Mid-Morning Market Update: Markets Mixed; Foot Locker Tops Q1 Expectations

Following the market opening Friday, the Dow traded down 0.04 percent to 24,802.42 while the NASDAQ climbed 0.30 percent to 7,447.02. The S&P also fell, dropping 0.05 percent to 2,726.38.

Leading and Lagging Sectors

Friday morning, the consumer discretionary shares surged 0.30 percent. Meanwhile, top gainers in the sector included Foot Locker, Inc. FL, up 13 percent, and Shoe Carnival, Inc. SCVL up 14 percent.

In trading on Friday, energy shares fell 3.07 percent.

Top Headline

Foot Locker, Inc. FL reported better-than-expected results for its first quarter.

The company posted adjusted earnings of $1.45 per share on revenue of $2.025 billion. However, analysts were expecting earnings of $1.25 per share on revenue of $1.96 billion.

Equities Trading UP

Shoe Carnival, Inc. SCVL shares shot up 14 percent to $30.00 after the company reported upbeat quarterly earnings

Shares of Quality Systems, Inc. QSII got a boost, shooting up 14 percent to $17.12 after the company posted better-than-expected FQ4 results.

Foot Locker, Inc. FL shares were also up, gaining 13 percent to $52.44 after the company reported better-than-expected results for its first quarter.

Equities Trading DOWN

Zoe's Kitchen, Inc. ZOES shares dropped 32 percent to $9.8401 after the company reported weaker-than-expected earnings for its first quarter. The company also lowered its FY18 sales outlook from $358million-$368 million to $345 million-$352 million.

Shares of 8x8, Inc. EGHT were down 18 percent to $17.975 after reporting downbeat quarterly earnings.

BG Staffing, Inc. BGSF was down, falling around 13 percent to $18.83 after reporting a common stock offering.

Commodities

In commodity news, oil traded down 2.66 percent to $68.83 while gold traded down 0.09 percent to $1,308.60.

Silver traded down 0.16 percent Friday to $16.66, while copper rose 0.02 to $3.0965.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.22 percent, the Spanish Ibex Index fell 1.96 percent, while Italy’s FTSE MIB Index declined 1.06 percent. Meanwhile the German DAX rose 0.69 percent, and the French CAC 40 gained 0.25 percent while U.K. shares rose 0.06 percent.

Economics

U.S. durable goods orders fell 1.7 percent for April, versus economists’ expectations for a 1.4 percent drop.

The University of Michigan's consumer sentiment index declined to 98 points in May, versus a reading of 98.8 in April. Economists projected a reading of 98.9.

Chicago Fed President Charles Evans will speak at 11:45 a.m. ET.

Atlanta Fed President Raphael Bostic is set to speak at 11:45 a.m. ET.

Dallas Fed President Robert Kaplan will speak at 11:45 a.m. ET.

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