Stocks Bounce Back as Bond Yields Retreat

  • June 8, 2007
  • Darren Wong

Stocks edged higher on Friday morning after 3 days
of harsh selling. The Nasdaq is leading the major indices higher
with a gain of 0.6% in early trading.

July crude futures slipped by 1.2% to $66.13 per barrel
after a cyclone over the Persian Gulf weakened. Gold
futures for August delivery fell 1% to $658.90 an ounce.

Around Asia, Shanghai’s Composite rose
0.6%. to 3,913.14, Hong Kong’s Hang Seng Index lost 1.4% to
20,509.15, and Tokyo’s Nikkei fell 1.5% to 17,779.09.


After the recent market selloff today’s

PowerRatings Heat Map is starting to look bullish. The leaders today look to
be in Drug and Metals stocks.  



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

McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating) May Comps Rise 8.7%; Systemwide
Sales Up 11.9% (full
story). MCD shares rise by 1.4%.

Marriott International
(
MAR |
Quote |
Chart |
News |
PowerRating) To Pay $220 Mln To
Settle IRS Dispute Over ESOP (full
story). MAR shares are trading flat through the morning.

National Semi
(
NSM |
Quote |
Chart |
News |
PowerRating) Q4 Earnings Fall; Sees Q1 Sales
Up 1-4% Sequentially, Boosts Share Buyback Plan By $2 Bln (full
story). NSM shares jump 13%.

International Trade Commission Partially Bans Mobile Phones
With Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) Chips (full
story). QCOM shares rise by 1.8%.

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

Market Snapshot

Dow

 +28.44 13,295.17

NASDAQ

 +12.64 2,554.02

S&P 500

 +3.89 1,494.61

 

 NYSE NASDAQ

Volume

 935,613,000 853,263,000

Advances

 1639 1594

Declines

 1428 1237

Up Volume

 495 528

Down Volume

 333 229

New Highs

 18 52

New Lows

 75 44



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Airline Index (XAL) Pharmaceutical Index (DRG)
Nasdaq Telecom Index (IXTCX) GSTI Internet Index (GIN)
Amex Securities Broker/Dealer Index (XBD) GSTI Services Index (GSV)

 


Economic
News

Trade Balance
-$58.5 bln vs -$63.5 bln consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com