Mid-Morning Market Update: Markets Open Lower; Lowe's Profit Beats Street View

Following the market opening Wednesday, the Dow traded down 0.23 percent to 17,646.46 while the NASDAQ dipped 0.68 percent to 4,670.42. The S&P also fell, dropping 0.37 percent to 2,044.29.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares jumped by 0.12 percent on Wednesday. Top gainers in the sector included Maui Land & Pineapple Company MLP, up 1.7 percent, and BRF S.A. BRFS, up 1.4 percent.

In trading on Wednesday, basic materials shares dropped by 0.94 percent. Top losers in the sector included Cliffs Natural Resources CLF, down 16.1 percent, and IAMGOLD IAG, off 4.5 percent.

Top Headline

Lowe's Companies LOW reported better-than-expected third-quarter results and raised its sales forecast for the fiscal year 2014.

The Mooresville, North Carolina-based company posted quarterly earnings of $585 million, or $0.59 per share, up from $499 million, or $0.47 per share, in the year-earlier period.

Its sales climbed 5.6% to $13.7 billion from around $13 billion. However, analysts were expecting earnings of $0.58 per share on sales of $13.54 billion.

Equities Trading UP

Stage Stores SSI shares shot up 21.35 percent to $19.10 after the company reported a narrower-than-expected fiscal third-quarter loss.

Shares of Oplink Communications OPLK got a boost, shooting up 13.84 percent to $24.19 after the company agreed to be acquired by Koch Industries for $24.25 per share in cash.

Jack in the Box JACK shares were also up, gaining 3.65 percent to $74.11 after the company reported upbeat fiscal fourth quarter earnings.

Equities Trading DOWN

Shares of Cliffs Natural Resources CLF were down 16.19 percent to $8.56 following a company announcement that it is pursuing exit options for its Eastern Canadian iron ore operations, which may result in the closure of the Bloom Lake mine.

Constellium NV CSTM shares tumbled 13.92 percent to $18.05 after the company reported Q3 results.

Vipshop Holdings VIPS was down, falling 11.13 percent to $21.07. Vipshop beat third-quarter expectations Tuesday and offered a fourth-quarter outlook in-line with Wall Street's views.

Commodities

In commodity news, oil traded up 0.24 percent to $74.79, while gold traded down 0.02 percent to $1,196.90.

Silver traded up 0.35 percent Wednesday to $16.23, while copper rose 0.90 percent to $3.02.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.16 percent, the Spanish Ibex Index dropped 0.01 percent, while Italy’s FTSE MIB Index rose 0.75 percent. Meanwhile, the German DAX jumped 0.50 percent and the French CAC 40 climbed 0.42 percent while UK shares fell 0.11 percent.

Economics

The MBA reported that its index of mortgage application activity rose 4.90% in the week ended November 14, 2014.

US housing starts declined 2.8% to an annual rate of 1.01 million in October versus 1.04 million in September. However, economists were projecting a starts rate of 1.02 million.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.