CPI Data Sends Markets Higher

  • May 15, 2007
  • Darren Wong

Stocks surged on inflation data released early this
morning.  The Dow is on pace to set another record high. 
Notable blue-chip leaders this morning include General Motors and
Alcoa with gains of 4% and 2% respectively. 

Following a Royal Dutch Shell
production cut in Nigeria, June crude futures are higher by 0.9%
to $63.04 in early trading. 
June gold futures are also up this morning by 0.6% to $674.20 an ounce.

Around Asia, Shanghai’s Composite
dropped 3.6% to close at 3,899.18, Hong Kong’s Hang Seng lost 0.5%
to 20,868.15, and Tokyo’s Nikkei Index lost 0.9% to 17,512.98.

Today’s

PowerRatings Heat Map is looking neutral to slightly bearish.  Stocks
across the board remain near their highs, which makes the risk of
buying them greater in the short term.  A few sectors are
mixed such as Drugs and Electronics. 


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

Weak Housing Market, Erratic Weather Shatter Home Depot’s
(
HD |
Quote |
Chart |
News |
PowerRating) Q1; Net Drops 30%; EPS Misses Estimate; Sales Up 0.6%; Revises FY07 EPS
View (full
story).   HD shares fall 0.4%.

Strong International Biz Lifts Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) Q1
Profit Up By 8%, Sets Q2 Target (full
story).  WMT shares lose 0.5%.

Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating)
Selects Thomas Weisel Co-founder Blake Jorgensen As Finance Chief (full
story).  YHOO shares fall 0.5%.

AIG
(
AIG |
Quote |
Chart |
News |
PowerRating)
To Acquire Remaining Stake In 21st Century Insurance For $22 A Share (full
story).  AIG shares drop 0.2%.

Winn-Dixie
(
WINN |
Quote |
Chart |
News |
PowerRating) Swings To Profit In Q3; Identical Store Sales Up 1.6% (full
story).  WINN shares jump 31%.

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

Market Snapshot

Dow

 +112.07 13,458.85

NASDAQ

 +6.75 2,553.19

S&P 500

 +9.00 1,512.15

 

 NYSE NASDAQ

Volume

 1,270,739,000 908,808,000

Advances

 2079 1626

Declines

 972 1257

Up Volume

 849 494

Down Volume

 289 337

New Highs

 171 113

New Lows

 20 64


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
S&P Chemicals Index (CEX) Dow Jones Internet Commerce Index (ECM)
Nasdaq Transportation Index (TRANX) Amex Airline Index (XAL)
CBOE Dow Ten Index (MUT) GSTI Internet Index (GSTI)


Economic
News

Core CPI y/y +2.3%
vs +2.4% Bloomberg Consensus, prior +2.5%

CPI y/y
+2.6% vs +2.6% Bloomberg Consensus, prior +2.8%

NY Empire State Index 8.0 vs 9.0 consensus, prior 3.8

Darren Wong

Associate Editor

darrenw@tradingmarkets.com