Market Overview

Mid-Morning Market Update: Markets Mixed; Phillips 66 Earnings Beat Views


Following the market opening Friday, the Dow traded down 0.17 percent to 24,281.00 while the NASDAQ climbed 0.28 percent to 7,138.68. The S&P also rose, gaining 0.08 percent to 2,669.07.

Leading and Lagging Sectors

Friday morning, the telecommunication services shares gained 1.59 percent. Meanwhile, top gainers in the sector included Sprint Corporation (NYSE: S), up 8 percent, and SK Telecom Co., Ltd. (NYSE: SKM), up 3 percent.

In trading on Friday, energy shares tumbled 1.11 percent.

Top Headline

Phillips 66 (NYSE: PSX) reported better-than-expected earnings for its first quarter on Friday.

The company reported Q1 EPS of $1.04 vs. $0.89 estimates and revenue of 24.05 billion vs. $29.46 billion estimates.

Equities Trading UP

DMC Global Inc. (NASDAQ: BOOM) shares shot up 25 percent to $39.55 after the company reported upbeat Q1 results and issued upbeat Q2 guidance.

Shares of Knowles Corporation (NYSE: KN) got a boost, shooting up 15 percent to $12.83 as the company reported Q1 results.

SVB Financial Group (NASDAQ: SIVB) shares were also up, gaining 19 percent to $305.90 following strong quarterly results.

Equities Trading DOWN

Charter Communications, Inc. (NASDAQ: CHTR) shares dropped 8 percent to $273.94 as the company posted Q1 results.

Shares of Data I/O Corporation (NASDAQ: DAIO) were down 16 percent to $6.12 following Q1 results.

Flex Ltd. (NASDAQ: FLEX) was down, falling around 15 percent to $14.20 after a mixed fourth quarter report.


In commodity news, oil traded down 0.38 percent to $67.93 while gold traded up 0.20 percent to $1,320.50.

Silver traded down 0.10 percent Friday to $16.55, while copper fell 2.26 percent to $3.067.


European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.12 percent, the Spanish Ibex Index rose 0.06 percent, while Italy’s FTSE MIB Index fell 0.77 percent. Meanwhile the German DAX rose 0.80 percent, and the French CAC 40 climbed 0.26 percent while U.K. shares rose 0.82 percent.


The U.S. expanded at an annual pace of 2.3 percent in the first quarter. However, economists were expecting a 2 percent growth.

U.S. employment cost index rose 0.8 percent in the first quarter.

The University of Michigan's consumer confidence index rose to 98.80 in April, versus prior reading of 97.80. Economists expected a reading of 98.00.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Data on farm prices for the recent week will be released at 3:00 p.m. ET.


Related Articles (BOOM + CHTR)

View Comments and Join the Discussion!

Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets