Dow Dips 200 Points; Nike Shares Fall After Q3 Results

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 200 points.

The Dow traded down 0.54% to 39,565.50 while the NASDAQ rose 0.04% to 16,408.74. The S&P 500 also fell, dropping, 0.14% to 5,233.98.

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Leading and Lagging Sectors

Communication services shares jumped by 0.7% on Friday.

In trading on Friday, consumer discretionary shares fell by 0.9%.

Top Headline

Shares of Nike Inc NKE fell more than 8% on Friday after the company reported results for its third quarter.

Nike reported third-quarter revenue of $12.429 billion, which was up slightly year-over-year. The revenue total beat a Street consensus estimate of $12.281 billion according to data from Benzinga Pro. Nike reported adjusted earnings per share of 98 cents, which beat a Street consensus estimate of 74 cents per share.

Equities Trading UP

Summit Midstream Partners, LP SMLP shares shot up 35% to $26.20 after the company announced the sale of its Utica position for $625 million.

Shares of Outlook Therapeutics, Inc. OTLK got a boost, surging 36% to $9.56 after the company announced it received a positive European Union CHMP opinion for ONS-5010 as a treatment for Wet AMD.

BIOLASE, Inc. BIOL shares were also up, gaining 43% to $0.2150 after the company reported better-than-expected fourth-quarter earnings results.

Equities Trading DOWN

Cutera, Inc. CUTR shares dropped 32% to $1.5750 after the company reported worse-than-expected fourth quarter adjusted EPS results.

Shares of Sintx Technologies, Inc. SINT were down 28% to $0.0980 after the company announced a proposed public offering of common stock.

Ispire Technology Inc. ISPR was down, falling 27% to $5.95 after the company announced the pricing of its public offering of 2.05 million shares of common stock at $6.00 per share.

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Commodities

In commodity news, oil traded down 0.4% to $80.77 while gold traded down 0.4% at $2,175.60.

Silver traded down 0.4% to $24.905 on Friday, while copper fell 1.2% to $4.0080.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.05%, London’s FTSE 100 jumped 0.64% while Spain’s IBEX 35 Index rose 0.55% The German DAX rose 0.08% French CAC 40 fell 0.46% while Italy’s FTSE MIB Index fell 0.07%.

The Ifo Business Climate indicator for Germany climbed to 87.8 in March from February's revised reading of 85.7. German import prices declined 5.9% year-over-year in January.

Retail sales volumes in the UK came in unchanged for February, while UK’s GfK Consumer Confidence indicator came in flat at -21 in March.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.18%, Hong Kong’s Hang Seng Index falling 2.16%, China’s Shanghai Composite Index falling 0.95% and India’s S&P BSE Sensex gaining 0.26%.

Foreign direct investment into China dipped by 19.9% year-over-year to CNY 215.1 billion during the first two months of the year. The annual inflation rate in Japan accelerated to 2.8% in February from 2.2% a month ago.

Economics

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

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