Momentum Plays Real-Time Updates

Stocks were supported by better-than-expected sales from major U.S. retailers and an increase in pending home sales. The market could rally after Labor Day if today’s jobs report is within expectations. Investors are eager to see signs that private sector employers could begin hiring again. HP raised its offer to buy data storage company 3PAR to $33, topping a $32 bid from Dell.

FEAR METER: The S&P500 implied volatility drifted lower.

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Stocks rallied right out of the gate as investors welcomed a rebound in Chinese manufacturing and an unexpectedly strong report on U.S. manufacturing activity. The rally was broad-based. Apple was up 2.8% as the company held its annual music-themed special event. The focus shifts to jobs this morning when the government’s report on initial claims comes out. Investors will also take in the latest readings on factory orders and pending home sales.
FEAR METER: The S&P500 implied volatility plunged as recovery fears faded away.

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Stocks were supported earlier in the session by a larger-than-expected rise in consumer confidence and a jump in U.S. home prices. But the tone turned bearish as investors weighed meeting minutes from the Federal Reserve against upbeat economic reports. They are worried that the weak job market will continue to weigh on consumer spending — which drives the bulk of economic activity. Tech stocks ended the month on a lackluster note with semiconductor stocks among the biggest decliners. The uncertainty surrounding the economic outlook and historically low trading volumes led to increased volatility.

IN FOCUS: Economic reports include an index of nationwide manufacturing activity and a report on private sector job cuts in August.
FEAR METER: The S&P500 implied volatility jumped amid worries about the economic recovery.

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Stocks fell sharply as the tone on Wall Street turned bearish ahead of big economic reports due later this week. Volume is expected to be light this week. Investors are gearing up for the government’s monthly jobs report, due before the opening bell Friday. A key problem in the market is that the retail investor has withdrawn from the market, analysts say. All S&P large-cap sectors were lower, led by financials, consumer discretionary and industrials. Intel fell 1.6% after the company inked a deal to acquire the wireless unit of German chipmaker Infineon Technologies. HPQ (+1.47%) was the only stock trading higher among the blue-chip index.

IN FOCUS: Consumer confidence before the market opens. Reports on home prices and regional manufacturing activity are also due in the morning. Later, Fed will release minutes from its most recent policy meeting.
FEAR METER: The S&P500 implied volatility surged.

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Stocks rallied Friday after Bernanke said the Fed was willing to do what it takes to stabilize the recovery.
The GDP reading came in slightly better than expected, stocks managed to end the session on a positive note, rallying more than 1% on the news. Techs and industrials were the week’s worst performers, while utilities and telecoms were the best. INTC warned that third-quarter earnings would likely fall short of expectations amid weak PC demand. Investors are looking for any little bit of a positive sign they can get in the wake of all this poor economic data. Jobs report, along with a reading on consumer confidence and more manufacturing data due next week, will either add fuel to the fire or calm some fears about an economic slowdown.
IN FOCUS: A government report on personal income and spending is due before the opening bell.

FEAR METER: The S&P500 implied volatility dropped.

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