Following the market opening Friday, the Dow traded down 1.40 percent to 24,263.83 while the NASDAQ declined 0.91 percent to 7,115.20. The S&P also fell, dropping 0.93 percent to 2,652.75.
Leading and Lagging Sectors;
Friday morning, the non-cyclical consumer goods & services shares gained 0.64 percent.
In trading on Friday, basic materials shares tumbled 1.26 percent. Meanwhile, top losers in the sector included Companhia Siderurgica Nacional (ADR) SID 8.7%, down 8 percent, and Olympic Steel, Inc. ZEUS 7.76% down 9 percent.
J C Penney Company Inc JCP 10.71% reported upbeat earnings for its fourth quarter, while sales missed estimates.
The department store earned 57 cents per share on revenue of $4.03 billion versus expectations of 47 cents and $4.05 billion. Comparable-store sales rose 2.6 percent, missing analysts’ expectations for a 2.9 percent growth.
The company also guided its fiscal 2018 EPS to a range of 5 cents to 25 cents per share versus expectations of 20 cents per share.
Equities Trading UP;
Zosano Pharma Corp ZSAN 54.76% shares shot up 60 percent to $8.75 as the company reported the Issuance of a new US patent covering M207 as an acute treatment for migraine.
Shares of Verona Pharma plc VRNA 16.44% got a boost, shooting up 19 percent to $16.50 after the company disclosed ‘positive’ top-line data from Phase 2a trial with RPL554 in cystic fibrosis patients.
Vectrus Inc VEC 27.85% shares were also up, gaining 20 percent to $33.00 as the company posted better-than-expected quarterly results and issued a strong FY18 outlook.
Equities Trading DOWN;
Atlas Financial Holdings Inc AFH 42.82% shares dropped 43 percent to $10.81 after the company issued weak FY 2018 forecast.
Shares of Babcock & Wilcox Enterprises, Inc. BW 22.33% were down 24 percent to $4.63. Babcock & Wilcox reported a Q4 loss of $0.95 per share on sales of $408.1 million.
Tyme Technologies Inc TYME 14.8% was down, falling around 13 percent to $2.42. Tyme Technologies priced its 9 million share offering of common stock at $2.25 per share.
In commodity news, oil traded down 0.28 percent to $60.82 while gold traded up 1.42 percent to $1,323.70.
Silver traded up 1.19 percent Friday to $16.47, while copper rose 0.37 percent to $3.1345.
European shares were lower today. The eurozone’s STOXX 600 fell 1.66 percent, the Spanish Ibex Index fell 1.49 percent, while Italy’s FTSE MIB Index slipped 2.08 percent. Meanwhile the German DAX dropped 2.20 percent, and the French CAC 40 fell 1.95 percent while U.K. shares fell 1.12 percent.
The final reading of University of Michigan’s consumer sentiment index declined to 99.7 in February, versus an initial reading of 99.9. Economists projected a reading of 99.5 reading.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.