Reply #62: 11:10 EST riding the seesaw

[UpInArms]

Dow 10,290.31 +5.05 (+0.05%)
Nasdaq 2,048.38 -7.62 (-0.37%)
S&P 500 1,175.52 -2.62 (-0.22%)
10-Yr Bond 4.441 -0.40 (-0.89%)

NYSE Volume 799,930,000
Nasdaq Volume 617,002,000

11:00AM: On the back of the Financial sector (+0.3%), the market has modestly advanced. While each of the indices recently rose to positive ground, the S&P and Nasdaq have since slid back to just below the unchanged mark. The trend of strong earnings reports from the banking industry continued this morning, with JP Morgan (JPM 34.50 +0.73), Bank of America (BAC 41.99 +0.42), and Northern Trust (NTRS 50.49 -0.32) all delivering earnings ahead of analysts' estimates. In particular, JP Morgan's 2.0% jump leads both the sector and the Dow, while Bank of America's 1.0% gain lends further support. With Q3 EPS of $0.75, JMP beat expectations by $0.03; BAC's earnings of $1.04 per share came in $0.02 ahead of estimates, as did NTRS's $0.67 per share. While investors remain concerned over the flattening yield curve, solid third quarter reports from banking bellwethers may help to somewhat counter fears today.NYSE Adv/Dec 1004/1934, Nasdaq Adv/Dec 987/1675

10:30AM: The market's major averages have stood still over the past half hour, trending solidly negative amid the losses each sector extends. Materials (-1.1%) has slid into last place, pushed particularly by Phelps Dodge (PD 114.81 -5.15). This morning, Friedman Billings downgraded PD shares to Market Perform from Outperform and sparked a 4.3% decline. Separately, the EIA has delivered its latest inventory report. Last week, crude oil inventories rose 5.55 mln barrels (vs. an expected rise of 2.3 mln barrels), while gasoline inventories rose 2.91 mln barrels (the consensus estimated a 1.5 mln barrel decline) and distillate inventories fell 1.92 mln barrels (vs. the estimated 2.3 mln barrel draw).NYSE Adv/Dec 702/2146, Nasdaq Adv/Dec 713/1836