Midway through trading Friday, the Dow traded down 0.14 percent to 18,480.59 while the NASDAQ declined 0.24 percent to 5,021.98.
The S&P also fell, dropping 0.31 percent to 2,157.09.
Leading and Lagging Sectors
On Friday, non-cyclical consumer goods & services shares surged by 0.20 percent.
In trading on Friday, energy shares fell by 0.50 percent. Meanwhile, top losers in the sector included Stone Energy
Corporation (NYSE: SGY), down 12 percent, and Denbury
Resources Inc. (NYSE: DNR), down 4 percent.
Top Headline
Wells Fargo & Co. (NYSE: WFC) reported in-line
earnings for the second quarter on Friday.
The company said it earned $5.6 billion or $1.03 a share for the second quarter compared to $5.7 billion or $1.03 a share in the
year-ago quarter. Analysts too expected the same EPS.
Wells Fargo's top line advanced 4 percent to $22.2 billion from $21.3 billion in the previous year quarter. Street estimated the
bank to generate $22.17 billion revenue. While net interest income increased $66 million to $11.7 billion from first quarter 2016,
Noninterest income slipped to $10.4 billion from $10.5 billion in first quarter 2016.
Equities Trading UP
Herbalife Ltd. (NYSE: HLF) shares shot up 13 percent
to $67.08 following reports the U.S. Federal Trade Commission concluded the company isn't operated as a pyramid scheme.
Shares of Iteris Inc (NASDAQ: ITI) got a boost,
shooting up 18 percent to $3.71 after the company reported strong preliminary revenue results for the first quarter.
Alere Inc (NYSE: ALR) shares were also up, gaining 9
percent to $42.85. Alere reported preliminary FY15 sales of $2.447 billion to $2.477 billion and expected Q4 sales of $573 million
to $593 million. Canaccord Genuity upgraded Alere from Hold to Buy.
Equities Trading DOWN
Infosys Ltd ADR (NYSE: INFY) shares dropped 10
percent to $16.65 after the company posted weak quarterly results.
Shares of CytRx Corporation (NASDAQ: CYTR) were
down 33 percent to $0.599. CytRx reported that it has priced its 28.6 million share offering at $0.70 per share.
ZIOPHARM Oncology Inc. (NASDAQ: ZIOP) was down,
falling around 12 percent to $4.98 after The Street's Adam Feuerstein tweeted that a brain cancer patient had died after receiving
an injection of the company's gene therapy drug.
Commodities
In commodity news, oil traded up 0.35 percent to $45.84 while gold traded down 0.17 percent to $1,330.00.
Silver traded down 0.67 percent Friday to $20.19, while copper fell 0.42 percent to $2.23.
Eurozone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.17 percent, the Spanish Ibex Index fell 0.25 percent,
while Italy’s FTSE MIB Index dropped 0.29 percent. Meanwhile the German DAX slipped 0.01 percent, and the French CAC 40 declined
0.30 percent, while U.K. shares rose 0.22 percent.
Economics
U.S. retail sales gained 0.6 percent for June. However, economists were projecting a 0.1 percent growth.
U.S. consumer prices increased 0.2 percent in June, versus economists’ expectations for a 0.2 percent gain.
The Empire State manufacturing index dropped to 0.6 in July, versus 6.0 in June.
U.S. industrial production increased 0.6 percent for June, versus economists’ expectations for a 0.5 percent growth.
U.S. business inventories rose 0.20 percent for May, versus economists’ estimates for a 0.10 percent growth.
The University of Michigan's consumer sentiment index slipped to 89.50 in July, versus a prior reading of 93.50. However,
economists were estimating a reading of 93.50.
San Francisco Federal Reserve Bank President John Williams is set to speak in Cambridge Mass at 1:00 p.m. ET.
Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in St. Louis at 1:15 p.m. ET.
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