Midway through trading Friday, the Dow traded down 0.39 percent to 17,662.47, while the NASDAQ slipped 0.07 percent to 5,142.94. The S&P also fell, dropping 0.36 percent to 2,094.64.
Leading And Lagging Sectors
On Friday, the technology sector proved to be a source of strength for the market. Leading the sector was strength from Amazon.com, Inc. AMZN and NetGear, Inc. NTGR.
In trading on Friday, basic materials shares fell by 1.70 percent. Meanwhile, top losers in the sector included Cliffs Natural Resources Inc CLF, down 10 percent, and Coeur Mining Inc CDE, off 8 percent.
Top Headline
On Thursday, Amazon reported upbeat earnings for its second quarter.
The Seattle, Washington-based company reported quarterly net income of $92 million, or $0.19 per share, versus a year-ago loss of $126 million, or $0.27 per share.
Its sales surged 19.9 percent to $23.19 billion. However, analysts were expecting a loss of $0.14 per share on revenue of $22.39 billion.
Equities Trading UP
StanCorp Financial Group, Inc. SFG shares shot up 48 percent to $113.64 after the company agreed to be acquired by Meiji Yasuda Life Insurance in a $5 billion deal.
Marketo Inc MKTO shares were also up, gaining 23 percent to $30.78 after the company reported better-than-expected Q2 earnings.
Shares of Amazon got a boost, shooting up 16 percent to $557.88 after the company reported upbeat earnings for its second quarter.
Equities Trading DOWN
Spectranetics Corp SPNC shares tumbled 31 percent to $17.24. Spectranetics reported a Q2 loss of $0.17 per share on revenue of $61.7 million. The company expected FY adjusted loss of $0.96 per share to $0.70 per share and revenue of $240 million to $250 million.
Shares of TrueCar Inc TRUE were down 38 percent to $6.68 after the company issued a weak forecast for the second quarter and FY15.
Biogen Inc BIIB was down, falling 17 percent to $318.30. Biogen reported better-than-expected earnings for the second quarter, but the company’s revenue missed analysts’ estimates. The company also lowered its FY15 forecast.
Commodities
In commodity news, oil traded down 0.33 percent to $48.29, while gold traded down 1.03 percent to $1,082.80.
Silver traded down 1.78 percent Friday to $14.44, while copper fell 0.27 percent to $2.38.
Eurozone
European shares were lower Friday. The eurozone’s STOXX 600 fell 0.74 percent, the Spanish Ibex Index slipped 1.01 percent, while Italy’s FTSE MIB Index dropped 0.37 percent. Meanwhile, the German DAX declined 1.15 percent and the French CAC 40 slipped 0.45 percent, while UK shares fell 0.91 percent.
Economics
The flash reading of the Markit manufacturing PMI increased to 53.8 in July versus 53.6 in June. Economists were expecting a reading of 53.6.
Sales of new U.S. homes declined 6.8 percent to an annual rate of 482,000 in June. Economists were projecting a rate of 546,000 in June.
Image Credit: Public Domain© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.