Stocks are mixed this afternoon, starting to bounce back from
early profit-taking that followed fading enthusiasm over the end
last night to the standoff over the federal budget and the debt
ceiling and attention instead turned to the impact the government
shut-down will have on future company earnings. Disappointing
results from tech giant IBM (
) and investment banker Goldman Sachs (
), coupled with bearish economic data on employment and business
sentiment, is keeping blue-chips solidly in the red, with the Dow
Jones Industrials trading nearly 100 points lower.
Once again, safety assets such as gold and U.S. Treasuries are
higher with bond yields falling as much as 7 basis points and gold
Initial jobless claims fell 16,000 during the week ended Oct.
12, to a higher than expected 358,000 first-time claims although
the data was again muddled by reporting errors and the inclusion of
furloughed government employees.
The Philadelphia Fed survey of business conditions retreated by
2.5 points to a 19.8 reading for October, topping expectations but
still underscoring deterioration in the business environment from
European bourses were all lower as well, trading in lock-step
with their U.S. counterparts. Early gains in the FTSE were
attributed to strong UK retail sales data as well as upbeat EU-zone
employment data. Overseas trading was bolstered by the 11th-hour
budget deal in the U.S. but investors elsewhere also appear worried
of the after-effects of the government shutdown.
Crude oil was down $1.90 to $100.29 per barrel. Natural gas was
down $0.02 to $3.97 per 1 million BTU. Gold was up $37.00 to
$1,319.30 an ounce, while silver was up $0.43 to $21.79 an ounce.
Copper was down $0.02 to $3.28 per pound.
Among energy ETFs, the United States Oil Fund was down 1.63% to
$36.31 with the United States Natural Gas Fund was down 0.23% to
$19.30. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 4.27% to 24.37 while SPDR Gold Shares were up
3.06% to $127.31. The iShares Silver Trust was up $2.50 to
Here's where the markets stand at mid-day:
NYSE Composite Index up 50.22 (+0.51%) to 9,895.22
Dow Jones Industrial Average down 54.87 (-0.36%) to
S&P 500 up 4.29 (+0.25%) to 1,725.83
Nasdaq Composite Index up 11.31 (+0.29%) to 3,850.74
Nikkei 225 Index up 0.83%
Hang Seng Index down 0.57%
Shanghai China Composite Index down 0.21%
FTSE 100 Index up 0.07%
CAC 40 down 0.10%
DAX down 0.38%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.18%
NYSE Financial Sector Index up 0.69%
NYSE Healthcare Sector Index up 0.54%
(+) ARIA (+8.61%) Medical community endorses leukemia drug
despite FDA investigation
(+) NTCT (+10.9%) Reported Q2 earnings of $0.34 per share
topping the consensus by $0.05 per share. Revenue of $92.2 million
also beat expectations by $3.44 million.
(+) BTU (+6.32%) Q3 2013 adjusted diluted EPS of $0.05 beat the
consensus estimate for a loss of $0.03.
(-) OSTK (-17.05%) Missed earnings estimates by $0.01
(-) AMRN (-59.96%) FDA's Endocrinologic and Metabolic Drugs
Advisory Committee voted 9-2 against approval of its Vascepa
capsules for certain uses.
(-) TZOO (-10.58%) The company beat earnings estimates but fell
short on revenue
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