Mid-Day Market Update: US Stocks Slide Ahead Of Fed Decision; Adobe Shares Spike Higher

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Midway through trading Wednesday, the Dow traded down 0.23 percent to 16,769.83 while the NASDAQ declined 0.15 percent to 4,330.68. The S&P also fell, dropping 0.06 percent to 1,940.82.

Leading and Lagging Sectors

On Wednesday, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Korea Electric Power (NYSE: KEP ) and Pure Cycle (NASDAQ: PCYO ).

In trading on Wednesday, financial shares were relative laggards, down on the day by about 0.24 percent. Top losers in the sector included IRSA Investments and Representations (NYSE: IRS ), down 3.2 percent, and OceanFirst Financial (NASDAQ: OCFC ), off 2.5 percent.

Top Headline

FedEx (NYSE: FDX ) reported better-than-expected fiscal fourth-quarter profit.

FedEx posted its quarterly profit of $730 million, or $2.46 per share, versus a year-ago profit of $679 million, or $2.13 per share.

Its revenue rose to $11.8 billion from $11.4 billion. However, analysts were expecting earnings of of $2.36 per share on revenue of $11.7 billion.

Equities Trading UP

Insmed (NASDAQ: INSM ) shares shot up 39.35 percent to $17.37 after the company announced that the FDA granted Arikayce breakthrough therapy designation.

Shares of Adobe Systems (NASDAQ: ADBE ) got a boost, shooting up 7.33 percent to $72.49 after the company reported stronger-than-expected second-quarter earnings. Adobe reported its adjusted earnings of $0.37 per share, beating analysts' estimates of $0.30 per share.

Air Products & Chemicals (NYSE: APD ) shares were also up, gaining 7.04 percent to $130.16 after the company named Rockwood's Seifi Ghasemi as its new chairman, president and CEO.

Equities Trading DOWN

Shares of La-Z-Boy (NYSE: LZB ) were 8.53 percent to $22.72 after the company reported downbeat fourth-quarter revenue. The company also announced its plans to stop production at Hudson plant this year. Its same-store sales declined 0.9% in the quarter, versus an 11.2% gain in the year-ago quarter.

NGL Energy Partners LP (NYSE: NGL ) shares tumbled 5.96 percent to $42.95 after the company priced an offering of 8 million shares at $43.85 per share.

ConAgra Foods (NYSE: CAG ) was down, falling 7.40 percent to $30.42 after the company lowered its forecast and said it would miss Q4 estimates.

Commodities

In commodity news, oil traded down 0.34 percent to $106.00, while gold traded down 0.02 percent to $1,271.70.

Silver traded up 0.14 percent Wednesday to $19.76, while copper fell 0.18 percent to $3.05.

Eurozone

European shares today.

The eurozone's STOXX 600 dropped 0.08 percent, the Spanish Ibex Index gained 0.49 percent, while Italy's FTSE MIB Index rose 0.15 percent.

Meanwhile, the German DAX gained 0.10 percent and the French CAC 40 fell 0.13 percent while UK shares gained 0.17 percent.

Economics

The MBA reported that its index of mortgage application activity dropped 9.20% in the week ended June 13.

The US current account deficit rose to $111.20 billion in the first quarter, versus $87.30 billion in the fourth quarter. However, economists were expecting a deficit of $97.0 billion.

Crude inventories fell 579,000 barrels in the week ended June 13, the Energy Information Administration reported. However, analysts were expecting for a decline of 1.4 million barrels.

The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET, while the Fed Chairwoman Janet Yellen will hold a press conference at 2:30 p.m. ET.

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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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.



This article appears in: Investing , Commodities , Futures

Referenced Stocks: ADBE , INSM , OCFC , PCYO , APD

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