Midday Update: Modest Hopes of a Debt-Ceiling Resolution Lifting Shares Off Session Lows

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Stock prices are mixed today, reversing a three-day winning streak with talks among U.S. political leaders reportedly set to resume later today - just three days before the federal government runs out of borrowing authority to pay its bills. An undercurrent of hope lawmakers will be able to cobble together a last-minute deal is limiting earlier losses, including the Nasdaq Composite turning positive over the past hour, although volume is very light because of the Columbus Day holiday.

European markets were mixed at the close as worries over the potential impact of a U.S. default were offset by upbeat industrial production data in the UK and positive Chinese trade data. A flight-to-safety again bolstered gold and gold stocks allowing the FTSE to close narrowly on the plus side. Germany's DAX, however, was slightly lower at the close.

Crude oil was down $0.49 to $101.57 per barrel. Natural gas was down $0.01 to $4.02 per 1 million BTU. Gold was up $12.30 to $1,280.80 an ounce, while silver was up $0.20 to $21.46 an ounce. Copper was up $0.03 to $3.30 per pound.

Among energy ETFs, the United States Oil Fund was down 0.03% to $36.75 with the United States Natural Gas Fund was up 0.18% to $19.46. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 0.43% to 23.00 while SPDR Gold Shares were up 0.81% to $123.58. The iShares Silver Trust was up 0.73% to $20.66.

Here's where the markets stand at mid-day:

Dow Jones Industrial Average down 26.65 (-0.17%) to 15,210.46

S&P 500 down 2.90 (-0.17%) to 1,700.30

Nasdaq Composite Index up 1.54 (+0.04%) to 3,793.41

GLOBAL SENTIMENT

Nikkei 225 Index up 1.48%

Hang Seng Index up 1.16%

Shanghai China Composite Index up 0.43%

FTSE 100 Index up 0.32%

CAC 40 up 0.07%

DAX down 0.01%

NYSE SECTOR INDICES

NYSE Energy Sector Index up 0.13%

NYSE Financial Sector Index down 0.22%

NYSE Healthcare Sector Index down 0.01%

UPSIDE MOVERS

(+) NFLX (+4.8%) The company is in discussions with major cable-television operators to add its streaming video service to set-top boxes

(+) ATRS (+8.4%) OTREXUP (methotrexate) injection was approved by the U.S. Food and Drug Administration (FDA).

(+) IBIO (+16.0%) Its updated plan of compliance was accepted by the NYSE MKT exchange, which granted the company an extension until Dec. 2 to regain compliance with listing standards.

DOWNSIDE MOVERS

(-) EXPE (-7.4%) Downgraded by Deutsche Bank to Hold from Buy and the price target was slashed 22%

(-) FICO (-4.1%) Cut full fiscal year GAAP EPS to $2.47 and $2.51 per share, lower than the full-year GAAP earnings per diluted share guidance of $2.61 to $2.70 and expectations for $2.81.

(-) ERIC (-2.2%) Downgraded to underweight from equal weight at Barclays Plc, which said Q3 earnings may disappoint.



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

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