Mid-Morning Market Update: Markets Drop; Verizon Profit Tops Estimates

Following the market opening Thursday, the Dow traded down 0.30 percent to 15,718.87 while the NASDAQ dipped 0.88 percent to 4,432.41. The S&P also fell, dropping 0.53 percent to 1,849.48.

On Thursday, energy shares surged by 0.48 percent. Meanwhile, top gainers in the sector included

, up 9 percent, and

, up 11 percent. In trading on Thursday, healthcare shares dipped by 0.63 percent. Meanwhile, top losers in the sector included

, down 38 percent, and

, down 5 percent.

reported better-than-expected earnings for the fourth quarter. Verizon reported a quarterly profit of $5.39 billion, or $1.32 per share, versus a year-ago loss of $2.23 billion, or $0.54 per share. Excluding items, the company earned $0.89 per share for the quarter. Its revenue rose 3.2 percent to $34.25 billion. However, analysts were expecting earnings of $0.88 per share on revenue of $34.06 billion.

shares shot up 14 percent to $33.90 as the company reported better-than-expected FQ1 results. Shares of

got a boost, shooting up 12 percent to $6.06 after the company reported upbeat Q4 earnings.

shares were also up, gaining 10 percent to $25.72 after the company posted stronger-than-expected Q4 profit.

shares dropped 37 percent to $37.83 following announcement of failed depression drug trial. Shares of

were down 33 percent to $19.30 after the company issued a weak FY16 outlook.

was down, falling around 16 percent to $31.58 after the company reported the termination of modified Dutch Auction tender offer for $200 million.

In commodity news, oil traded up 0.04 percent to $28.36, while gold traded down 0.65 percent to $1,099.00. Silver traded down 0.35 percent Thursday to $14.11, while copper rose 1.07 percent to $1.98.

European shares were higher today. The eurozone's STOXX 600 rose 1.15 percent, the Spanish Ibex Index gained 1.45 percent, while Italy's FTSE MIB Index surged 2.88 percent. Meanwhile, the German DAX rose 1.43 percent, and the French CAC 40 gained 1.43 percent, while U.K. shares climbed 1.11 percent.

US initial jobless claims rose 10,000 to 293,000 in the latest week. However, economists were expecting claims to reach 278,000 in the week. US Philadelphia Fed manufacturing index rose to a reading of -3.50 in January, versus a prior reading of -5.90. However, economists were expecting a reading of -5.00.