DJIA / Market Close for Wednesday, June 01, 2011

After the close…

We have XIDE down -15.6% and VRA down -9.9% following their earnings reports.

What was today? A big downer. The major market averages finished near their worst levels of the session, with all three losing close to 2.3%. Equities were knocked lower following this morning’s disappointing data as both the ADP Employment report and ISM Index fell short of expectations. Selling continued over the course of the session with stocks moving to their worst levels of the day following a late downgrade of Greek debt by Moody’s. The rating agency announced it was dropping the rating of Greek debt to Caa1 from B1, and assigned a negative outlook.

After the close, notable stocks reporting earnings include VNET, CEDU, CWTR, CPRT, ESL, XIDE, SNDA and VRA.

Futures are lower after hours with S&P 500 futures down -2.67 from fair value of 1313.47 and Nasdaq 100 futures down -5.61 from fair value of 2322.61.

Tomorrow before the open, there are two economic reports scheduled to be released: 1) Initial Claims (Consensus 413K) and Continuing Claims (Consensus 3688K) and 2) Productivity-Rev. (Consensus 1.6%) and Unit Labor Costs-Rev. (Consensus 0.9%).

Also tomorrow, before the open, notable stocks expected to report earnings include APWR, TFM, ISLE, CYBX, JOYG, UNFI, MPR, CHRS, UTIW, and MOV.

Oh, and PSVIX lost -2.36% and I didn’t sell any more yesterday. But then on a 2% down day, I didn’t sell any today either. That should insure another 2% down day tomorrow too.

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