury calendar:
-Secretary Geithner holds a press conference on the G-20 Finance Ministers’ meeting (to be held on Friday, Sept. 4) at 10:30ET
-Atlanta President Lockhart speaks as part of a panel on lessons of the financial crisis at 11:30ET
-FOMC Minutes from the Aug. 11-12 meeting are due out at 14:00ET

Bond auction results:

-ABM, PSS, GEF, HOV, MATK, OXM and SAI are confirmed to report today after the close

Key industry conferences:
-Morgan Stanley Global Industries Unplugged Conference — Companies presenting: NOC, ROP, GD, MMM, RTN, TYC, LMT, SPW, BA, SPR, SWK, DHR, LII, PX, GR, TEX, TXT

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