Investing
Closing Bell for Wednesday on Wall Street: Markets Open Lower, Slide Further on Data
June 5, 2013 4:06 pm
Last Updated: March 26, 2020 11:19 pm
U.S. equity markets opened lower this morning following smaller-than-expected gain in ADP’s employment report. Other data out before the opening bell also weighed on stocks, including a drop new mortgage applications and weak productivity data
The U.S. dollar index is trading down 0.21% today, now at 82.5980. The GSCI commodity index is up 0.5% at 625.64. WTI crude oil closed up 0.5%, at $93.74 a barrel following a large drop in U.S. inventories. Brent crude trades up about 0.1% at $103.30 a barrel. Natural gas is down 0.1% today at about $3.99 per million BTUs. Gold settled up 0.1% today at $1,398.50.
The unofficial closing bells put the DJIA down nearly 217 points to 14,960 (-1.43%), the NASDAQ fell nearly 44 points (-1.27%) to 3,401.48, and the S&P 500 fell -1.38% or more than 22 points to 1,608.90.
There were a several analyst upgrades and downgrades today, including:
Earnings reports since markets closed last night have resulted in the following price changes today:
Before markets open tomorrow morning we are scheduled to hear earnings from VeriFone Systems Inc. (NYSE: PAY), ANN Inc. (NYSE: ANN), Ciena Corp. (NASDAQ: CIEN), J.M. Smucker Co. (NYSE: SJM), and Titan Machinery Inc. (NASDAQ: TITN).
Some standouts among heavily traded stocks today include:
Kandi Technologies Group Inc. (NASDAQ: KNDI) is up 36.4% at $5.32 after posting a new 52-week high of $6.94 earlier today. The China-based electric car maker’s all-electric sedan has been approved by the Chinese government for subsidies and buyer incentives.
Harvest Natural Resources Inc. (NYSE: HNR) is up 28.6% at $3.60. The oil & gas exploration company posted much better earnings this morning than the market was expecting.
JA Solar Holdings Co. Ltd. (NASDAQ: JASO) is down 10.3% at $6.82. The China-based solar panel received a downgrade today and the eurozone has imposed massive tariffs on solar panels imported from China.
Stay tuned for Thursday. Retail chain stores will be reporting May same-store sales. Fed Governor Sarah Bloom Raskin and Philadelphia Fed President Charles Plosser are giving speeches. We have also noted the following events on the schedule (all times Eastern):