Closing Update: Day-Long Sell-Off Drags S&P 500 Off Record Highs, Dow Finishes Below 17,000

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Stocks fell Friday, with disappointing earnings results by bellwether firms like Amazon.com ( AMZN ) and Visa ( V ) keeping all of the major indices underwater today.

All 10-industry sectors in the S&P 500 finished the session in the red, with consumer discretionary stocks taking the hardest hits after AMZN posted a larger-than-expected net loss during its June quarter and Starbucks ( SBUX ) and Swift Transportation ( SWFT ) warned future earnings may lag Wall Street expectations. Ongoing tensions in the Middle East and Ukraine also continued to weigh on equities, with gold futures also rising in haven-shopping by investors.

Credit Card issurer Visa Inc. ( V ) also fell after cutting its future guidance, with the Dow Jones Industrials Average component responsible much of the decline for the blue-chip index today. V Chief Executive Charles Scharf said he was "confident" headwinds now affecting the company will dissipate, although ""what we don't know is the timing."

Commodities were mixed, with crude oil for September delivery reversing small declines earlier today, settling with a 2-cent gain at $102.09 per barrel while August natural gas fell 7 cents to $3.78 per 1 million BTU. August gold added $12.80 to settle at $1,303 per ounce while September silver climbed 23 cents to finish at $20.64 per ounce. September copper retreated 3 cents to end at $3.24 per pound.

Here's where the U.S. markets stood at the end-of-day:

Dow Jones Industrial Average down 123.23 (-0.72%) to 16,960.57

S&P 500 down 9.64 (-0.48%) to 1,978.34

Nasdaq Composite Index down 22.54 (-0.50%) to 4,449.56

GLOBAL SENTIMENT

Hang Seng Index up 0.31%

Shanghai China Composite Index up 1.02%

FTSE 100 Index down 0.44%

UPSIDE MOVERS

(+) NR, Adjusted Q2 EPS of $0.20 tops Wall Street forecasts by $0.06 per share. Revenue advances 5.1% over the same quarter last year to $272.5 mln, beating the Capital IQ consensus by $26.27 million.

(+) DTLK, Q2 adjusted net income of $0.22 per share beats by $0.09. Revenue climbs 7.8% over same quarter last year to $159.4 mln, topping consensus by $9.78 mln.

(+) LOCO, Shares of quick-service chicken meals surges in market debut after earlier pricing its initial public offering of 7.14 mln shares of its common stock at the top of its expected $13 to $15 per share range.

DOWNSIDE MOVERS

(-) BCOV, Shares plunge to a record low after the online-video company forecasts revenue for the current quarter and FY14 ending in December trailing analyst estimates, upstaging better than expected Q2 results. At least two firms issue downgrades.

(-) PACB, Posts $19.1 mln net loss, or $0.27 per share, improving on a $20.5 mln net loss and matching the Capital IQ consensus. Revenue rose 89% year over year to $11.4 million, also roughly in-line with the $11.39 million analysts were expecting.

(-) AMZN, Q2 net loss grows to $126 million, or $0.27 per share, from a $7 million net loss last year and lagging the Capital IQ consensus for the latest quarter by $0.12 per share. Revenue rose 23% year over year to $19.34 billion, matching analyst predictions.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: AMZN , V , SBUX , SWFT

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