Investing
Closing Bell for Wednesday on Wall Street: Markets Down at Open, Never Recover
August 14, 2013 4:05 pm
Last Updated: March 19, 2020 10:18 am
August 14, 2013: U.S. equity markets opened lower this morning even after the eurozone reported positive GDP growth in the second quarter, bringing an official end to the continent’s recession. Germany’s GDP rose 0.7%
The U.S. dollar index is trading lower today, now down 0.09% at 81.6910. The GSCI commodity index is up 0.4% at 641.23. WTI crude oil closed up fractionally today, at $106.85 a barrel after the EIA’s weekly inventory report. Brent crude trades up 0.3% at $110.15 a barrel. Natural gas is up 1.7% today at about $3.34 per million BTUs. Gold for December delivery settled up 1% today at $1,333.40 an ounce.
The unofficial closing bells put the DJIA down nearly 117 points to 15,337.35 (-0.74%), the NASDAQ fell about 15 points (-0.41%) to 3,669.27, and the S&P 500 fell -0.52% or about 9 points to 1,685.37.
There were a several analyst upgrades and downgrades today, including:
Earnings reports since markets closed last night resulted in some prices move today:
Before markets open tomorrow morning we are scheduled to hear earnings results from Agilent Technologies Inc. (NYSE: A), Cisco Systems Inc. (NASDAQ: CSCO), NetApp Inc. (NASDAQ: NTAP), Renren Inc. (NASDAQ: RENN), Silver Wheaton Corp. (NYSE: SLW), Kohl’s Corp. (NYSE: KSS), Nordstrom Inc. (NYSE: JWN), Pan American Silver Corp. (NASDAQ: PAAS), ReneSola Ltd. (NYSE: SOL), and Wal-Mart Stores Inc. (NYSE: WMT)
Some standouts among heavily traded stocks today include:
Brocade Communications Systems Inc. (NASDAQ: BRCD) is up 15.1% at $7.95 after posting a new 52-week high of $8.04 earlier today. The networking company posted big earnings last night.
Cree Inc. (NASDAQ: CREE) is down 22.2% at $58.91. The LED lighting maker dragged down the entire sector after cutting guidance and reporting so-so earnings.
Silver Spring Networks Inc. (NYSE: SSNI) is down 28.6% at $22.61. The smart grid platform company lost a bid for a $2 billion smart grid project in the U.K.
Stay tuned for Thursday. St. Louis Fed President James Bullard is giving a speech. We have noted the following events on the schedule (all times Eastern):