Stocks Mixed Ahead of Fed Meeting

  • June 28, 2007
  • Darren Wong

Stocks were mixed Thursday morning ahead of today’s Federal
Reserve meeting. Reaction to crude rising over $70 per barrel was
balanced by the initial claims report, which showed a decrease in
unemployment.

Crude oil futures for August delivery added 1.8% to $70.22 per barrel.  Gold
futures for August delivery rose 0.9% to
$650.60 an ounce.


Around Asia, Shanghai’s Composite dropped 4% to close at 3,914.20,
Hong Kong’s Hang Seng rose 1% to 21,938.22, and Tokyo’s Nikkei
index rose 0.5% to 17,932.27.

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Stocks in
Motion

KB Home Dips To Loss In Q2 On Charge, Lower Revenue (full
story). KBH shares fell 0.6% in early trading.

Constellation Brands Q1
Profit Falls On Lower Sales; Adj. EPS Down, Tops Street View; Reaffirms FY08
Forecast; Names Robert Sands CEO, Effective July 26 (full
story). STZ shares rose nearly 5%.

Rite Aid Q1 Profit Up, Sales Rise 2.8%, Confirms FY08 Forecast (full
story). RAD shares added 4.4%.

Dominion Resources To Repurchase Approx. 16% Of Its Shares (full
story). D shares gained 4.4%.

Capital One To Cut 2000 Jobs (full
story). COF shares rose 2%.

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


Market Snapshot

Dow

 -8.62 13,419.11

NASDAQ

 +5.49 2,610.84

S&P 500

 +0.57 1,506.91

 

 NYSE NASDAQ

Volume

 1,067,730,000 711,658,000

Advances

 1927 1473

Declines

 1139 1360

Up Volume

 565 420

Down Volume

 377 238

New Highs

 78 118

New Lows

 37 35


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Gold Bugs Index (HUI) PHLX / KBW Bank Index (BKX)
CBOE Oil Index (OIX) S&P Insurance Index (IUX)
Nasdaq Telecom Index (IXTCX) Computer Hardware Index (HWI)


 


Economic
News

Help Wanted Index 27 vs 29
consensus

Initial Claims 313K vs 315K consensus, prior revised to 326K
from 324K

GDP-Final +0.7% vs +0.8% consensus

Chain Deflator-final +4.2% vs +4.0% consensus

Corporate Profits +1.4%, prior +7% y/y

Personal Consumption +4.2% vs +4.4% consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com