Mid-Morning Market Update: Markets Edge Lowe; Abercrombie & Fitch Beats Q4 Estimates

Following the market opening Wednesday, the Dow traded down 0.20 percent to 16,831.93 while the NASDAQ declined 0.06 percent to 4,686.87. The S&P also fell, dropping 0.11 percent to 1,976.22.

On Wednesday, basic materials shares rose by 0.70 percent. Top gainers in the sector included

,

, and

. In trading on Wednesday, utilities shares fell by 0.89 percent. Meanwhile, top losers in the sector included

, down 5 percent, and

, down 2.4 percent.

reported upbeat results for its fourth quarter. Abercrombie & Fitch's quarterly net income surged 30.1 percent to $57.7 million. Excluding items, the company earned $1.08 per share. Its net sales slipped 0.6 percent to $1.11 billion, while sales at stores open at least 12 months increased 1 percent in the quarter. However, analysts were expecting earnings of $0.99 per share on revenue of $1.10 billion.

shares shot up 22 percent to $5.68 on stronger-than-expected Q4 results. Shares of

got a boost, shooting up 28 percent to $10.07 after the company agreed to be acquired by CCL Industries for $10.15 per share in cash.

shares were also up, gaining 25 percent to $11.45. Darling Ingredients reported Q4 earnings of $0.54 per share on revenue of $809.7 million.

shares dropped 17 percent to $2.23. Lincoln Educational reported Q4 earnings of $0.23 per share on revenue of $48.9 million. Shares of

were down 18 percent to $10.96. Big 5 Sporting Goods reported upbeat earnings for its fourth quarter, but the company issued a weak earnings outlook.

was down, falling around 14 percent to $9.02. Northwest Pipe reported a Q4 loss of $1.43 per share on revenue of $45.6 million.

In commodity news, oil traded down 0.93 percent to $34.08, while gold traded up 0.11 percent to $1,232.10. Silver traded up 0.71 percent Wednesday to $14.86, while copper rose 1.37 percent to $2.18.

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.18 percent, the Spanish Ibex Index climbed 1.07 percent, while Italy's FTSE MIB Index jumped 0.74 percent. Meanwhile, the German DAX climbed 0.28 percent, and the French CAC 40 rose 0.07 percent, while U.K. shares fell 0.37 percent.

US private sector added 214,000 jobs in February, according to ADP. However, economists were expecting an addition of 185,000 jobs. The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.