Midday Update: Market Averages Mixed After Inflation Data Surprises to the Upside

The Dow Jones Industrial Average has erased earlier losses and moved into the plus column on gains in component stocks Boeing ( BA ) and United Technologies ( UTX ), while the S&P 500 and Nasdaq continue to languish in negative territory, weighed by losses in the technology and consumer sectors.

The major market averages wobbled at the open after August inflation data provided the Federal Reserve ammunition to continue monetary policy normalization. Stocks briefly regained traction after the S&P 500 touched Wednesday's low and West Texas intermediate oil futures popped above $50 per barrel, but the momentum evaporated as Wall Street braces for Friday's deluge of key economic data.

Led by gains in the price of gas, housing and car insurance, consumer prices increased 0.4% in August, beating estimates for a 0.3% increase. Excluding the food and fuel segment, the CPI was up 0.2%, in-line with the consensus estimate.

Additionally, the number of individuals filing for first time unemployment claims fell by 13,000 for the week ended Sept 9 to 284,000, beating expectations for a gain of 4,000 to 302,000.

UK shares were under pressure Thursday after the Bank of England suggested monetary stimulus would likely come to an end in the "coming months", and as Chinese factory output data disappointed. Sterling traded at its highest level against the dollar in more than a year, weighing on UK multi-nationals. As a result, the FTSE-100 traded more than 1% lower.

Crude oil was up $0.93 to $50.23 per barrel. Natural gas was up $0.04 to $3.10 per 1 million BTU. Gold was up $1.10 to $1,329.30 an ounce, while silver was down 0.087 to $17.78 an ounce. Copper was down $0.023 to $2.96 per pound.

Among energy ETFs, the United States Oil Fund was up 1.34% to $10.21 with the United States Natural Gas Fund was up 1.40% to $6.86. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 0.03% to 24.23 while SPDR Gold Shares were up 0.28% to $125.96. The iShares Silver Trust was down 0.15% to 16.74.

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


NYSE Composite Index was down 1.60 points (-0.01%) to 12,052.99

Dow Jones Industrial Index was up 16.37 points (+0.07%) to 22,174.55

S&P 500 was down 2.47 points (-0.10%) to 2,495.76

Nasdaq Composite Index was down 17.25 points (-0.26%) to 6,443.06


FTSE 100 was down 84.31 points (-1.14%) to 7,295.39

DAX was down 13.12 points (-0.10%) to 12,540.45

CAC 40 was up 7.61 points (+0.15%) to 5,225.20

Nikkei 225 was down 58.38 points (-0.29%) to 19,807.44

Hang Seng Index was down 116.88 points (-0.42%) to 27,777.20

Shanghai China Composite Index was down 12.72 points (-0.38%) to 3,371.43


NYSE Energy Sector Index was up 34.71 points (+0.33%) to 10,487.30

NYSE Financial Sector Index was down 4.64 points (-0.07%) to 7,583.14

NYSE Healthcare Sector Index was up 41.10 points (+0.29%) to 14,081.70


(+) HALO (+18.31%) Raised FY guidance, announced licensing deal with Bristol-Myers Squibb ( BMY ) and receive $105 million payment

(+) ALV (+12.45%) Begins strategic review to split up company into separate segments

(+) SHIP (+9.57%) Reported 125% jump in Q2 revenue, narrower loss

(+) EKSO (+6.37%) Collaboration with Genesis Rehab on entry into post-acute care settings


(-) SMMT (-18.43%) Priced $15.0 million ADR offering

(-) GKOS (-18.24%) Lowered Q3 and FY guidance

(-) BVXV (-9.49%) Priced 1.5 million share offering at 21% discount

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 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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