Mid-Morning Market Update: Markets Drop; ConocoPhillips Posts Wider Loss

Following the market opening Thursday, the Dow traded down 0.28 percent to 16,291.53 while the NASDAQ dropped 0.69 percent to 4,473.15. The S&P also fell, dropping 0.46 percent to 1,903.77.

On Thursday, basic materials shares surged by 2.86 percent. Meanwhile, top gainers in the sector included

, up 22 percent, and

up 14 percent. In trading on Thursday, healthcare shares fell by 1.34 percent. Meanwhile, top losers in the sector included

, down 17 percent, and

, down 12 percent.

reported weaker-than-expected results for its fourth quarter. ConocoPhillips said that it lost $0.90 per share in the fourth quarter on revenue of $6.77 billion. Wall Street analysts were expecting the company to lose $0.52 per share on revenue of $9.08 billion. ConocoPhillips announced revisions to its 2016 operating plan. The company lowered its capital expenditures guidance to $6.4 billion from a previous $7.7 billion and operating cost guidance to $7.0 billion from $7.7 billion. ConocoPhillips also slashed its quarterly dividend to $0.25 per share from a previous quarterly dividend of $0.74 per share.

shares shot up 26 percent to $2.53 after the company reported upbeat quarterly results. Management said it had signed exclusive partnerships with Taylor Swift and Gordon Ramsay, and the Board approved a stock repurchase program to buy up to $50 million in stock. Shares of

got a boost, shooting up 9 percent to $35.66 after the company reported stronger-than-expected results for its fiscal third quarter and lifted its full-year outlook.

shares were also up, gaining 42 percent to $11.16 as the company reported stronger-than-expected quarterly earnings.

shares dropped 12 percent to $9.38 after the company reported weaker-than-expected results for the fourth quarter and issued a downbeat revenue forecast for the current quarter. The company also named Brian McGee as its new chief financial officer. Shares of

were down 17 percent to $95.68. Ralph Lauren reported upbeat fiscal third-quarter earnings, but the company missed analysts' sales expectations. The company also lowered its full-year guidance.

was down, falling around 21 percent to $4.23. Resolute reported a preliminary Q4 loss of $0.29 per share on revenue of $894 million.

In commodity news, oil traded down 0.59 percent to $32.09, while gold traded up 1.10 percent to $1,153.90. Silver traded up 0.82 percent Thursday to $14.86, while copper rose 1.43 percent to $2.13.

European shares were mostly lower today. The eurozone's STOXX 600 fell 1.26 percent, the Spanish Ibex Index dipped 0.13 percent, while Italy's FTSE MIB Index dropped 1.20 percent. Meanwhile, the German DAX dropped 1.43 percent, and the French CAC 40 slipped 0.99 percent, while U.K. shares rose 0.06 percent.

US jobless claims increased by 8,000 to 285,000 in the week ended January 30. However, economists were expecting claims to reach 280,000 in the week. US nonfarm productivity declined at an annual rate of 3 percent in the fourth quarter, while unit-labor costs increased at 4.5 percent. US factory orders declined 2.90 percent in December, versus economists' expectations for a 2.80 percent drop.