Reply #25: 10:24 EST numbers and blather

[UpInArms]

Dow 10,249.57 -68.59 (-0.66%)
Nasdaq 1,899.16 -16.24 (-0.85%)
S&P 500 1,121.27 -7.06 (-0.63%)
10-Yr Bond 4.168% +0.035

10:00AM: Equities remain underwater, pressured by a downbeat tech sector... Semiconductor, networking, disk drive, computer hardware, and software have all dropped noticeably and sent the Nasdaq 0.7% lower... Warnings from several key players within their sectors (Celestica, Xilinx), combined with a Goldman Sachs downgrade of the IT Hardware/Systems and Software groups to Neutral, have acted as a drag on the space... The blue chips have fared a bit better, but their indices (Dow and S&P 500) are still down 0.4%...

Losses in telecom service, oil service, beverage, publishing, and brokerage have offset gains in retail and managed care... SOX -1.9, NYSE Adv/Dec 891/1565, Nasdaq Adv/Dec 682/1551

9:45AM: Sellers make their presence known in the opening action, sending the indices moderately lower... Economic and earnings news have been a bit of a disappointment as both have generally missed consensus estimates... August Industrial Production & Capacity Utilization showed slower rates of growth as both were impacted by the rise in energy prices... July Business Inventories did top market expectations, but that report is generally considered out of date given its late release...

Corporate news has also missed the mark, with notables Celestica (CLS 12.99 -1.58), Coca-Cola (KO 40.65 -2.25), Tribune Co (TRB 39.50 -0.85), and Xilinx (XLNX 27.85 - 1.19) cutting their outlooks...