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Midday Update: Stocks Mixed as Wall Street Digests Apple Earnings, Econ Data, Looks Ahead of FOMC

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Stocks were mixed in Wednesday's midday trade as Wall Street reflects on strong quarterly results from Apple ( AAPL ) against mixed economic data, and on the impact that President Trump's policies will have on trade and U.S. foreign relationships.

The Dow Jones Industrial Average and Nasdaq were maintaining conservative gains, while the S&P 500 has surrendered its earlier gains and was trading lower on losses in the utility and energy sectors.

The benchmark averages were higher before the open after the iPhone maker beat Wall Street estimates and a labor market measure showed that the private sector added 246,000 new jobs in January, crushing estimates for a gain of 168,000.

Soon after the open, stocks started to reverse course as Wall Street digested the remainder of the morning's economic data, oil futures headed south, and heavy selling pressure erupted against utilities.

Economic data was mixed with the purchasing manager's final January manufacturing index easing down to 55.0 from 55.1 initially. The Institute for Supply Management's January manufacturing index advanced to a two-year high of 56.0 from 54.7 in December, beating projections of 55.0.

Finally, construction spending fell 0.2% in December missing estimates for a gain of 0.2%, but was up 4.5% for the year.

Crude oil was up $0.28 to $53.09 per barrel. Natural gas was up $0.04 to $3.15 per 1 million BTU. Gold was down $6.80 to $1,204.80 an ounce, while silver was down $0.11 to $17.43 an ounce. Copper was down $0.02 to $2.71 per pound.

Among energy ETFs, the United States Oil Fund was up 0.62% to $11.39 with the United States Natural Gas Fund was up 0.45% to $7.90. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 1.63% to 23.53 while SPDR Gold Shares were down 0.70% to $114.74. The iShares Silver Trust was down 0.57% to $16.54.

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

US MARKETS

NYSE Composite Index was down 36.86 points (-0.33%) to 11,186.10

Dow Jones Industrial Index was up 0.44 points (0.00%) to 19,864.21

S&P 500 was down 3.84 points (-0.17%) to 2,275.04

Nasdaq Composite Index was up 12.78 points (+0.22%) to 5,627.98

GLOBAL SENTIMENT

FTSE 100 was up 8.50 points (+0.12%) to 7,107.65

DAX was up 124.19 points (+1.08%) to 11,659.50

CAC 40 was up 45.68 points (+0.96%) to 4,794.58

Nikkei 225 was up 106.74 points (+0.56%) to 19,148.08

Hang Seng Index was down 42.39 points (-0.18%) to 23,318.39

Shanghai China Composite Index was closed

NYSE SECTOR INDICES

NYSE Energy Sector Index was down 108.74 points (-0.97%) to 11,095.27

NYSE Financial Sector Index was up 7.48 points (+0.11%) to 7,071.49

NYSE Healthcare Sector Index was down 3.99 points (-0.03%) to 12,057.55

UPSIDE MOVERS

(+) OKS (+19.33%) Agreed to be acquired by Oneok ( OKE ) for $17.2 billion

(+) AAPL (+6.28%) Reported better-than-expected Q4 results

(+) VCEL (+3.85%) Reported the first MACI implant in the U.S. to treat symptomatic cartilage defects of the knee

DOWNSIDE MOVERS

(-) SGYP (-14.85%) Priced stock offering at $6.15 per share

(-) CCJ (-12.31%) Tokyo Electric Power Company terminated its uranium supply contract

(-) CTXS (-2.10%) Beat Q4 results but issued weak 2017 forecast

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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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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