Markets End Volatile Day In The Red

 |  Includes: DIA, QQQ, SPY
by: Midnight Trader
  • Dow Jones Industrial Average down 63.35 (-0.50%) to 12,632.00
  • S&P 500down 7.69 (-0.57%) to 1,330.66
  • Nasdaq Composite Index down 8.83 (-0.30%) to 2,893.76


  • Nikkei 225 down 0.81%
  • Hang Seng Index up 0.81%
  • Shanghai China Composite Index down 0.25%
  • FTSE 100 down 0.51%

U.S. stocks wavered between gains and losses Tuesday, but ended just in the red as mostly positive economic reports from the United States provided only partial relief from the panic spreading across the eurozone.

Greece's party leaders failed, yet again, to reach an agreement. Therefore the country will hold new elections. The upcoming balloting could result in a Greek exit from the eurozone.

Data released today showed that the eurozone narrowly escaped a recession after Germany boosted the region's overall growth rate by posting a 0.5% domestic growth rate, leaving the reading for the 17-nation region unchanged at 0.1%, and compensating for a negative reading from 12 of the 17 nations that make up the eurozone. Germany's strong reading was quite a surprise after the country posted a modest 0.2% growth rate last quarter.

Stateside, today's economic calendar was busy. A gauge of homebuilder sentiment rose to its highest level in five years this month, with the National Association of Homebuilders/Wells Fargo housing market index rising five points to a 29 reading from April's revised 24 reading. Economists polled by MarketWatch had expected a reading of 27.

Manufacturing growth in New York rebounded to a 17.1 reading in May, easily topping the 9.5 analysts polled by MarketWatch predicted. Also, the Commerce Department said April retail sales growth slowed to 0.1% while the Labor Department said April consumer prices were flat.

According to the Labor Department, U.S. consumer prices were unchanged in April as a drop in gasoline costs offset rising food, apparel and car prices. Core prices rose 0.2%; in-line with consensus forecasts. Retail spending inched up 0.1% in April, slowing three months of hefty gains. Auto sales rose 0.1% last month. Analysts expected both auto sales and retail sales to come in unchanged. Retail sales are up 6.4% compared to one year ago, but down 6.6% from last month.

In company news, LSB Industries (NYSE:LXU) shares were halted following a plant explosion. When they were removed from the trading halt, they plunged to a 52-week low. Shares of International Tower Hill Mines (NYSEMKT:THM) touched a 52-week low of after the company's Board of Directors accepted the resignation of James Komadina as President and Chief Executive. CytRx Corporation (NASDAQ:CYTR) fell after the company announced a reverse split of its common stock at a ratio of 1-for-7. CYTR's common stock will begin trading on Nasdaq on a split-adjusted basis at market open May 16.

Gold futures for June delivery, the most active contract settled down $3.90, or 0.3%, at $1,557.10 an ounce on the Comex. Gold prices are now at their 2012 low. July silver shed 1%, to settle at $28.08 an ounce, also a 2012 low. June crude settled at $93.98 a barrel on the New York Mercantile Exchange, down 80 cents, or 0.8%, their lowest settlement of the year.


(+) GRPN, Beats on Q1, Sets Q2 Guidance in Range that Straddles Street View

(+) DKS, Beats on Q1, Hikes Earnings View Above Prior Guidance, Street Estimates

(+) FFN, Q1 Revs Below Estimates; EPS Above


(-) AVP, Coty Withdraws Offer

(-) LPR, Disappointing Q1 Earnings Report

(-) CNAM, Wider-Than-Expected Q1 Loss