Stocks have retraced their opening gains leaving the Dow Industrial slightly in the red and locked in a razor thin 70-point trading range as the financial markets consolidate after last week's deluge of Q3 earnings and manufacturing data. Today's economic data and chatter out of the Fed helped support the consensus for the Fed to keep its quantitative easing unchanged through the rest of 2013, but the optimism was tempered by gains in the energy sector and Friday's gain in Treasury yields.
The Commerce Department reported that as a result of a 57.7% surge in orders for commercial aircraft, September factory orders rose 1.7% following a 0.1% decline in August. Although total orders matched the consensus estimate, excluding transportation, factory orders actually fell 0.2% in September.
European market are fractionally higher, buoyed by a rebound in the euro and upbeat EU-zone manufacturing data which will encourage the European Central Bank to keep interest rates unchanged at this month's policy meeting.
Crude oil was down $0.11 to $94.51 per barrel. Natural gas was down $0.08 to $3.51 per 1 million BTU. Gold was up $3.80 to $1,317.00 is up/down XXX to XXX an ounce, while silver was down $0.04 to $21.79 an ounce. Copper was down $0.04 to $3.26.
Among energy ETFs, the United States Oil Fund was down 0.25% to $34.05 with the United States Natural Gas Fund was down 2.58% to $17.00. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 1.25% to 24.49 while SPDR Gold Shares were up 0.15% to $127.13. The iShares Silver Trust was down 0.45% to $20.99.
Here's where the markets stand at mid-day:
NYSE Composite Index up 16.88 (+0.17%) to 10,035.04
Dow Jones Industrial Average down 3.18 (-0.02%) to 15,612.37
S&P 500 up 2.92 (+0.17%) to 1,764.56
Nasdaq Composite Index up 7.66 (+0.20%) to 3,929.71
Nikkei 225 Index down 0.88%
Hang Seng Index down 0.26%
Shanghai China Composite Index unchanged
FTSE 100 Index up 0.43%
CAC 40 up 0.36%
DAX up 0.33%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.50%
NYSE Financial Sector Index down 0.17%
NYSE Healthcare Sector Index up 0.07%
(+) EXTR (+18.98%) Reported non-GAAP earnings of $0.06 per share on revenue of $75.9 million for Q1 compared to analysts consensus for EPS of $0.04 per share on revenue of $74.7 million for Q1, according to Capital IQ estimates
(+) CSIQ (+12.95%) Canadian Solar expects revenue in the range of $470 million to $495 million, versus the Capital IQ consensus of $495 million.
(+) ANEN (+11.40%) Anaren to be acquired by Veritas Capital for $0.28 Per Share
(-) BBRY (-13.13%) The company abandons its plan for a take-over; CEO steps-down
(-) VELT (-69.55%) The Blackstone Group L.P.'s ( BX ) credit unit GSO Capital Partners LP signed a deal to acquire Velti plc's ( VELT ) U.S., U.K., and India mobile-marketing businesses and certain of its U.S.-based advertising businesses.
(-) PENN (-77.16%) Penn Gaming completed a tax-free spinoff of its gaming and leisure properties into a master limited partnership, Gaming and Leisure Properties Inc. ( GLPI ).
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