Stocks Continue Lower on Rate Concerns, Higher Crude

  • June 7, 2007
  • Darren Wong

The major indices continued to slide lower Thursday
morning after crude prices rose above $67.00 per barrel and bond
yields continued to hover near the 5% mark. The Dow is lower by
0.5%, while the Nasdaq and S&P are down 0.7%.

July crude futures are higher by 1.9% to $67.24 per barrel. Gold
futures for August delivery moved fractionally lower to $669.95 an ounce.

Around Asia, the Shanghai Composite
ramped up 3% to 3,890.80, Hong Kong’s Hang Seng Index fell
fractionally to 20,800.16, and Tokyo’s Nikkei rose fractionally to
18,053.38.

Today’s

PowerRatings Heat Map has become less bearish after yesterday’s harsh
selloff. Some bullish opportunities are showing up in the Drug and
Internet sectors.
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33 market sectors.



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Gaps Down 5% or More,

2-Period RSI Below 2,

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Stocks in
Motion

Target
(
TGT |
Quote |
Chart |
News |
PowerRating) May Net Sales Rise 10.1%, Comps. Up
5.8%; Sees June Comps. Growth In 3-5% Range (full
story). TGT shares lose 1.6%.

Shuffle Master
(
SHFL |
Quote |
Chart |
News |
PowerRating) Swings To Q2 Profit (full
story). SHFL shares fall over 11%.

Wal-Mart Stores
(
WMT |
Quote |
Chart |
News |
PowerRating) May Net Sales Rise 7.7%;
Comps. Up 1.1%, Ex. Fuel; Sees June Comp. Of Flat-2% (full
story). WMT shares drop 1.5%.

Agilent Technologies
(
A |
Quote |
Chart |
News |
PowerRating) Completes Stratagene
Acquisition; Raises Q3 Revenue Outlook (full
story). A shares lose 1.8%.

UTi Worldwide
(
UTIW |
Quote |
Chart |
News |
PowerRating) Q1 Profit Declines 6% On
Higher Expenses; Gross Revenue Up 22%; Announces New, Five-year Strategic Plan;
Backs FY08 EPS Outlook (full
story). UTIW shares gain 4.4%.

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

Market Snapshot

Dow

 -61.92 13,403.75

NASDAQ

 -16.69 2,570.49

S&P 500

 -9.67 1,507.71

 

 NYSE NASDAQ

Volume

 959,175,000 859,426,000

Advances

 495 803

Declines

 2606 2033

Up Volume

 158 235

Down Volume

 671 532

New Highs

 36 72

New Lows

 66 53


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Securities Broker/Dealer Index (XBD) Deutsche Bank Energy Index (DXE)
Dow Jones Internet Commerce Index (ECM) S&P Chemicals Index (CEX)
Amex Disk Drive Index (DDX) Amex Oil Index (XOI)


Economic
News

Initial Claims 309K
vs 312K consensus, 310K prior

Wholesale Inventories
+0.3% vs +0.3% consensus, prior +0.4%

Darren Wong

Associate Editor

darrenw@tradingmarkets.com