10:30 am : Commodities are mostly lower this morning, despite weakness in the dollar index, given the broad market weakness., hurt by a crash in the Nikkei, which fell over 7%.
Crude oil futures have been in the red all day so far and fell as low as $92.21. June crude briefly rallied back above $93 and is now -1.5% at $92.89/barrel.
Natural gas has been modestly lower all morning and was sitting about 0.2% lower just ahead of the weekly inventory data. Following the data, June natural gas spiked to a new HoD and is now +0.6% at $4.21/MMBtu.
Precious metals have been mixed for most of the day with gold higher and silver lower. In current trade, June gold is +1.3% at $1384.60/oz, while July silver is -0.6% at $22.34/oz.DJ30 -57.36 NASDAQ -9.51 SP500 -9.78 NASDAQ Adv/Vol/Dec 876/515.2 mln/1653 NYSE Adv/Vol/Dec 596/213 mln/2282
10:00 am : Key indices continue to hover near their lows with the S&P 500 down 1.1%.
New home sales in April hit an annualized rate of 454,000, which was up from the March rate of 444,000, and better than the rate of 425,000 that had been broadly expected by the Briefing.com consensus.
The SPDR S&P Homebuilders ETF (XHB 31.35, -0.27) jumped to fresh highs in reaction to the data.DJ30 -118.21 NASDAQ -35.19 SP500 -18.22 NASDAQ Adv/Vol/Dec 453/293.1 mln/1839 NYSE Adv/Vol/Dec 362/155.9 mln/2486
09:50 am : The major averages hover near their lows as investors react to the 7.3% plunge in the Nikkei as well as disappointing economic data from China. The S&P 500 is down 1.0% as all ten sectors trade in the red. Growth-sensitive financials, energy and materials are the weakest groups in early action (down between 1.0% and 1.4%) while the telecom sector
9:56AM Dow -108 set new low near short term support at 15180/15170 -- S&P -17 and Nasdaq Comp -34 hovering just above their lows/support (TECHX) :
9:47AM Aggressive follow through pressure -- S&P -16, Nasdaq Comp -32 (SPY) : The strong follow through selling brought supports noted in The Technical Take at 1635/1634 S&P (session low 1635) and 3424/3415 Nasdaq Comp (session low 3422) into play in recent trade with a limited pause developing thus far.
9:42AM Early relative sector strength (TECHX) : Gold Miners GDX +1.5%, Gold GLD +1.6% -- KGC, EGO, AUY, NEM, GG, GFI, HMY, ABX, AU, AEM-- Silver SLV +0.6% and Treasuries.