Mid-Morning Market Update: Markets Drop; General Motors Beats Q4 Expectations

Following the market opening Wednesday, the Dow traded down 0.15 percent to 16,129.02 while the NASDAQ dropped 0.65 percent to 4,487.55. The S&P also fell, dropping 0.38 percent to 1,895.84.

On Wednesday, basic materials shares surged by 1.61 percent. Meanwhile, top gainers in the sector included

, up 9 percent, and

up 5 percent. In trading on Wednesday, cyclical consumer goods & services shares fell by 0.37 percent. Meanwhile, top losers in the sector included

, down 8 percent, and

, down 7 percent.

reported its better-than-expected results for its fourth quarter. General Motors earned $1.39 per share in the fourth quarter on revenue of $39.60 billion. Wall Street analysts were expecting the company to earn $1.22 per share on revenue of $38.07 billion. General Motors also reaffirmed its full year earnings per share expectations of $5.25 to $5.75 per share.

shares shot up 29 percent to $7.12 as the company reported better-than-expected earnings for its third quarter. Shares of

got a boost, shooting up 19 percent to $4.20 as the company reported that it has signed a cooperative agreement with a Korean company Blue F.I. Group.

shares were also up, gaining 14 percent to $36.12 after the company reported stronger-than-expected FQ1 results.

shares dropped 34 percent to $1.44 after the company reported downbeat Q4 earnings. The company also suspended quarterly distributions to unit holders. Shares of

were down 17 percent to $10.11 after the company reported weaker-than-expected quarterly revenue.

was down, falling around 8 percent to $6.10 after the company reported downbeat quarterly results.

In commodity news, oil traded up 2.74 percent to $30.70, while gold traded up 0.02 percent to $1,127.40. Silver traded up 0.60 percent Wednesday to $14.38, while copper rose 1.17 percent to $2.08.

European shares were lower today. The eurozone's STOXX 600 fell 0.16 percent, the Spanish Ibex Index dipped 1.46 percent, while Italy's FTSE MIB Index dropped 0.87 percent. Meanwhile, the German DAX dropped 0.42 percent, and the French CAC 40 slipped 0.03 percent, while U.K. shares fell 0.15 percent.

Private-sector employers added 205,000 jobs in January, Automatic Data Processing Inc. reported. However, economists were expecting an addition of 195,000 jobs. The Markit services PMI slipped to 53.20 in January, versus a prior reading of 53.70. However, economists were expecting a reading of 53.70. The ISM non-manufacturing PMI dropped to 53.50 in January, versus a previous reading of 55.80. Economists were projecting a reading of 55.10.