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4:12 PM, Oct 4, 2010 --

  • NYSE down 63.38 (-0.9%) to 7,272.53
  • DJIA down 78.41 (-0.7%) to 10,751
  • S&P 500 down 9.21 (-0.8%) to 1,137
  • Nasdaq down 26.23 (-1.1%) to 2,345

GLOBAL SENTIMENT

  • Hang Seng up 1.17%
  • Nikkei down 0.25%
  • FTSE down 0.7%

UPSIDE MOVERS

(+) MPEL upgraded.

(+) GENZ gains modestly as Sanofi-Aventis (NYSE:SNY) takes bid hostile.

(+) F initiated at "overweight" at Morgan Stanley.

(+) ARRY reports positive Phase 1 trial results of cancer treatment.

(+) ISLN reportedly seeks buyers.

(+) ACTL sold to Microsemi (NASDAQ:MSCC) for $20.88 a share.

(+) SLE jumps on report company spurned KKR's offer.

(+) TSLA declines amid voluntary recall.

DOWNSIDE MOVERS

(-) MSFT downgraded to Neutral at Goldman Sachs.

(-) M down as Goldman cuts stock to Neutral from Buy.

(-) JCP down as Goldman cuts stock to Neutral from Buy.

(-) WWE down on negative Barron's coverage.

(-) CCE completes deal with Coca-Cola (NYSE:KO).

(-) GTSI plunges as Eyak withdraws $7.50 per share offer.

(-) AIG forced to lower AIA IPO valuation, FT says.

(-) PVH upgraded.

MARKET DIRECTION

Stocks end lower, in the bottom portion of the day's range though off the worst levels of the session. It's the worst DJIA performance in nearly a month. A firmer dollar and a downgrade for Microsoft, as well as some uncertainty ahead of a new round of earnings reports and the latest employment snapshot, combined to weigh on Wall Street sentiment.

Some consolidation was expected after the broad S&P 500 finished its better quarter in a year.

The dollar rebounded as news from Ireland, Portugal and Greece renewed concerns about financial stability and dented the euro.

Commodities futures ended mostly lower for the day, as crude oil futures ended down after trading just higher for much of the day. Crude oil for November delivery closed down 0.10%, or $0.11, to settle at $81.47 a barrel.

Gold futures retreated as the dollar strengthened. Gold for December delivery closed down $1 to $1,316.80 an ounce. In other metal futures, silver was down $0.03 to $22.03 a troy ounce while copper fell $0.02 to $3.66 a pound.

Tech trading tugged the broader market lower.

Goldman Sachs cut its rating on Microsoft (NASDAQ:MSFT) to Neutral from Buy, citing worries of a slow recovery in PC sales and an increasing threat from tablet computers that don't have Windows software, according to a Reuters report.

Financial stocks were lower as American Express Co. (NYSE:AXP) fell after the credit card network said it would fight a federal lawsuit. AXP fell 6.5%.

Aloca (NYSE:AA) and other industrial benchmarks were lower as the aluminum giant unofficially kicks off earnings season with its results, due Thursday.

Source: Tech, Financials Drag Stocks Lower