Markets Pull Back After Week Long Rally

  • May 8, 2007
  • Darren Wong

Investors decided to take some profits off the
table ahead of tomorrow’s Fed meeting.  The major indices are
all lower by 0.5%.

June crude futures are
unchanged at $61.46 despite attacks by militants in Nigeria. 
June gold futures are lower by 0.8% to $684.90 an ounce. 

Around Asia, Shanghai’s Composite
posted gains of 2.8% to close at 3,950.01, Hong Kong’s Hang Seng
fell 0.9% to 20,706.35, and Tokyo’s Nikkei ended fractionally
lower to 17,656.84.


Our

PowerRatings Heat Map is showing continuing widespread weakness across many
sectors.  These include Banking, Diversified Services, Energy, Metals/Mining, Internet,
Transportation, and Computer Hardware.


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

Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating) Says Preliminary Estimates Indicate
Carl Icahn Not Elected To Board (full
story).  MOT shares fall 2.2%.


CVS/Caremark
(
CVS |
Quote |
Chart |
News |
PowerRating) Q1 Profit Rises 24% On Revenue, Margin Growth, April
Comps. Rise 6.1% (full
story).  CVS shares rise by 2.2%.


Wynn Resorts
(
WYNN |
Quote |
Chart |
News |
PowerRating) Swings To Q1 Profit (full
story).  WYNN shares lose 1.7%.


McDermott
(
MDR |
Quote |
Chart |
News |
PowerRating) Q1 Earnings Surge, Top Estimate (full
story).  MDR shares jump 9,7%.


Marsh & Mclennan
(
MMC |
Quote |
Chart |
News |
PowerRating) Q1 Profit Falls 36%; Revenue Up 5%; Board
Approves $500 Mln Buyback (full
story).  MMC shares lose 1.4%.


Duke Energy
(
DUK |
Quote |
Chart |
News |
PowerRating) Q1 Profit Declines On Natural Gas Business Spin-off;
Backs FY07 EPS Outlook (full
story).  DUK shares fall by nearly 1%.

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

Market Snapshot

Dow

 -60.22 13,252.27

NASDAQ

 -11.94 2,559.05

S&P 500

 -7.19 1,502.20

 

 NYSE NASDAQ

Volume

 1,119,210,000 780,126,000

Advances

 816 757

Declines

 2230 2131

Up Volume

 279 268

Down Volume

 706 423

New Highs

 94 92

New Lows

 19 45


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
GSTI Hardware Index (GHA) Amex Gold Bugs Index (HUI)
Nasdaq Telecom Index (IXTCX) Amex Natural Gas Index (XNG)
GSTI Multimedia Index (GIP) Deutsche Bank Energy Index (DXE)


Economic
News

Wholesale
Inventories 0.3% vs 0.4% consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com