Midday Update: Wall Street Backs Off From Record Highs

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Shares were trading lower midday Friday as the political environment in Europe coupled with market fatigue put brakes on a six-day winning streak for the Dow Jones Industrial Average.

The Dow and S&P 500 were trading in the red on losses in energy and financial shares, while the Nasdaq has poked above the breakeven level. The consumer staple sector is the only positive sector thanks to a rally in shares of Unilever ( UL ) after the company rejected Kraft Heinz's ( KHC ) $50 per share buyout offer for being too low.

All three benchmark averages are expected to close the week higher with the S&P 500 and Nasdaq higher for a fourth consecutive week.

With equities trading defensively, investors have been redirected to the fixed-income markets. As a result, Treasury yields were lower for a second day in a row with the 10-year yield flirting with a sub-2.40% yield.

Oil futures were lower as lingering concerns that U.S. output will outpace recent production cuts by the Organization of the Petroleum Exporting Countries drove the price of Brent crude to a seven-day low.

European bourses ended the day and the week higher despite early pressure tied to the rising popularity of French presidential candidate Marine Le Pen. Recent polls put LePen ahead of her rivals for the French presidency, raising concerns of a populist uprising across Europe. But losses were offet by gains in Anglo-Dutch consumer product giant Unilever and German insurer Allianz.

Crude oil was down $0.21 to $53.15 per barrel. Natural gas was down $0.01 to $2.97 per 1 million BTU. Gold was down $1.50 to $1,240.00 an ounce, while silver was down $0.02 to $18.13 an ounce. Copper was down $0.02 to $2.72 per pound.

Among energy ETFs, the United States Oil Fund was down 0.61% to $11.34 with the United States Natural Gas Fund was up 0.07% to $7.18. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 1.29% to 24.88 while SPDR Gold Shares were down 0.09% to $117.98. The iShares Silver Trust was down 0.29% to $17.10.

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


NYSE Composite Index was down 35.90 points (-0.31%) to 11,468.29

Dow Jones Industrial Index was down 57.06 points (-0.28%) to 20,562.58

S&P 500 was down 3.56 points (-0.15%) to 2,343.65

Nasdaq Composite Index was up 3.92 points (+0.06%) to 5,818.42


FTSE 100 was up 22.04 points (+0.30%) to 7,299.96

DAX was down 0.22 points (-0.00%) to 11,757.02

CAC 40 was down 31.88 points (-0.65%) to 4,867.58

Nikkei 225 was down 112.91 points (-0.58%) to 19,234.62

Hang Seng Index was down 73.96 points (-0.31%) to 24,033.74

Shanghai China Composite Index was down 27.54 points (-0.85%) to 3,202.08


NYSE Energy Sector Index was down 102.21 (-0.93%) to 10,941.32

NYSE Financial Sector Index was down 27.17 points (-0.36%) to 7,322.62

NYSE Healthcare Sector Index was down 25.54 points (-0.20%) to 12,543.63


(+) LMIA (+48.97%) Agrees to $14/share buyout offer, cuts 2016 guidance

(+) TOPS (+23.67%) Reported a profit of $0.09 per share vs loss of $4.21 in 2015, revenue more than doubles

(+) RGSE (+9.50%) Completes offerings, regains Nasdaq listing compliance


(-) XTLB (-37.33%) Announced offer to sell 1 million ADS at $2.50 each

(-) ARQL (-20.39%) Phase 3 liver cancer study did not meet primary endpoint

(-) FNSR (-5.15%) Craig-Hallum expresses caution on stock

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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