Stocks Slump, Treasuries Turn Negative, Energy Demand Drops
Stocks slumped today, ending a nice multi day rally, on fears of the ugly recession leading to a lowering of earning guidance for a multitude of companies. The Department of Energy axed its energy demand forecast causing oil prices to drop once again. Adding to the gloomy sentiment, Treasury rates turned negative for the first time and odds are placed at 98% for a fat interest rate cut on December 16th. The DJIA gave back -242.85 to 8691.33, the tech heavy Nasdaq dropped -24.40 to 1547.34 and the broad based S&P 500 fell -21.03 to 888.67.
AutoZone
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PowerRating) – Surged higher 6.80% or $7.92 to $124.42/share after beating analysts 1st quarter profit estimates by 0.04 cents.
FedEx
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PowerRating) – Collapsed 14.48% or $10.78 to $64.04 on fears of the weak economy damaging demand.
Kroger
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PowerRating) – The U.S. biggest grocery chain slipped 6.74% or $1.84 to $25.47 after saying it will miss analyst’s profit estimates.
Con-Way
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PowerRating) – Fell 13.89% or $3.58 to $22.19 after the freight trucking company reduced its earnings forecasts.
Oil fell $1.64 to $42.15, gold gained $4.90 to $774.20 and the fear index VIX climbed 0.72% to 58.91.
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