Mid-Morning Market Update: Markets Slide; MasterCard Profit Misses Estimates
Following the market opening Friday, the Dow traded down 1.21 percent to 15,656.53 while the NASDAQ tumbled 0.87 percent to 4,087.37. The S&P also fell, dropping 0.92 percent to 1,777.68.
MasterCard (NYSE: MA) reported weaker-than-expected fourth-quarter earnings. MasterCard's quarterly profit surged to $623 million, or $0.52 per share, from a year-ago profit $605 million, or $0.49 per share. Its revenue gained 12% to $2.13 billion. However, analysts were expecting a profit of $0.60 per share on revenue of $2.14 billion.
Equities Trading UP
Zynga (NASDAQ: ZNGA) shot up 25 percent to $4.45 after the company announced its plans to lower its workforce by 15%. The company also announced that it is buying NaturalMotion for $527 million.
Shares of Tuesday Morning (NASDAQ: TUES) got a boost, shooting up 16.60 percent to $13.91 after the company announced FQ2 results.
In commodity news, oil traded down 0.83 percent to $97.41, while gold traded up 0.77 percent to $1,252.10.
Silver traded up 1.33 percent Friday to $19.38, while copper fell 0.68 percent to $3.20.
European shares were lower today.
The Spanish Ibex Index fell 1.78 percent, while Italy's FTSE MIB Index declined 1.68 percent.
Meanwhile, the German DAX tumbled 2.06 percent and the French CAC 40 slipped 1.58 percent while U.K. shares fell 1.65 percent.
U.S. consumer spending climbed 0.4% in December, versus a revised 0.6% rise in November.
Personal income came in unchanged in December. However, economists were expecting a 0.2% rise in spending and a 0.2% increase in income.
The employment cost index increased 0.5% in the fourth quarter, versus a 0.4% gain in the third quarter. However, economists were projecting a 0.4% gain in the quarter.
The Chicago PMI fell to 59.60 in January, versus economists' expectations for a reading of 59.00.
The final reading of the Reuter's/University of Michigan's consumer sentiment index declined to 81.20 in January, versus a final reading of 82.5 in December. However, economists were expecting a reading of 81.00.
Data on farm prices for January will be released at 3:00 p.m. ET.
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