Midday Update: Stocks Lose Momentum As Earnings Sour, Valuation Worries Re-Emerge

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After a promising start, stocks have reversed course and were falling at mid-day following disappointing results from several companies as earnings season picks up speed. Valuation warnings from Goldman Sachs that the S&P 500 "is lofty by almost any measure" also is weighing on trader sentiment. But the Nasdaq Composite index once again is continuing to outperform the broader markets, holding onto a very slim gain but is well under a new, 13-year high reached soon after today's open.

Dow components Johnson & Johnson ( JNJ ), Verizon ( VZ ) and Travelers ( TRV ) all have given back pre-market gains and were leading blue-chips lower while shares of utility and materials firms are some of the few bright spots remaining.

Although there wasn't any U.S. economic data today, the financial markets got a boost earlier this morning when the International Monetary Fund raised its global growth outlook in 2014 to 2.8% from its previous call of 2.6%.


European markets are mixed at the close as downbeat earnings and a decline in Germany's ZEW economic conditions index weighed on EU-zone equities.

Crude oil was up $0.64 to $94.60 per barrel. Natural gas was up $0.03 to $4.35 per 1 million BTU. Gold was down $10.90 to $1,241.00 an ounce, while silver was down $0.18 to $19.88 an ounce. Copper was up $0.01 to $3.35 per pound.

Among energy ETFs, the United States Oil Fund was up 0.48% to $33.85 with the United States Natural Gas Fund was up 2.68% to $21.43. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 1.57% to 23.62 while SPDR Gold Shares were down 1.01% to $119.71. The iShares Silver Trust was down 1.87% to $19.15.

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

NYSE Composite Index down 21.84 (-0.21%) to 10,321.62

Dow Jones Industrial Average down 93.50 (-0.57%) to 16,365.06

S&P 500 down 0.79 (-0.04%) to 1,837.91

Nasdaq Composite Index up 11.23 (+0.26%) to 4,208.81

GLOBAL SENTIMENT

Nikkei 225 Index up 0.99%

Hang Seng Index up 0.45%

Shanghai China Composite Index up 0.86%

FTSE 100 Index down 0.04%

CAC 40 up 0.02%

DAX up 0.15%

NYSE SECTOR INDICES

NYSE Energy Sector Index up 0.08%

NYSE Financial Sector Index down 0.33%

NYSE Healthcare Sector Index down 0.18%

UPSIDE MOVERS

(+) KOOL (+59.63%) ThermoGenesis and and Totipotent RX Corporation's Critical Limb Ischemia Rapid Stem cell Therapy met both its primary safety and secondary efficacy endpoints at 12 months.

(+) VIDE (+2.09%) OKs $6 mln buyback program for up to 20% of shares

(+) CTIC (+8.88%) Plans to grow sales of its Pixuvri drug for multiply relapsed or refractory aggressive relapsed B-cell NHL in the European Union in 2014

DOWNSIDE MOVERS

(-) NNVC (-17.69%) Offering of $20 million in cash-and-warrant units were priced at $5.25 per unit, a 13% discount to the stock's Friday closing price.

(-) INFN (-9.91%) Loses a deal with Verizon ( VZ ) to Alcatel Lucent ( ALU ).

(-) KONE (-14.15%) Unravels last week's gains on strong FY13 earnings



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: ALU , JNJ , TRV , VZ

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As of 12/26/2014, 04:15 PM


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