Mid-Morning Market Update: Markets Fall, Hess To Exit Retail Business
Following the market opening Monday, the Dow traded down 0.28 percent to 14,049.80 while the NASDAQ fell 0.16 percent to 3,164.56. The S&P also dropped, falling 0.09 percent to 1,516.90.
The S&P 500 looks to be struggling with its 1,525 resistance, while still holding its 1,495 support.
The Dow will also struggle to hold its breakout over 14,058, with 14,149 acting as upper level resistance, while the 20 EMA provides support below at 13,950.
The Russel struggles with its 916 resistance, while holding lower support at 894.
Finally, the NASDAQ looks to have resistance at 3,180 with lower support at 3,120 and 50 EMA support at 3,126.58.
Hess (NYSE: HES) announced its plans to exit its retail, energy marketing, and energy trading businesses.
The company also announced its plans to buy back up to $4 billion in stock and raise its annual dividend to $1 per share.
Equities Trading UP
Stratasys (NASDAQ: SSYS) shot up 11.62 percent to $71.73 after the company reported better-than-expected Q4 results.
Shares of Radian Group (NYSE: RDN) got a boost, shooting up 5.78 percent to $9.70 after analysts at Keefe Bruyette upgraded the stock from “market perform” to “outperform.”.
Boyd Gaming (NYSE: BYD)was also up, gaining 10.06 percent to $7.11 after the company reported Q4 results and entered into a definitive agreement to sell the Echelon site to the Genting Group for $350 million in cash..
Equities Trading DOWN
Select Comfort (NASDAQ: SCSS) shares tumbled 16.63 percent to $17.10 after the company reported that it expects to miss its internal goals for the first quarter.
Hecla Mining Co (NYSE: HL) was also down, falling 10.67 percent to $4.1450 after the company announced its plans to buy Aurizon Mines for C$4.75 per share.
Shares of Atlantic Power (NYSE: AT) were down 6.60 percent to $6.65. The company's project income dropped in the fourth quarter.
In commodity news, oil traded down 0.15 percent to $90.54, while gold traded up 0.32 percent to $1,577.30.
Silver traded up 0.47 percent Monday to $28.63, while copper rose 0.37 percent to $3.51.
European shares were mostly lower save for Spain in early trade on fears of a global slowdown led by China and on Italian political fears.Spain's unemployment rate rose to a massive 27 percent in February as more than 59 thousand workers filed for new unemployment claims in Spain.
The Spanish Ibex Index gained 0.49 percent and the Italian FTSE MIB Index dipped 0.32 percent. The STOXX Europe 600 Index fell 0.11 percent, London's FTSE 100 Index dropped 0.46 percent, French CAC 40 Index rose 0.03 percent and German DAX 30 index fell 0.16 percent.
On the economics calendar Monday, the Treasury is set to auction 3- and 6-month bills. Also, the TD Ameritrade Investor Movement Index should shed light on retail flows in February.
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