Oil Dips, Markets Fall, Inflation Climbs

  • August 4, 2008
  • David Goodboy

The major stock indexes fell today due to continuing credit worries and climbing inflation. The DJIA fell -43.15 to 11283.17 after being in positive territory for some of the day on falling oil prices, the Nasdaq gave back -25.40 or 2285.56 and the broad based S&P gave back -11.29 to 1249.02.

Range Resources
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PowerRating) – This rocky deposit natural gas producer led the S&P 500 lower, falling 12.92% or $6.33 to $42.68 due to plummeting oil and natural gas prices

Fuel Systems Solutions
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PowerRating) got the thumbs up from Mad Money Host, Jim Cramer, and climbed 1.40% or .53cents to $37.14/share on the endorsement

People Support
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PowerRating) – The outsourcing specialist roared ahead 25.50% or $2.43 to $11.96/share on news of being acquired by India’s Essar Group

Motorola
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PowerRating) climbed 11.46% or $1.01 to $9.82 on news of its hiring former QCOM chief, Sanjay Jha, as co-CEO.

Oil fell $4.25 to $120.85/barrel on easing of storm concerns. Gold gave back $15.40 to $902.10 and the VIX added 4.08% to 23.49.

Market Snapshot

Dow

 -43.15 11283.17

NASDAQ

 -25.40 2285.56

S&P 500

 -11.29 1249.02

Economic
News

Consumer Confidence (Jul): Consensus 50.0, Prior 50.4

ADP Employment (Jul): Consensus -60K, Prior -79K

Crude Inventories (07/26): Consensus NA, Prior -1558K

Chain Deflater (Q2): Consensus 2.3%, Prior 2.7%

Employment Cost Index (Q2): Consensus 0.7%, Prior 0.7%

GDP-Adv. (Q2): Consensus 2.3%, Prior 1.0%

Initial Claims (07/26): Consensus 395K, Prior 406K

Chicago PM (Q2): Consensus 49.0, Prior 49.6

Auto Sales (Jul): Consensus NA, Prior 4.9M

Truck Sales (Jul): Consensus NA, Prior 5.0M

Average Workweek (Jul): Consensus 33.7, Prior 33.7

Hourly Earnings (Jul): Consensus 0.3%, Prior 0.3%

Nonfarm Payrolls (Jul): Consensus -75K, Prior -62K

Unemployment Rate (Jul): Consensus 5.6%, Prior 5.5%

Construction Spending (Jun): Consensus -0.3%, Prior -0.4%

ISM Index (Jul): Consensus 49.2, Prior 50.2

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