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Midday Market Update

Stocks Head Lower


U.S. Market    
Stocks were lower this morning after trading near record levels as banks and energy stocks weighed.

Job openings rose to 5.62 million in June from 5.51 in May while quits fell slightly to 2.91 million.

At midday the Dow and S&P 500 were each off 0.2% while the Nasdaq was 0.3% lower.

Stocks on the Move
 Disney (DIS) posted a slightly better-than-expected third quarter of fiscal 2016 with strong studio results offsetting weak media network results. The firm also announced its widely rumored investment in BAMTech, purchasing 33% of the firm for $1 billion. Revenue increased by 9% year on year to $14.3 billion, just above our $14.0 billion estimate. Shares were up 1.3% at midday.

Foreign Markets
European shares were mixed today. The FTSE 100 was up 0.2% while the Paris CAC and Germany’s DAX each fell 0.4%.

Asian markets were also mixed. The Shanghai Composite and Nikkei 225  were each 0.2% lower while the Hang Seng gained 0.1%.

Jeremy Glaser has a position in the following securities mentioned above: DIS. Find out about Morningstar’s editorial policies.