Mid-Day Update: Stocks Consolidating Near Record Highs, Nasdaq Extends Losing Streak to Third Session

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Stocks are straddling the fence today, holding near Friday's record highs in holiday-inhibited trade. Last week's rally that followed upbeat earnings for several prominent companies as well as the surprise rate cut by the European Central Bank and a stronger-than-expected October non-farm payrolls report appears to be consolidating as investors wait for more direction on Fed policy from confirmation hearings starting later this week for Federal Reserve Chairwoman nominee Janet Yellen and industrial production data due out Friday.

The Nasdaq Composite index, however, continues to drift narrowly lower for a third consecutive day tied to selling pressure for momentum and social-networking stocks following the Twitter IPO last week along with technical resistance as the index tries to break through the 4,000 mark.

European markets closed higher in response to the big rally for U.S. stocks Friday and bullish Chinese industrial production data during the weekend. An upgrade by Moody's Investor Service of Portugal's government bond rating and improvement in Italian manufacturing helped offset last week's selling pressure following the 25 basis point cut in European interest rates with all three major indices closing on the plus side.


The U.S. bond markets are closed today for the Veteran's Day holiday.

Crude oil was up $0.54 to $95.13 per barrel. Natural gas was up $0.01 to $3.63 per 1 million BTU. Gold was down $2.30 to $1,282.00 an ounce, while silver was up $0.03 to $21.35 an ounce. Copper was up $0.01 to $3.26 per pound.

Among energy ETFs, the United States Oil Fund was up 0.79% to $34.28 with the United States Natural Gas Fund was up 0.62% to $17.78. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 1.44% to 23.92 while SPDR Gold Shares were down 0.41% to $123.76. The iShares Silver Trust was down 0.63% to $20.56.

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

NYSE Composite Index up 6.25 (+0.06%) to 10038.39

Dow Jones Industrial Average up 20.94 (+0.13%) to 15782.72

S&P 500 up 0.48 (+0.03%) to 1771.09

Nasdaq Composite Index down 0.97 (-0.01%) to 3917.15

GLOBAL SENTIMENT

Nikkei 225 Index up 1.30%

Hang Seng Index up 1.43%

Shanghai China Composite Index up 0.16%

FTSE 100 Index up 0.30%

CAC 40 up 0.70%

DAX up 0.33%

NYSE SECTOR INDICES

NYSE Energy Sector Index up 0.03%

NYSE Financial Sector Index up 0.15%

NYSE Healthcare Sector Index up 0.27%

UPSIDE MOVERS:

(+) FUEL (+11.8%) Upgraded by BMO Capital to Outperform from Market Perform with its price target raised 30% to $65 a share.

(+) GOGO (+24.7%) Reported that Q3 revenue jumped 48% and the company raised the top end of its full-year guidance.

(+) VPHM (+25.5%) Accepts a $4.2-billion buyout deal from Shire plc ( SHPG ), with shareholders receiving $50 per share in cash. SHPG shares also are higher.

DOWNSIDE MOVERS

(-) EGHT (-6.5%) Began public offering of 12.5 million shares of its common stock.

(-) CRUS (-13.1%) Barclays reports the company is no longer providing certain parts for Apple's ( AAPL ) iPad Air tablet computers.

(-) ZLCS (-72.5%) Said its Z160 pain-reliever drug candidate did not meet the primary endpoint during Phase II testing in patients with lumbosacral radiculopathy and post-herpetic neuralgia.



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: AAPL , SHPG

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