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Market Commentary -- 11 a.m.

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June 5, 2003 — Stocks are rebounding from earlier losses as the market continues to shrug off negative news. Jobless claims for the week ended May 31 rose to 442,000 from 426,000 (making it the 15th straight week that claims have exceeded the 400,000 level). The report continues to show weakness in the labor market. April Factory Orders fell by 2.9% versus +2.1% the prior month (weaker-than-expected). The US dollar is lower despite a 50 basis-point cut in interest rates by the European Central Bank.

Semiconductor stocks lower after updated guidance reports from Maxim Integrated Products (MXIM) and Xilinx Inc (XLNX). Food retailers are lower due to lowered guidance from Albertson’s Inc. (ABS). Department Store and Casino & Gaming issues are higher. Gold futures prices are up over $6. NYSE breadth is 16-15 negative, Nasdaq breadth is 14-13 positive.

Market Action

S&P 500983.46 – 2.78