Mid-Morning Market Update: Markets Open Lower; General Electric Earnings Beat Expectations

Following the market opening Friday, the Dow traded down 0.30 percent to 24,590.61 while the NASDAQ declined 0.75 percent to 7,184.09. The S&P also fell, dropping 0.33 percent to 2,684.32.

Leading and Lagging Sectors

Friday morning, the financial shares climbed 0.50 percent. Meanwhile, top gainers in the sector included Farmers Capital Bank Corporation FFKT, up 16 percent, and Associated Banc-Corp ASB, up 9 percent.

In trading on Friday, information technology shares fell 0.87 percent.

Top Headline

General Electric Company GE reported better-than-expected profit for its first quarter.

The conglomerate said it earned 16 cents per share in the first quarter on revenue of $28.7 billion versus expectations of 12 cents per share and $27.5 billion.

Equities Trading UP

AGM Group Holdings Inc. AGMH shares shot up 30 percent to $10.9992 after climbing 34.60 percent on Thursday.

Shares of Limelight Networks, Inc. LLNW got a boost, shooting up 25 percent to $5.14 following a first-quarter earnings beat. The company also raised its fiscal 2018 estimates.

Telefonaktiebolaget LM Ericsson ERIC shares were also up, gaining 18 percent to $7.86 after reporting strong Q1 results.

Equities Trading DOWN

Clearwater Paper Corporation CLW shares dropped 38 percent to $25.10 after reporting Q1 results.

Shares of Skechers U.S.A., Inc. SKX were down 27 percent to $30.70. Skechers reported in-line earnings for its first quarter, but issued weak guidance for the second quarter.

Atossa Genetics Inc. ATOS was down, falling around 12 percent to $3.8343. Atossa Genetics reported a 1-for-12 reverse stock split.

Commodities

In commodity news, oil traded down 0.64 percent to $67.85 while gold traded down 0.36 percent to $1,344.00.

Silver traded down 0.31 percent Friday to $17.185, while copper rose 0.41 percent to $3.167.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.18 percent, the Spanish Ibex Index rose 0.10 percent, while Italy’s FTSE MIB Index gained 0.14 percent. Meanwhile the German DAX fell 0.29 percent, and the French CAC 40 gained 0.21 percent while U.K. shares rose 0.34 percent.

Economics

San Francisco Federal Reserve Bank President John Williams will speak in Pebble Beach, California at 11:15 a.m. ET.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.