|Back to main|
MIDDAY UPDATE: U.S. Markets Trade Down After Positive Open; Turkey Gobbles Up Confidence
By: MT Newswires
With little in the way of domestic economic news to move the markets, U.S. stocks jumped out of the gate and posted sharp gains early. Stock futures had pointed to a modestly positive start, tracking European futures higher. The upsurge was short-lived, however, as markets have reversed course and are trading near their day lows at midday.
With a light domestic calendar, overseas developments have been in the spotlight - especially growing civil unrest in Turkey, one of America's closest allies in the troubled Middle East region. Another focus for investors is the potential for the U.S. Federal Reserve to pull back on its bond-buying program. Yesterday, stocks fell sharply after the Bank of Japan kept its monetary policy steady.
Stateside, the only data on tap for today is May's deficit, which will be released at 2 p.m. ET.
In company news of note, Apollo Tyres Ltd. announced that it will acquire Cooper Tire & Rubber Co. ( CTB ) in a $2.5 billion deal. Shares of Cooper Tire were up about 40% in premarket trading.
In Japan, the Nikkei Index regrouped from its earlier losses to close down 0.2%, while markets in China were closed for a holiday. In Europe, stocks rose at the open after better-than-expected production data, but, like U.S. markets, have since reversed course to trade lower.
Commodities were higher at mid-day, with crude oil gaining $0.82 to trade at $96.20 per barrel. Natural gas was up $0.0250 to $3.749 per million BTUs.
Gold futures were up $14.10 per ounce to $1,391.10, while silver was up $0.209 to $21.855 per ounce. Copper was up $0.025 to $3.2155.
Here's where the markets stood at mid-day:
NYSE Composite down 34.86 (-0.38%) to 9,220.62
Dow Jones Industrial Average down 63.73 (-0.42%) to 15,058.29
S&P 500 down 27.65 (-0.47%) to 1,618.48
Nasdaq Composite Index down 20.26 (-0.59%) to 3,416.99
Nikkei 225 Index down 0.21%.
Hang Seng Index closed.
Shanghai China Composite Index closed.
FTSE 100 Index down 0.46%
DAX down 0.83%
CAC 40 down 0.15%
NYSE SECTOR INDICES:
NYSE Energy Sector Index (^NYE) down 12.62 (-0.10%) at 13,124.61
NYSE Financial Sector Index (^NYK) down 6.71 (-0.12%) to 5,718.07
NYSE Healthcare Sector Index (^NYP) up 52.69 (+0.57%) to 9,320.39
(+) ANAC (+0.54%) Company has entered into a loan agreement with Hercules Technology Growth Capital ( HTGC ) for up to $45.0 million in new capital to be distributed in three tranches.
(+) TSLA (+5.6%) Robert W. Baird has raised its price target for shares of Tesla Motors ( TSLA ) to $118 from $70. The firm maintained its Outperform rating.
(+) USAP (+2.2%) Company has achieved Nadcap Heat Treat accreditation at its Dunkirk Specialty Steel facility.
(-) DF (-3.1%) Food company shares downgraded to Market Perform from Outperform at Sanford Bernstein.
(-) LM (-2.2%) Goldman downgrades the company to Sell from Neutral with a $29 price target.
(-) BIIB (-6.1%) Shares downgraded to Neutral from Buy at Citigroup.