Stocks were taking on heavy losses Friday, weighed down by
missed earnings from Amazon (
) and Ford (
) as well as turmoil in Ukraine, erasing all of their hard-won
gains from earlier this week. And with Treasury yields falling as
risk-adverse investors snap up government bonds in a safe-haven
bid, utility stocks are outperforming more volatile sectors such as
consumer and technology stocks.
) late yesterday reported a drop in Q1 profits, but revenue met
expectations and the software giant today finalized its
multi-billion dollar deal with Nokia (
), keeping it one of the few gainers among companies in the Dow
Jones Industrials Average.
Today's economic data had little influence on an already
defensive market. The purchasing managers index for the services
industry fell to a 54.2 reading during April from 55.5 the month
prior and missing estimates for a gain to 56.2.
Thomson Reuters/University of Michigan found that consumer
sentiment improved in April as their index notched up to 84.1 from
the initial read of 82.6, and higher than 80.0 in March. The Street
was forecasting a minimal decline to 82.5.
Europe made a concerted attempt to recover off its worse levels
of the session with the bounce triggered by German Chancellor
Angela Merkel's warning to Russian President Vladimir Putin of the
potential for more economic sanctions as result of Russian actions
in Ukraine. But the rebound fell short of erasing today's losses
across the continent and the German Dax taking the brunt of selling
Crude oil was down $1.13 to $100.81 per barrel. Natural gas was
down $0.05 to $4.70 per 1 million BTU. Gold was up $11.10 to
$1,301.70 an ounce, while silver was down $0.42 to $36.63 an ounce.
Copper is unchanged at $3.09 per pound.
Among energy ETFs, the United States Oil Fund was down 1.11% to
$36.64 with the United States Natural Gas Fund was down 0.84% to
$25.87. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 1.00% to 24.18 while SPDR Gold Shares were up
0.67% to $124.50. The iShares Silver Trust was up 0.08% to
Here's where the markets stand at mid-day:
NYSE Composite Index down 54.01 (-0.51%) to 10,521.90
Dow Jones Industrial Average down 108.12 (-0.66%) to
S&P 500 down 10.96 (-0.58%) to 1,867.65
Nasdaq Composite Index down 55.11 (-1.33%) to 4,093.22
Nikkei 225 Index up 0.17%
Hang Seng Index down 1.50%
Shanghai China Composite Index down 1.00%
FTSE 100 Index down 0.26%
CAC 40 down 0.80%
DAX down 1.54%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 0.25%
NYSE Financial Sector Index down 0.78%
NYSE Healthcare Sector Index down 0.10%
(+) WFT (+10.1%) Reported better-then-expected Q1 earnings, Q2
guidance above street estimates.
(+) UHS (+6.1%) Reported above-consensus earnings although
revenue missed Street estimates.
(+) CLH (+5.5%) Relational Investors reports 9% stake, urging
the company focus on its waste business, share buybacks and asset
(-) CYTK (-61.7%) ALS drug trial fails to reach study
(-) YGE (-14.7%) Prices follow-on offering of 25 million ADS at
(-) CVLT (-29.35%) Reported mixed Q1 results
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