Mid-Afternoon Market Update: Markets Falling as Smith & Wesson Continues to Rise on Earnings

Toward the end of trading Wednesday, the Dow traded down 0.84 percent to 15,838.09 while the NASDAQ declined 1.48 percent to 4,000.85. The S&P also fell, dropping 1.19percent to 1,781.43.

Joy Global

reported an 87% drop in fiscal fourth-quarter earnings. Joy Global projects full-year earnings of $3 to $3.50 per share on revenue of $3.6 billion to $3.8 billion. However, analysts were projecting earnings of $3.68 per share on revenue of $3.8 billion. Joy Global's quarterly profit fell to $26.8 million, or $0.25 per share, from a year-ago profit of $212.6 million, or $1.99 per share. Excluding special items, it earned $1.11 per share. Its sales declined 35% to $1.18 billion. However, analysts were expecting earnings of $1.12 per share on sales of $1.12 billion.

Select Medical Holdings

was up on Wednesday's session, gaining 16.82 percent to $10.35 after an RBC Capital note mentioned that the company would benefit from a “doc fix” in Medicare passed earlier in the day. Shares of Scripps Networks Interactive

got a boost, shooting up 7.16 percent to $80.66 on a report from Variety that Discovery Communications, was considering a bid for the parent company of the Food Network, Travel Channel and HGTV. Smith & Wesson Holding

was also up, gaining 3.23 percent to $12.51 after the company reported an upbeat Q2 profit.

Shares of Avanir Pharmaceuticals

were down 26.80 percent to $3.14 after the company reported that phase II PRIME study of investigation drug AVP-923 did not meet primary efficacy endpoint. The company also reported a wider Q4 loss. Laboratory Corp. of America Holdings

shares tumbled 11.05 percent to $88.19 after the company issued a weak 2014 profit guidance. Organovo Holdings

was also down, falling 11.34 percent to $8.89 following a Seeking Alpha article that recommended the company as a selling opportunity.

In commodity news,

to $97.41, while gold traded down 0.63 percent to $1,253.00. Silver traded down 0.53 percent Wednesday to $20.30, while copper rose 0.72 percent to $3.29.

European shares

today. The Spanish Ibex Index tumbled 0.85 percent, while Italy's FTSE MIB Index dropped 1.44 percent. Meanwhile, the German DAX declined 0.42 percent and the French CAC 40 dropped 0.10 percent while U.K. shares fell 0.11 percent.

The MBA's index of mortgage application activity rose 1% in the week ended December 6, 2013. Crude supplies declined 10.6 million barrels for the week ended December 6, the US Energy Information Administration reported. However, analysts were expecting a drop of 2.8 million barrels. The Treasury is set to auction 10-year notes. The US Treasury monthly budget report for November will be released at 2:00 p.m. ET.