Mid-Afternoon Market Update: Crude Oil Jumps 7.5%; Visa Shares Climb On Earnings Beat

Toward the end of trading Friday, the Dow traded down 0.35 percent to 17,355.16 while the NASDAQ gained 0.03 percent to 4,684.94. The S&P also fell, dropping 0.24 percent to 2,016.39.

Leading and Lagging Sectors

In trading on Friday, basic materials shares were relative leaders, up on the day by about 1.20 percent. Meanwhile, top gainers in the sector Minerals Technologies Inc. MTX, up 12.2 percent, and Gulf Resources, Inc. GURE, up 72 percent.

Non-cyclical consumer goods & services shares dropped by 1 percent in the US market on Friday. Top losers in the sector included Align Technology Inc. ALGN, down 8.1 percent, Diamond Foods, Inc. DMND, off 5.7 percent.

Top Headline

MasterCard Inc. MA reported better-than-expected profit for its fourth quarter.

The Purchase, New York-based company posted quarterly earnings of $801 million, or $0.69 per share, compared to $623 million, or $0.52 per share, in the year-ago period. Acquisitions had a $0.03 dilutive impact on EPS.

Its revenue surged 14% to $2.42 billion. However, analysts were expecting earnings of $0.67 per share on revenue of $2.39 billion.

Equities Trading UP

Intercept Pharmaceuticals, Inc. ICPT shares shot up 21.92 percent to $208.11 after the company received "breakthrough therapy designation" from the FDA for obeticholic acid for NASH with liver fibrosis.

Shares of Visa Inc. V got a boost, shooting up 4.45 percent to $259.02 after the company beat fiscal first-quarter Street estimates and declared a four-for-one stock split.

Amazon.com Inc. AMZN shares were also up, gaining 14.98 percent to $358.47 after the company reported stronger-than-expected fourth-quarter earnings.

Equities Trading DOWN

Hawaiian Holdings Inc. HA shares tumbled 28.78 percent to $18.96. Hawaiian Holdings reported Q4 adjusted earnings of $0.40 per share on revenue of $42.4 million. The company also expected a drop in its key revenue figure for the first quarter.

Shares of Deckers Outdoor Corp. DECK were down 18.18 percent to $67.31 after the company reported downbeat Q3 results and lowered its Q4 earnings forecast.

Beazer Homes USA Inc. BZH was down, falling 10.41 percent to $15.46 after the company reported a wider Q1 loss.

Commodities

In commodity news, oil traded up 7.59 percent to $47.91, while gold traded up 2.05 percent to $1,281.70.

Silver traded up 2.78 percent Friday to $17.24, while copper rose 1.88 percent to $2.50.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.46 percent, the Spanish Ibex Index fell 0.99 percent, while Italy’s FTSE MIB Index declined 0.44 percent. Meanwhile, the German DAX fell 0.41 percent, and the French CAC 40 slipped 0.59 percent while UK shares dropped 0.90 percent.

Economics

The U.S. economy expanded by an annual pace of 2.6% pace in the fourth quarter, versus a 5.0% growth in the third quarter, according to a preliminary estimate. However, economists were estimating a growth of 3%.

The employment cost index rose 0.6% in the fourth quarter, versus a 0.7% gain in the third quarter.

The Chicago PMI climbed to 59.40 in January, versus a prior reading of 58.80. However, economists were expecting a reading of 57.50.

The University of Michigan's consumer sentiment index fell to 98.10 in January, versus a prior reading of 98.20. However, economists were expecting a reading of 98.20.