Sign in Subscribe
Banking industry

Mid-Day Market Update: Stocks Down Amid Greece Austerity Targets and US Manufacturing Data

Strategic Insights

— 2 min read

Stock markets are trading down at mid-day as investors grapple with news that Greece's new budget falls short of austerity targets, potentially jeopardizing European aid. Meanwhile, US manufacturing activity showed a modest pickup, with the Institute for Supply Management's September manufacturing index rising to 51.6% from 50.6% in August. This uptick in manufacturing activity provides a glimmer of hope, but the overall market sentiment remains bearish.

Key Takeaways:

  • The Dow Jones Industrial Average (DJIA) is down 10.06 (-0.09%) to 10,903.32.
  • The S&P 500 is down 3.55 (-0.31%) to 1,127.87.
  • The NYSE Energy index is down 0.61% to 10,527.58.
  • The NYSE Financial index is down 0.81% to 3,775.39.
  • Upside movers include RNN (+1.1%), EK (+69.2%), and YHOO (+4.4%).
  • Downside movers include LOW (-0.5%), TWX (-1.7%), and KO (-3.6%).
  • The Institute for Supply Management's September manufacturing index rose to 51.6% from 50.6% in August.
  • The budget approved by Greece's government comes up short of austerity targets, potentially jeopardizing European aid.
  • Eastman Kodak (EK) shares bounce back after a Friday plunge, despite reports that the company hired a law firm specializing in bankruptcy.
  • Sangamo Biosciences (SGMO) shares are down sharply after results from a mid-stage study showed the company's experimental drug did not meet expectations.
  • Pharmaceutical Product Development (PPDI) shares are sharply higher after inking a deal to be acquired by the Carlyle Group and Hellman & Friedman for $3.9 billion.
  • Intel (INTC) shares are down after Reuters reports that the company has agreed to acquire Israeli mobile navigation software maker Telmap for between $300 million and $350 million.

Statistics:

  • The DJIA is down 10.06 (-0.09%) to 10,903.32.
  • The S&P 500 is down 3.55 (-0.31%) to 1,127.87.
  • The NYSE Energy index is down 0.61% to 10,527.58.
  • The NYSE Financial index is down 0.81% to 3,775.39.
  • 51.6%: The Institute for Supply Management's September manufacturing index.
  • 8.5%: The expected deficit as a percentage of Greece's GDP in 2011.
  • $1,658: The price of December gold contracts.
  • $79.50: The price of November crude oil contracts.
  • 0.79%: The gain of the United States Oil Fund (USO).
  • 0.22%: The loss of the United States Natural Gas fund (UNG).
  • 1.92%: The gain of the SPDR Gold Trust (GLD).
  • 1.43%: The gain of the Market Vectors Gold Miners (GDX).
  • 3.7%: The gain of the iShares Silver Trust (SLV).

Sources:

  • MarketWatch: "ISM manufacturing index rises in September"
  • Reuters: "Eastman Kodak hires law firm specializing in bankruptcy"
  • TheStreet.com: "Sangamo Biosciences' experimental drug does not meet expectations"
  • Bloomberg: "Pharmaceutical Product Development to be acquired by Carlyle Group and Hellman & Friedman"
  • MidnightTrader.com: "Mid-Day Market Update: Stocks Down Amid Greece Austerity Targets and US Manufacturing Data"

Read more