Mid-Morning Market Update: Markets Drop; Goldman Sachs Results Beat Estimates

Following the market opening Thursday, the Dow traded down 0.20 percent to 16,391.52 while the NASDAQ declined 0.21 percent to 4,077.49. The S&P also fell, dropping 0.19 percent to 1,858.72.
Leading and Lagging Sectors
Thursday morning, the telecommunications services sector proved to be a source of strength for the market. Leading the sector was strength from B Communications BCOM and Internet Initiative Japan IIJI. In trading on Thursday, technology shares were relative laggards, down on the day by about 0.78 percent. Top losers in the sector included Bitauto Holdings BITA, off 5.2 percent, and International Business Machines IBM, down 4 percent.
Top Headline
The Goldman Sachs Group GS reported better-than-expected first-quarter earnings. Goldman Sachs posted its quarterly earnings of $2.03 billion, or $4.02 per share, down from $2.26 billion, or $4.29 per share, in the year-ago period. Its total revenue declined 8% to $9.33 billion from $10.09 billion. However, analysts were estimating earnings of $3.48 per share on revenue of $8.66 billion. Goldman Sachs' investment banking revenue rose 13% to $1.78 billion from $1.57 billion, while fixed income revenue slipped 11% to $2.85 billion versus $3.22 billion.
Equities Trading UP
Plexus PLXS shares shot up 7.37 percent to $43.25 after the company reported its Q2 earnings of $0.60 per share on revenue of $557.60 million. The company also issued a strong Q3 outlook.

Shares of Euronet Worldwide EEFT got a boost, shooting up 4.58 percent to $42.66 after the company and Wal-Mart WMT announced a new service.

SanDisk SNDK shares were also up, gaining 8.83 percent to $82.55 after the company reported upbeat Q1 results. Morgan Stanley raised the price target on the stock from $82.00 to $90.00.
Equities Trading DOWN
Shares of Moneygram International MGI were down 12.23 percent to $15.79 following announcement of new money-transfer service from Wal-Mart.

International Business Machines IBM shares tumbled 4.05 percent to $188.44 after the company reported downbeat first-quarter revenue. IBM posted its adjusted earnings of $2.54 per share on revenue of $22.48 billion. However, analysts were projecting earnings of $2.54 per share on revenue of $22.93 billion.

The Western Union Company WU was down, falling 5.61 percent to $15.15 on announcement of Walmart money transfer service.
Commodities
In commodity news, oil traded up 0.20 percent to $103.97, while gold traded down 0.19 percent to $1,301.00.

Silver traded down 0.10 percent Thursday to $19.62, while copper rose 0.46 percent to $3.03.
Eurozone
European shares were higher today.

The Spanish Ibex Index rose 0.15 percent, while Italy's FTSE MIB Index jumped 0.24 percent.

Meanwhile, the German DAX climbed 0.69 percent and the French CAC 40 jumped 0.43 percent while U.K. shares gained 0.43 percent.
Economics
US initial jobless claims rose by 2,000 to 304,000 in the week ended April 12. However, economists were projecting claims to total 315,000 in the week.

US Bloomberg Consumer Comfort Index rose to -29.10 in the week ended April 13, versus a prior reading of -31.90.

US Philadelphia Fed manufacturing index rose to 16.60 in April, versus a prior reading of 9.00. However, economists were expecting a reading of 9.80.

The Treasury is set to auction 3-and 6-month bills.

The Treasury will also auction 2-year, 5-year and 7-year notes.

Data on money supply will be released at 4:30 p.m. ET.