Mid-Morning Market Update: Markets Open Lower; J M Smucker Profit Beats Estimates

Following the market opening Thursday, the Dow traded down 0.20 percent to 17,970.57 while the NASDAQ declined 0.23 percent to 4,963.16. The S&P also fell, dropping 0.28 percent to 2,113.23. Leading and Lagging Sectors Thursday morning, the non-cyclical consumer goods & services sector proved to be a source of strength for the market. In trading on Thursday, basic materials shares fell by 1.6 percent. Meanwhile, top losers in the sector included Companhia Siderurgica Nacional (ADR) (NYSE: SID), down 6 percent, and Freeport-McMoRan Inc (NYSE: FCX), down 5 percent. Top Headline J M Smucker Co (NYSE: SJM) reported stronger-than-expected earnings for its fourth quarter and offered upbeat forecast for the fiscal year 2017. J.M. Smucker Company reported net income of $191 million or $1.61 a share compared to a net loss of $90.3 million or a loss of $0.82 a share in the year-ago quarter. On an adjusted basis, it would have earned $1.86 a share, sharply up from $0.41 a share in the same quarter preceding year. Street analysts expected $1.20 a share.The company's top line grew 25 percent to $1.81 billion from $1.45 billion in the previous year quarter. This was higher than the analysts' prediction of $1.75 billion.Going forward, J.M. Smucker expects adjusted earnings to be $7.60-$7.75 a share for the fiscal year 2017 with adjusted sales expected to grow one percent. Street expects earnings of $6.37 a share and sales fall of 0.10 percent.Equities Trading UP Jaguar Animal Health Inc (NASDAQ: JAGX) shares shot up 99 percent to $2.62 as the company reported $15 million stock purchase agreement with Aspire Capital Fund, LLC.Shares of Staffing 360 Solutions Inc (NASDAQ: STAF) got a boost, shooting up 32 percent to $2.57. Staffing 360 expects Q4 sales of $44 million and FY16 revenue of $165 million. Christopher & Banks Corporation (NYSE: CBK) shares were also up, gaining 18 percent to $2.39 as the company reported better-than-expected Q1 results.Equities Trading DOWN Restoration Hardware Holdings Inc (NYSE: RH) shares dropped 19 percent to $29.25 as the company reported weaker-than-expected earnings for the first quarter and lowered its full-year forecast. Deutsche Bank downgraded Restoration Hardware from Buy to Hold and lowered the price target from $50.00 to $35.00.Shares of FuelCell Energy Inc (NASDAQ: FCEL) were down 14 percent to $6.34 after the company reported downbeat results for its second quarter. Insmed Incorporated (NASDAQ: INSM) was down, falling around 8 percent to $11.10. Insmed reported that it has withdrawn its Marketing Authorization Application for ARIKAYCE in Europe.Commodities In commodity news, oil traded down 1.72 percent to $50.35 while gold traded up 0.10 percent to $1,263.60. Silver traded up 0.32 percent Thursday to $17.04, while copper fell 2.11 percent to $2.02. Eurozone European shares were lower today. The eurozone's STOXX 600 fell 0.83 percent, the Spanish Ibex Index dropped 0.31 percent, while Italy's FTSE MIB Index slipped 0.83 percent. Meanwhile the German DAX declined 1.34 percent, and the French CAC 40 fell 0.89 percent, while U.K. shares fell 1.03 percent. Economics Initial jobless claims dropped 4,000 to 264,000 in the latest week. However, economists were expecting new claims to reach 270,000 in the week.U.S. wholesale inventories rose 0.60 percent for April, versus economists' expectations for a 0.10 percent growth.