Midday Update: Stocks Down For 4th Straight Day on Emerging Market Instability

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It's another feeding frenzy on Wall Street today, with money flowing out of equities and into bonds and other interest-rate sensitive markets as traders take advantage of growing currency instability in Turkey, Argentina and Thailand. U.S. stock indices are falling again as instability spreads in several developing economies as a result of central bankers in the U.S. and the UK beginning to ratchet up interest rates. Industrials were especially hard hit, with Dow components Boeing ( BA ), Caterpillar ( CAT ) and General Electric ( GE ) offsetting significant gains for Microsoft ( MSFT ) and Proctor and Gamble ( PG ) following better than expected earnings in their December quarters.

Yesterday's huge losses in the U.S. spilled into the overnight session leaving Asian and European equities all sharply lower at the close. Besides growing concerns over emerging nations, overseas markets are also still spooked by yesterday's unexpected drop in the Chinese PMI. The index fell below the 50.0 threshold between expansion and contraction, indicating a possible slowing in the world's second largest economy. Spain's IBEX underperformed all the other EU indices, falling nearly 4% today, due to its exposure to Argentina and its currency woes.

Crude oil was down $0.64 to $96.69 per barrel. Natural gas was up $0.25 to $4.83 per 1 million BTU. Gold was down $0.70 to $1,261.80 an ounce, while silver was up $0.02 to $20.03 an ounce. Copper was down $0.01 to $3.27 per pound.

Among energy ETFs, the United States Oil Fund was down 0.56% to $34.53 with the United States Natural Gas Fund was up 4.40% to $23.81. Among precious-metal funds, the Market Vectors Gold Miners ETF was down 2.61% to 23.15 while SPDR Gold Shares were down 0.10% to $121.67. The iShares Silver Trust was down 0.77% to $19.12.

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

NYSE Composite Index down 165.38 (-1.61%) to 10,104.01

Dow Jones Industrial Average down 190.12 (-1.17%) to 16,007.23

S&P 500 down 22.32 (-1.22%) to 1,806.14

NASDAQ Composite down 59.79 (-1.42%) to 4,159.08

GLOBAL SENTIMENT

Nikkei 225 down 1.94%

Hang Seng Index down 1.25%

Shanghai China Composite Index up 0.60%

FTSE 100 down 1.62%

CAC 40 down 2.79%

DAX down 2.48%

NYSE SECTOR INDICES

NYSE Energy Sector Index down 1.62%

NYSE Financial Sector Index down 1.77%

NYSE Healthcare Sector Index down 1.63%

UPSIDE MOVERS

(+) BSDI (+37.1%) Drug-maker and partner and Endo Pharmaceuticals (ENDP) report positive top-line results from Phase III efficacy study of its BEMA buprenorphine drug candidate to treat moderate to severe chronic pain.

(+) UPI (+21.4%) Reports a 14% jump in fiscal Q3 sales; forecasts even stronger revenue growth for the current quarter.

(+) OTEX, OTC.TO (+11.64%) Canadian software firm reports fiscal Q2 adjusted earnings of $1.58 per share, topping the Capital IQ consensus by $0.08.

DOWNSIDE MOVERS

(-) ATOS(-21.1%) Priced offering of 5.8 million units at $2.40 apiece, generating around $14 million in gross proceeds.

(-) KSU (-14.3%) Reports Q4 EPS of $1.03, missing the analyst consensus by $0.07 per share.

(-) IGT (-12.75%) Q1 reported earnings of $0.25 per share trail analyst estimates by $0.05.



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: BA , CAT , GE , MSFT , PG

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As of 10/20/2014, 04:15 PM

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