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Mid-Day Update: Wall Street Rebounds From US/China Trade Pressures

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Wall Street's major market averages were off their session lows at midday as early selling pressure tied to US/China trade tensions dissipated and as financial stocks gained traction in tandem with higher Treasury yields. The Nasdaq Composite is in the green for a seventh consecutive day on gains in Facebook ( FB ), Amazon ( AMZN ) and Alphabet (GOOG, GOOGL).

Stocks were trading defensively early Wednesday after China announced that it will add a 25% duty on $16 billion worth of US goods including large passenger cars and motorcycles in retaliation for US trade sanctions.

Missed quarterly results from Disney ( DIS ) also contributed to the negative price action. The media giant reported third-quarter adjusted earnings of $1.87 per share, up from $1.58 per share last year but below the analyst consensus of $1.95 per share. Revenue was $15.2 billion, up from $14.2 billion in the year ago quarter but shy of expectations of $15.3 billion.

And while risk aversion lured investors to safe havens, the yield on the 10-year Treasury note continued to climb closer to 3%, supporting the banking sector. Consequently, the financial sector of the S&P 500 is outperforming most of its peers with a 0.31% gain.

European bourses were mostly all trading lower with the exception of the UK's FTSE-100. British stocks got a boost from the weakening pound, which fell to a one-year low amid lingering concerns about the UK's split from the European Union.

Crude oil was down $2.69 to $66.48 per barrel. Natural gas was up $0.05 to $2.95 per 1 million BTU. Gold was down $0.70 to $1,217.80 an ounce, while silver was up $0.01 to $15.38 an ounce. Copper was down $0.002 to $2.75 per pound.

Among energy ETFs, the United States Oil Fund was down 3.62% to $13.84 with the United States Natural Gas Fund was up 1.85% to $24.18. Among precious-metal funds, the Market Vectors Gold Miners ETF was down 0.20% to 20.61 while SPDR Gold Shares was down 0.02% to $114.57. The iShares Silver Trust was up 0.17% to $14.45.

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

US MARKETS

NYSE Composite Index was down 14.43 points (-0.11%) to 12,984.96

Dow Jones Industrial Index was down 50.09 points (-0.20%) to 25,578.82

S&P 500 was unchanged at 2,857.66

Nasdaq Composite Index was up 3.70 points (+0.05%) to 7,887.70

GLOBAL SENTIMENT

FTSE 100 was up 58.17 points (+0.75%) to 7,776.65

DAX was down 14.65 points (-0.12%) to 12,633.54

CAC 40 was down 19.41 points (-0.35%) to 5,501.90

Nikkei 225 was down 18.43 points (-0.08%) to 22,644.31

Hang Seng Index was up 110.26 points (+0.39%) to 28,359.14

Shanghai China Composite Index was down 34.26 points (-1.23%) to 2,745.11

NYSE SECTOR INDICES

NYSE Energy Sector Index was down 134.89 points (-1.11%) to 12,005.60

NYSE Financial Sector Index was up 20.16 points (+0.25%) to 8,158.14

NYSE Healthcare Sector Index was up 19.88 points (+0.13%) to 15,562.25

UPSIDE MOVERS

(+) DDD (+31.25%) Reported better-than-expected Q2 earnings

(+) ATAI (+30.24%) Declared special dividend of $6.00

(+) MTCH (+18.47%) Tops Q2 estimates

(+) SBBP (+13.33%) Narrows Q2 loss, revenue rises YoY

DOWNSIDE MOVERS

(-) RSLS (-79.62%) Files blank shelf registration statement

(-) AMPE (-69.58%) FDA said trial for AP-003-C was not adequate

(-) EXTR (-30.41%) Posted downbeat Q4 sales and issued soft Q1 guidance

(-) TWNK (-16.36%) Missed EPS estimates

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.


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

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