Stocks Dive on Interest Rate Concerns

  • June 6, 2007
  • Darren Wong

The major indices are showing sharp declines as
bond yields and interest rate concerns bring in sellers. The
Nasdaq is leading the indices lower with a loss of 1%.

July crude futures are lower by 0.5%
to $65.28 per barrel
after the Energy Department report showed an increase in the U.S.
fuel supply. Gold
futures for August delivery are fractionally lower to $674.20 an ounce.

Around Asia, Shanghai’s Composite
Index rose 0.24% to close at 3,776.32, Hong Kong’s Hang Seng Index
lost 0.1% to 20,818.61, and Tokyo’s Nikkei Index lost 0.1% to
18,040.93.

Today’s

PowerRatings Heat Map continues to show wide-spread bearishness across all market sectors.
Buying stocks at these lofty levels carries greater risk.
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33 market sectors.



Click here to see our new list of indicators that includes

Gaps Down 5% or More,

2-Period RSI Below 2,

Stocks Up 10% or More.  Historically proven edges make
these a great place to start making a watch list. 


Stocks in
Motion

Prudential
(
PRU |
Quote |
Chart |
News |
PowerRating) To Close Its Equity Research And
Trading Business (full
story). PRU shares lose 1%.

Panera Bread
(
PNRA |
Quote |
Chart |
News |
PowerRating) Trims Q2 EPS Outlook On Lower
Comp. Growth Target, Higher Costs; May Comp. Rises 1.2% (full
story). PNRA shares fall 14 %.

Disney
(
DIS |
Quote |
Chart |
News |
PowerRating) To Keep $1.35 Bln Cash From Merger
Deal, Citadel To Distribute Spl Cash To Holders (full
story). DIS shares give up 1.2%.

Guess
(
GES |
Quote |
Chart |
News |
PowerRating) Q1 Earnings Surge, Top Estimates;
Boosts FY08 EPS Outlook (full
story). GES shares add 4.6%.

For more stories as they happen, go to our
Breaking News section.

Market Snapshot

Dow

 -120.44 13,475.02

NASDAQ

 -26.25 2,584.98

S&P 500

 -13.23 1,517.59

 

 NYSE NASDAQ

Volume

 1,006,732,000 916,302,000

Advances

 552 674

Declines

 2427 2174

Up Volume

 120 198

Down Volume

 755 641

New Highs

 16 65

New Lows

 20 49


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
GSTI Internet Index (GIN) Nasdaq Transportation Index (TRANX)
Dow Jones Internet Index (ECM) S&P Retail Index (RLX)
GSTI Multimedia Networking Index (GIP) Nasdaq Financial-100 Index (IXF)


Economic
News

Nonfarm
Productivity 1.0% vs 1.0% consensus

Crude
inventories showed a build of 112K barrels

Darren Wong

Associate Editor

darrenw@tradingmarkets.com