Mid-Day Update: Stocks Lose Momentum Following Record Highs on Profit-taking, Weaker Q3 Results

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Stocks retreated off record highs today as mixed earnings coupled with light profit-taking pressure before the conclusion of today Federal Open Markets Committee meeting erases most of this morning's gains. The tech-heavy Nasdaq Composite index is under pressure after missed earnings from Yelp ( YELP ) and LinkedIn ( LNKD ), along with home soft-drink dispenser Soda Stream ( SODA ), while Verizon ( VZ ) and Pfizer ( PF ) are dragging the Dow Industrials index lower. While the Federal Reserve is expected to keep its quantitative easing program in place, the potential for more aggressive profit-taking after the FOMC's 2 p.m. ET statement also is driving retracement off this morning's highs.

Economic data this morning failed to generate much reaction in the financial markets. Payroll processor Automatic Data Processing, Inc. (ADP) said private payrolls increased by 130,000 new hires this month, down 15,000 from downwardly revised September figures and also trailing Wall Street expectations.

The Bureau of Labor Statistics also reported consumer prices rose just 0.2% in September, led by a 0.8% increase in the cost of energy. Excluding the volatile food and fuel sectors, September CPI rose by a benign 0.1%

European markets also gave back their earlier gains in sympathy with U.S. equities, closing in the red. Buoyed early on by Tuesday's U.S. rally and bullish EU-zone economic data, the three major indices were on track to post fresh record highs.

Crude oil was down $0.87 to $97.32 per barrel. Natural gas was unchanged at $3.71 per 1 million BTU. Gold was up $7.50 to $1,353.20 an ounce, while silver was up $0.51 to $23.00 an ounce. Copper was down $0.05 to $3.32 per pound.

Among energy ETFs, the United States Oil Fund was down 0.93% to $35.08 with the United States Natural Gas Fund was down 0.50% to $17.96. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 1.85% to 26.25 while SPDR Gold Shares were down 0.70% to $130.68. The iShares Silver Trust was up 2.22% to $22.18.

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

NYSE Composite Index down 22.14 (-0.22%) to 10,086.27

Dow Jones Industrial Average down 18.46 (-0.12%) to 15,661.89

S&P 500 down 4.20 (-0.24%) to 1,767.75

Nasdaq Composite Index down 13.94 (-0.35%) to 3,938.40

GLOBAL SENTIMENT

Nikkei 225 Index up 1.23%

Hang Seng Index up 2.00%

Shanghai China Composite Index up 1.48%

FTSE 100 Index down 0.02%

CAC 40 down 0.10%

DAX down 0.07%

NYSE SECTOR INDICES

NYSE Energy Sector Index down 0.12%

NYSE Financial Sector Index down 0.14%

NYSE Healthcare Sector Index down 0.28%

UPSIDE MOVERS

(+) EA (+7.8%) The video game maker reports non-GAAP EPS of $0.33, topping estimates by $0.21.

(+) BWLD (+6.0%) Q3 EPS of $0.95 beats estimates by $0.10. Revenues of $315.8 million also topped the consensus looking for $311.94 million.

(+) LVLT (+7.7%) Narrows Q3 net loss to $0.09 per share from a $0.76 loss in the year-earlier quarter.

DOWNSIDE MOVERS

(-) CETV (-55.8%) Forecasts FY13 revenue trailing expectations and warns if it could run out of money next year if it can't secure additional financing.

(-) CYNI (-30.7%) Now expecting a Q4 loss of between $0.19 to $0.24 per share $30 million to $33 million in revenue. The Street is looking for just an $0.08 per share net loss on $46.10 million in revenue.

(-) IACI (-12.9%) Beats earnings estimates but the Internet media and content company said local revenue fell 26% year over year while media revenue slipped 3%.



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: LNKD , PF , SODA , VZ , YELP

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