Midway through trading Thursday, the Dow traded down 1.96 percent to 15,603.41 while the NASDAQ declined 1.17 percent to 4,233.57. The S&P also fell, dropping 1.62 percent to 1,821.86.
Leading and Lagging Sectors
On Thursday, technology shares slipped by just 0.7 percent. Meanwhile, top gainers in the sector included Guidance Software, Inc. (NASDAQ: GUID ), up 9 percent, and NCI Inc (NASDAQ: NCIT ) up 9 percent.
In trading on Thursday, financial shares tumbled by 2.6 percent. Meanwhile, top losers in the sector included Och-Ziff Capital Management Group LLC (NYSE: OZM ), down 14 percent, and Corenergy Infrastructure Trust Inc (NYSE: CORR ), down 14 percent.
PepsiCo, Inc. (NYSE: PEP ) reported in-line earnings for the fourth quarter. However, the company's revenue exceeded analysts' estimates. The company also raised its annualized dividend to $3.01 per share.
PepsiCo posted adjusted earnings of $1.06 per share, on revenue of $18.59 billion. Analysts were estimating earnings of $1.06 per share on revenue of $18.51 billion.
Equities Trading UP
Liberty Tripadvisor Holdings Inc (NASDAQ: LTRPA ) shares shot up 16 percent to $20.21. Tripadvisor reported stronger-than-expected Q4 results.
Shares of Cisco Systems, Inc. (NASDAQ: CSCO ) got a boost, shooting up 8 percent to $24.39 after the company reported better-than-expected results for its second quarter fiscal 2016. Management announced it will add $15 billion to its share repurchase program, and boosted the stock's dividend yield to 4.6 percent, or $0.26 per share -- payable on April 27 to shareholders of record as of April 6.
Expedia Inc (NASDAQ: EXPE ) shares were also up, gaining 9 percent to $102.95. Expedia reported Q4 adjusted earnings of $0.77 per share on revenue of $1.938 billion.
Equities Trading DOWN
Blue Nile Inc (NASDAQ: NILE ) shares dropped 23 percent to $24.10. Blue Nile reported downbeat Q4 sales and issued a weak forecast for the current quarter.
Shares of Incyte Corporation (NASDAQ: INCY ) were down 23 percent to $55.95. Incyte reported Q4 earnings of $0.30 per share on sales of $182 million. The company also announced plans to discontinue the Phase 3 study (JANUS 1) of ruxolitinib plus capecitabine.
Flowers Foods, Inc. (NYSE: FLO ) was down, falling around 21 percent to $16.62 after the company reported downbeat Q4 results and issued a weak FY16 outlook.
In commodity news, oil traded down 2.37 percent to $26.80, while gold traded up 4.01 percent to $1,242.50.
Silver traded up 2.87 percent Thursday to $15.72, while copper fell 0.27 percent to $2.02.
European shares were lower today. The eurozone's STOXX 600 declined 2.88 percent, the Spanish Ibex Index fell 4.11 percent, while Italy's FTSE MIB Index tumbled 4.44 percent. Meanwhile, the German DAX dipped 2.18 percent, and the French CAC 40 dropped 3.16 percent, while U.K. shares fell 1.61 percent.
Initial jobless claims slipped 16,000 to 269,000 in the latest week. However, economists were expecting claims to reach 281,000 in the week.
Supplies of natural gas dropped 70 billion cubic feet for the week ended February 5. However, analysts were expecting a decline of 81 billion to 85 billion cubic feet.
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