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Stock Market Update - Thu Aug 09 13:30:01 EDT 2007

Thu Aug 9, 2007 1:30pm EDT

[BRIEFING.COM] Selling remains the name of the game as key leadership continues to deteriorate. While widespread weakness throughout Financials (-2.9%) is still the biggest overhang for stocks, the growing lack of enthusiasm for the Technology sector (-1.4%) and its good growth prospects is now taking an added toll on the broader market. The S&P 500 recently hit a new session low of 1465.87, which left it down 2.1% for the day.

The sector's second biggest name, Cisco Systems (CSCO 31.79 +0.11), was up as much as 2.5% earlier and at fresh six-year highs, which contributed to Tech briefly clawing its way into the green. However, the bellwether is now up just 0.4% while the bottom falling out of the sector's most influential name, Microsoft (MSFT 29.34 -0.65), is really weighing heavily overall since the Dow component (-2.2%) is Nasdaq listed and among the five biggest names on the S&P 500.

NYSE Adv/Dec 768/2483...Nasdaq Adv/Dec 1053/1965


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