Wall Street has pared most of its early losses stemming from an underwhelming April jobs report this morning but were still in negative territory and were on course to finish a second consecutive week in the red.
Stocks opened with steep losses Friday after the Labor Department reported a below consensus 160,000 rise in non-farm payrolls. But thanks to the Dow Jones Industrial Average holding above its 50-day moving average along with a rebound in oil prices , the blue-chip index was back near its break-even mark, assisted by gains in energy and material stocks.
European markets finished mixed with the UK FTSE pulling off a positive close while its EU counterparts closed modestly lower. The disappointing U.S. jobs report spooked risk-adverse investors across the globe on concerns about the health of the global economy. In addition, a negative reaction from the dollar to the jobs report supported gains in the euro, amplifying selling pressure on euro-zone equities.
Crude oil was up $1.00 to $45.32 per barrel. Natural gas was up 2 cents to $2.09 per 1 million BTU. Gold was up $21.70 to $1,294 per ounce, while silver was up 28 cents to $17.61 per ounce. Copper was up 1 cents to $2.17 per pound.
Among energy ETFs, the United States Oil Fund was up 1.83% to $11.10 with the United States Natural Gas Fund was up 0.44% to $6.77. Among precious-metal funds, the Market Vectors Gold Miners ETF was up 4.96% to 25.37 while SPDR Gold Shares were up 1.13% to $123.45. The iShares Silver Trust was up 1.09% to $16.69.
Here's where the U.S. markets stood at mid-day:
NYSE Composite Index down 18.83 (-0.18%) to 10,262.49
Dow Jones Industrial Average down 28.38 (-0.16%) to 17,632.33
S&P 500 down 7.54 (-0.37%) to 2,043.09
Nasdaq Composite Index down 27.21 (-0.58%) to 4,689.89
Nikkei 225 Index down 0.25%
Hang Seng Index down 1.66%
Shanghai China Composite Index down 2.82%
FTSE 100 Index up 0.14%
CAC 40 down 0.42%
DAX up 0.18%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.36%
NYSE Financial Sector Index down 0.11%
NYSE Healthcare Sector Index down 1.31%
(+) SWIR (+23.37%) Reported better-than-expected quarterly results
(+) SYN (+22.73%) Q1 loss narrowed from year-ago period, will present positive results from SYN-010 Phase 2 trial at DDW 2016 this month
(+) GV (+19.80%) Reported strong Q1 results; revenue increased 17%, swung to a profit
(+) YELP (+18.63%) Beat Wall Street estimates for Q1 results
(+) HLF (+12.35%) Reported better-than-expected Q1 results
(+) SPPI (+9.84%) Reported a $0.01 profit beating estimates by 34 cents on above consensus revenue
(-) KMPH (-53.41%) FDA votes against abuse-deterrent labelling for pain medication Apadaz
(-) GST (-41.94%) Q1 loss was less than expected, but revenue missed estimates
(-) ENDP (-40.28%) Lowered FY16 guidance below street estimates
(-) BEBE (-32.53%) Fiscal Q3 loss widens, announced plans to close 40 additional stores in 2017
(-) IMPV (-27.38%) Q1 loss narrowed, but issued weak sales guidance for Q2
(-) SQ (-19.88%) Missed Q1 earnings estimates but raised FY16 guidance
(-) FEYE (-18.59%) Posted a wider loss than expected, cut its full-year guidance and replaced CEO Dave DeWalt with Kevin Mandia
(-) UNXL (-15.51%) Reported wider-than-expected Q1 loss on soft revenue
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