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Midday Update: Wall Street Turns Defensive on Mixed Earnings, Inflation Pressures

Stocks retreated Wednesday from record highs set yesterday as investors fret over rising price pressures and mixed corporate earnings from Macy's ( M ) and John Deere ( DE ). Selling has been mild, however, allowing the major indices to hug a paper-thin range near yesterday's closing levels.

Producer prices jumped 0.6% last month, the largest monthly gain in the inflation barometer in more than 18 months and topping estimates looking for a 0.2% increase. Excluding the more volatile food and fuel segment, producer prices increased 0.5%, also topping forecasts expecting a 0.2% rise.

European markets were mixed at the close as overseas investors digested the combination of bullish UK employment data and downbeat EU-zone industrial production against dovish comments from Bank of England Governor Mark Carney which ruled out an imminent increase in UK rates.

Crude oil was up $0.79 to $102.49 per barrel. Natural gas was up $0.0.02 to $4.39 per 1 million BTU. Gold was up $9.90 to $1,304.70 an ounce, while silver was up $0.24 to $19.79 an ounce. Copper was up $0.02 to $3.15 per pound.

Among energy ETFs, the United States Oil Fund was up 0.67% to $37.29 with the United States Natural Gas Fund was up 0.08% to $24.23. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 0.99% to 24.00 while SPDR Gold Shares were up 0.83% to $125.64. The iShares Silver Trust was up 1.28% to $19.01.

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

NYSE Composite Index down 12.92 (-0.12%) to 10,689.94

Dow Jones Industrial Average down 61.59 (-0.37%) to 16,653.85

S&P 500 down 4.30 (-0.23%) to 18,93.15

Nasdaq Composite Index down 12.14 (-0.29%) to 4,118.03

GLOBAL SENTIMENT

Nikkei 225 Index down 0.14%

Hang Seng Index up 1.03%

Shanghai China Composite Index down 0.14%

FTSE 100 Index up 0.08%

CAC 40 down 0.09%

DAX unchanged

NYSE SECTOR INDICES

NYSE Energy Sector Index up 0.10%

NYSE Financial Sector Index down 0.31%

NYSE Healthcare Sector Index up 0.07%

UPSIDE MOVERS

(+) STKL, SOY.TO (+12.00%) Reported better-than-expected Q1 earnings and revenues.

(+) CLDX (+25.73%) Struck a clinical trial collaboration agreement with Bristol-Myers Squibb ( BMY ).

(+) PTX (+28.74%) $250 million deal to buy U.S. rights to treximet from GlaxoSmithKline ( GSK ).

(+) SUMR (+46.39%) Earnings and revenues beat street forecasts.

DOWNSIDE MOVERS

(-) HYGS, HYG.TO (-23.18%) Begun the sale of shares from its treasury and by selling shareholder Commscope.

(-) ENZY (-28.92%) Earnings missed estimates and warned of lower Q2 and FY 2014 sales.

(-) ZU (-9.23%) Lock-up period expires allowing investors to sell shares offered in IPO.

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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