{"id":417203,"date":"2011-05-04T12:04:53","date_gmt":"2011-05-04T12:04:53","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/04\/were-in-a-sideways-market\/"},"modified":"2011-05-04T12:04:53","modified_gmt":"2011-05-04T12:04:53","slug":"were-in-a-sideways-market","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/","title":{"rendered":"‘WE’RE IN A SIDEWAYS MARKET’"},"content":{"rendered":"
\n

\"premarkets,<\/a>Click chart for more premarket data<\/strong><\/span> By CNNMoney staff<\/span>May 4, 2011: 8:00 AM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — Mixed earnings reports and the latest jobs news is keeping investors on tenderhooks, with U.S. stock futures headed for a modest retreat at Wednesday’s open.<\/p>\n

“I think the jobs numbers throughout this period are critically important,” said Dick Del Bello, senior partner at Conifer Group. “Unfortunately, I think only a major move in either direction is going to move the market.”<\/p>\n

Before the opening bell, outplacement firm Challenger, Gray & Christmas issued a report showing employers announced fewer planned job cuts<\/a> in April, even as government sector layoffs mounted.<\/p>\n

Dow Jones industrial average (INDU<\/a>), S&P 500 (SPX<\/a>) and Nasdaq (COMP<\/a>) futures were just slightly lower ahead of the opening bell. Futures measure current index values against perceived future performance.<\/p>\n

The fundamentals continue to weigh on market sentiment. “We are in a very sideways market,” said Del Bello. Stocks have been heading higher since the start of the year but the economy is still on shaky ground and Europe’s debt problems are remain an issue.<\/p>\n

Early Wednesday, Portugal agreed to a $116 billion financial bailout to deal with the European Union and the International Monetary Fund, according to reports.<\/p>\n

The news was met with a muted reaction. “If this was the first time we heard about a European economy needing a bailout, it is big news, but we have heard this story before,” said Del Bello.<\/p>\n

On Tuesday, U.S. stocks struggled for a second session<\/a> as disappointing corporate earnings, and a steep drop in the price of oil, weighed on the broader market.<\/p>\n

Economy:<\/strong><\/a> Wall Street will receive another read on the job market Wednesday, when ADP releases its April private sector employment report at 8:15 a.m. ET.<\/p>\n

Economists polled by Briefing.com expect that the private sector created 200,000 jobs in April, about the same as the 201,000 created the month prior. The ADP report is often used as a forecast of Friday’s more-important government jobs report.<\/p>\n

Economists surveyed by CNNMoney expect the unemployment rate to hold steady at 8.8% while employers added 185,000 jobs in April. For the full year, economists expect 2.3 million new jobs – just under 200,000 per month – and an unemployment rate of 8.4% by year end.<\/p>\n

Companies<\/strong><\/a>: Before the opening bell, CNNMoney parent Time Warner<\/a> said a surge in advertising sales boosted revenue. But net income dropped. Shares of Time Warner (TWX<\/a>, Fortune 500<\/a>) were little changed in premarket trading.<\/p>\n

Investors will also get results from News Corp (NWS<\/a>, Fortune 500<\/a>)., Prudential Financial (PRU<\/a>, Fortune 500<\/a>), WholeFoods (WFMI<\/a>, Fortune 500<\/a>), MetLife (MET<\/a>, Fortune 500<\/a>), and video game publisher Electronic Arts (ERTS<\/a>, Fortune 500<\/a>).<\/p>\n

Shares of Varian Semiconductor (VSEA<\/a>) surged more than 50% after the Wall Street Journal reported that Applied Materials (AMAT<\/a>, Fortune 500<\/a>) was expected to buy the chipmaker in a $5 billion cash deal.<\/p>\n

World markets:<\/strong><\/a> European stocks were mixed in morning trading. Britain’s FTSE 100 lost 0.5%, while the DAX in Germany edged up 0.2% and France’s CAC 40 added 0.2%.<\/p>\n

Asian markets ended the session lower. The Shanghai Composite dropped 2.3%, and the Hang Seng in Hong Kong shed 1.4%. Japan’s Nikkei was closed for holiday.<\/p>\n

Currencies<\/strong><\/a> and Commodities<\/a>:<\/strong> The dollar lost ground against the euro and the British pound, but gained slightly against the Japanese yen.<\/p>\n

After losing more than 2% in the previous session, oil for June delivery gained 12 cents to $111.17 a barrel Wednesday morning.<\/p>\n

However, other commodities<\/a> continued to sell-off.<\/p>\n

Gold futures for June delivery fell $3.40 to $1,537.00 an ounce.<\/p>\n

Silver futures for July delivery shed 87 cents to $41.72, after sinking more than 7% in the previous session.<\/p>\n

Bonds<\/strong><\/a>:<\/strong> Bond prices were little changed. The price on the benchmark 10-year U.S. Treasury edged slightly lower, pushing the yield up to 3.26%.\u00a0\"To<\/a><\/p>\n

First Published: May 4, 2011: 6:41 AM ET<\/p>\n<\/div>\n

Read the original post:
\n‘WE’RE IN A SIDEWAYS MARKET’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Click chart for more premarket data By CNNMoney staff May 4, 2011: 8:00 AM ET NEW YORK\u00a0(CNNMoney) — Mixed earnings reports and the latest jobs news is keeping investors on tenderhooks, with U.S. <\/p>\n","protected":false},"author":0,"featured_media":417204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":{"0":"post-417203","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"yoast_head":"\n'WE'RE IN A SIDEWAYS MARKET' - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"'WE'RE IN A SIDEWAYS MARKET' - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Click chart for more premarket data By CNNMoney staff May 4, 2011: 8:00 AM ET NEW YORK\u00a0(CNNMoney) -- Mixed earnings reports and the latest jobs news is keeping investors on tenderhooks, with U.S.\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"‘WE’RE IN A SIDEWAYS MARKET’\",\"datePublished\":\"2011-05-04T12:04:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/\"},\"wordCount\":631,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Politics\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/were-in-a-sideways-market\/\",\"name\":\"'WE'RE IN A SIDEWAYS MARKET' - 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