Market Close for Wednesday 08/11/10

After the close…

AAP, CSCO are the notable names that reported earnings after the close. CSCO is down -7.8%.

Today, a loss of confidence in the economic recovery led to a deep and broad selloff that sent stocks lower. Though the broader market suffered its worst loss of the past few weeks, it was able to secure support just above a key technical line.

Futures are sharply lower after hours with S&P 500 futures 10.65 points below fair value of 1087.25 and Nasdaq 100 futures 27.016 points below fair value of 1844.51.

All ten sectors were in negative territory, led by industrials (-3.7%), financials (-3.6%) and materials (-3.4%).

Tomorrow morning, four economic reports are scheduled to be released before the open including: 1) Initial Claims (Consensus 465K), 2) Continuing Claims (Consensus 4600K), 3) Export Prices ex-ag (Consensus NA) and 4) Import Prices ex-oil (Consensus NA).

Tomorrow, before the open, look for:BGG, BR, CAGC, EAT, EL, PRGO, TGH, CRYP, RDEN, RGLD, SLE, HEAT, CACH, CHOP, CHUX, ELOS, GIL, EFJI, THI, SCR, AH, and KSS.

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