Mid-Morning Market Update: Markets Open Lower; Uber Misses Q2 Expectations

Following the market opening Friday, the Dow traded down 0.40% to 26271.97 while the NASDAQ fell 0.79% to 7975.97. The S&P also fell, dropping 0.54% to 2922.13.

Leading and Lagging Sectors

Health care shares rose 0.02% on Friday. Meanwhile, top gainers in the sector included Puma Biotechnology, Inc. PBYI, up 27%, and Cutera, Inc. CUTR, up 22%.

In trading on Friday, information technology shares fell 1%.

Top Headline

Uber Technologies Inc. UBER reported weaker-than-expected results for its second quarter on Thursday.

Uber reported a wider-than-expected loss of $4.72 per share versus a consensus estimate of a $3.20 per share loss. Uber's quarterly revenue rose 14% from $2.7 billion in the second quarter of 2018 to $3.2 billion.

The ride-hailing service reached the 100-million mark in monthly active platform consumers for the first time in July and posted 35% year-over-year growth in trips and 37% year-over-year growth in gross bookings, according to Uber.

Equities Trading UP

Arcadia Biosciences, Inc. RKDA shares shot up 47% to $2.96 after Verdeca received USDA approval of HB4 drought tolerant soybeans.

Shares of Puma Biotechnology, Inc. PBYI got a boost, shooting up 26% to $11.63 after the company reported better-than-expected Q2 EPS and sales results.

InnerWorkings, Inc. INWK shares were also up, gaining 23% to $3.49 after reporting upbeat Q2 earnings.

Equities Trading DOWN

Waitr Holdings Inc. WTRH shares tumbled 48% to $1.97 after the company reported worse-than-expected Q2 EPS and sales results and lowered FY19 revenue guidance.

Shares of ViewRay, Inc. VRAY were down 48% to $3.50 after the company reported Q2 results.

Farfetch Limited FTCH was down, falling 39% to $11.20 after the company reported Q2 results.

Commodities

In commodity news, oil traded up 1.2% to $53.15, while gold traded down 0.1% to $1,508.80.

Silver traded up 0.1% Friday to $16.945, while copper rose 0.2% to $2.6115.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, the Spanish Ibex Index fell 1.1%, while Italy’s FTSE MIB Index dropped 2.4%. Meanwhile, the German DAX dropped 1%, and the French CAC 40 fell 0.8% while UK shares fell 0.1%.

Economics

The Producer Price Index rose 0.2% for July, versus economists’ expectations for a 0.2% gain.

The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.