Day Traders Diary

8/3/10

U.S. stocks opened lower on Tuesday, following a big rally in the previous session, with sentiment soured by disappointing earnings from several firms, including Dow Chemical and consumer-products giant Procter & Gamble. The Dow Jones Industrial Average dropped 31 points to 10,646, weighed down by a 4% drop in shares of Procter & Gamble. The S&P 500 index fell 4 points to 1,121, weighed down by the materials and consumer discretionary sectors. The Nasdaq Composite fell 9 points to 2,286. Most stocks reporting earnings this morning are trading lower. The list includes Vornado Reality, Marathon Oil, Clorox, Applied Materials, MGM, Marsh & McLennan, Parker Hannifin, Office Max, Molson Coors, DR Horton, Coach, Capital One, Vivus, and Rogers Corp. A few stocks are trading higher following earnings including Rudolph Tech, Pfizer, Archer Daniel Midland, and NYSE Euronext. Pfizer is the diamond of the day, trading up 4%. It's nice to see that stock trading higher. At 10 o'clock, weaker than expected manufactoring and home sales sent the averages lower. The Dow dropped 66 points. The Nasdaq declined 22 points. I guess we were due for a down day. Through the morning the averages remain in the red, but off the lows. Not many stocks are in the green. Research in Motion is up a percent after introducing a new phone today. In the afternoon the averages remain in the red, but not by much. Research in Motion fell back into the red, now down 2%. That's a frustrating stock. Apple moved into the green. Shocker. Goldman Sachs is in the green. The oil commodities look good like Exxon, Chevron, and Petrobras. In the last hour, no rebound. wth. The Dow Jones Industrial Average finished down 38 points at 10,636, pressured by a 3.4% drop in Procter & Gamble. The S&P 500 index fell 5 points to 1,120, pressured by a 1.7% drop in the materials sector. The Nasdaq Composite fell 11 points to 2,283.

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