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Midday Update: U.S. Stocks Tread Water as Wall Street Rally Stalls


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Wall Street's major averages are mixed at midday on Monday with the Dow Jones Industrial Average and S&P 500 taking a breather from a record-setting run, while the Nasdaq orbits its latest record high on gains in the chipmaker sector. The dearth of market-moving economic news coupled with the upcoming Q4 earnings season has stifled trade, leaving volume at its lowest level in more than a week.

The healthcare sector is Monday's biggest loser with biotech industry shares trading with sizable losses. Financial shares are also on the defensive with Dow components Goldman Sachs ( GS ) trading at its lowest level in nearly four weeks.

More specific names that are trading defensively include GoPro ( GPRO ) whose shares slid to an all-time low after the company lowered its revenue guidance, announced plans to cut more than 20% of its workforce, and scrapped its Karma Drone as it struggles to restore market share. In a gesture to encourage investors, CEO Nick Woodman volunteered to cut his compensation to $1. The company also noted COO Charles Prober's resignation from the company effective Feb. 16 and senior Vice President Sharon Zezima's resignation, effective March 30

Dave & Buster's ( PLAY ) shares are under pressure from lowered expectations that failed to meet Wall Street's expectations. Although the company plans to increase its locations by 14%, it dropped its revenue guidance.

On the plus side, shares of Nvidia ( NVDA ) gave a boost to the semiconductor sector after announcing a partnership with Uber and Volkswagen to foster self-driving technology.

Most European markets were higher as a significant miss on German factory orders was offset by a better-than-expected gain in EU-zone retail sales.

Crude oil was up $0.06 to $61.50 per barrel. Natural gas was up $0.04 to $2.83 per 1 million BTU. Gold was down $4.20 to $1.318.10 an ounce, while silver was down $0.17 to $17.11 an ounce. Copper was down $0.001 to $3.22 per pound.

Among energy ETFs, the United States Oil Fund was down 0.12% to $12.29 with the United States Natural Gas Fund was up 0.20% to $22.11. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 1.08% to 23.39 while SPDR Gold Shares were down 0.24% to $125.03. The iShares Silver Trust was down 0.65% to $16.11.

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

US MARKETS

NYSE Composite Index was down 17.33 points (-0.13%) to 13,085.91

Dow Jones Industrial Index was down 34.51 points (-0.14%) to 25,261.36

S&P 500 was up 0.42 points (+0.01%) to 2,743.50

Nasdaq Composite Index was up 10.65 points (+0.15%) to 7,147.79

GLOBAL SENTIMENT

FTSE 100 was down 27.71 points (-0.36%) to 7,696.51

DAX was up 48.14 points (+0.36%) to 13,367.78

CAC 40 was up 16.67 points (+0.31%) to 5,487.42

Nikkei 225 was closed

Hang Seng Index was up 84.89 points (+0.28%) to 30,899.53

Shanghai China Composite Index was up 18.25 points (+0.54%) to 3,410.00

NYSE SECTOR INDICES

NYSE Energy Sector Index was down 23.63 points (-0.13%) to 18,024.84

NYSE Financial Sector Index was down 19.79 points (-0.15%) to 12,840.85

NYSE Healthcare Sector Index was down 125.05 points (0.59%) to 20,720.08

UPSIDE MOVERS

(+) ABIO (+10.00%) Completes GENETIC-AF phase 2B clinical trial

(+) ALDR (+11.77%) Secures $250 million committed equity financing

(+) LITB (+8.87%) Now accepts bitcoin payments

DOWNSIDE MOVERS

(-) AXON (-51.77%) Intepirdine fails to meet primary endpoint, company to scrap plans to develop

(-) GPRO (-19.80%) Lowered revenue guidance, announced layoffs, discontinuing Karma drone

(-) MFGP (+16.78%) Lowers revenue forecast, names new CFO

(-) FIVE (-6.92%) Sets Q4, FY guidance below street expectations

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Stocks
Referenced Symbols: GS , GPRO , PLAY , NVDA



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