LONDON (ShareCast) - The US market has opened on the back foot, with resource stocks weaker in line with softer commodity prices.
With the price of crude oil drifting back down to $70, oil giant Exxon Mobil (NYSE: XOM
- news) is on the downturn while copper producer Freeport McMoRan tumbles on news that inventories of copper in Shanghai have risen for the second week in succession.
Retailing leviathan Wal Mart (NYSE: WMT - news) retreats after Goldman Sach cut its rating from 'buy' to 'neutral'. '"We see little near- term positive catalysts to drive shares higher," the investment bank said about the world's biggest retailer.
Bank of America (NYSE: IKJ - news) edges higher after Rochdale Securities raised its price target for the stock by more than a third.
On the economic front, the Empire State index's measure of manufacturing in the New York area fell 5 points to -9.4 in June. In the prior month, the index was -4.55.
New orders remained negative at -8.15 but better than May's -9.01. Inventories fell to -25.29 versus May's -21.59.
S&P 500 - Risers
Huntington Bancshares Inc. (HBAN) $4.56 +9.88%
Marshall & Ilsley (MI) $6.31 +2.94%
MEMC Electronic Materials (NYSE: WFR - news) (WFR) $20.58 +2.08%
Sprint Nxtel Corp. (S) $5.37 +1.51%
S&P 500 - Fallers
Lincoln Natl Corp. (LNC) $16.34 -7.94%
Rowan Cos Inc. (RDC) $21.63 -6.73%
Tenet Hlthcre Corp. (THC) $2.87 -6.26%
E*Trade Financial Corp. (ETFC) $1.85 -6.09%
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