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Market Overview

Mid-Morning Market Update: Gold Trades Higher; Amazon Shares Tumble


Following the market opening Friday, the Dow traded down 0.1% to 26805.53, while the NASDAQ rose 0.8% to 8185.80. The S&P also rose, gaining 0.2% to 3010.29.

Leading and Lagging Sectors

Information Technology shares climbed 1.5% on Friday. Meanwhile, top gainers in the sector included Shopify Inc (NYSE: SHOP), up 8.9%, and MKS Instruments, Inc. (NASDAQ: MKSI), up 15.7%.

In trading on Friday, Communication Services shares fell 0.7%.

Top Headline, Inc. (NASDAQ: AMZN) reported disappointing earnings for its third quarter, sending its shares nosediving.

Amazon’s third-quarter earnings of $2.1 billion, or $4.23 per share, representing a year-to-year decline and coming in short of the consensus estimate of $4.59 per share. This marked the first year-to-year decline in quarterly earnings for the company since 2017. Amazon cited increased spend on one-day deliveries and other initiatives as reasons for the earnings downturn.

Equities Trading UP

  • Mohawk Industries, Inc (NYSE: MHK) shares rose 6.1% to $137.80 in pre-market trading after the company reported its third quarter earnings at $2.75 per share, ahead of the Street expectations of $2.64.
  • Aerie Pharmaceuticals Inc (NASDAQ: AERI) shares rose 5.8% to $22.00 in pre-market trading after the company completed enrollment for its phase 2 trial of AR-1105 ahead of schedule.
  • Akorn, Inc. (NASDAQ: AKRX) shares rose 5.7% to $4.80 in pre-market trading.

Equities Trading DOWN

  • Cancer Genetics Inc (NASDAQ: SES) shares fell 29.2% to $2.30 in pre-market trading after the company announced the completion of several strategic transactions.
  • Vocera Communications Inc NYSE: VCRA) shares fell 22.9% to $18,73 in pre-market trading, despite the company reporting third quarter EPS of $0.23, ahead of the Street expectations of $0.19.
  • Beyondspring Inc (NASDAQ: BYSI) shares fell 15% to $14.25 in pre-market trading. The company has announced the launch of an underwritten public offering of its ordinary shares.

In commodity news, oil traded down 0.2% to $56.13, while gold climbed 0.8% to $1516.90.
Silver traded up 2.5% to $18.26, while copper declined 0.2% to $2.67.

Euro zone
European shares had mixed trading on Friday. The UK FTSE index declined 0.5%, while Eurozone’s STOXX 600 was down 0.3% and the German DAX lost 0.2%. Meanwhile, the French CAC 40 climbed 0.2%, while the Spanish IBEX Index rose 0.1% and Italy’s FTSE MIB Index was up 0.1%.

The Monthly Budget Statement for September will be released at 1:00 p.m. ET.


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