Mid-Morning Market Update: Markets Drop; GM Earnings Beat Estimates

Following the market opening Thursday, the Dow traded down 0.22 percent to 16,465.69 while the NASDAQ tumbled 0.36 percent to 4,112.12. The S&P also fell, dropping 0.26 percent to 1,870.56.

Utilities shares gained around 0.38 percent in trading on Thursday. Top gainers in the sector included Korea Electric Power

, Empresa Distribuidora y Comercializadora Norte SA

, and Atlas Energy LP

. In trading on Thursday, healthcare shares were relative laggards, down on the day by about 0.92 percent. Top decliners in the sector included Clearfield

, off 16.2 percent, and Quidel

, down 13.9 percent.

General Motors Co

reported

first-quarter earnings. GM's quarterly profit slipped to $100 million, or $0.06 per share, versus a year-ago profit of $900 million, or $0.58 per share. Its revenue climbed to $37.4 billion versus $36.9 billion. However, analysts were estimating earnings of $0.03 per share on revenue of $37.44 billion.

Zimmer Holdings

shares shot up 15.35 percent to $105.49 after the company announced its

Biomet in a cash and stock transaction valued at around $13.35 billion. Shares of Apple

got a boost, shooting up 7.47 percent to $563.94 after the company reported

fiscal second-quarter results and announced a 7-for-1 stock split. The company also lifted its buyback plan to $90 billion from $60 billion. Apple's quarterly profit surged to $10.2 billion, or $11.62 per share, versus a year-ago profit of $9.5 billion, or $10.09 per share. Its revenue also climbed to $45.6 billion versus $43.6 billion. Lam Research

shares were also up, gaining 7.46 percent to $56.15 after the company reported upbeat quarterly earnings.

Shares of Quidel

were 13.29 percent to $20.74 after the company reported Q1 earnings of $0.08 per share on revenue of $46.70 million. Tsakos Energy Navigation

shares tumbled 12.34 percent to $7.32 after the company priced

of 11 million common shares at $7.30 per share. Xilinx

was down, falling 9.61 percent to $47.38 after the company reported downbeat Q4 earnings. Credit Suisse downgraded Xilinx from Outperform to Neutral.

In commodity news,

to $101.71, while gold traded down 0.84 percent to $1,273.80. Silver traded down 1.37 percent Thursday to $19.20, while copper rose 1.04 percent to $3.07.

European shares

today. The Spanish Ibex Index dropped 0.45 percent, while Italy's FTSE MIB Index fell 0.11 percent. Meanwhile, the German DAX dropped 1.13 percent and the French CAC 40 fell 0.09 percent while U.K. shares climbed 0.02 percent.

US jobless claims rose 24,000 to 329,000 in the week ended April 19, versus a revised 305,000 in the earlier week. However, economists were projecting claims to reach 315,000 in the week. Orders for durable goods surged 2.6% in March, versus economists' expectations for a 2% gain. The Kansas City Fed manufacturing index for April will be released at 11:00 a.m. ET. The Treasury is set to auction 3-month, 6-month and 52-week bills. The Treasury will also auction 7-year notes. Data on money supply will be released at 4:30 p.m. ET.