Mid-Morning Market Update: Markets Down; JPMorgan Beats Q4 Expectations

Following the market opening Thursday, the Dow traded down 0.37 percent to 16,091.80 while the NASDAQ dipped 1.16 percent to 4,473.53. The S&P also fell, dropping 0.53 percent to 1,880.25.

On Thursday, utilities shares surged by 0.97 percent. Meanwhile, top gainers in the sector included

, up 4 percent, and

, up 3 percent. In trading on Thursday, cyclical consumer goods & services shares tumbled by 1.10 percent. Meanwhile, top losers in the sector included

, down 12 percent, and

, down 10 percent.

reported better-than-expected results for its fourth quarter. The bank reported quarterly profit of $5.43 billion, or $1.32 per share, versus a year-ago profit of $4.93 billion, or $1.19 per share. Its revenue climbed to $23.75 billion. Analysts were expecting earnings of $1.25 per share on revenue of $22.89 billion.

shares shot up 14 percent to $2.41 after the company reported the successful bioequivalence results for abuse deterrent Rexista Oxycodone XR. Shares of

got a boost, shooting up 11 percent to $11.90. Big 5 Sporting Goods reported a 0.1 percent rise in Q4 same store sales and narrowed its Q4 earnings outlook.

shares were also up, gaining 6 percent to $56.50. WebMD is considering selling the entire company or part of its business, according to sources as reported by Financial Times late Tuesday.

and

are two potential bidders, the sources said.

shares dropped 20 percent to $11.64 after the company issued disappointing fourth quarter guidance and announced a 7 percent reduction in its workforce. Shares of

were down 13 percent to $2.13 after the company issued an update on FY16 production guidance. Barclays downgraded HudBay Minerals from Overweight to Underweight and lowered the price target from $10.00 to $4.00.

was down, falling around 12 percent to $29.75. Morgan Stanley maintained an Overweight rating for Mobileye, while reducing the price target from $80 to $57.

In commodity news, oil traded up 0.98 percent to $30.78, while gold traded down 0.28 percent to $1,084.10. Silver traded down 2.13 percent Thursday to $13.86, while copper rose 0.59 percent to $1.97.

European shares were lower today. The eurozone's STOXX 600 dipped 1.97 percent, the Spanish Ibex Index dropped 1.82 percent, while Italy's FTSE MIB Index fell 1.87 percent. Meanwhile, the German DAX slipped 2.07 percent, and the French CAC 40 fell 2.05 percent, while U.K. shares declined 1.24 percent.

US import prices slipped 1.2 percent in December, while export prices declined 1.1 percent in December. Initial jobless claims climbed by 7,000 to 284,000 for the first full week of January. However, economists were expecting claims to reach 275,000 in the week.