Closing Update: Stocks Give Back Gains Ahead of Job Report; Initial Rally Supported by ECB Easing, Trade Data

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U.S. equities fell Thursday, giving back early gains that followed the European Central Bank pumping more stimulus in the regional economy and a larger-than-expected decline in the U.S. trade gap for last month. Both the S&P 500 and Dow Jones Industrial Average again touched new record highs before turning lower today as investors likely squared positions ahead of the Labor Department Friday reports on August hiring. A stronger U.S. dollar undermined crude oil and gold futures, dragging the shares of energy and mining companies lower.

European markets finished higher and U.S. equities also rallied early in today's trading after the European Central Bank surprised investors with a larger-than-expected cut in interest rates to just 0.05% as well as announcing plans for 40 billion euros in quantitative easing in a bid to shore up a flagging regional economy.

The US trade deficit shrank for the third straight month in July, Commerce Department data showed Thursday, coming in at $40.5 billion, down from a $40.8 billion deficit in June.

Commodities were mostly lower. Crude oil for October delivery settled $1.09 lower at $94.95 per barrel while October natural gas fell 3 cents to $3.82 per 1 million BTU. December gold declined $4.00 to $1,266.10 per ounce while December silver slipped 7 cents to $19.13 per ounce. December copper rose 2 cents to settle at $3.15 per pound.

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

Dow Jones Industrial Average down 8.70 (-0.05%) to 17,069.58

S&P 500 down 3.07 (-0.15%) to 1,997.65

Nasdaq Composite Index down 10.28 (-0.22%) to 4,562.29

GLOBAL SENTIMENT

Hang Seng Index down 0.08%

Shanghai China Composite Index up 0.80%

FTSE 100 Index up 0.06%

UPSIDE MOVERS

(+) BOLT, Accepts $171 million buyout offer by Teledyne Technologies ( TDY ), which pay $22 per share in cash for the underwater oilfield-services company.

(+) MITK, Settles all pending litigation with USAA, which agreed to drop accusations of misappropriating trade secrets and breach of contract. USAA keeps its license to use MITK's Quick Strokes, Quick FX Pro and Image Score software.

(+) STXS, Receives 510(k) clearance from FDA to market its Vdrive robotic navigation system with V-Loop variable loop catheter manipulator in the U.S. Agency approval follows completion of 120-patient, multi-center clinical study.

DOWNSIDE MOVERS

(-) MTRX, Reports Q4 net income of $0.28 per share, missing analyst estimates by $0.08. Revenue rises 46.2% year over year to $344.36 mln, trailing Street view by around $9.58 mln. Projected FY15 EPS lags consensus by at least $0.19 per share.

(-) KMDA, Still seeking EU authorization for drug candidate to treat Alpha-1 Antitrypsin deficiency despite failing to produce statistically significant difference from placebo in primary and secondary endpoints during Phase II/III testing.

(-) SCVL, Q2 net income declines to $2.6 mln, or $0.13 per share, from a $5.8 mln profit last year, missing consensus by $0.02 per share. Revenue rises 2.6% to $222.1 mln, trailing expectations by $2.9 mln. Q3 EPS forecasts lags Street view by at least $0.08 per share.



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: TDY

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