Skip to main content

Market Overview

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

Share:

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
Amazon.com, 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.

Commodities
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%.

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

 

Related Articles (AKRX + AERI)

View Comments and Join the Discussion!

Posted-In: Mid-Morning UpdateNews Eurozone Commodities Global Markets

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com