Mid-Morning Market Update: Markets Open Lower; Deere Profit Misses Views

Following the market opening Friday, the Dow traded down 0.06 percent to 25,543.20 while the NASDAQ declined 0.54 percent to 7,764.69. The S&P also fell, dropping 0.17 percent to 2,835.99.

Leading and Lagging Sectors

Friday morning, the consumer staples shares rose 0.29 percent. Meanwhile, top gainers in the sector included CV Sciences, Inc. CVSI up 10 percent, and Coca-Cola FEMSA, S.A.B. de C.V. KOF up 4 percent.

In trading on Friday, information technology shares fell 0.53 percent.

Top Headline

Deere & Company DE reported weaker-than-expected earnings for its third quarter.

Earnings came in at $2.59 per share, missing estimates of $2.75 per share. Total equipment sales climbed 36 percent to $9.3 billion.

Equities Trading UP

Tel-Instrument Electronics Corp. TIK shares shot up 94 percent to $5.05 after the company reported a multi-million dollar order from the German government.

Shares of Zoe's Kitchen, Inc. ZOES got a boost, shooting up 34 percent to $12.78 after the company agreed to be acquired by CAVA Group for $12.75 per share.

Koss Corporation KOSS shares were also up, gaining 12 percent to $2.95 after the company reported a year-over-year increase in Q4 EPS and sales.

Equities Trading DOWN

Zion Oil & Gas, Inc. ZN shares dropped 31 percent to $1.75. Zion Oil & Gas disclosed that it is completing the initial testing program of its primary zones located within the Triassic-age Mohilla Formation of the Megiddo-Jezreel #1 well.

Shares of Adtalem Global Education Inc. ATGE were down 17 percent to $46.45 after the company reported weaker-than-expected Q4 results.

Amyris, Inc. AMRS was down, falling around 10 percent to $6.736 after reporting launch of secondary offering by certain selling stockholders.

Commodities

In commodity news, oil traded up 0.81 percent to $65.99 while gold traded up 0.02 percent to $1,184.20.

Silver traded down 0.53 percent Friday to $14.635, while copper rose 0.19 to $2.64.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.47 percent, the Spanish Ibex Index fell 0.55 percent, while Italy’s FTSE MIB Index declined 1.21 percent. Meanwhile the German DAX declined 0.74 percent, and the French CAC 40 slipped 0.47 percent while U.K. shares fell 0.50 percent.

Economics

The University of Michigan's consumer sentiment index dropped to 95.3 in August, versus 97.9 in July. However, economists were expecting a reading of 98.1.

The leading economic index increased 0.6 percent in July, versus a 0.5 percent increase in June.

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